Document:

Exhibit 4.4 

 

EXECUTION VERSION

	 	 	 

 

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

Depositor,

 

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

Master Servicer,

 

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

Special Servicer,

 

WELLS
FARGO BANK, NATIONAL ASSOCIATION,

Trustee,

 

and

 

WELLS
FARGO BANK, NATIONAL ASSOCIATION,

Certificate Administrator, Paying Agent and Custodian

 

 

 

POOLING
AND SERVICING AGREEMENT

Dated as of May 1, 2020

 

 

 

Benchmark 2020-IG3 Mortgage Trust

Commercial Mortgage Pass-Through Certificates,

Series 2020-IG3

	 	 	 

 

     

     

    

 

TABLE OF CONTENTS

 

 

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

                                                                               

                                                                               
	

 

    -i-

     

    

 

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

 

    -ii-

     

    

 

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

 

    -iii-

     

    

 

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

 

    -iv-

     

    

 

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

 

    -v-

     

    

TABLE OF EXHIBITS

 

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

 

    -vi-

     

    

 

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

 

    -vii-

     

    

 

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

 

TABLE OF SCHEDULES 

 

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

 

    -viii-

     

    

 

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

 

PRELIMINARY STATEMENT:

 

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

the meanings specified in Article I hereof)

 

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

 

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

 

TRUST SUBORDINATE COMPANION LOAN REMICS

 

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

 

     -1-

     

    

 

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

 

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

 

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

 

 

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

 

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

 

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

 

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

	 	 

Original
Lower-Tier

Principal Amount

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

     -2-

     

    

 

 

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

	 	 

Original
Lower-Tier

Principal Amount

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

 

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

 

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

 

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

 

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

        	 	Pass-Through
                                         Rate

	 	Original
        Lower-Tier

        Principal Amount

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

 

 

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

 

LOWER-TIER REMIC

 

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

 

     -3-

     

    

 

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

 

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

 

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

 

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

        	Initial
                                         Principal Balance or Notional Amount

        	Pass-Through
                                         Rate

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

 

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

 

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

 

UPPER-TIER REMIC

 

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

 

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

 

     -4-

     

    

 

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

        	Initial
        Pass-Through Rate

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

 

 

		(1)	Notional
                                         Amount.

 

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

 

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

 

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

 

     -5-

     

    

 

GRANTOR TRUST

 

The Class S Certificates,
the Class RR Certificates, the T333-VRR Interest and the RR Interest shall each represent undivided beneficial interests in the
portion of the Trust Fund consisting of the Class S Specific Grantor Trust Assets and the Class RR Certificates and the RR Interest
shall each represent undivided beneficial interests in the VRR Regular Interests and distributions thereon and the T333-VRR Interest
shall represent an undivided beneficial interest in the T333-VRR Regular Interests and distributions thereon. As provided herein,
the Certificate Administrator shall not take any actions that would cause the portions of the Trust Fund consisting of the Grantor
Trust (i) to fail to maintain its status as a “grantor trust” under federal income tax law or (ii) to be
treated as part of any Trust REMIC.

 

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

 

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

 

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

 

     -6-

     

    

WHOLE LOANS

 

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

        Note
        A-1-A-3

        Note
        A-1-A-4,

        Note
        A-1-A-5

        Note
        A-1-A-6

        Note
        A-1-A-7

        Note
        A-1-A-8

        Note
        A-1-C-1

        Note
        A-1-C-2

        Note
        A-1-D

        Note
        A-2 (Floating Rate Note)

        	Pari
        Passu

        Pari
        Passu

        Pari
        Passu

        Pari
        Passu

        Pari
        Passu

        Pari
        Passu

        Pari
        Passu

        Subordinate

        Subordinate

        Subordinate

        Pari
        Passu/Subordinate

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

        Note
        A-2-S-1

        Note
        A-3-S-1

        Note
        A-4-S-1

        Note
        A-1-C-1

        Note
        A-1-C-5

        Note
        A-2-C-1-A

        Note
        A-2-C-2-A

        Note
        A-1-C-2

        Note
        A-2-C-5

        Note
        A-1-C-3

        Note
        A-1-C-6

        Note
        A-1-C-4

        Note
        A-2-C-1-B

        Note
        A-3-C-1-B

        Note
        A-2-C-2-B

        Note
        A-2-C-3-A

        Note
        A-2-C-6

        Note
        A-2-C-3-B

        Note
        A-3-C-2

        Note
        A-3-C-3

        Note
        A-3-C-1-A

        Note
        A-3-C-7

        Note
        A-3-C-5

        Note
        A-3-C-6

        Note
        A-4-C-1

        Note
        A-4-C-2

        Note
        A-4-C-6

        Note
        A-4-C-7

        Note
        A-4-C-3

        Note
        A-4-C-4

        Note
        A-4-C-5

        Note
        B-1

        Note
        B-2

        Note
        B-3

        Note
        B-4

        	Pari
        Passu

        Pari
        Passu

        Pari
        Passu

        Pari
        Passu

        Pari
        Passu

        Pari
        Passu

        Pari
        Passu

        Pari
        Passu

        Pari
        Passu

        Pari
        Passu

        Pari
        Passu

        Pari
        Passu

        Pari
        Passu

        Pari
        Passu

        Pari
        Passu

        Pari
        Passu

        Pari
        Passu

        Pari
        Passu

        Pari
        Passu

        Pari
        Passu

        Pari
        Passu

        Pari
        Passu

        Pari
        Passu

        Pari
        Passu

        Pari
        Passu

        Pari
        Passu

        Pari
        Passu

        Pari
        Passu

        Pari
        Passu

        Pari
        Passu

        Pari
        Passu

        Pari
        Passu

        Subordinate

        Subordinate

        Subordinate

        Subordinate

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

        Note
        A-2

        Note
        A-3

        Note
        A-4

        Note
        A-5

        Note
        A-6

        Note
        A-9

        	Pari
        Passu

        Pari
        Passu

        Pari
        Passu

        Pari
        Passu

        Pari
        Passu

        Pari
        Passu

        Pari
        Passu

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

        Note
        A-1-C-2

        Note
        A-1-C-3

        Note
        A-1-C-5

        Note
        A-1-C-6

        Note
        A-1-C-7

        Note
        A-1-C-8

        Note
        A-1-C-9

        Note
        A-1-C-10

        Note
        A-1-S-1

        Note
        A-2-C-2

        Note
        A-2-C-3

        Note
        A-2-C-4

        Note
        A-3-C-1

        Note
        A-3-C-3

        Note
        A-3-C-4

        Note
        A-2-S-1

        Note
        A-3-S-1

        Note
        B

        	Pari
        Passu

        Pari
        Passu

        Pari
        Passu

        Pari
        Passu

        Pari
        Passu

        Pari
        Passu

        Pari
        Passu

        Pari
        Passu

        Pari
        Passu

        Pari
        Passu

        Pari
        Passu

        Pari
        Passu

        Pari
        Passu

        Pari
        Passu

        Pari
        Passu

        Pari
        Passu

        Pari
        Passu

        Pari
        Passu

        Subordinate

        
	5	Tower
    333	Serviced	N/A	Note
        A-1

        Note
        A-2

        

        

        	Pari
        Passu

        Pari
        Passu

        

        

        

 

     -7-

     

    

 

					
        

        Note B

        Note C

        	
        

        

        Subordinate

        Subordinate

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

        Note A-1-B

        Note A-1-C

        Note A-1-F

        Note A-1-G

        Note A-1-H

        Note B-1

        Note C-1

        	
        Pari Passu

        Pari Passu

        Pari Passu

        Pari Passu

        Pari Passu

        Pari Passu

        Subordinate

        Subordinate

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

        Note A-2-B

        Note A-2-C

        Note A-2-F

        Note A-2-G

        Note A-2-H

        Note B-2

        Note C-2

        	
        Pari Passu

        Pari Passu

        Pari Passu

        Pari Passu

        Pari Passu

        Pari Passu

        Subordinate

        Subordinate

        
	8	825 South Hill	Serviced 	N/A	
        Note 1

        Note 2

        Note 3

        	
        Pari Passu(1)

        Pari Passu(1)

        Pari Passu(1)

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

        Note A-FX-1

        Note A-FX-2

        Note A-FX-3

        Note A-FX-5

        Note B-FX

        Subordinate Floating Rate Component

        	
        Pari Passu

        Pari Passu

        Pari Passu

        Pari Passu

        Pari Passu

        Subordinate

        Subordinate

        
	10	1501 Broadway	Serviced	N/A	
        Note A-1

        Note A-2

        Note A-3

        Note A-4

        	
        Pari Passu

        Pari Passu

        Pari Passu

        Pari Passu

        

 

 

 

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

 

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

 

Article I

DEFINITIONS

 

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

 

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

 

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

 

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

 

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

 

 

     -8-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

     -9-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     -10-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     -11-

     

    

 

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

 

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

 

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

 

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

 

During the continuance
of a 825 South Hill Control Appraisal Period and following an AIG Lending Control Termination Event, there will be no 825 South
Hill Controlling Class Representative. The Depositor shall promptly provide the name and contact information for the initial 825
South Hill Controlling Class Representative upon request of any party to this Agreement and any such requesting party may conclusively
rely on the name and contact information provided by the Depositor. The initial 825 South Hill Controlling Class Representative
shall be AIG Asset Management (U.S.), LLC on behalf of its affiliates.

 

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

 

     -12-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     -13-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     -14-

     

    

 

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

 

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

 

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

 

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

 

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

 

     -15-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     -16-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     -17-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     -18-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

     -19-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

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

 

     -20-

     

    

 

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

 

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

 

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

 

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

 

 

     -21-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

 

     -22-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

 

     -23-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

 

     -24-

     

    

 

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

 

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

 

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

 

 

     -25-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

 

     -26-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

 

     -27-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

 

     -28-

     

    

 

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

 

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

 

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

 

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

 

 

     -29-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

 

     -30-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

 

     -31-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

 

     -32-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

 

     -33-

     

    

 

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

 

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

 

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

 

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

 

During the continuance of a BX Industrial Portfolio Note B Control Appraisal Period, a BX Industrial Portfolio Note C Control Appraisal Period and a BX Industrial Portfolio Note D Control Appraisal Period, there will be no BX Industrial Portfolio Controlling Class Representative.  The Depositor shall promptly provide the name and contact information for the initial BX Industrial Portfolio Controlling Class Representative upon request of any party to this Agreement and any such requesting party may conclusively rely on the name and contact information provided by the Depositor.

 

 

     -34-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

 

     -35-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

 

     -36-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

 

     -37-

     

    

 

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

 

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

 

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

 

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

 

 

     -38-

     

    

 

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

 

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

 

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

 

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

 

 

     -39-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

 

     -40-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

 

     -41-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

 

     -42-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

 

     -43-

     

    

 

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

 

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

 

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

 

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

 

 

     -44-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

 

     -45-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

 

     -46-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

 

     -47-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

 

     -48-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

 

     -49-

     

    

 

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

 

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

 

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

 

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

 

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

 

“Closing Date”:  May 29, 2020.

 

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

 

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

 

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

 

 

     -50-

     

    

 

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

 

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

 

“Commission”:  The Securities and Exchange Commission.

 

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

 

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

 

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

 

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

 

 

     -51-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

 

     -52-

     

    

 

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

 

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

 

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

 

 

     -53-

     

    

 

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

 

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

 

“Control Eligible Certificates”:  The Class D Certificates.

 

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

 

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

 

“Controlling Class Certificateholder”:  Each Holder (or Certificate Owner, if applicable) of a Certificate of the Controlling Class as determined by the Certificate Registrar from time to time, upon request by any party to this Agreement.

 

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

 

 

     -54-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

 

     -55-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

 

     -56-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

 

     -57-

     

    

 

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

 

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

 

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

Bank
Name:  JPMorgan Chase Bank, National Association 

Bank
Address:  80 Broadway, New York, NY 10005 

Routing
Number:  021000021 

Account Number:  213597397

 

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

 

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

 

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

 

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

 

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

 

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

 

 

     -58-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

 

     -59-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

 

     -60-

     

    

 

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

 

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

 

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

 

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

 

 

     -61-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

 

     -62-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

 

     -63-

     

    

 

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

 

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

 

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

 

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

 

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

 

 

     -64-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

“Disclosable Special Servicer Fees”:  With respect to any Serviced Mortgage Loan and any related Serviced Companion Loan or Serviced REO Property, any compensation and other remuneration (including, without limitation, in the form of commissions, brokerage fees, rebates, and as a result of any other fee-sharing arrangement) received or retained by the Special Servicer or any of its Affiliates that is paid by any Person (including, without limitation, the Trust, any Borrower, any Manager, any guarantor or indemnitor in respect of a Serviced Mortgage Loan and any related Serviced Companion Loan and any purchaser of any Serviced Mortgage Loan and any related Serviced Companion Loan or Serviced REO Property) in connection with the disposition, workout or foreclosure of any Serviced Mortgage Loan and any related Serviced Companion Loan, if applicable, the management or disposition of any Serviced REO Property, and the performance by the Special Servicer or any such Affiliate of any other

 

 

     -65-

     

    

 

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

 

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

 

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

 

“Disqualified Organization”:  Any of (a) the United States, a State or any political subdivision thereof or any agency or instrumentality of any of the foregoing (other than an instrumentality that is a corporation if all of its activities are subject to tax and, except for the Federal Home Mortgage Corporation, a majority of its board of directors is not selected by any such governmental unit), (b) a foreign government, International Organization (as defined below) or agency or instrumentality of either of the foregoing, (c) an organization that is exempt from tax imposed by Code Chapter 1 (including the tax imposed by Section 511 of the Code on unrelated business taxable income) on any excess inclusions (as defined in Section 860E(c)(1) of the Code) with respect to the Class R Certificates (except certain farmers’ cooperatives described in Section 521 of the Code), (d) rural electric and telephone cooperatives described in Section 1381(a)(2)(C) of the Code, or (e) any other Person so designated by the Certificate Registrar based upon an Opinion of Counsel provided to the Certificate Registrar (which shall be an expense of the Trust) to the effect that any Transfer to such Person may cause any Trust REMIC to be subject to tax or to fail to qualify as a REMIC at any time that the Certificates are outstanding.  For the purposes of this definition, the terms “United States,” “State” and “International Organization” shall have the meanings set forth in Section 7701 of the Code or successor provisions.

 

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

 

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

 

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

 

 

     -66-

     

    

 

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

 

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

 

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

 

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

 

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

 

 “Eligible Account”:  Any of the following:

 

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

 

 

     -67-

     

    

 

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

 

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

 

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

 

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

 

Eligible Accounts may bear interest.

 

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

 

 

     -68-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

 

     -69-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

 

     -70-

     

    

 

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

 

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

 

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

 

 

     -71-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

 

     -72-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

 

     -73-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

 

     -74-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

 

     -75-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

 

     -76-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

 

     -77-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

 

     -78-

     

    

 

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

 

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

 

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

 

“IRS”:  The Internal Revenue Service.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

 

     -79-

     

    

 

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

 

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

 

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

 

(a)            the lesser of:

 

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

 

(ii)      $1,000,000; and

 

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

 

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

 

 

     -80-

     

    

 

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

 

No Liquidation Fee shall be payable:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

 

     -81-

     

    

 

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

 

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

 

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

 

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

 

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

 

 

     -82-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

 

     -83-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

 

     -84-

     

    

 

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

 

“Lower-Tier Regular Interests”:  The Class LA-2 Interest, Class LA-3 Interest, Class LA-4 Interest, Class LA-SB Interest, Class LA-S Interest, Class LB Interest, Class LC Interest, Class LD Interest and Class LVRR Interest issued by the Lower-Tier REMIC and held by the Trustee as assets of the Upper-Tier REMIC.  Each Lower-Tier Regular Interest (i) is designated as a “regular interest” in the Lower-Tier REMIC, (ii) relates to its Corresponding Certificates and, if applicable, Corresponding Component, (iii) is uncertificated, (iv) has an initial Lower-Tier Principal Balance as set forth in the Preliminary Statement herein, (v) has a Pass-Through Rate equal to the WAC Rate, (vi) has a “latest possible maturity date,” within the meaning of Treasury Regulations Section 1.860G-1(a), that is the Rated Final Distribution Date and (vii) is entitled to the distributions in the amounts and at the times specified in Section 4.01(a) of this Agreement.

 

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

 

“MAI”:  Member of the Appraisal Institute.

 

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

 

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

 

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

 

 

     -85-

     

    

 

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

 

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

 

(c)            any determination of an Acceptable Insurance Default;

 

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

 

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

 

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

 

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

 

 

     -86-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

 

     -87-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

 

     -88-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

 

     -89-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

 

     -90-

     

    

 

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

 

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

 

(a)            the Loan Number;

 

(b)            the Mortgage Loan Seller;

 

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

 

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

 

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

 

(f)            the original principal balance;

 

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

 

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

 

(i)            the Due Date;

 

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

 

(k)           the Servicing Fee Rate;

 

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

 

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

 

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

 

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

 

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

 

 

     -91-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

 

     -92-

     

    

 

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

 

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

 

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

 

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

 

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

 

 

     -93-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

 

     -94-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

 

     -95-

     

    

 

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

 

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

 

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

 

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

 

“NRSRO”:  Any nationally recognized statistical rating organization.

 

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

 

 

     -96-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

 

     -97-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

 

     -98-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

	
Class 

	
 

	
Pass-Through Rate 

	
Class A-2

	
 

	
Class A-2 Pass-Through Rate

	
Class A-3

	
 

	
Class A-3 Pass-Through Rate

	
Class A-4

	
 

	
Class A-4 Pass-Through Rate

	
Class A-SB

	
 

	
Class A-SB Pass-Through Rate

	
Class X-A

	
 

	
Class X-A Pass-Through Rate

	
Class A-S

	
 

	
Class A-S Pass-Through Rate

	
Class B

	
 

	
Class B Pass-Through Rate

	
Class C

	
 

	
Class C Pass-Through Rate

	
Class D

	
 

	
Class D Pass-Through Rate

 

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

 

	
Class 

	
 

	
Pass-Through Rate 

	
Class BX-A

	
 

	
Class BX-A Pass-Through Rate

	
Class BX-B

	
 

	
Class BX-B Pass-Through Rate

	
Class BX-C

	
 

	
Class BX-C Pass-Through Rate

	
Class T333-A

	
 

	
Class T333-A Pass-Through Rate

	
Class T333-B

	
 

	
Class T333-B Pass-Through Rate

	
Class T333-C

	
 

	
Class T333-C Pass-Through Rate

	
Class T333-D

	
 

	
Class T333-D Pass-Through Rate

 

 

     -99-

     

    

 

	
Class

	
 

	
Pass-Through Rate

	
Class 825S-A

	
 

	
Class 825S-A Pass-Through Rate

	
Class 825S-B

	
 

	
Class 825S-B Pass-Through Rate

	
Class 825S-C

	
 

	
Class 825S-C Pass-Through Rate

	
Class 825S-D

	
 

	
Class 825S-D Pass-Through Rate

	
Class 825S-E

	
 

	
Class 825S-E Pass-Through Rate

 

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

 

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

 

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

 

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

 

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

 

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

 

“PCAOB”:  The Public Company Accounting Oversight Board.

 

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

 

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

 

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

 

 

     -100-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

 

     -101-

     

    

 

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

 

(D)     debt obligations bearing interest or sold at a discount issued by any corporation incorporated under the laws of the United States of America or any state thereof which mature in one (1) year or less from the date of acquisition, that, in each case, satisfy the Applicable Moody’s Permitted Investment Rating, the Applicable Fitch Permitted Investment Rating and the Applicable DBRS Morningstar Permitted Investment Rating (or, in the case of any such Rating Agency, if permitted by the related Mortgage Loan, such lower rating as is the subject of a Rating Agency Confirmation by such Rating Agency); provided, however, that securities issued by any particular corporation will not be Permitted Investments to the extent that investment therein will cause the then outstanding principal amount of securities issued by such corporation and held in the accounts established hereunder to exceed 10% of the sum of the aggregate principal balance and the aggregate principal amount of all Permitted Investments in such accounts;

 

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

 

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

 

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

 

 

     -102-

     

    

 

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

 

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

 

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

 

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

 

“Permitted Transferee”:  With respect to a Class R Certificate, any Person or agent thereof that is a Qualified Institutional Buyer, other than (a) a Disqualified Organization, (b) any other Person so designated by the Certificate Registrar who is unable to provide an Opinion of Counsel (provided at the expense of such Person or the Person requesting the Transfer) to the effect that the Transfer of an Ownership Interest in any Class R Certificate to such Person will not cause any Trust REMIC to fail to qualify as a REMIC at any time that the Certificates are outstanding, (c) a Person that is a Disqualified Non-U.S. Person, (d) a Plan or any Person investing the assets of a Plan, (e) an entity treated as a domestic partnership for U.S. federal income tax purposes, one or more of the direct or indirect beneficial owners (other than through a U.S. corporation) of which is (or is permitted under the applicable partnership agreement to be) a Disqualified Non-U.S. Person or (f) a U.S. Person with respect to whom income on the Class R Certificate is attributable to a fixed base or foreign permanent

 

 

     -103-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

 

     -104-

     

    

 

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

 

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

 

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

 

(viii)   all Penalty Charges retained in the Collection Account pursuant to Section 3.05(a)(vii) of this Agreement; and

 

(b)       if and to the extent not already included in clause (a) hereof, the aggregate amount transferred on or before the applicable Determination Date from the REO Account allocable to the Mortgage Loans to the Collection Account for such Distribution Date pursuant to Section 3.15(b);

 

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

 

(d)       with respect to each Actual/360 Loan and for the Distribution Date occurring in each March (or February if the final Distribution Date occurs in such month), the Withheld Amounts remitted to the Lower-Tier Distribution Account pursuant to Section 3.05(e) of this Agreement; and

 

(e)       the aggregate amount of Gain-on-Sale Proceeds in respect of the Mortgage Loans transferred to the Lower Tier Distribution Account from the Gain-on-Sale Reserve Account for distribution on the subject Distribution Date pursuant to the first paragraph of Section 4.01(k).

 

Notwithstanding the investment of funds held in the Collection Account or the Lower-Tier Distribution Account pursuant to Section 3.07 of this Agreement, for purposes of calculating the Pooled Aggregate Available Funds, the amounts so invested shall be deemed to remain on deposit in such account.

 

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

 

“Pooled Certificateholder”:  A Certificateholder of a Pooled Certificate.

 

“Pooled Certificates”:  Each of the Class A-2, Class A-3, Class A-4, Class A-SB, Class X-A, Class A-S, Class B, Class C, Class D and Class S Certificates.  The Pooled Certificates (other than the Class A-3 Certificates, which will be sold directly by the Depositor to

 

 

     -105-

     

    

 

JPMCB pursuant to a separate purchase agreement) will be sold by the Depositor to the Initial Purchasers.

 

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

 

“Pooled Principal Balance Certificates”:  Each of the Class A-2, Class A-3, Class A-4, Class A-SB, Class A-S, Class B, Class C and Class D Certificates.

 

“Pooled Quorum”:  In connection with any solicitation of votes in connection with the replacement of the Special Servicer (other than with respect to the BX Industrial Whole Loan, the Tower 333 Whole Loan and the 825 South Hill Whole Loan) pursuant to Section 3.22, the holders of Pooled Certificates evidencing at least 50% of the aggregate Pooled Voting Rights (taking into account the application of any Appraisal Reduction Amounts to notionally reduce the Certificate Balances of the Certificates) pursuant to Section 4.08 of this Agreement.

 

“Pooled Realized Loss”:  With respect to the Mortgage Loans and any Distribution Date, the amount, if any, by which (i) the aggregate Certificate Balance of the Pooled Principal Balance Certificates, after giving effect to distributions of principal on such Distribution Date, exceeds (ii) product of (A) the Non-VRR Percentage and (B) the aggregate Stated Principal Balance of the Mortgage Loans in the Mortgage Pool (for purposes of this calculation, the aggregate Stated Principal Balance will not be reduced by the amount of principal payments received on the Mortgage Loans that were used to reimburse the Master Servicer or the Trustee from general collections of principal on the Mortgage Loans for Workout-Delayed Reimbursement Amounts, to the extent those amounts are not otherwise determined to be Nonrecoverable Advances), including any REO Loans (but in each case, excluding any Companion Loan), as of the end of the last day of the related Collection Period.

 

“Pooled Regular Certificates”:  The Class A-2, Class A-3, Class A-4, Class A-SB, Class X-A, Class A-S, Class B, Class C and Class D Certificates and the VRR Interest.

 

“Pooled Trust Directing Holder”:  The Directing Holder under clause (a) of the definition of “Directing Holder”.

 

“Pooled Voting Rights”:  The portion of the voting rights of all of the Pooled Certificates (other than the Class S Certificates) and the Class RR Certificates that is allocated to any Pooled Certificateholder (other than the Class S Certificateholders) or any Holder of Class RR Certificates.  At all times during the term of this Agreement, the percentage of Voting Rights assigned to each Class shall be:  (a) 2% to be allocated among the Certificateholders of the Class

 

 

     -106-

     

    

 

X-A Certificates, (b) 98% multiplied by a fraction, the numerator of which is equal to the aggregate Certificate Balance (and solely in connection with any vote for purposes of determining whether to remove the Special Servicer pursuant to Section 7.01(b), taking into account any notional reduction in the Certificate Balance for Appraisal Reduction Amounts allocated to the Certificates pursuant to Section 4.08(a) hereof) of their Certificates, in each case, determined as of the prior Distribution Date, and the denominator of which is equal to the aggregate Certificate Balance (and solely in connection with any vote for purposes of determining whether to remove the Special Servicer pursuant to Section 7.01(b), taking into account any notional reduction in the Certificate Balance for Appraisal Reduction Amounts allocated to the Certificates) of the Pooled Principal Balance Certificates and the Class RR Certificates, each determined as of the prior Distribution Date.

 

“Preliminary Offering Circular”:  The Depositor’s Offering Circular, dated May 19, 2020, relating to the offering of the Offered Certificates.

 

“Prepayment Assumption”:  The assumption that (i) each Mortgage Loan (other than an ARD Loan) or Trust Subordinate Companion Loan does not prepay prior to its respective Maturity Date and (ii) each ARD Loan prepays on its Anticipated Repayment Date.

 

“Prepayment Interest Excess”:  With respect to any Distribution Date, the aggregate amount, with respect to all Mortgage Loans or Serviced Companion Loans serviced by the Master Servicer that were subject to Principal Prepayment in full or in part, or as to which Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds, as applicable, were received by the Master Servicer or Special Servicer for application to such Mortgage Loans or Serviced Companion Loans, in each case after the Due Date in the month of such Distribution Date and on or prior to the related Determination Date, the amount of interest accrued at the Mortgage Rate for such Mortgage Loans or Serviced Companion Loans on the amount of such Principal Prepayments, Insurance Proceeds, Liquidation Proceeds and Condemnation Proceeds after the Due Date relating to such Collection Period and accruing in the manner set forth in the related Loan Documents, to the extent such interest is collected by the Master Servicer or the Special Servicer (without regard to any Prepayment Premium, Yield Maintenance Charge or Excess Interest actually collected).

 

“Prepayment Interest Shortfall”:  With respect to any Distribution Date, for each Mortgage Loan or Serviced Companion Loan serviced by the Master Servicer that was subject to a Principal Prepayment in full or in part and which did not include a full month’s interest, or as to which Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds, as applicable, were received by the Master Servicer or Special Servicer for application to such Mortgage Loan or Serviced Companion Loan, in each case after the Determination Date in the calendar month preceding such Distribution Date but prior to the Due Date in the related Collection Period, the amount of interest that would have accrued at the Net Mortgage Rate for such Mortgage Loan or Serviced Companion Loan on the amount of such Principal Prepayment, Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds during the period commencing on the date as of which such Principal Prepayment, Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds, as applicable, were applied to the unpaid principal balance of the Mortgage Loan or Serviced Companion Loan and ending on (and including) the day immediately preceding such Due Date (without regard to any Prepayment Premium, Yield Maintenance Charge or Excess Interest actually collected).

 

 

     -107-

     

    

 

“Prepayment Premium”:  Any premium, fee or other additional amount (other than a Yield Maintenance Charge) paid or payable on a Mortgage Loan or Serviced Companion Loan by a Borrower as the result of a Principal Prepayment thereon, not otherwise due thereon, in respect of principal or interest, which is intended to compensate the holder of the related Mortgage Note for prepayment.

 

“Pricing Date”:  May 22, 2020.

 

“Primary Collateral”:  With respect to any Crossed Underlying Loan, that portion of the Mortgaged Property designated as directly securing such Crossed Underlying Loan and excluding any Mortgaged Property as to which the related lien may only be foreclosed upon by exercise of the cross-collateralization provisions of such Crossed Underlying Loan.

 

“Primary Servicing Fee Rate”:  With respect to each Serviced Mortgage Loan (other than any Servicing Shift Mortgage Loan), the rate per annum set forth on Exhibit B to this Agreement.  With respect to each Servicing Shift Mortgage Loan, prior to the related Servicing Shift Securitization Date, the applicable rate per annum set forth on Exhibit B to this Agreement.  With respect to each Non-Serviced Mortgage Loan, no Primary Servicing Fee Rate will be charged by the Master Servicer, but the Non-Serviced Mortgage Loan Primary Servicing Fee Rate (which, with respect to each such Non-Serviced Mortgage Loan as of the Closing Date, is set forth on Exhibit B to this Agreement under the column labeled “Primary Servicing Fee Rate”) is charged by the applicable Other Servicer pursuant to the related Other Pooling and Servicing Agreement.  For the avoidance of doubt, the Primary Servicing Fee Rate includes any fee rate payable to a Mortgage Loan Seller Sub-Servicer.

 

“Prime Rate”:  The “Prime Rate” as published in the “Money Rates” section of The Wall Street Journal, Eastern edition (or, if such section or publication is no longer available, such other comparable publication as determined by the Certificate Administrator in its reasonable discretion) as may be in effect from time to time, or, if the “Prime Rate” no longer exists, such other comparable rate (as determined by the Certificate Administrator in its reasonable discretion) as may be in effect from time to time.  The Certificate Administrator shall notify in writing the Master Servicer and the Special Servicer with regard to any determination of the Prime Rate in accordance with the parenthetical in the preceding sentence.

 

“Principal Balance Certificates”: The Class A-2, Class A-3, Class A-4, Class A-SB, Class A-S, Class B, Class C, Class D, Class BX-A, Class BX-B, Class BX-C, Class T333-A, Class T333-B, Class T333-C, Class T333-D, Class 825S-A, Class 825S-B, Class 825S-C, Class 825S-D and Class 825-S-E Certificates.

 

“Principal Distribution Amount”: For any Distribution Date and the Pooled Principal Balance Certificates, the sum of (i) the Principal Shortfall, if any, for the prior Distribution Date and (ii) the Non-VRR Percentage of the Aggregate Principal Distribution Amount for such Distribution Date.

 

“Principal Prepayment”:  Any payment of principal made by a Borrower on a Mortgage Loan or Serviced Companion Loan which is received in advance of its scheduled due date and which is not accompanied by an amount of interest representing the full amount of

 

 

     -108-

     

    

 

scheduled interest due on any date or dates in any month or months subsequent to the month of prepayment.

 

“Principal Shortfall”:  For any Distribution Date, the amount, if any, by which (1) the Principal Distribution Amount for the prior Distribution Date exceeds (2) the aggregate amount actually distributed on the preceding Distribution Date to holders of the Principal Balance Certificates in respect of such Principal Distribution Amount.

 

“Privileged Information”:  Any (i) correspondence or other communications between a Directing Holder or a Risk Retention Consultation Party and the Special Servicer related to any Specially Serviced Loan (other than any applicable Excluded Loan) or the exercise of the consent or consultation rights of a Directing Holder or consultation rights of any Risk Retention Consultation Party under this Agreement or any related Intercreditor Agreement, (ii) strategically sensitive information that the Special Servicer has reasonably determined could compromise the Trust Fund’s position in any ongoing or future negotiations with the related Borrower or other interested party and that is labeled or otherwise identified as Privileged Information by the Special Servicer, (iii) information subject to attorney-client privilege and (iv) any Asset Status Report or Final Asset Status Report. The Master Servicer and the Special Servicer shall be entitled to rely on any identification of materials as “attorney-client privileged” without liability for any such reliance hereunder.

 

“Privileged Information Exception”:  With respect to any Privileged Information, at any time (a) such Privileged Information becomes generally available and known to the public other than as a result of a disclosure directly or indirectly by the party restricted from disclosing such Privileged Information (the “Restricted Party”), (b) it is reasonable and necessary for the Restricted Party to disclose such Privileged Information in working with legal counsel, auditors, arbitration parties, taxing authorities or other governmental agencies, (c) such Privileged Information was already known to such Restricted Party and not otherwise subject to a confidentiality obligation and/or (d) the Restricted Party (in the case of the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, based on the advice of legal counsel) is required by law, rule, regulation, order, judgment or decree to disclose such information.

 

“Privileged Person”:  The Depositor and its designees, the Initial Purchasers, the Loan-Specific Initial Purchasers, the Mortgage Loan Sellers, the Master Servicer, the Special Servicer (including, for the avoidance of doubt, any Excluded Special Servicer), the Trustee, the Certificate Administrator, any Additional Servicer designated by the Master Servicer or the Special Servicer, any Companion Loan Noteholder who provides a certification substantially in the form of Exhibit FF hereto, any Person (including the Directing Holder, a Risk Retention Consultation Party or VRR Interest Owner) who provides the Certificate Administrator with an Investor Certification and any NRSRO (including any Rating Agency) that provides the Certificate Administrator with a NRSRO Certification, which Investor Certification and NRSRO Certification may be submitted electronically via the Certificate Administrator’s Website; provided, however, that in no event may a Borrower Party (other than a Borrower Party that is a Risk Retention Consultation Party or the Special Servicer) be entitled to receive (i) if such party is the Directing Holder, any Controlling Class Certificateholder, any Tower 333 Controlling Class Certificateholder or any 825 South Hill Controlling Class Certificateholder, any Excluded Information via the Certificate Administrator’s Website (unless a loan-by-loan segregation is

 

 

     -109-

     

    

 

later performed by the Certificate Administrator in which case such access shall only be prohibited with respect to the related Excluded Controlling Class Loan(s)), and (ii) if such party is not the Directing Holder, any Controlling Class Certificateholder, any Tower 333 Controlling Class Certificateholder or any 825 South Hill Controlling Class Certificateholder, any information other than the Distribution Date Statement. 

 

Notwithstanding anything to the contrary in this Agreement, if the Special Servicer obtains knowledge that it is a Borrower Party, the Special Servicer shall nevertheless be a Privileged Person; provided that the Special Servicer (i) shall not directly or indirectly provide any information solely related to the related Excluded Special Servicer Loan (which may include any Asset Status Reports, Final Asset Status Reports (or summaries thereof), and such other information specified in this Agreement pertaining to such Excluded Special Servicer Loan) to (A) the related Borrower Party, (B) any of the Special Servicer’s employees or personnel or any of its Affiliates involved in the management of any investment in the related Borrower Party or the related Mortgaged Property or (C) to its actual knowledge, any non-Affiliate that holds a direct or indirect ownership interest in the related Borrower Party, and (ii) shall maintain sufficient internal controls and appropriate policies and procedures in place in order to comply with the obligations described in clause (i) above; provided, further, that nothing in this Agreement shall be construed as an obligation of the Master Servicer or the Certificate Administrator to restrict the Special Servicer’s access to any information on the Master Servicer’s website or the Certificate Administrator’s Website and in no case shall the Master Servicer or the Certificate Administrator be held liable if the Special Servicer accesses any of the items listed in the definition of Excluded Information relating to the Excluded Special Servicer Loans.

 

“Prohibited Party”:  Any proposed Servicing Function Participant that is listed on the Depositor’s Do Not Hire List.

 

“Prohibited Prepayment”:  As defined in the definition of “Compensating Interest Payment”.

 

“Property Protection Expenses”:  With respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan, any costs and expenses incurred by the Master Servicer or the Special Servicer pursuant to Section 3.04, Section 3.08(a), Section 3.10, Section 3.11, Section 3.15(a), Section 3.15(b), Section 3.15(c), or Section 3.24(a) of this Agreement or indicated herein as being payable as a Servicing Advance or as a cost or expense of the Trust Fund (and, in the case of the Serviced Whole Loans, the Serviced Companion Loan Noteholders but subject to the provisions of Section 1.02(e)) or the Lower-Tier REMIC or Upper-Tier REMIC to be paid out of the Collection Account.

 

“PTCE”:  Prohibited Transaction Class Exemption.

 

“Purchase Price”:  With respect to (i) any Mortgage Loan and Trust Subordinate Companion Loan to be repurchased or purchased pursuant to Section 2.03(d) or Section 9.01 of this Agreement, (ii) any Specially Serviced Loan or any Serviced REO Loan to be sold pursuant to Section 3.16 of this Agreement or (iii) any Defaulted Loan that is a Non-Serviced Mortgage Loan to be sold by the Special Servicer in accordance with the proviso in Section 3.16(b) of this Agreement, an amount, calculated by the Master Servicer (with respect to Performing Loans) or

 

 

     -110-

     

    

 

the Special Servicer (with respect to Specially Serviced Loans or Serviced REO Loans), as applicable, equal to:

 

(a)            the outstanding principal balance of such Mortgage Loan or Trust Subordinate Companion Loan (or related REO Loan) (including, to the extent required pursuant to the final sentence of this definition, any related Companion Loan) as of the date of purchase; plus

 

(b)            all accrued and unpaid interest on such Mortgage Loan or Trust Subordinate Companion Loan (or any related REO Loan) (including, to the extent required pursuant to the final sentence of this definition, any related Companion Loan) at the related Mortgage Rate in effect from time to time to but not including the Due Date immediately preceding or coinciding with the Determination Date for the Collection Period of purchase, but excluding any Default Interest or Excess Interest; plus

 

(c)            all related unreimbursed Servicing Advances plus accrued and unpaid interest on related Advances at the Reimbursement Rate, and all Special Servicing Fees (whether paid or unpaid) and Workout Fees and Liquidation Fees (to the extent set forth in clause (d) below) allocable to such Mortgage Loan (and, in the case of a Non-Serviced Mortgage Loan, unpaid fees payable to the applicable servicer, Other Servicer, the Other Special Servicer or the Other Trustee allocable to such Mortgage Loan) and the related REO Loan, if any, and the Trust Subordinate Companion Loans; plus

 

(d)            any Liquidation Fee due pursuant to Section 3.12 of this Agreement allocable to such Mortgage Loan (or related REO Loan) (including, to the extent required pursuant to the final sentence of this definition, any related Companion Loan) (which shall not include any Liquidation Fees if such affected Mortgage Loan is repurchased prior to the expiration of the additional 90-day period immediately following the initial 90-day period under Section 2.03 of this Agreement); plus

 

(e)            all Additional Trust Fund Expenses allocable to such Mortgage Loan; plus

 

(f)            if such Mortgage Loan (or related REO Loan) or Trust Subordinate Companion Loan is being purchased or substituted by a Mortgage Loan Seller pursuant to the related Mortgage Loan Purchase Agreement, to the extent not otherwise included in the amount described in clause (c) of this definition and all reasonable out-of-pocket expenses reasonably incurred or to be incurred by the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator and the Trustee in respect of the Breach or Defect giving rise to the repurchase obligation, including any such expenses arising out of the enforcement of the repurchase obligation, including, without duplication, any such expenses previously reimbursed from the Collection Account or the applicable Serviced Whole Loan Collection Account, as applicable, plus accrued and unpaid interest thereon at the Reimbursement Rate, to the extent payable to the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee.

 

For purposes of this Agreement, (i) the “Purchase Price” in respect of a Serviced Companion Loan that is purchased by the related Mortgage Loan Seller shall be the purchase price paid by the related Mortgage Loan Seller under the related Other Pooling

 

 

     -111-

     

    

 

and Servicing Agreement or the applicable servicing agreement, (ii) with respect to a sale of an REO Property securing a Serviced Whole Loan, the term Mortgage Loan or REO Loan shall be construed to include any related Companion Loans, (iii) with respect to any Joint Mortgage Loan, the “Purchase Price” for each of the applicable Mortgage Loan Sellers shall be its respective percentage interest as of the Closing Date of the total Repurchase Price for such Joint Mortgage Loan and (iv) for purposes of calculating any Gain-on-Sale Proceeds, the “Purchase Price” shall be allocated between the related Mortgage Loan and Companion Loan, as applicable, in accordance with, and shall be equal to the amount provided pursuant to, the provisions of the related Intercreditor Agreement.

 

“Qualified Affiliate”:  Any Person (a) that is organized and doing business under the laws of any state of the United States or the District of Columbia, (b) that is in the business of performing the duties of a servicer of mortgage loans, and (c) as to which 50% or greater of its outstanding voting stock or equity ownership interest are directly or indirectly owned by the Master Servicer or the Special Servicer, as applicable, or by any Person or Persons who directly or indirectly own equity ownership interests in the Master Servicer or the Special Servicer, as applicable.

 

“Qualified Institutional Buyer”:  A “qualified institutional buyer” within the meaning of Rule 144A.

 

“Qualified Insurer”:  As used in Section 3.08 of this Agreement,

 

(i) in the case of each Mortgage Loan or Serviced Pari Passu Whole Loan, an insurance company or security or bonding company qualified to write the related insurance policy in the relevant jurisdiction and whose claims paying ability is rated (a) ”A3” by Moody’s (or, if not rated by Moody’s, an equivalent rating by (A) at least two NRSROs (which may include Fitch and/or DBRS Morningstar) or (B) one NRSRO (which may include Fitch and/or DBRS Morningstar) and A.M. Best Company, Inc.), (b) “A-” by Fitch (or, if not rated by Fitch, at least “A-” or an equivalent rating as “A-” by one other nationally recognized insurance rating organization (which may include Moody’s or DBRS Morningstar)) and (c) “A(low)” by DBRS Morningstar (or, if not rated by DBRS Morningstar, at least an equivalent rating by one other nationally recognized insurance rating organization (which may include Moody’s or Fitch)),

 

(ii) in the case of the fidelity bond and the errors and omissions insurance required to be maintained pursuant to Section 3.08(d) of this Agreement, an insurance company that has a claims paying ability (or the obligations which are guaranteed or backed by a company having such claims paying ability) with at least one of the following ratings:  (a) “A3” by Moody’s, (b) “A-” by S&P, (c) “A-” by Fitch, (d) “A-:X” by A.M. Best Company, Inc. or (e) “A(low)” by DBRS Morningstar,

 

or, in the case of clauses (i) and (ii), such other rating as to which the related Rating Agency (and, if applicable, the related Serviced Companion Rating Agency) has provided a Rating Agency Confirmation relating to the Certificates and any Serviced Companion Loan Securities (subject to the foregoing exceptions).

 

 

     -112-

     

    

 

“Qualified Mortgage”:  A Mortgage Loan that is a “qualified mortgage” within the meaning of Section 860G(a)(3) of the Code (but without regard to the rule in Treasury Regulations Section 1.860G-2(f)(2) that treats a defective obligation as a qualified mortgage), or any substantially similar successor provision.

 

“Qualified Replacement Special Servicer”:  A replacement special servicer that (i) satisfies all of the eligibility requirements applicable to special servicers in this Agreement, (ii) (a) has been appointed and currently serves as a special servicer on a “transaction level” basis on a CMBS transaction currently rated by Moody’s that currently has securities outstanding and (b) is not a special servicer that has been publicly cited by Moody’s as having servicing concerns as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a rating downgrade or withdrawal) of securities rated by Moody’s in a CMBS transaction serviced by the applicable replacement special servicer prior to the time of determination, (iii) currently has a special servicer rating of at least “CSS3” from Fitch, and (iv) is currently acting as a special servicer in a transaction rated by DBRS Morningstar and has not been cited by DBRS Morningstar as having servicing concerns as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a rating downgrade or withdrawal) of securities in a transaction serviced by the applicable servicer prior to the time of determination.

 

“Qualified Substitute Mortgage Loan”:  A substitute mortgage loan (other than with respect to the Whole Loans, for which no substitution shall be permitted) replacing a Mortgage Loan with respect to which a Material Breach or Material Defect exists that must, on the date of substitution:  (i) have an outstanding Stated Principal Balance, after application of all scheduled payments of principal and/or interest due during or prior to the month of substitution, whether or not received, not in excess of the Stated Principal Balance of the Removed Mortgage Loan as of the Due Date in the calendar month during which the substitution occurs; (ii) have a fixed Mortgage Rate not less than the Mortgage Rate of the Removed Mortgage Loan (determined without regard to any prior modification, waiver or amendment of the terms of the removed Mortgage Loan); (iii) have the same Due Date and a grace period no longer than that of the Removed Mortgage Loan; (iv) accrue interest on the same basis as the Removed Mortgage Loan (for example, on the basis of a 360-day year and the actual number of days elapsed); (v) have a remaining term to stated maturity not greater than, and not more than five years less than, the remaining term to stated maturity of the Removed Mortgage Loan; (vi) have a then-current loan to value ratio equal to or less than the lesser of (1) the loan to value ratio for the Removed Mortgage Loan as of the Closing Date and (2) 75%, in each case using the “value” for the Mortgaged Property as determined using an Appraisal prepared in accordance with the requirements of the FIRREA; (vii) comply (except in a manner that would not be adverse to the interests of the Certificateholders and the RR Interest Owner) as of the date of substitution in all material respects with all of the representations and warranties set forth in the applicable Mortgage Loan Purchase Agreement; (viii) have an Environmental Report that indicates no material adverse environmental conditions with respect to the related Mortgaged Property and that will be delivered as a part of the related Servicing File; (ix) have a then-current Debt Service Coverage Ratio at least equal to the greater of (1) the original Debt Service Coverage Ratio of the Removed Mortgage Loan as of the Closing Date and (2) 1.25x; (x) be determined by an Opinion of Counsel (at the applicable Mortgage Loan Seller’s expense) to be a “qualified replacement mortgage” within the meaning of Section 860G(a)(4) of the Code; (xi) not have a

 

 

     -113-

     

    

 

maturity date or an amortization period that extends to a date that is after the date that is two years prior to the Rated Final Distribution Date; (xii) have comparable prepayment restrictions to those of the Replaced Mortgage Loan; (xiii) not be substituted for a Removed Mortgage Loan unless the Certificate Administrator and the Trustee have received a Rating Agency Confirmation from each of the Rating Agencies (the cost, if any, of obtaining such Rating Agency Confirmation to be paid by the applicable Mortgage Loan Seller); (xiv) have been approved, so long as no Control Termination Event is continuing, by the Directing Holder; (xv) prohibit defeasance within two years after the Closing Date; (xvi) not be substituted for a Removed Mortgage Loan if it would result in the termination of the REMIC status of any Trust REMIC or the imposition of tax on any Trust REMIC other than a tax on income expressly permitted or contemplated to be received by the terms of this Agreement, as determined by an Opinion of Counsel (at the cost of the applicable Mortgage Loan Seller); (xvii) have an engineering report that indicates no material adverse property condition or deferred maintenance with respect to the related Mortgaged Property that will be delivered as a part of the related Servicing File; and (xviii) be current in the payment of all scheduled payments of principal and interest then due.  In the event that one or more mortgage loans are substituted for one or more Removed Mortgage Loans, then the amounts described in clause (i) shall be determined on the basis of aggregate Stated Principal Balances and each such proposed Qualified Substitute Mortgage Loan must individually satisfy each of the requirements specified in clauses (ii) through (xviii) above, except the rates referred to in clause (ii) above and the remaining term to stated maturity referred to in clause (v) above shall be determined on a weighted average basis; provided that no individual Mortgage Rate shall be lower than the highest Pass-Through Rate (that is a fixed rate not subject to a cap equal to the WAC Rate) of any Class of Principal Balance Certificates having an outstanding Certificate Balance.  When a Qualified Substitute Mortgage Loan is substituted for a Removed Mortgage Loan, the applicable Mortgage Loan Seller shall certify that the Mortgage Loan meets all of the requirements of the above definition and shall send such certification to the Certificate Administrator, the Trustee and, for so long as no Consultation Termination Event is continuing, the Directing Holder.

 

“RAC No-Response Scenario”:  As defined in Section 3.30(a) of this Agreement.

 

“Rated Final Distribution Date”:  (a) As to the Pooled Certificates, the Distribution Date in September 2048, (b) as to the BX Industrial Portfolio Loan-Specific Certificates, the Distribution Date in September 2048, (c) as to the Tower 333 Loan-Specific Certificates, the Distribution Date in September 2048 and (b) as to the 825 South Hill Loan-Specific Certificates, the Distribution Date in September 2048.  None of the Class S, Class R, VRR Interest, BX-VRR Interest, T333-VRR Interest or 825S-VRR Interest will have a Rated Final Distribution Date.

 

“Rating Agency”:  Any of Moody’s, Fitch or DBRS Morningstar; provided that with respect to any matter affecting a Non-Serviced Mortgage Loan or any Serviced Whole Loan, “Rating Agency” shall also refer to any rating agency engaged to rate the Serviced Companion Loan Securities related to such Serviced Whole Loan or securities related to such Non-Serviced Mortgage Loan, as applicable.

 

“Rating Agency Confirmation”:  With respect to any matter, confirmation in writing (which may be in electronic form) by each applicable Rating Agency that a proposed action, failure to act or other event so specified will not, in and of itself, result in the downgrade,

 

 

     -114-

     

    

 

withdrawal or qualification of the then-current rating assigned to any Class of Certificates if then rated by the Rating Agency; provided that a written waiver or other acknowledgment from any Rating Agency indicating its decision not to review the matter for which the Rating Agency Confirmation is sought shall be deemed to satisfy the requirement for the Rating Agency Confirmation from such Rating Agency with respect to such matter.  At any time during which no Certificates are rated by a Rating Agency, no Rating Agency Confirmation shall be required from that Rating Agency.  With respect to any matter affecting any Pari Passu Companion Loan, any Rating Agency Confirmation shall also refer to a comparable confirmation from the nationally recognized statistical rating organizations then rating the securities representing an interest in such loan with respect to such rating organizations’ respective ratings of such securities.

 

“Rating Agency Q&A Forum and Document Request Tool”:  As defined in Section 3.14(d) of this Agreement.

 

“Real Property”:  Land or improvements thereon such as buildings or other inherently permanent structures thereon (including items that are structural components of the buildings or structures), in each such case as such terms are used in the REMIC Provisions.

 

“Realized Loss”:  The Pooled Realized Loss, VRR Realized Loss, BX Industrial Portfolio Realized Loss, Tower 333 Realized Loss or 825 South Hill Realized Loss, as applicable. 

 

“Reassignment of Assignment of Leases, Rents and Profits”:  As defined in Section 2.01(a)(v) of this Agreement.

 

“Record Date”:  With respect to each Distribution Date, the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs.

 

“Regulation AB”:  Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R. §§ 229.1100-229.1125, as such rules may be amended from time to time, and subject to such clarification and interpretation as have been provided by the Commission or by the staff of the Commission, or as may be provided by the Commission or its staff from time to time, in each case as effective from time to time as of the compliance dates specified therein.

 

“Regulation D”:  Regulation D under the Act.

 

“Regulation S”:  Regulation S under the Act.

 

“Regulation S Global Certificate”:  Each of the Class A-2, Class A-3, Class A-4, Class A-SB, Class X-A, Class A-S, Class B, Class C, Class D, Class BX-A, Class BX-B, Class BX-C, Class T333-A, Class T333-B, Class T333-C, Class T333-D, Class 825S-A, Class 825S-B, Class 825S-C, Class 825S-D and Class 825S-E Certificates issued as such on the Closing Date.

 

“Regulation S Investor”:  With respect to a transferee of an interest in a Regulation S Global Certificate, a transferee that acquires such interest pursuant to Regulation S.

 

 

     -115-

     

    

 

“Regulation S Transfer Certificate”:  As defined in Section 5.02(c)(i)(B) of this Agreement.

 

“Regulatory Agencies” As defined in the definition of “Risk Retention Rule”.

 

“Reimbursement Rate”:  The rate per annum applicable to the accrual of interest on Servicing Advances in accordance with Section 3.21(e) and P&I Advances in accordance with Section 4.07(h), which rate per annum shall equal the Prime Rate, compounded annually.  Interest at the Reimbursement Rate will accrue from (and including) the date on which the related Advance is made or the related expense incurred to (but excluding) the date on which such amounts are recovered out of amounts received on the Mortgage Loan or Trust Subordinate Companion Loan as to which such Advances were made or servicing expenses incurred or the first Master Servicer Remittance Date after a determination of non-recoverability, as the case may be, is made; provided that such interest at the Reimbursement Rate will continue to accrue to the extent funds are not available in the Collection Accounts for such reimbursement of such Advance; provided, further, that no interest will accrue on any P&I Advance (i) made with respect to a Mortgage Loan or Trust Subordinate Companion Loan until after the related Due Date has passed and any applicable Grace Period has expired or (ii) if the related Periodic Payment is received after the Determination Date but on or prior to the Business Day immediately prior to the related Distribution Date.

 

 “Relevant Distribution Date”:  With respect to (a) any Significant Obligor with respect to the Trust, the Distribution Date, and (b) any “significant obligor” (within the meaning of Item 1101(k) of Regulation AB) with respect to an Other Securitization holding a Serviced Companion Loan, the “Distribution Date” (or analogous concept) under the related Other Pooling and Servicing Agreement.

 

“Relevant Servicing Criteria”:  The Servicing Criteria applicable to each Reporting Servicer (as set forth, with respect to the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee on Schedule II to this Agreement).  For clarification purposes, multiple Reporting Servicers can have responsibility for the same Relevant Servicing Criteria and some of the Servicing Criteria will not be applicable to certain Reporting Servicers.  With respect to a Servicing Function Participant engaged by the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, the term “Relevant Servicing Criteria” refers to the items of the Relevant Servicing Criteria applicable to the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee that engaged such Servicing Function Participant that are applicable to such Servicing Function Participant based on the functions it has been engaged to perform.

 

“REMIC”:  A “real estate mortgage investment conduit” within the meaning of Section 860D of the Code and the REMIC Provisions.

 

“REMIC Provisions”:  Provisions of the federal income tax law relating to real estate mortgage investment conduits, which appear at Section 860A through 860G of subchapter M of chapter 1 of the Code, and related provisions, and regulations (including any applicable proposed regulations) and rulings promulgated thereunder, as the foregoing may be in effect from time to time.

 

 

     -116-

     

    

 

“Removed Mortgage Loan”:  A Mortgage Loan (including the Trust Subordinate Companion Loans) which is repurchased from the Trust Fund pursuant to the terms hereof or as to which one or more Qualified Substitute Mortgage Loans are substituted.

 

“Rents from Real Property”:  With respect to any Serviced REO Property, gross income of the character described in Section 856(d) of the Code, which income, subject to the terms and conditions of that Section of the Code in its present form, does not include:

 

(a)          except as provided in Section 856(d)(4) or Section 856(d)(6) of the Code, any amount received or accrued, directly or indirectly, with respect to such Serviced REO Property, if the determination of such amount depends in whole or in part on the income or profits derived by any Person from such property (unless such amount is a fixed percentage or percentages of receipts or sales and otherwise constitutes Rents from Real Property);

 

(b)          any amount received or accrued, directly or indirectly, from any Person if the Trust Fund owns directly or indirectly (including by attribution) a ten percent or greater interest in such Person determined in accordance with Sections 856(d)(2)(B) and Section 856(d)(5) of the Code;

 

(c)          any amount received or accrued, directly or indirectly, with respect to such Serviced REO Property if any Person Directly Operates such Serviced REO Property;

 

(d)          any amount charged for services that are not customarily furnished in connection with the rental of property to tenants in buildings of a similar class in the same geographic market as such Serviced REO Property within the meaning of Treasury Regulations Section 1.856-4(b)(1) (whether or not such charges are separately stated); and

 

(e)           rent attributable to personal property unless such personal property is leased under, or in connection with, the lease of such Serviced REO Property and, for any taxable year of the Trust Fund, such rent is no greater than 15 percent of the total rent received or accrued under, or in connection with, the lease.

 

“REO Account”:  As defined in Section 3.15(b) of this Agreement.

 

“REO Loan”:  Any Mortgage Loan (excluding any Non-Serviced Mortgage Loan) or Serviced Whole Loan as to which the related Mortgaged Property has become an REO Property.

 

“REO Proceeds”:  With respect to any Serviced REO Property and the related Serviced REO Loan, all revenues received by the Special Servicer with respect to such Serviced REO Property or Serviced REO Loan which do not constitute Liquidation Proceeds.

 

“REO Property”:  A Mortgaged Property title to which has been acquired by the Special Servicer on behalf of the Trust Fund through foreclosure, deed-in-lieu of foreclosure or otherwise, or in the case of a Non-Serviced Mortgage Loan, the Trust Fund’s beneficial interest

 

 

     -117-

     

    

 

in the Mortgaged Property acquired by the Other Trustee pursuant to the Other Pooling and Servicing Agreement.

 

“Replacement Mortgage Loan”:  Any Qualified Substitute Mortgage Loan that is substituted for one or more Removed Mortgage Loans.

 

“Reporting Servicer”:  As defined in Section 10.12 of this Agreement.

 

“Repurchase”:  As defined in Section 2.03(c) of this Agreement.

 

“Repurchase Communication”:  For purposes of Section 2.03(c) of this Agreement only, any communication, whether oral or written, which need not be in any specific form.

 

“Repurchase Request”:  As defined in Section 2.03(c) of this Agreement.

 

“Repurchase Request Recipient”:  As defined in Section 2.03(c) of this Agreement.

 

“Repurchase Request Rejection”:  As defined in Section 2.03(c) of this Agreement.

 

“Repurchase Request Withdrawal”:  As defined in Section 2.03(c) of this Agreement.

 

“Request for Release”:  A request for a release signed by a Servicing Officer, substantially in the form of Exhibit E to this Agreement.

 

“Requesting Holders”:  As defined in Section 4.08(b) of this Agreement.

 

“Requesting Investor”: As defined in Section 5.05(a) of this Agreement.

 

“Requesting Party”: As defined in Section 5.05(a) of this Agreement.

 

“Reserve Accounts”:  With respect to any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan, reserve accounts, if any, established pursuant to the Mortgage or the Loan Agreement and any Escrow Account.  Any Reserve Account may be a sub-account of a related Cash Collateral Account.  Any Reserve Account shall be beneficially owned for federal income tax purposes by the Person who is entitled to receive the reinvestment income or gain thereon in accordance with the terms and provisions of the related Mortgage Loan or Serviced Whole Loan and Section 3.07 of this Agreement, which Person shall be taxed on all reinvestment income or gain thereon.  The Master Servicer shall be permitted to make withdrawals therefrom for deposit into the related Cash Collateral Account, if applicable, or the Collection Account or for the purposes set forth under the related Loan Documents for the related Mortgage Loan or Serviced Whole Loan.

 

 

     -118-

     

    

 

“Resolution Extension Period” shall mean:

 

(a)      for purposes of remediating a Material Breach with respect to any Mortgage Loan, the 90-day period following the end of the applicable Initial Cure Period;

 

(b)      for purposes of remediating a Material Defect with respect to any Mortgage Loan that is a Performing Loan at the commencement of, and does not become a Specially Serviced Loan during, the applicable Initial Cure Period, the period commencing at the end of the applicable Initial Cure Period and ending on, and including, the earlier of (i) the 90th day following the end of such Initial Cure Period and (ii) the 45th day following the applicable Mortgage Loan Seller’s receipt of written notice from the Master Servicer or the Special Servicer of the occurrence of any Servicing Transfer Event with respect to such Mortgage Loan subsequent to the end of such Initial Cure Period;

 

(c)      for purposes of remediating a Material Defect with respect to any Mortgage Loan that is a Performing Loan as of the commencement of the applicable Initial Cure Period, but as to which a Servicing Transfer Event occurs during such Initial Cure Period, the period commencing at the end of the applicable Initial Cure Period and ending on, and including, the 90th day following the earlier of the end of such Initial Cure Period and the applicable Mortgage Loan Seller’s receipt of written notice from the Master Servicer or the Special Servicer of the occurrence of such Servicing Transfer Event; and

 

(d)      for purposes of remediating a Material Defect with respect to any Mortgage Loan that is a Specially Serviced Loan as of the commencement of the applicable Initial Cure Period, zero (-0-) days; provided that, if the applicable Mortgage Loan Seller did not receive written notice from the Master Servicer or the Special Servicer of the relevant Servicing Transfer Event as of the commencement of the applicable Initial Cure Period, then such Servicing Transfer Event shall be deemed to have occurred during such Initial Cure Period and clause (c) of this definition will be deemed to apply.

 

“Resolved”:  With respect to a Repurchase Request, (i) that the related Defect or Breach has been cured, (ii) the related Mortgage Loan or Trust Subordinate Companion Loan has been repurchased in accordance with the related Mortgage Loan Purchase Agreement, (iii) a mortgage loan has been substituted for the related Mortgage Loan in accordance with the related Mortgage Loan Purchase Agreement, (iv) the applicable Mortgage Loan Seller made the Loss of Value Payment, (v) a contractually binding agreement entered into between the Special Servicer (with respect to a Specially Serviced Loan) or the Master Servicer (with respect to a non-Specially Serviced Loan), on behalf of the Trust, and the related Mortgage Loan Seller that settles the related Mortgage Loan Seller’s obligations under the related Mortgage Loan Purchase Agreement, or (vi) the related Mortgage Loan or Trust Subordinate Companion Loan is no longer property of the Trust as a result of a sale or other disposition in accordance with this Agreement.

 

“Responsible Officer”:  When used with respect to the Trustee or the Certificate Administrator, any officer of the Trustee or the Certificate Administrator, as the case may be,

 

 

     -119-

     

    

 

assigned to the Corporate Trust Office of such party; in each case, with direct responsibility for the administration of this Agreement and also, with respect to a particular matter, any other officer to whom such matter is referred because of such officer’s knowledge of and familiarity with the particular subject, and, in the case of any certification required to be signed by a Responsible Officer, such an officer whose name and specimen signature appears on a list of corporate trust officers furnished to the Master Servicer by the Trustee and the Certificate Administrator, as such list may from time to time be amended.

 

“Restricted Certificate”:  As defined in Section 5.02(k) of this Agreement.

 

“Restricted Party”: As defined in the definition of “Privileged Information Exception”.

 

“Restricted Period”:  The 40-day period prescribed by Regulation S commencing on the later of (a) the date upon which the Certificates are first offered to persons other than the Initial Purchasers and any other distributor (as defined in Regulation S) of the Certificates and (b) the Closing Date.

 

“Retained Certificate”:  The Class RR, BX-VRR Interest, T333-VRR Interest and 825S-VRR Interest Certificates.

 

“Retained Defeasance Rights and Obligations”: Any of the rights and obligations of GACC defined in Section 3.26(i).

 

“Retained Interest Safekeeping Account”: An account maintained by the Certificate Administrator, which account shall be deemed to be owned by the Holder(s) of the Retained Certificates in proportions equal to their respective Percentage Interests.

 

“Retaining Party”:  Any Holder of a Retained Certificate and any successor Holder of such Retained Certificate or any owner of the RR Interest and any success owner of the RR Interest.

 

“Retaining Sponsor”:  With respect to (a) the VRR Interest, GACC, (b) the BX-VRR Interest, GACC, (c) the T333-VRR Interest, GACC and (b) the 825S-VRR Interest, GACC.

 

“Revised Rate”:  With respect to those Mortgage Loans on the Mortgage Loan Schedule indicated as having a revised rate, the increased interest rate after the Anticipated Repayment Date (in the absence of a default) for each applicable Mortgage Loan, as calculated and as set forth in the related Mortgage Loan.

 

“Risk Retention Consultation Party”:  Each of (a)(i) the parties selected JPMCB (in the case of the VRR-A Risk Retention Consultation Party), (ii) the party selected by GS Bank (in the case of the VRR-B Risk Retention Consultation Party) and (iii) the party selected by DBNY (in the case of the VRR-C Risk Retention Consultation Party, the BX Industrial Portfolio Risk Retention Consultation Party, the Tower 333 Risk Retention Consultation Party and the 825 South Hill Risk Retention Consultation Party).  The Certificate Administrator and the other parties hereto shall be entitled to assume that the identity of any Risk Retention Consultation Party has not changed until such parties receive written notice of a replacement of such Risk

 

 

     -120-

     

    

 

Retention Consultation Party from JPMCB (in the case of the VRR-A Risk Retention Consultation Party), GS Bank (in the case of the VRR-B Risk Retention Consultation Party) or DBNY (in the case of the VRR-C Risk Retention Consultation Party the BX Industrial Portfolio Risk Retention Consultation Party, the Tower 333 Risk Retention Consultation Party or the 825 South Hill Risk Retention Consultation Party), as confirmed by the Certificate Registrar.  Notwithstanding the foregoing, no Risk Retention Consultation Party shall have any consultation rights with respect to any related Excluded Loan.  For the avoidance of doubt, there may be multiple Risk Retention Consultation Parties.  The initial VRR-A Risk Retention Consultation Party shall be JPMCB, the initial VRR-B Risk Retention Consultation Party shall be GS Bank, and the initial VRR-C Risk Retention Consultation Party, the initial the BX Industrial Portfolio Risk Retention Consultation Party, the initial Tower 333 Risk Retention Consultation Party and the initial 825 South Hill Risk Retention Consultation Party shall be DBNY.

 

In the event that no VRR-A Risk Retention Consultation Party, VRR-B Risk Retention Consultation Party, VRR-C Risk Retention Consultation Party, BX Industrial Portfolio Risk Retention Consultation Party, Tower 333 Risk Retention Consultation Party or 825 South Hill Risk Retention Consultation Party, as applicable, has been appointed or identified to the Master Servicer or the Special Servicer, as applicable, and the Master Servicer or the Special Servicer, as applicable, has attempted to obtain such information from the Certificate Administrator and no such entity has been identified to the Master Servicer or the Special Servicer, as applicable, then until such time as a new Risk Retention Consultation Party is identified, the Master Servicer or the Special Servicer, as applicable, shall have no duty to consult with, provide notice to, or seek the approval or consent of any such Risk Retention Consultation Party, as the case may be.

 

“Risk Retention Rule”: The Credit Risk Retention regulations, 79 Fed. Reg. 77601, pages 77740-77766 (Dec. 24, 2014), jointly promulgated by the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Federal Housing Finance Agency, the Securities and Exchange Commission, and the Department of Housing and Urban Development (the “Regulatory Agencies”) to implement the credit risk retention requirements under Section 15G of the Securities Exchange Act of 1934 (as added by Section 941 of the Dodd-Frank Wall Street Reform and Consumer Protection Act), as such regulations may be amended from time to time by such Regulatory Agencies, and subject to such clarification and interpretation as have been provided by such Regulatory Agencies, whether in the adopting release, or as may be provided by any such Regulatory Agency or its staff from time to time, in each case, as effective from time to time as of the applicable compliance date specified therein.

 

“RR Interest”:  An uncertificated interest in the Trust representing the right to receive the RR Interest Percentage of all amounts collected on the Mortgage Loans (excluding the Trust Subordinate Companion Loans), net of all expenses of the Trust, and distributable on each Distribution Date to Holders of Certificates (other than to the Class R or Class S Certificates) and allocated to the VRR Interest. The RR Interest evidences (i) beneficial ownership of a “regular interest” in the Upper-Tier REMIC for purposes of the REMIC Provisions and (ii) beneficial ownership of a portion of the Class S Grantor Trust Assets. For the avoidance of doubt, the parties hereto agree not to treat the RR Interest as a security under applicable law.

 

 

     -121-

     

    

 

“RR Interest Balance”:  With respect to the RR Interest (i) on or prior to the first Distribution Date, an amount equal to the initial RR Interest Balance as specified in the Preliminary Statement hereto and (ii) as of any date of determination after the first Distribution Date, the RR Interest Balance on the Distribution Date immediately prior to such date of determination after giving effect to (a) any distributions made on such Distribution Date pursuant to Section 4.01(f), (b) any VRR Realized Losses allocated to the RR Interest on such Distribution Date, and (c) any recoveries on the Mortgage Loans (excluding the Trust Subordinate Companion Loans) of Nonrecoverable Advances (plus interest on such Nonrecoverable Advances) that were previously reimbursed from principal collections on the related Mortgage Loans, that resulted in a reduction of the Aggregate Principal Distribution Amount, which recoveries are allocated to the RR Interest and added to the RR Interest Balance.

 

“RR Interest Percentage”:  20.95403236021%.

 

“RR Interest Owner”:  The Person who owns the RR Interest, as identified to the Certificate Administrator in writing.  At any time, there shall be only one RR Interest Owner.  GSMC (or GS Bank, as its Majority-Owned Affiliate) is the RR Interest Owner as of the Closing Date.

 

“RR Interest Upper-Tier Regular Interest”:  The uncertificated interest (i) constituting a “regular interest” in the Upper-Tier REMIC, (ii) having an interest rate equal to the WAC Rate and (iii) having an RR Interest Balance as described herein, in each case, for purposes of the REMIC Provisions.

 

“Rule 144A”:  Rule 144A under the Act.

 

“Rule 144A Global Certificate”:  Each of the Class A-2, Class A-3, Class A-4, Class A-SB, Class X-A, Class A-S, Class B, Class C, Class D, Class RR, Class BX-A, Class BX-B, Class BX-C, Class T333-A, Class T333-B, Class T333-C, Class T333-D, Class 825S-A, Class 825S-B, Class 825S-C, Class 825S-D and Class 825S-E issued as such on the Closing Date.

 

“Rule 15Ga-1 Notice”:  As defined in Section 2.03(c) of this Agreement.

 

“Rule 15Ga-1 Notice Provider”:  As defined in Section 2.03(c) of this Agreement.

 

“S&P”:  S&P Global, a Standard and Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC business, or its successor in interest.  If neither such rating agency nor any successor remains in existence, “S&P” shall be deemed to refer to such other nationally recognized statistical rating agency or other comparable Person reasonably designated by the Depositor, notice of which designation shall be given to the other parties hereto, and specific ratings of S&P herein referenced shall be deemed to refer to the equivalent ratings of the party so designated.

 

“Sarbanes Oxley Act”:  The Sarbanes Oxley Act of 2002 and the rules and regulations of the Commission promulgated thereunder (including any interpretations thereof by the Commission’s staff).

 

“Sarbanes Oxley Certification”:  As defined in Section 10.08 of this Agreement.

 

 

     -122-

     

    

 

“Scheduled Principal Distribution Amount”:  With respect to any Distribution Date and the Mortgage Loans, the aggregate of the principal portions of the following: (a) all Periodic Payments (excluding Balloon Payments) with respect to the Mortgage Loans due during or, if and to the extent not previously received or advanced pursuant to Section 4.07 in respect of a preceding Distribution Date (and not previously distributed to Certificateholders), prior to, the related Collection Period, and all Assumed Scheduled Payments with respect to the Mortgage Loans for the related Collection Period, in each case to the extent either (i) paid by the Borrower as of the Determination Date (or, with respect to each Mortgage Loan with a Due Date occurring or a grace period ending, after the related Determination Date, the related Due Date or last day of such grace period, as applicable, to the extent received by the Master Servicer as of the Business Day preceding the Master Servicer Remittance Date) or (ii) advanced by the Master Servicer or the Trustee, as applicable, pursuant to Section 4.07 in respect of such Distribution Date, and (b) all Balloon Payments with respect to the Mortgage Loans to the extent received on or prior to the related Determination Date (or, with respect to each Mortgage Loan with a Due Date occurring or a grace period ending, after the related Determination Date, the related Due Date or last day of such grace period, as applicable, to the extent received by the Master Servicer as of the Business Day preceding the Master Servicer Remittance Date), and to the extent not included in clause (a) above.

 

“Securities Legend”:  As defined in Section 5.02(c)(iii) of this Agreement.

 

“Serviced AB Mortgage Loan”: Any Mortgage Loan serviced pursuant to this Agreement comprised of a Serviced Mortgage Loan, a Serviced Subordinate Companion Loan and, in certain cases, one or more Pari Passu Companion Loans. For the avoidance of doubt, there are no Serviced AB Whole Loans related to the Trust.

 

“Serviced AB Whole Loan”: Any Whole Loan serviced pursuant to this Agreement comprised of a Serviced Mortgage Loan, a Serviced Subordinate Companion Loan and, in certain cases, one or more Pari Passu Companion Loans.  The BX Industrial Portfolio Whole Loan, the Tower 333 Whole Loan and the 825 South Hill Whole Loan are each a Serviced AB Whole Loan relating to the Trust.

 

“Serviced AB Whole Loan Major Decision”: With respect to any Serviced AB Whole Loan, shall have the meaning assigned to the term “Major Decision” in the related Intercreditor Agreement.

 

“Serviced Companion Loan”:  Each of the Companion Loans for which the corresponding Whole Loan is identified as “Serviced” under the column entitled “Type” in the “Whole Loan” chart in the Preliminary Statement.

 

“Serviced Companion Loan Noteholder”:  Any holder of a Serviced Companion Loan; provided that for so long as a Serviced Companion Loan is included in an Other Securitization, for purposes of providing or distributing any reports, statements, notices or other information required or permitted to be provided to a Serviced Companion Loan Noteholder hereunder, “Serviced Companion Loan Noteholder” shall also include the related Other Servicer.

 

“Serviced Companion Loan Noteholder Register”:  As defined in Section 3.27(b) of this Agreement.

 

 

     -123-

     

    

 

“Serviced Companion Loan Rating Agency”:  With respect to any Serviced Companion Loan, any rating agency that was engaged by a participant in the securitization of such Serviced Companion Loan to assign a rating to the related Serviced Companion Loan Securities.

 

“Serviced Companion Loan Rating Agency Confirmation”:  With respect to any matter involving the servicing and administration of a Serviced Companion Loan or Serviced REO Loan as to which any Serviced Companion Loan Securities exist, confirmation in writing (which may be in electronic form) by each applicable Serviced Companion Loan Rating Agency that a proposed action, failure to act or other event so specified will not, in and of itself, result in the downgrade, withdrawal or qualification of the then current rating assigned to any class of such Serviced Companion Loan Securities (if then rated by such Serviced Companion Loan Rating Agency); provided that upon receipt of a written waiver or other acknowledgment from a Serviced Companion Loan Rating Agency indicating its decision not to review or declining to review the matter for which the Serviced Companion Loan Rating Agency Confirmation is sought (such written notice, a “Serviced Companion Loan Rating Agency Declination”), or as otherwise provided in Section 3.30 of this Agreement, the requirement for the Serviced Companion Loan Rating Agency Confirmation from the applicable Serviced Companion Loan Rating Agency with respect to such matter shall not apply.

 

“Serviced Companion Loan Securities”:  With respect to any Serviced Companion Loan so long as the related Mortgage Loan or any successor Serviced REO Loan is part of the Mortgage Pool, any class of securities backed by such Serviced Companion Loan.  Any reference herein to a “series” of Serviced Companion Loan Securities shall refer to separate securitizations of one or more of the Serviced Companion Loans.

 

“Serviced Companion Loan Service Provider”:  With respect to any Serviced Mortgage Loan, any related Other Trustee, Other Servicer, Other Special Servicer and any related sub-servicer, as applicable, and any other Person that makes principal and/or interest advances in respect of such mortgage loan pursuant to the related Other Pooling and Servicing Agreement.

 

“Serviced Mortgage Loan”:  Any Mortgage Loan that is included in the Trust and serviced under this Agreement.  For the avoidance of doubt, “Serviced Mortgage Loans” exclude any Non-Serviced Mortgage Loan.

 

“Serviced Pari Passu Companion Loan”:  A Pari Passu Companion Loan that is part of a Serviced Whole Loan.

 

“Serviced Pari Passu Companion Loan Noteholder”:  Any holder of a Serviced Pari Passu Companion Loan.

 

“Serviced Pari Passu Whole Loan”: Each of the Whole Loans identified as “Serviced” under the column entitled “Type” in the “Whole Loan” chart in the Preliminary Statement that has at least one Serviced Pari Passu Companion Loan.

 

“Serviced REO Loan”: Any REO Loan that is serviced by the Special Servicer pursuant to this Agreement.

 

 

     -124-

     

    

 

“Serviced REO Property”: Any REO Property that is serviced by the Special Servicer pursuant to this Agreement.

 

“Serviced Subordinate Companion Loan”:  With respect to any Serviced AB Whole Loan, any subordinate promissory note that is part of such Whole Loan that is subordinate to the related Serviced Mortgage Loan.  With respect to each of the Whole Loans identified as “Serviced” under the column entitled “Type” in the “Whole Loan” chart in the Preliminary Statement, the related Companion Loans identified as “Subordinate” under the column entitled “Companion Loan Type” shall be Serviced Subordinate Companion Loans related to the Trust.

 

“Serviced Whole Loan”:  Each of the Whole Loans identified as “Serviced” under the column entitled “Type” in the “Whole Loan” chart in the Preliminary Statement.

 

“Serviced Whole Loan Collection Account”:  With respect to each Serviced Whole Loan, the separate account or sub-account created and maintained by the Master Servicer pursuant to Section 3.05(g) on behalf of the Certificateholders and the related Serviced Companion Loan Noteholders, which shall be entitled “Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, on behalf of Wells Fargo Bank, National Association, as Trustee, for the benefit of the Holders of J.P. Morgan Chase Commercial Mortgage Securities Corp., Benchmark 2020-IG3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-IG3, Serviced Whole Loan Collection Account.”  Amounts in any Serviced Whole Loan Collection Account applicable to the related Serviced Companion Loans shall not be assets of the Trust Fund, but instead shall be held by the Master Servicer on behalf of the Trust Fund (in respect of amounts reimbursable therefrom) and, the related Serviced Companion Loan Noteholders.  Any such account or sub-account shall be an Eligible Account or a sub-account of an Eligible Account (including a sub-account of the Collection Account).  Notwithstanding the foregoing, amounts held in the Serviced Whole Loan Collection Account with respect to the Trust Subordinate Companion Loans, will be assets of the Trust Fund, held on behalf of the holders of the Loan-Specific Certificates.

 

“Serviced Whole Loan Remittance Amount”:  For each distribution date that a Master Servicer is required to make a distribution to a Serviced Companion Loan Noteholder pursuant to Section 3.05(h) and with respect to each Serviced Whole Loan and related Mortgaged Property (if it becomes a Serviced REO Property), any amount received by the Master Servicer (or, with respect to a Serviced REO Property, the Special Servicer) during the related Collection Period that is payable to the Serviced Companion Loan Noteholder(s) pursuant to the related Intercreditor Agreement or to be remitted to the Collection Account.

 

“Serviced Whole Loan Remittance Date”:  With respect to any Serviced Companion Loan, (x) prior to contribution of such Serviced Companion Loan to an Other Securitization, a date as set forth in the related Intercreditor Agreement (or if no such date is specified, the Master Servicer Remittance Date) and (y) following contribution of such Serviced Companion Loan to an Other Securitization, the earlier of (A) the Master Servicer Remittance Date or (B) the Business Day immediately succeeding the “determination date” set forth in the related Other Pooling and Servicing Agreement, or such earlier date as required by the related Intercreditor Agreement; provided, however, that, unless otherwise required under the related

 

 

     -125-

     

    

 

Intercreditor Agreement, no remittance is required to be made until two (2) Business Days after receipt of the related Periodic Payment with respect to the related Serviced Whole Loan.

 

“Serviced Whole Loan REO Account”:  As defined in Section 3.15(b) of this Agreement.

 

“Serviced Whole Loan Special Servicer”:  Any Person responsible for performing the duties of Special Servicer hereunder with respect to a Serviced Whole Loan or any related Serviced REO Property.

 

“Service(s)(ing)”:  In accordance with Regulation AB, the act of servicing and administering the Mortgage Loans or any other assets of the Trust by an entity that meets the definition of “servicer” set forth in Item 1101 of Regulation AB and is referenced in the disclosure requirements set forth in Item 1108 of Regulation AB.  For clarification purposes, any uncapitalized occurrence of this term shall have the meaning commonly understood by participants in the commercial mortgage-backed securities market.

 

“Servicer Termination Event”:  A Master Servicer Termination Event or Special Servicer Termination Event, as applicable.

 

“Servicing Advance”:  All customary, reasonable and necessary “out of pocket” costs and expenses (including attorneys’ fees and expenses and fees of real estate brokers) incurred by the Master Servicer, the Special Servicer, Certificate Administrator, or the Trustee, as applicable, in connection with the servicing and administering of (a) a Serviced Mortgage Loan and any related Serviced Companion Loan, in respect of which a default, delinquency or other unanticipated event has occurred or as to which a default is reasonably foreseeable or (b) a Mortgaged Property securing a Serviced Mortgage Loan or an REO Property, including, in the case of each of such clause (a) and clause (b), but not limited to, (x) the cost of (i) compliance with the Master Servicer’s obligations set forth in Section 3.04, (ii) the preservation, restoration and protection of a Mortgaged Property, (iii) obtaining any Insurance and Condemnation Proceeds or any Liquidation Proceeds of the nature described in clauses (i) –(vi) of the definition of “Liquidation Proceeds,” (iv) any enforcement or judicial proceedings with respect to a Mortgaged Property, including foreclosures and (v) the operation, leasing, management, maintenance and liquidation of any REO Property and (y) any amount specifically designated herein to be paid as a “Servicing Advance”.  Notwithstanding anything to the contrary, “Servicing Advances” shall not include allocable overhead of the Master Servicer or the Special Servicer, such as costs for office space, office equipment, supplies and related expenses, employee salaries and related expenses and similar internal costs and expenses or costs and expenses incurred by any such party in connection with its purchase of a Mortgage Loan or REO Property.  None of the Master Servicer, the Special Servicer or the Trustee shall make any Servicing Advance in connection with the exercise of any cure rights or purchase rights granted to the holder of a Companion Loan under the related Intercreditor Agreement or this Agreement.

 

“Servicing Compensation”:  With respect to any Collection Period, the related Servicing Fee, Net Prepayment Interest Excess, if any, and any other fees, charges or other amounts payable to the Master Servicer under this Agreement for such period.

 

 

     -126-

     

    

 

“Servicing Criteria”:  The criteria set forth in paragraph (d) of Item 1122 of Regulation AB as such may be amended from time to time.

 

“Servicing Fee”:  With respect to each Mortgage Loan or Serviced Companion Loan and for any Distribution Date, an amount per Interest Accrual Period equal to the product of (i) the respective Servicing Fee Rate (adjusted to a monthly rate) and (ii) the Stated Principal Balance of such Mortgage Loan or Serviced Companion Loan as of the Due Date in the immediately preceding Collection Period (without giving effect to payments of principal on such Mortgage Loan or Serviced Pari Passu Companion Loan on such Due Date).  The Servicing Fee shall be calculated in accordance with the provisions of Section 1.02(a) of this Agreement.  For the avoidance of doubt, with respect to each Mortgage Loan, the Servicing Fee shall be deemed payable from the Lower-Tier REMIC.

 

“Servicing Fee Amount”:  With respect to the Master Servicer and any date of determination, the aggregate of the products obtained by multiplying, for each Mortgage Loan or Serviced Pari Passu Companion Loan, (a) the Stated Principal Balance of such Mortgage Loan or Serviced Pari Passu Companion Loan as of the end of the immediately preceding Collection Period and (b) the difference between the Servicing Fee Rate for such Mortgage Loan or Serviced Pari Passu Companion Loan over the servicing fee rate (if any) applicable to such Mortgage Loan or Serviced Pari Passu Companion Loan as specified in any Sub-Servicing Agreement related to such Mortgage Loan or Serviced Pari Passu Companion Loan.  With respect to each Sub-Servicer and any date of determination, the aggregate of the products obtained by multiplying, for each Mortgage Loan or Serviced Pari Passu Companion Loan serviced by such Sub-Servicer, (a) the Stated Principal Balance of such Mortgage Loan or Serviced Pari Passu Companion Loan as of the end of the immediately preceding Collection Period and (b) the servicing fee rate specified in the related Sub-Servicing Agreement for such Mortgage Loan or the Serviced Pari Passu Whole Loan.

 

“Servicing Fee Rate”:  (A) With respect to each Mortgage Loan and Trust Subordinate Companion Loan, the sum of the Master Servicing Fee Rate and the related Primary Servicing Fee Rate, if any, which rates per annum are set forth on Exhibit B to this Agreement, and (B) with respect to each Serviced Companion Loan, the rate set forth on Exhibit B to this Agreement under the column labeled “Primary Servicing Fee Rate”.

 

“Servicing File”:  As defined in the related Mortgage Loan Purchase Agreement and including any original or copy of any replacement comfort letter related to any hospitality property following receipt thereof by the Master Servicer.

 

“Servicing Function Participant”:  Any Person, other than the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, that, within the meaning of Item 1122 of Regulation AB, is performing activities that address the Servicing Criteria, unless such Person’s activities relate only to 5% or less of the Mortgage Loans (based on their Stated Principal Balance) or the Master Servicer has assumed responsibility for the servicing activity, as provided for under Regulation AB.  No Non-Serviced Mortgage Loan Service Provider shall be a Servicing Function Participant retained by any Servicing Function Participant that is a party to this Agreement, unless such party is a Servicing Function Participant in connection with its servicing obligations under this Agreement.

 

 

     -127-

     

    

 

“Servicing Officer”:  Any officer or employee of the Master Servicer or the Special Servicer, as applicable, involved in, or responsible for, the administration and servicing of the Mortgage Loans and/or Serviced Companion Loans, or this Agreement and also, with respect to a particular matter, any other officer to whom such matter is referred because of such officer’s or employee’s knowledge of and familiarity with the particular subject, and, in the case of any certification required to be signed by a Servicing Officer, such an officer or employee whose name and specimen signature appears on a list of servicing officers furnished to the Certificate Administrator and the Trustee by the Master Servicer or the Special Servicer, as applicable, as such list may from time to time be amended.

 

“Servicing Shift Lead Note”:  With respect to each Servicing Shift Whole Loan, as of any date of determination, the note or other evidence of indebtedness and/or agreements evidencing the indebtedness of the related Borrower under the related Servicing Shift Whole Loan including any amendments or modifications, or any renewal or substitution notes, as of such date, the sale of which to the related Other Securitization will cause servicing to shift from this Agreement to the related Other Pooling and Servicing Agreement pursuant to the terms of the related Intercreditor Agreement for such Servicing Shift Whole Loan.

 

“Servicing Shift Mortgage Loan” With respect to each Servicing Shift Whole Loan, the related Mortgage Loan included in the Trust Fund that will be serviced under this Agreement as of the Closing Date, but the servicing of which is expected to shift to the pooling and servicing agreement entered into in connection with the securitization of the related Controlling Companion Loan on and after the date of such securitization.

 

“Servicing Shift Securitization Date”:  With respect to each Servicing Shift Whole Loan, the date on which the related Servicing Shift Lead Note (or Controlling Companion Loan) is included in a related Other Securitization, provided that such holder of such Servicing Shift Lead Note (or Controlling Companion Loan) provides each of the parties to this Agreement (in each case only to the extent such party will not also be a party to the related Other Securitization) with notice in accordance with the terms of the related Intercreditor Agreement that such Servicing Shift Lead Note (or Controlling Companion Loan) is to be included in such Other Securitization, which notice shall include contact information for each party to the related Other Pooling and Servicing Agreement and the identity of the other related “controlling class representative” (or analogous term).  For the avoidance of doubt, there is no Whole Loan related to the Trust that will have a Servicing Shift Securitization Date.

 

“Servicing Shift Whole Loan”:  A Whole Loan that is serviced and administered pursuant to this Agreement as of the Closing Date, which includes the related Servicing Shift Mortgage Loan included in the Trust Fund and one or more Pari Passu Companion Loans not included in the Trust Fund, but the servicing of which is expected to shift to the pooling and servicing agreement or other servicing agreement entered into in connection with the securitization of the related Servicing Shift Lead Note on and after the date of such Securitization.  As of the Closing Date, each Whole Loan identified as a “Servicing Shift Whole Loan” under the heading “Whole Loan Type” in the Preliminary Statement hereto is a Serviced Whole Loan. After the related Servicing Shift Securitization Date, such Servicing Shift Whole Loan will cease to be a Serviced Whole Loan.

 

 

     -128-

     

    

 

“Servicing Standard”:  With respect to the Master Servicer and the Special Servicer, to diligently service and administer the applicable Serviced Mortgage Loans and any related Serviced Companion Loans, Specially Serviced Loans and Serviced REO Loans for which each is responsible in the best interests of and for the benefit of all of the Certificateholders and, in the case of any Serviced Whole Loan, the related Serviced Companion Loan Noteholders (as a collective whole as if such Certificateholders and Serviced Companion Loan Noteholders constituted a single lender (and with respect to any Serviced Whole Loan with any related Subordinate Companion Loan(s), taking into account the subordinate nature of such Subordinate Companion Loan(s)), as determined by the Master Servicer or the Special Servicer, as the case may be, in the exercise of its reasonable judgment) in accordance with applicable law, the terms of this Agreement, the applicable Loan Documents and any related Intercreditor Agreement, and to the extent consistent with the foregoing, in accordance with the higher of the following standards of care:

 

(a)            the same manner in which, and with the same care, skill, prudence and diligence with which the Master Servicer or the Special Servicer, as the case may be, services and administers similar mortgage loans for other third-party portfolios, and

 

(b)            the same care, skill, prudence and diligence with which the Master Servicer or the Special Servicer, as the case may be, services and administers similar mortgage loans owned, if any, by the Master Servicer or the Special Servicer, as the case may be.

 

In either case, with a view to the timely recovery of all payments of principal and interest under the applicable Mortgage Loans or Serviced Whole Loans or, in the case of a Specially Serviced Loan or an REO Property, the maximization of timely recovery of principal and interest on a net present value basis (determined in accordance with the Loan Documents or, if the Loan Documents are silent, at the Calculation Rate) on the applicable Mortgage Loans or Serviced Whole Loans, and the best interests of the Trust, the Certificateholders and the RR Interest Owner and, in the case of any Serviced Whole Loan, the related Serviced Companion Loan Noteholders, as a collective whole as if such Certificateholders and RR Interest Owner and Serviced Companion Loan Noteholders, as applicable, constituted a single lender (and with respect to any Serviced Whole Loan with a related Subordinate Companion Loan, taking into account the pari passu or subordinate nature of such Subordinate Companion Loan), as determined by the Master Servicer or the Special Servicer, as the case may be, in its reasonable judgment in either case, giving due consideration to the customary and usual standards of practice of prudent institutional commercial, multifamily and manufactured housing community mortgage loan servicers, but without regard to any potential conflict of interest arising from (a) any relationship that the Master Servicer or the Special Servicer, as the case may be, or any Affiliate of the Master Servicer or the Special Servicer, may have with the related Borrower, any Mortgage Loan Seller, any other party to this Agreement or any Affiliate of the foregoing; (b) the ownership of any Certificate or any interest in any Non-Serviced Companion Loan, Serviced Companion Loan or any mezzanine loan or subordinate debt relating to a Mortgage Loan by the Master Servicer or the Special Servicer, as the case may be, or any Affiliate thereof; (c) the Master Servicer’s obligation, if any, to make Advances; (d) the Master Servicer’s or the Special Servicer’s, as the case may be, right to receive compensation or reimbursement of costs for its services hereunder or with respect to any particular transaction; (e) the ownership,

 

 

     -129-

     

    

 

servicing or management for others of any other mortgage loans, subordinate debt, mezzanine loans or mortgaged properties not covered by this Agreement by the Master Servicer or the Special Servicer or any Affiliate of the Master Servicer or the Special Servicer, as applicable; (f) any debt that the Master Servicer or the Special Servicer or any Affiliate of the Master Servicer or the Special Servicer, as applicable, has extended to any Borrower or an Affiliate of any Borrower (including, without limitation, any mezzanine financing); (g) any option to purchase any Mortgage Loan or the related Companion Loan the Master Servicer or Special Servicer, as the case may be, or any of its affiliates may have; (h) any obligation of the Master Servicer, the Special Servicer or one of their respective Affiliates, to repurchase or substitute for a Mortgage Loan as Mortgage Loan Seller (if the Master Servicer or the Special Servicer or one of their respective affiliates is a Mortgage Loan Seller).

 

“Servicing Transfer Event”:  An event specified in the definition of Specially Serviced Loan.

 

“Significant Obligor”:  (a) Any obligor (as defined in Item 1101(i) of Regulation AB) or group of affiliated obligors on any Mortgage Loan or group of Mortgage Loans that represent, as of the Closing Date, 10% or more of the Mortgage Pool (by principal balance as of the Cut-off Date); or (b) any single Mortgaged Property or group of Mortgaged Properties securing any Mortgage Loan or group of cross-collateralized and/or cross-defaulted Mortgage Loans that represent, as of the Closing Date, 10% or more of the Mortgage Pool (by principal balance as of the Cut-off Date).  For the avoidance of doubt, as of the Closing Date, there are no Significant Obligors relating to the Trust.

 

“Significant Obligor NOI Quarterly Filing Deadline”:  With respect to each calendar quarter (other than the fourth calendar quarter of any calendar year), the date that is fifteen (15) days after the Relevant Distribution Date occurring on or immediately following the date on which financial statements for such calendar quarter are required to be delivered to the related lender under the related Loan Documents. 

 

“Significant Obligor NOI Yearly Filing Deadline”:  With respect to each calendar year, the date that is the 90th day after the end of such calendar year.

 

“Similar Law”:  As defined in Section 5.02(k) of this Agreement.

 

“Small Loan Appraisal Estimate”:  With respect to any Serviced Mortgage Loan and any related Serviced Companion Loan having a Stated Principal Balance of less than $2,000,000, the Special Servicer’s good faith estimate of the value of the Mortgaged Property securing such Mortgage Loan or Serviced Whole Loan, as certified to the Master Servicer by the Special Servicer.

 

“Special Notice”:  Any (a) notice transmitted to Certificateholders pursuant to Section 5.05(c) of this Agreement and (b) notice of any request by at least 25% of the Voting Rights of the Certificates or 25% of the Pooled Voting Rights of Pooled Certificates, as applicable, to terminate and replace the Special Servicer pursuant to Section 3.22(d) of this Agreement.

 

 

     -130-

     

    

 

“Special Servicer”: With respect to (i) each of the Serviced Mortgage Loans (other than any Excluded Special Servicer Loan) and any related Serviced Companion Loans, Midland Loan Services, a Division of PNC Bank, National Association, a national banking association or its successor in interest, or any successor special servicer appointed as provided herein and (ii) with respect to any Excluded Special Servicer Loan, if any, the related Excluded Special Servicer appointed pursuant to Section 3.22(j) of this Agreement, as applicable and as the context may require.

 

“Special Servicer Major Decision”: Any Major Decision under clauses (1)(a)(i), (1)(a)(ii), (1)(a)(iii)(C), (1)(b)(ii) and (1)(e) through (1)(n).

 

“Special Servicer Non-Major Decision”:  With respect to any Performing Loan, (other than a Non-Serviced Mortgage Loan), the following actions shall be subject to the Special Servicer’s processing and consent or, if mutually agreed to by the Special Servicer and the Master Servicer, the Master Servicer shall process such request subject to the consent of the Special Servicer:

 

(a)            waivers regarding receipt of financial statements (other than immaterial timing waivers); and

 

(b)            decisions regarding whether or not to cure a ground lease.

 

“Special Servicer Servicing Personnel”:  The divisions and individuals of any Special Servicer who are involved in the performance of the duties of such Special Servicer under this Agreement.

 

“Special Servicer Termination Event”:  As defined in Section 7.01(b) of this Agreement.

 

“Special Servicing Compensation”:  With respect to any Serviced Mortgage Loan and any related Serviced Companion Loan, any of the Special Servicing Fee, Workout Fee, Liquidation Fee and any other fees, charges or other amounts which shall be due to the Special Servicer that are expressly provided for in Section 3.12 of this Agreement.

 

“Special Servicing Fee”:  With respect to each Specially Serviced Loan (or Serviced REO Loan) for each calendar month (or portion thereof), the fraction of the Special Servicing Fee Rate applicable to such month, or portion thereof (determined using the same interest accrual methodology that is applied with respect to the Mortgage Rate for such Mortgage Loan (or Trust Subordinate Companion Loan) for such month) multiplied by the Stated Principal Balance of such Specially Serviced Loan as of the Due Date (without giving effect to all payments of principal on such Specially Serviced Loan or Serviced REO Loan on such Due Date) in the Collection Period prior to such Distribution Date (or, in the event that a Principal Prepayment in full or an event described in clauses (i)-(vii) under the definition of Liquidation Proceeds has occurred with respect to any such Specially Serviced Loan or Serviced REO Loan on a date that is not a Due Date, on the basis of the actual number of days to elapse from and including the most recently preceding related Due Date to but excluding the date of such Principal Prepayment or Liquidation Proceeds event in a month consisting of 30 days).  For the

 

 

     -131-

     

    

 

avoidance of doubt, the Special Servicing Fee shall be deemed to be paid from the Lower-Tier REMIC with respect to the Mortgage Loans.

 

“Special Servicing Fee Rate”:  A rate equal to 0.25000% per annum.

 

“Specially Serviced Loan”:  Subject to Section 3.23 of this Agreement, any Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Companion Loan with respect to which:

 

(a)            either (i) with respect to such Mortgage Loan or Serviced Companion Loan, other than a Balloon Loan, a payment default shall have occurred on such Mortgage Loan or Serviced Companion Loan at its Maturity Date or, if the Maturity Date of such Mortgage Loan or Serviced Companion Loan has been extended in accordance herewith, a payment default occurs on such Mortgage Loan or Serviced Companion Loan at its extended Maturity Date or (ii) with respect to a Balloon Loan, a payment default shall have occurred with respect to the related Balloon Payment; provided that if (A) the related Borrower is diligently seeking a refinancing or sale of the related Mortgaged Property or Mortgaged Properties and delivers, on or before the related Maturity Date or extended Maturity Date, a statement to that effect, and delivers, on or before the related Maturity Date or extended Maturity Date, a refinancing commitment, letter of intent or otherwise binding application for refinancing from an acceptable lender or a signed purchase agreement reasonably acceptable to the Master Servicer (who shall promptly deliver a copy to the Special Servicer and the Directing Holder (but only for so long as no Consultation Termination Event is continuing)), (B) the related Borrower continues to make its Assumed Scheduled Payment, and (C) no other Servicing Transfer Event shall have occurred with respect to such Mortgage Loan or Serviced Companion Loan, then a Servicing Transfer Event will not occur until the earlier of (1) 120 days beyond the related Maturity Date or extended Maturity Date and (2) the termination of the refinancing commitment, letter of intent, otherwise binding application for refinancing or signed purchase agreement;

 

(b)            any Periodic Payment (other than a Balloon Payment or any other payment due under clause (a)(i) above in this definition), or any amount due on a monthly basis as an Escrow Payment or reserve funds, is 60 days or more delinquent;

 

(c)            the Master Servicer determines in its reasonable business judgment, exercised in accordance with the Servicing Standard, that (x) a default consisting of a failure to make a payment of principal or interest is reasonably foreseeable or there is a significant risk of such default or (y) any other default that is likely to impair the use or marketability of the related Mortgaged Property or the value of the Mortgaged Property as security for the Mortgage Loan or, if applicable, Serviced Companion Loan is reasonably foreseeable or there is a significant risk of such default, which monetary or other default, in either case, would likely continue unremedied beyond the applicable grace period (or, if no grace period is specified, for a period of 60 days) and is not likely to be cured by the related Borrower within 60 days or, except as provided in clause (a)(ii) above, in the case of a Balloon Payment, for at least 30 days;

 

 

     -132-

     

    

 

(d)       the related Borrower has become the subject of a decree or order of a court or agency or supervisory authority having jurisdiction in the premises in an involuntary case under any present or future federal or state bankruptcy, insolvency or similar law, or the appointment of a conservator, receiver or liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings, or for the winding-up or liquidation of its affairs;

 

(e)       the related Borrower consents to the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings of or relating to such Borrower of or relating to all or substantially all of its property;

 

(f)       the related Borrower admits in writing its inability to pay its debts generally as they become due, files a petition to take advantage of any applicable insolvency or reorganization statute, makes an assignment for the benefit of its creditors, or voluntarily suspends payment of its obligations;

 

(g)       a default, of which the Master Servicer or Special Servicer has notice (other than a failure by such related Borrower to pay principal or interest) and which in the opinion of the Master Servicer or Special Servicer materially and adversely affects the interests of the Certificateholders and the RR Interest Owner or any holder of a Serviced Companion Loan, if applicable, occurs and remains unremedied for the applicable grace period specified in the Loan Documents for such Mortgage Loan or Serviced Companion Loan (or if no grace period is specified for those defaults which are capable of cure, 60 days); or

 

(h)       the Master Servicer or Special Servicer receives notice of the foreclosure or proposed foreclosure of any lien on the related Mortgaged Property (each of clause (a) through (h), a “Servicing Transfer Event”);

 

provided that such Mortgage Loan or Serviced Companion Loan will cease to be a Specially Serviced Loan (each, a “Corrected Mortgage Loan”) (i) with respect to the circumstances described in clauses (a) and (b) above, when the related Borrower thereunder has brought such Mortgage Loan or Serviced Companion Loan current and thereafter made three consecutive full and timely Periodic Payments, including pursuant to any workout of such Mortgage Loan or Serviced Companion Loan, (ii) with respect to the circumstances described in clauses (c), (d), (e), (f) and (h) above, when such circumstances cease to exist in the good faith judgment of the Special Servicer, or (iii) with respect to the circumstances described in clause (g) above, when such default is cured (as determined by the Special Servicer in accordance with the Servicing Standard) or waived by the Special Servicer; provided that, in each case, at that time no circumstance exists (as described above) that would cause such Mortgage Loan or Serviced Companion Loan to continue to be characterized as a Specially Serviced Loan.

 

Notwithstanding anything to the contrary in the definition of Servicing Transfer Event, no event, circumstance or action that has occurred or will occur with respect to a COVID Modified Loan (other than an event described in clauses (iv), (v) or (viii) of the definition of “Servicing Transfer Event”) will constitute a Servicing Transfer Event under

 

 

     -133-

     

    

 

the Pooling and Servicing Agreement, but only if, and for so long as, the related borrower is in compliance with the terms of the related COVID Modification Agreement.

 

Notwithstanding the foregoing, the Special Servicer may elect to deliver a written notice to the Master Servicer that a Mortgage Loan should be a Specially Serviced Loan as a result of reasonably foreseeable default under clause (c) above. Upon receipt of any such written notice, the Master Servicer shall deliver an Officer’s Certificate to each of the depositor and the special servicer with its determination of whether to transfer such Mortgage Loan to special servicing under clause (c) above and the reasons for such determination, and such determination will be conclusive with respect to a servicing transfer at that time.

 

If a Servicing Transfer Event exists with respect to any Mortgage Loan included in a Serviced Whole Loan, then it will also be deemed to exist with respect to the related Serviced Companion Loans, and vice versa.

 

“Startup Day”:  In the case of the Upper-Tier REMIC, the Trust Subordinate Companion Loan REMICs and the Lower-Tier REMIC, the day designated as such pursuant to Section 2.06(a) of this Agreement.

 

“Stated Principal Balance”:  With respect to any Mortgage Loan, Serviced Companion Loan or Serviced Whole Loan and each Trust Subordinate Companion Loan, as applicable, on any date of determination, the principal balance as of the Cut-off Date of such Mortgage Loan, Serviced Companion Loan or Serviced Whole Loan (or in the case of a Replacement Mortgage Loan, the outstanding principal balance as of the related date of substitution and after application of all scheduled payments of principal and interest due on or before the related Due Date in the month of substitution, whether or not received) (or in the case of either Trust Subordinate Companion Loan, the unpaid principal balance of such Trust Subordinate Companion Loan after application of all scheduled payments of principal and interest due during or prior to the month of substitution, whether or not received), as reduced (to not less than zero) on each Distribution Date by (i) all payments (or P&I Advances in lieu thereof) of, and all other collections allocated as provided in Section 1.02 of this Agreement to, principal of or with respect to such Mortgage Loan, Trust Subordinate Companion Loan, the Serviced Companion Loan or Serviced Whole Loan, as applicable, that are distributed to the Certificateholders on such Distribution Date or Serviced Companion Loan Noteholders on the related remittance date in the same calendar month as such Distribution Date or applied to any other payments required under this Agreement or related Intercreditor Agreement on or prior to such Distribution Date, and (ii) any principal forgiven by the Special Servicer (or with respect to a Non-Serviced Mortgage Loan, by the related Other Special Servicer or other applicable servicer) and other principal losses realized in respect of such Mortgage Loan, Trust Subordinate Companion Loan, Serviced Companion Loan or Serviced Whole Loan during the related Collection Period (or with respect to a Non-Serviced Mortgage Loan, other principal losses realized in respect of such Non-Serviced Mortgage Loan during the related Collection Period as determined in accordance with the terms of the Other Pooling and Servicing Agreement).

 

A Mortgage Loan or any related REO Loan and the Trust Subordinate Companion Loan shall be deemed to be part of the Trust Fund and to have an outstanding Stated Principal Balance until the Distribution Date on which Liquidation Proceeds, if any, are to be (or, if no

 

 

     -134-

     

    

 

such Liquidation Proceeds are received, would have been) distributed to Certificateholders.  The Stated Principal Balance of any Mortgage Loan, Trust Subordinate Companion Loan or Serviced Whole Loan with respect to which the Master Servicer or Special Servicer has made a Final Recovery Determination is zero.

 

“Sub-Servicer”:  Any Person engaged by the Master Servicer or the Special Servicer (including, for the avoidance of doubt, each Mortgage Loan Seller Sub-Servicer and any primary servicer) to perform servicing activities with respect to one or more Mortgage Loans or REO Loans.

 

“Sub-Servicing Agreement”:  The written contract between the Master Servicer or the Special Servicer, on the one hand, and any Sub-Servicer, on the other hand, relating to servicing and administration of the Mortgage Loans as provided in Section 3.01(c) of this Agreement.

 

“Sub-Servicing Entity”:  As defined in Section 7.01(a)(ix) of this Agreement.

 

“Subcontractor”:  Any vendor, subcontractor or other Person that is not responsible for the overall servicing (as “servicing” is commonly understood by participants in the mortgage-backed securities market) of Mortgage Loans but performs one or more discrete functions identified in Item 1122(d) of Regulation AB with respect to Mortgage Loans under the direction or authority of the Master Servicer or a Servicing Function Participant.

 

“Subordinate Companion Loan”:  With respect to any Whole Loan, any related subordinated loan not included in the Trust, which is subordinated in right of payment to the related Mortgage Loan to the extent set forth in the related Intercreditor Agreement, which are identified as “Subordinate” in the chart entitled “Whole Loans” in the Preliminary Statement.

 

“Subsequent Asset Status Report”: As defined in Section 3.23(e) of this Agreement.

 

“Subsequent Notice”: As defined in Section 3.23(e) of this Agreement.

 

“Substitution Shortfall Amount”:  In connection with the substitution of one or more Replacement Mortgage Loans for one or more Removed Mortgage Loans, the amount, if any, by which the Purchase Price or aggregate Purchase Price, as the case may be, for such Removed Mortgage Loan(s) exceeds the initial Stated Principal Balance or aggregate initial Stated Principal Balance, as the case may be, of such Replacement Mortgage Loan(s).

 

“Tower 333 Aggregate Principal Distribution Amount”:  For any Distribution Date, an amount equal to the sum of the following amounts:

 

(A)       the Tower 333 Scheduled Principal Distribution Amount for such Distribution Date; and

 

(B)       the Tower 333 Unscheduled Principal Distribution Amount for such Distribution Date;

 

 

     -135-

     

    

 

provided that the Tower 333 Aggregate Principal Distribution Amount for any Distribution Date shall be reduced, to not less than zero, by the amount of any reimbursements of:

 

(A)       Nonrecoverable Advances, with interest on such Nonrecoverable Advances at the Reimbursement Rate, that are paid or reimbursed from principal collections on the Trust Subordinate Companion Loans in a period during which such principal collections would have otherwise been included in the Tower 333 Aggregate Principal Distribution Amount for such Distribution Date; and

 

(B)       Workout Delayed Reimbursement Amounts paid or reimbursed from principal collections on the Trust Subordinate Companion Loans in a period during which such principal collections would have otherwise been included in the Tower 333 Aggregate Principal Distribution Amount for such Distribution Date;

 

provided, further, that, in the case of clauses (A) and (B) above, if any of the amounts that were reimbursed from principal collections on the related Trust Subordinate Companion Loan (including the portion of the REO Loan allocable to the related Trust Subordinate Companion Loan) are subsequently recovered on the related Trust Subordinate Companion Loan (or the portion of the REO Loan allocable to the related Trust Subordinate Companion Loan), such recovery will increase the Tower 333 Aggregate Principal Distribution Amount for the Distribution Date related to the period in which such recovery occurs.

 

“Tower 333 Assumed Scheduled Payment”:  For any Collection Period and with respect to the related Trust Subordinate Companion Loan that is delinquent in respect of its Balloon Payment or any REO Loan relating to the related Trust Subordinate Companion Loan (excluding, for purposes of determining or making P&I Advances, the portion allocable to the Tower 333 Mortgage Loan), an amount equal to the sum of (a) the principal portion of the Periodic Payment that would have been due on such Trust Subordinate Companion Loan or portion of the REO Loan allocable to such Trust Subordinate Companion Loan) on the related Due Date based on the constant Periodic Payment or the original amortization schedule of the related Trust Subordinate Companion Loan (as calculated with interest at the related Mortgage Rate) (if any), assuming such Balloon Payment had not become due, after giving effect to any reduction in the principal balance thereof occurring in connection with a modification of such Trust Subordinate Companion Loan or REO Loan in connection with a default or a bankruptcy modification (or similar proceeding), and (b) interest on the Stated Principal Balance of such Trust Subordinate Companion Loan (excluding, for purposes of determining or making P&I Advances, the portion allocable to the Tower 333 Mortgage Loans) at the applicable Mortgage Rate (net of interest at the related Servicing Fee Rate).

 

“Tower 333 Available Funds”:  With respect to any Distribution Date, an amount equal to the sum of (without duplication) (which, for the avoidance of doubt, will not include any amounts received in respect of the Mortgage Loans, the BX Industrial Portfolio Trust Subordinate Companion Loan or the 825 South Hill Trust Subordinate Companion Loan):

 

(a)            the aggregate amount of all cash received on the related Trust Subordinate Companion Loan (including the portion of Loss of Value Payments deposited into the

 

 

     -136-

     

    

 

Collection Account pursuant to Section 3.06(e) of this Agreement) and any related REO Property (including Compensating Interest Payments with respect to the related Trust Subordinate Companion Loan required to be deposited by the Master Servicer pursuant to Section 3.17(b)) on deposit in or credited to any portion of the Collection Account (in each case, exclusive of any amount on deposit in or credited to any portion of the Collection Account that is held for the benefit of the holders of any Mortgage Loan, any other Companion Loan Noteholder or the holders of the Pooled Certificates or the VRR Interest Owners), as of the close of business on the related Master Servicer Remittance Date, exclusive of (without duplication):

 

(i)    all Periodic Payments and Balloon Payments paid by the Borrower related to the Trust Subordinate Companion Loans that are due on a Due Date after the end of the related Collection Period (without regard to any grace period), excluding Excess Interest and interest relating to periods prior to, but due after, the Cut-off Date;

 

(ii)   all unscheduled payments of principal (including Principal Prepayments) (together with any related payments of interest allocable to the period following the Due Date for the related Trust Subordinate Companion Loan during the related Collection Period), unscheduled interest, Liquidation Proceeds, Insurance Proceeds or Condemnation Proceeds and other unscheduled recoveries, in each case, received subsequent to the related Determination Date (or, with respect to voluntary Principal Prepayments of the related Trust Subordinate Companion Loan with a Due Date occurring after the related Determination Date, subsequent to the related Due Date) allocable to such Trust Subordinate Companion Loan;

 

(iii)   all amounts in the Collection Account that are due or reimbursable to any Person other than the related Loan-Specific Certificateholders or the Class R Certificateholders pursuant to clauses (ii) through (xv), inclusive, of Section 3.06(a) of this Agreement;

 

(iv)    all Excess Interest allocable to the Tower 333 Trust Subordinate Companion Loan (which is distributed to the Holders of the T333-VRR Interest Owners);

 

(v)    
with respect to any Distribution Date occurring in (1) each February or (2) any January occurring in a year that is
not a leap year (unless such Distribution Date is the final Distribution Date), the related Withheld Amounts related to the
related Trust Subordinate Companion Loan to the extent such amounts are on deposit in the Collection Account pursuant to Section 3.05(e)
of this Agreement;

 

(vi)    all Yield Maintenance Charges and Prepayment Premiums allocable to the related Trust Subordinate Companion Loan;

 

(vii)    all amounts deposited in the Collection Account in error; and

 

 

     -137-

     

    

 

(viii)                all Penalty Charges retained in the Collection Account pursuant to Section 3.05(a)(vii) of this Agreement and allocable to the related Trust Subordinate Companion Loan;

 

(b)            if and to the extent not already included in clause (a) hereof, the aggregate amount transferred from the REO Account allocable to the related Trust Subordinate Companion Loan to the Collection Account for such Distribution Date pursuant to Section 3.15(b);

 

(c)             P&I Advances on the related Trust Subordinate Companion Loan made by the Master Servicer or the Trustee, as applicable, for such Distribution Date (net of the related Certificate Administrator/Trustee Fee with respect to such Trust Subordinate Companion Loan for which such P&I Advances are made);

 

(d)             with respect to any Distribution Date occurring in each March (or February, if the related Distribution Date is the final Distribution Date), the Withheld Amounts related to the Tower 333 Trust Subordinate Companion Loan remitted to the Tower 333 Trust Subordinate Companion Loan REMIC Distribution Account pursuant to Section 3.07; and

 

(e)            the aggregate amount of Tower 333 Gain-on-Sale Proceeds transferred to the Tower 333 Trust Subordinate Companion Loan REMIC Distribution Account from the Tower 333 Gain-on-Sale Reserve Account for distribution on the subject Distribution Date pursuant to Section 4.01(k).

 

Notwithstanding the investment of funds held in the Collection Account or the Tower 333 Trust Subordinate Companion Loan REMIC Distribution Account pursuant to Section 3.07 of this Agreement, for purposes of calculating the Tower 333 Available Funds, the amounts so invested shall be deemed to remain on deposit in such account.

 

“Tower 333 Control Appraisal Period”:  With respect to the Tower 333 Whole Loans, a Tower 333 Note B Holder Control Appraisal Period or a Tower 333 Note C Holder Control Appraisal Period, as applicable.

 

“Tower 333 Control Eligible Certificates”: Any of the Class T333-A, Class T333-B, Class T333-C and Class T333-D Certificates.

 

“Tower 333 Controlling Class”:  As of any date of determination, the most subordinate Class of Tower 333 Control Eligible Certificates then-outstanding that has a then aggregate Certificate Balance (as notionally reduced by any Cumulative Appraisal Reduction Amounts allocable to such Class in accordance with Section 4.08(a) of this Agreement), at least equal to 25% of the initial Certificate Balance of that Class; provided that if at any time the Certificate Balance of the Class T333-D Certificates have been reduced to zero as a result of the allocation of principal payments on the Trust Subordinate Companion Loans, then the “Tower 333 Controlling Class” shall be the most subordinate class of Tower 333 Control Eligible Certificates that has an aggregate Certificate Balance greater than zero without regard to the application of Appraisal Reduction Amounts (or any Collateral Deficiency Amount) to notionally reduce the Certificate Balance of such Class. 

 

 

     -138-

     

    

 

“Tower 333 Controlling Class Certificateholders”: Each Holder (or Certificate Owner, if applicable) of a Certificate of the Tower 333 Controlling Class as determined by the Certificate Registrar, from time to time, upon request by any party hereto.

 

“Tower 333 Controlling Class Representative”:  The Tower 333 Controlling Class Representative shall be the Tower 333 Controlling Class Certificateholder (or a representative thereof) selected by more than 50% of the Tower 333 Controlling Class Certificateholders, by Certificate Balance, as determined by the Certificate Registrar from time to time; provided, however, that (i) absent that selection, or (ii) until a Tower 333 Controlling Class Representative is so selected, or (iii) upon receipt of a notice from a majority of the Tower 333 Controlling Class Certificateholders, by Certificate Balance, that a Tower 333 Controlling Class Representative is no longer designated, then the Tower 333 Controlling Class Certificateholder that represents that it owns the largest aggregate Certificate Balance of the Tower 333 Controlling Class (with evidence of ownership) or a representative thereof, will be the Tower 333 Controlling Class Representative; provided, however, that (1) in the case of this clause (iii), in the event that no one Holder owns the largest aggregate Certificate Balance of the Tower 333 Controlling Class, then there will be no Tower 333 Controlling Class Representative until appointed in accordance with the terms of this Agreement, and (2) the Certificate Administrator and the other parties hereto shall be entitled to assume that the identity of the Tower 333 Controlling Class Representative has not changed until such parties receive written notice of a replacement of the Tower 333 Controlling Class Representative from a party holding the requisite interest in the Tower 333 Controlling Class, or the resignation of the then-current Tower 333 Controlling Class Representative.

 

During the continuance of a Tower 333 Note B Control Appraisal Period and a Tower 333 Note C Control Appraisal Period, there will be no Tower 333 Controlling Class Representative.  The Depositor shall promptly provide the name and contact information for the initial Tower 333 Controlling Class Representative upon request of any party to this Agreement and any such requesting party may conclusively rely on the name and contact information provided by the Depositor.

 

“Tower 333 Gain-on-Sale Proceeds”:  Any Gain-on-Sale Proceeds collected on or in respect of the related Trust Subordinate Companion Loan.

 

“Tower 333 Gain-on-Sale Reserve Account”:  A custodial account or accounts (or subaccount of the Distribution Account) created and maintained by the Certificate Administrator, pursuant to Section 3.05(n) on behalf of the Trustee for the benefit of the Tower 333 Loan-Specific Certificateholders, which shall initially be entitled “Wells Fargo Bank, National Association, as Certificate Administrator, for the benefit of Wells Fargo Bank, National Association, as Trustee and for the benefit of the registered holders of Benchmark 2020-IG3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-IG3, Tower 333 Gain-on-Sale Reserve Account”. Any such account shall be an Eligible Account or a subaccount of an Eligible Account and will be an asset of the Tower 333 Trust Subordinate Companion Loan REMIC.

 

“Tower 333 Intercreditor Agreements”:  That certain Agreement between Noteholders, dated as of May 5, 2020, by and between the holder of the Tower 333 Mortgage Loan, the holder of the related Trust Subordinate Companion Loan and the holders of the related

 

 

     -139-

     

    

 

Tower 333 Pari Passu Companion Loans, relating to the relative rights of such holders of the Tower 333 Whole Loan, as the same may be further amended in accordance with the terms thereof.

 

“Tower 333 Interest Accrual Amount”:  With respect to any Distribution Date and any Class of Tower 333 Loan-Specific Certificates, an amount equal to the interest for the related Interest Accrual Period accrued at the Pass-Through Rate for such Class on the Certificate Balance for such Class immediately prior to such Distribution Date.  Calculations of interest due for each Interest Accrual Period in respect of such Classes of Tower 333 Non-VRR Certificates shall be made on the basis of a 360-day year consisting of twelve 30-day months.

 

“Tower 333 Interest Distribution Amount”:  With respect to any Distribution Date and each Class of Tower 333 Loan-Specific Certificates, an amount equal to (A) the sum of (i) the Tower 333 Interest Accrual Amount with respect to such Class for such Distribution Date and (ii) the Tower 333 Interest Shortfall, if any, with respect to such Class for such Distribution Date, less (B) any Excess Prepayment Interest Shortfall allocated to such Class on such Distribution Date pursuant to the paragraph below.

 

For purposes of clause (B) above, the Excess Prepayment Interest Shortfalls allocated to the Tower 333 Trust Subordinate Companion Loan, if any, for each Distribution Date shall be allocated to each Class of Tower 333 Loan-Specific Certificates in an amount equal to the product of (i) the amount of such Excess Prepayment Interest Shortfalls and (ii) a fraction, the numerator of which is the Interest Accrual Amount for such Class of related Loan-Specific Certificates for such Distribution Date and the denominator of which is the aggregate Interest Accrual Amounts for all Classes of related Loan-Specific Certificates for such Distribution Date.

 

“Tower 333 Interest Shortfall”: On any Distribution Date for any Class of Tower 333 Loan-Specific Certificates, the amount of interest required to be distributed to the Holders of such Class pursuant to Section 4.01(d) of this Agreement on such Distribution Date minus the amount of interest actually distributed to such Holders pursuant to such Section, if any.

 

“Tower 333 Loan-Specific Certificateholder”:  A Certificateholder of a Tower 333 Loan-Specific Certificate.

 

“Tower 333 Loan-Specific Certificates”: The Class T333-A, Class T333-B, Class T333-C and Class T333-D Certificates and the T333-VRR Interest, collectively.  The Loan-Specific Certificates will be sold by the Depositor to the Loan-Specific Initial Purchasers.

 

“Tower 333 Loan-Specific Directing Holder”: With respect to the Tower 333 Whole Loan, (i) prior to a Tower 333 Note C Control Appraisal Period, the holder of the Tower 333 Non-Trust Junior Subordinate Companion Loan, (ii) if a Tower 333 Note C Control Appraisal Period has occurred and is continuing and prior to a Tower 333 Note B Control Appraisal Period, the Tower 333 Controlling Class Representative and (iii) if both a Tower 333 Note C Control Appraisal Period and a Tower 333 B Control Appraisal Period have occurred and are continuing, the Pooled Trust Directing Holder.

 

“Tower 333 Mortgage Loan”:  With respect to the Tower 333 Whole Loan, the Mortgage Loan that is included in the Trust (identified as Mortgage Loan No. 5 on the Mortgage

 

 

     -140-

     

    

 

Loan Schedule), which is designated as promissory notes A-3, A-4, A-5 and A-6. The related Trust Subordinate Companion Loan is subordinate to the Tower 333 Mortgage Loan.  

 

“Tower 333 Mortgaged Properties”:  The Mortgaged Properties which secure the Tower 333 Whole Loan.

 

“Tower 333 Non-Trust Junior Subordinate Companion Loan”:  With respect to the Tower 333 Whole Loan, the Companion Loan evidenced by the promissory note C made by the related Mortgagor and secured by the Mortgage on the Tower 333 Mortgaged Property, which is not included in the Trust and which is subordinate in right of payment to the Tower 333 Mortgage Loan and the Tower 333 Trust Subordinate Companion Loan to the extent set forth in the related Mortgage Loan documents and as provided in the related Tower 333 Intercreditor Agreement.

 

“Tower 333 Non-VRR Certificates”:  The Class T333-A, Class T333-B, Class T333-C and Class T333-D Certificates, collectively.

 

“Tower 333 Non-VRR Percentage”:  An amount expressed as a percentage equal to 100% less the T333-VRR Percentage.  For the avoidance of doubt, at all times, the sum of the T333-VRR Percentage and the Tower 333 Non-VRR Percentage shall equal 100%.

 

“Tower 333 Non-VRR Realized Loss”:  With respect to the Tower 333 Trust Subordinate Companion Loan and any Distribution Date, is the amount, if any, by which (i) the product of (A) the Tower 333 Non-VRR Percentage and (B) the Stated Principal Balance of the Tower 333 Trust Subordinate Companion Loan (including the assumed Stated Principal Balance if the Tower 333 Trust Subordinate Companion Loan has become an REO Loan) as of the end of the last day of the related Collection Period, is less than (ii) the aggregate Certificate Balance of the Tower 333 Loan-Specific Certificates (other than the T333-VRR Interest) after giving effect to distributions of principal on that Distribution Date.

 

“Tower 333 Note B Control Appraisal Period”:   With respect to a Tower 333 Whole Loan, if and for so long as: (a) the initial principal balance of the related Tower 333 Trust Subordinate Companion Loan, minus (2) the sum (without duplication) of (x) any

 

 

     -141-

     

    

 

payments of principal (whether as principal prepayments or otherwise) allocated to, and received on, such Tower 333 Trust Subordinate Companion Loan after the date of creation of the Tower 333 Trust Subordinate Companion Loan, (y) any Appraisal Reduction Amount for the related Tower 333 Whole Loan that is allocated to such Tower 333 Trust Subordinate Companion Loan and (z) any losses realized with respect to the related Tower 333 Mortgaged Property or the related Tower 333 Whole Loan that are allocated to such Tower 333 Trust Subordinate Companion Loan, is less than (b) 25% of the remainder of (i) the initial principal balance of such Tower 333 Trust Subordinate Companion Loan less (ii) any payments of principal (whether as principal prepayments or otherwise) allocated to, and received by, the related Tower 333 Trust Subordinate Companion Loan Holder on such Tower 333 Trust Subordinate Companion Loan, after the date of creation of such Tower 333 Trust Subordinate Companion Loan.

 

“Tower 333 Note C Control Appraisal Period”:  With respect to a Tower 333 Whole Loan, if and for so long as: (a) the initial principal balance of the related Tower 333 Non-Trust Junior Subordinate Companion Loan, minus (2) the sum (without duplication) of (x) any payments of principal (whether as principal prepayments or otherwise) allocated to, and received on, such Tower 333 Non-Trust Junior Subordinate Companion Loan after the date of creation of such Tower 333 Non-Trust Junior Subordinate Companion Loan, (y) any Appraisal Reduction Amount for such Tower 333 Whole Loan that is allocated to such Tower 333 Non-Trust Junior Subordinate Companion Loan and (z) any losses realized with respect to the related Tower 333 Mortgaged Property or the related Tower 333 Whole Loan that are allocated to such Tower 333 Non-Trust Junior Subordinate Companion Loan, is less than (b) 25% of the remainder of (i) the initial principal balance of such Tower 333 Non-Trust Junior Subordinate Companion Loan less (ii) any payments of principal (whether as principal prepayments or otherwise) allocated to, and received by, the related holder of the Tower 333 Non-Trust Junior Subordinate Companion Loan on such Tower 333 Non-Trust Junior Subordinate Companion Loan, after the date of creation of such Tower 333 Non-Trust Junior Subordinate Companion Loan.

 

“Tower 333 Pari Passu Companion Loans”: Notes A-1 and A-2 with respect to the Tower 333 Whole Loan.

 

“Tower 333 Principal Distribution Amount”:  For any Distribution Date and the Tower 333 Loan-Specific Certificates, the sum of (i) the Tower 333 Principal Shortfall, if any, for the prior Distribution Date and (ii) the Tower 333 Non-VRR Percentage of the Tower 333 Aggregate Principal Distribution Amount for such Distribution Date.

 

“Tower 333 Principal Shortfall”:  For any Distribution Date, the amount, if any, by which (a) the Tower 333 Principal Distribution Amount for the preceding Distribution Date exceeds (b) the aggregate amount actually distributed on the preceding Distribution Date to holders of the Tower 333 Loan-Specific Certificates in respect of such Tower 333 Principal Distribution Amount.

 

“Tower 333 Realized Loss”:  With respect to the Tower 333 Trust Subordinate Companion Loan and any Distribution Date, the amount, if any, by which (i) the Stated Principal Balance of the Tower 333 Trust Subordinate Companion Loan, including the assumed Stated Principal Balance if the Tower 333 Trust Subordinate Companion Loan has become an REO Loan, as of the end of the last day of the related Collection Period, is less than (ii) the aggregate Certificate Balance of the related Loan-Specific Certificates after giving effect to distributions of principal on that Distribution Date. For purposes of this calculation, the Stated Principal Balance will not be reduced by the amount of principal payments received on the Tower 333 Trust Subordinate Companion Loan that were used to reimburse the Master Servicer or the Trustee from general collections of principal on the Tower 333 Trust Subordinate Companion Loan for Workout-Delayed Reimbursement Amounts, to the extent those amounts are not otherwise determined to be Nonrecoverable Advances. 

 

“Tower 333 Scheduled Principal Distribution Amount”:  With respect to any Distribution Date and the Tower 333 Trust Subordinate Companion Loan, the aggregate of the principal portions of the following: (a) all Periodic Payments (excluding Balloon Payments) with respect to the Tower 333 Trust Subordinate Companion Loan due during or, if and to the extent not previously received or advanced pursuant to Section 4.07 in respect of a preceding Distribution Date (and not previously distributed to Certificateholders), prior to, the related Collection Period and all Tower 333 Assumed Scheduled Payments with respect to the related Trust Subordinate Companion Loan for the related Collection Period, in each case to the extent

 

 

     -142-

     

    

 

either (i) paid by the related Borrower as of the related Determination Date (or, with respect to the Tower 333 Trust Subordinate Companion Loan with a Due Date occurring or a grace period ending after the related Determination Date, the related Due Date or last day of such grace period, as applicable, to the extent received by the Master Servicer as of the Business Day preceding the related Master Servicer Remittance Date) or (ii) advanced by the Master Servicer or the Trustee, as applicable, pursuant to Section 4.07 in respect of such Distribution Date, and (b) all Balloon Payments with respect to the Tower 333 Trust Subordinate Companion Loan to the extent received on or prior to the related Determination Date (or, with respect to the Tower 333 Trust Subordinate Companion Loan with a Due Date occurring, or a grace period ending, after the related Determination Date, the related Due Date or last day of such grace period, as applicable, to the extent received by the Master Servicer as of the Business Day preceding the related Master Servicer Remittance Date), and to the extent not included in clause (a) above.

 

“Tower 333 Risk Retention Consultation Party”:  The party selected by DBNY, as holder of the T333-VRR Interest.  The Certificate Administrator and the other parties hereto shall be entitled to assume that the identity of the Tower 333 Risk Retention Consultation Party has not changed until such parties receive written notice of a replacement of such Tower 333 Risk Retention Consultation Party from DBNY, as confirmed by the Certificate Registrar.  The initial Tower 333 Risk Retention Consultation Party shall be DBNY.

 

“Tower 333 T333-VRR Realized Loss”: With respect to the Tower 333 Trust Subordinate Companion Loan and each Distribution Date, the amount, if any, by which (i) the aggregate Certificate Balance of the T333-VRR Interest, after giving effect to distributions of principal on such Distribution Date, exceeds (ii) the product of (A) the T333-VRR Percentage and (B) the aggregate Stated Principal Balance of the related Trust Subordinate Companion Loan, including any REO Loan (but in each case, excluding the Tower 333 Pari Passu Companion Loans and the Tower 333 Non-Trust Junior Subordinate Companion Loan), as of the end of the last day of the related Collection Period.

 

“Tower 333 Trust Subordinate Companion Loan” The Companion Loan evidenced by the promissory note B made by the related Mortgagor and secured by the Mortgage on the Tower 333 Mortgaged Property, which are included in the Trust and which are subordinate in right of payment to the Tower 333 Mortgage Loan to the extent set forth in the related Loan documents and as provided in the related Tower 333 Intercreditor Agreement.

 

“Tower 333 Trust Subordinate Companion Loan REMIC”:  One of five separate REMICs comprising a portion of the Trust Fund, which consist of the Tower 333 Trust Subordinate Companion Loan and the proceeds thereof, any allocable portion of REO Property with respect thereto, the related portions of the REO Account, and the related Trust Subordinate Companion Loan REMIC Distribution Account.

 

“Tower 333 Trust Subordinate Companion Loan REMIC Distribution Account”:  With respect to the Tower 333 Trust Subordinate Companion Loan, the segregated non-interest bearing trust account or sub-account created and maintained by the Certificate Administrator pursuant to Section 3.05(b) of this Agreement, which shall be entitled “Wells Fargo Bank, National Association, as Certificate Administrator, for the benefit of Wells Fargo Bank, National Association, as Trustee, for the benefit of the Holders of Benchmark 2020-IG3 Mortgage Trust Commercial Mortgage Pass Through Certificates, Series 2020-IG3, Tower 333 Trust

 

 

     -143-

     

    

 

Subordinate Companion Loan REMIC Distribution Account” and which must be an Eligible Account or a sub-account of an Eligible Account.  The Tower 333 Trust Subordinate Companion Loan REMIC Distribution Account shall be an asset of the Tower 333 Trust Subordinate Companion Loan REMIC.

 

“Tower 333 Trust Subordinate Companion Loan REMIC Principal Balance”:  With respect to any Class of Tower 333 Trust Subordinate Companion Loan REMIC Regular Interests, initially will equal the original principal balance set forth in the Preliminary Statement herein, and from time to time will equal such amount reduced by the amount of distributions of the Tower 333 Trust Subordinate Companion Loan REMIC Distribution Amount allocable to principal and Tower 333 Realized Losses, as applicable, allocable thereto in all prior periods as described in Section 4.01(l) of this Agreement, such that at all times the Tower 333 Trust Subordinate Companion Loan REMIC Principal Balance of a Tower 333 Trust Subordinate Companion Loan REMIC Regular Interest shall equal the Certificate Balance of the Corresponding Certificates.

 

“Tower 333 Trust Subordinate Companion Loan REMIC Regular Interests”:  Any of the Class LT333A, Class LT333B, Class LT333C, Class LT333D and LT333VRR Interests, as applicable.

 

“Tower 333 Unscheduled Principal Distribution Amount”:  With respect to any Distribution Date and the Tower 333 Trust Subordinate Companion Loan, the aggregate of the following:  (a) all Principal Prepayments received on the Tower 333 Trust Subordinate Companion Loan on or prior to the Determination Date and (b) the principal portion of any other collections (exclusive of payments by the related Borrower) received on the Tower 333 Trust Subordinate Companion Loan and any REO Properties on or prior to the related Determination Date whether in the form of Liquidation Proceeds, Insurance Proceeds and Condemnation Proceeds, net income, rents, and profits from REO Property or otherwise, that were identified and applied by the master servicer as recoveries of principal of the Tower 333 Trust Subordinate Companion Loan for which no Advance was previously made; provided that all such Liquidation Proceeds and Insurance Proceeds and Condemnation Proceeds will be reduced by any unpaid Special Servicing Fees, Liquidation Fees, any amount related to the Loss of Value Payments to the extent that such amount was transferred into the Collection Account during the related Collection Period, accrued interest on Advances and other additional trust fund expenses incurred in connection with the Tower 333 Trust Subordinate Companion Loan, thus reducing the Tower 333 Unscheduled Principal Distribution Amount.

 

“Tower 333 Whole Loan”:  The Tower 333 Mortgage Loan, the related Tower 333 Pari Passu Companion Loans, the related Trust Subordinate Companion Loan and the related Non-Trust Junior Subordinate Companion Loan, each of which is secured by the same Mortgage on the Tower 333 Mortgaged Property.  References herein to the Tower 333 Whole Loan shall be construed to refer to the aggregate indebtedness under the Tower 333 Mortgage Loan and the related Trust Subordinate Companion Loan.

 

“T333-VRR Allocation Percentage”: A fraction, expressed as a percentage, equal to the T333-VRR Percentage divided by the Tower 333 Non-VRR Percentage.

 

 

     -144-

     

    

 

“T333-VRR Available Funds”:  With respect to each Distribution Date, an amount equal to the product of the T333-VRR Percentage multiplied by the Tower 333 Available Funds for such Distribution Date.

 

“T333-VRR Interest Certificate”:  Any one of the Certificates with a “T333-VRR Interest” designation on the face thereof, executed and authenticated by the Certificate Administrator or the Authenticating Agent in substantially the form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement.

 

“T333-VRR Interest”:  An interest in the Trust representing the right to receive the T333-VRR Interest Percentage of all amounts collected on the Tower 333 Trust Subordinate Companion Loan, net of all expenses of the Trust, and distributable on each Distribution Date to Holders of the related Loan-Specific Certificates and allocated to the T333-VRR Interest. The T333-VRR Interest evidences beneficial ownership of a “regular interest” in the Tower 333 Trust Subordinate Companion Loan REMIC for purposes of the REMIC Provisions.  For the avoidance of doubt, the parties hereto agree not to treat the T333-VRR Interest as a security under applicable law.

 

“T333-VRR Interest Distribution Amount”: With respect to each Distribution Date and the T333-VRR Interest, an amount equal to the product of (A) the T333-VRR Allocation Percentage and (B) the aggregate amount of interest distributed on the related Loan-Specific Certificates according to clauses First, Fourth, Seventh and Tenth of Section 4.01(d).

 

“T333-VRR Interest Owner”:  The Person who owns the T333-VRR Interest, as identified to the Certificate Administrator in writing.  At any time, there shall be only one T333-VRR Interest Owner.  DBNY is the T333-VRR Interest Owner as of the Closing Date.

 

“T333-VRR Principal Distribution Amount”: With respect to any Distribution Date, an amount equal to the product of (A) the T333-VRR Allocation Percentage and (B) the aggregate amount of principal distributed on the related Loan-Specific Certificates according to clauses Second, Fifth, Eighth and Eleventh of Section 4.01(d).

 

“T333-VRR Percentage”: As of any date of determination, a fraction, expressed as a percentage, the numerator of which is the initial interest balance of the T333-VRR Interest, and the denominator of which is the aggregate initial Certificate Balance of all of the related Classes of Loan-Specific Certificates and the initial interest balance of the T333-VRR Interest.

 

“T333-VRR Realized Loss Interest Distribution Amount”:  With respect to any Distribution Date and the T333-VRR Interest, an amount equal to the product of (A) the T333-VRR Allocation Percentage and (B) the aggregate amount of interest on unreimbursed Realized Losses distributed to the Holders of the Tower 333 Non-VRR Certificates pursuant to Section 4.01(d)(iii), (vi), (ix) and (xii) on such Distribution Date.

 

“T333-VRR Regular Interests”:  As defined in the Preliminary Statement hereto.

 

“Tax Returns”:  The federal income tax returns on IRS Form 1066, U.S. Real Estate Mortgage Investment Conduit (REMIC) Income Tax Return, including Schedule Q thereto, Quarterly Notice to Residual Interest Holders of REMIC Taxable Income or Net Loss

 

 

     -145-

     

    

 

Allocation, or any successor forms, to be filed by the Certificate Administrator on behalf of each of the Upper-Tier REMIC, the Lower-Tier REMIC and the Trust Subordinate Companion Loan REMICs due to its classification as a REMIC under the REMIC Provisions and the federal income tax return to be filed by the Certificate Administrator on behalf of the Grantor Trust due to its classification as a grantor trust under subpart E, part I of subchapter J of the Code, together with any and all other information, reports or returns that may be required to be furnished to the Certificateholders or filed with the IRS or any other governmental taxing authority under any applicable provisions of federal law or Applicable State and Local Tax Law.

 

“Terminated Party”:  As defined in Section 7.01(e) of this Agreement.

 

“Terminating Party”:  As defined in Section 7.01(e) of this Agreement.

 

“Termination Date”:  The Distribution Date on which the Trust Fund is terminated pursuant to Section 9.01 of this Agreement.

 

“Third Party Appraiser”:  A Person performing an Appraisal.

 

“Third Party Reports”:  With respect to any Mortgaged Property, the related Appraisal, Phase I environmental report, Phase II environmental report, seismic report, engineering report, structural report, property condition report or similar report, if any.

 

“Transfer”:  Any direct or indirect transfer or other form of assignment of any Ownership Interest in a Class R Certificate.

 

“Transfer Restriction Period”:  The period from the Closing Date to the conclusion of the earlier of:

 

(a) the latest of (i) the date on which the aggregate unpaid principal balance of all outstanding Mortgage Loans has been reduced to 33.0% of the aggregate Cut-off Date Balance of the Mortgage Loans; (ii) the date on which the aggregate outstanding principal balance of the Principal Balance Certificates has been reduced to 33.0% of the aggregate outstanding principal balance of the Principal Balance Certificates as of the Cut-off Date; and (iii) two years after the Closing Date; and

 

(b) such time as when the Risk Retention Rule ceases to require the retention of risk with respect to the securitization of the Mortgage Loans contemplated by this Agreement, resulting from the repeal, amendment or modification of all or any portion of the Risk Retention Rule, as confirmed by an acknowledgment by the Retaining Sponsor.

 

With respect to each Trust Subordinate Companion Loan, this definition of “Transfer Restriction Period” above shall apply except that the term “Mortgage Loan” in this definition shall be replaced with “BX Industrial Portfolio Trust Subordinate Companion Loan”, “Tower 333 Trust Subordinate Companion Loan” or “825 South Hill Trust Subordinate Companion Loan”, as applicable, and “Principal Balance Certificates” shall be replaced with “BX Industrial Portfolio Loan-Specific Certificates”, “Tower 333 Loan-Specific Certificates” or “825 South Hill Loan-Specific Certificates”, as applicable.

 

 

     -146-

     

    

 

“Transferee Affidavit”:  As defined in Section 5.02(l)(ii) of this Agreement.

 

“Transferor Letter”:  As defined in Section 5.02(l)(ii) of this Agreement.

 

“Trust” or “Trust Fund”:  The corpus of the trust created hereby and to be administered hereunder, consisting of (in each case, to the extent of the Trust Fund’s interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder (other than the Trust Subordinate Companion Loans, which are assets of the Trust Fund) therein):  (i) such Mortgage Loans and Trust Subordinate Companion Loans as from time to time are subject to this Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans and Trust Subordinate Companion Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans and Trust Subordinate Companion Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, the BX Industrial Portfolio Gain-on-Sale Reserve Account, the Tower 333 Gain-on-Sale Reserve Account, the 825 South Hill Gain-on-Sale Reserve Account and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties and Trust Subordinate Companion Loans; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage Loans (and in the case of JPMCB, the Trust Subordinate Companion Loans); (xiii) the Lower-Tier Regular Interests; (xiv) the Trust Subordinate Companion Loan REMIC Regular Interests; and (xv) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related Borrower).  For the avoidance of doubt, no Retained Defeasance Rights and Obligations will be an asset of the Trust.

 

“Trust Ledger”:  Amounts deposited in the Collection Account or a Serviced Whole Loan Collection Account and attributable to the Mortgage Loans or related Serviced Whole Loan, respectively, which are maintained pursuant to Section 3.06(a) and Section 3.06(b) of this Agreement, as applicable, and held on behalf of the Trustee on behalf of the Certificateholders or held on behalf of the Trustee on behalf of the Certificateholders and related Companion Loan Noteholders, as applicable.

 

“Trust REMICs”:  The Lower-Tier REMIC, the Upper-Tier REMIC and the Trust Subordinate Companion Loan REMICs.

 

“Trust Subordinate Companion Loans”:  With respect to (a) the BX Industrial Portfolio Whole Loan, the BX Industrial Portfolio Trust Subordinate Companion Loan, (b) the

 

 

     -147-

     

    

 

Tower 333 Whole Loan, the Tower 333 Trust Subordinate Companion Loan and (c) the 825 South Hill Whole Loan, the 825 South Hill Trust Subordinate Companion Loan.

 

“Trust Subordinate Companion Loan REMIC”: Any of the BX Industrial Portfolio Trust Subordinate Companion Loan REMIC, the Tower 333 Trust Subordinate Companion Loan REMIC or the 825 South Hill Trust Subordinate Companion Loan REMIC.

 

“Trust Subordinate Companion Loan REMIC Distribution Account”: Any of the BX Industrial Portfolio Trust Subordinate Companion Loan REMIC Distribution Account,  the Tower 333 Trust Subordinate Companion Loan REMIC Distribution Account or the 825 South Hill Trust Subordinate Companion Loan REMIC Distribution Account.

 

“Trust Subordinate Companion Loan REMIC Principal Balance”: Any of the BX Industrial Portfolio Trust Subordinate Companion Loan REMIC Principal Balance,  the Tower 333 Trust Subordinate Companion Loan REMIC Principal Balance or the 825 South Hill Trust Subordinate Companion Loan REMIC Principal Balance.

 

“Trust Subordinate Companion Loan REMIC Regular Interests”: Any of the BX Industrial Portfolio Trust Subordinate Companion Loan REMIC Regular Interests,  the Tower 333 Trust Subordinate Companion Loan REMIC Regular Interests or the 825 South Hill Trust Subordinate Companion Loan REMIC Regular Interests.

 

“Trustee”:  Wells Fargo Bank, National Association, in its capacity as Trustee, or its successor in interest, or any successor Trustee appointed as herein provided.  Wells Fargo Bank, National Association will perform its obligations as Trustee hereunder through its Corporate Trust Services division (including, as applicable, any agents or affiliates utilized thereby).

 

“Trustee Personnel”:  The divisions and individuals of the Trustee who are involved in the performance of the duties of the Trustee under this Agreement.

 

“UCC”:  Uniform Commercial Code.

 

“Unliquidated Advance”:  Any Advance previously made by a party hereto that has been previously reimbursed, as between the Person that made the Advance hereunder, on the one hand, and the Trust Fund, on the other, as part of a Workout-Delayed Reimbursement Amount pursuant to Section 3.06(a) of this Agreement, as applicable, but that has not been recovered from the related Borrower or otherwise from collections on or the proceeds of the Mortgage Loan or the applicable Serviced Whole Loan or Serviced REO Property in respect of which the Advance was made.

 

“Unscheduled Payments”:  With respect to a Mortgage Loan and a Collection Period, all Net Liquidation Proceeds, Net Condemnation Proceeds and Net Insurance Proceeds payable under such Mortgage Loan, the Purchase Price of any Mortgage Loan that is repurchased or purchased pursuant to Section 2.03(d), Section 3.16 or Section 9.01 of this Agreement, the Substitution Shortfall Amount with respect to any substitution pursuant to Section 2.03(f) of this Agreement and any other payments under or with respect to such Mortgage Loan not scheduled to be made, including Principal Prepayments received by the

 

 

     -148-

     

    

 

Master Servicer (but excluding Prepayment Premiums or Yield Maintenance Charges, if any) during such Collection Period.

 

“Unscheduled Principal Distribution Amount”:  With respect to any Distribution Date and the Mortgage Loans, the aggregate of the following:  (a) all Principal Prepayments received on such Mortgage Loan on or prior to the Determination Date and (b) the principal portion of any other collections (exclusive of payments by Borrowers) received on the Mortgage Loans and any REO Properties on or prior to the related Determination Date whether in the form of Liquidation Proceeds, Insurance Proceeds and Condemnation Proceeds, net income, rents, and profits from REO Property or otherwise, that were identified and applied by the master servicer as recoveries of principal of the related Mortgage Loan for which no Advance was previously made; provided that all such Liquidation Proceeds and Insurance Proceeds and Condemnation Proceeds will be reduced by any unpaid Special Servicing Fees, Liquidation Fees, any amount related to the Loss of Value Payments to the extent that such amount was transferred into the Collection Account during the related Collection Period, accrued interest on Advances and other additional trust fund expenses incurred in connection with the related Mortgage Loan, thus reducing the Unscheduled Principal Distribution Amount.

 

“Updated Appraisal”:  An Appraisal of a Mortgaged Property or Serviced REO Property, as the case may be, conducted subsequent to any appraisal performed on or prior to the Cut-off Date and in accordance with Appraisal Institute standards, the costs of which shall be paid as a Servicing Advance by the Master Servicer.  Updated Appraisals shall be conducted by an Independent MAI appraiser selected by the Special Servicer.

 

“Updated Valuation”:  With respect to a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan having a Stated Principal Balance of $2,000,000 or higher, an Updated Appraisal.  With respect to a Mortgage Loan having a Stated Principal Balance of less than $2,000,000, an updated Small Loan Appraisal Estimate or an Updated Appraisal.

 

 “Upper-Tier Distribution Account”:  The segregated non-interest bearing trust account or sub-account created and maintained by the Certificate Administrator pursuant to Section 3.05(f) of this Agreement, which shall be entitled “Wells Fargo Bank, National Association, as Certificate Administrator, for the benefit of Wells Fargo Bank, National Association, as Trustee, for the benefit of the Holders of Benchmark 2020-IG3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-IG3, Upper-Tier Distribution Account” and which must be an Eligible Account or a sub-account of an Eligible Account.  The Upper-Tier Distribution Account shall be an asset of the Upper-Tier REMIC.

 

“Upper-Tier REMIC”:  A segregated asset pool within the Trust Fund consisting of the Lower-Tier Regular Interests, the Trust Subordinate Companion Loan REMIC Regular Interests, the Upper-Tier Distribution Account and amounts held therein from time to time.

 

“U.S. Person”:  A citizen or resident of the United States, a corporation, partnership (except to the extent provided in applicable Treasury Regulations), or other entity created or organized in or under the laws of the United States, any state thereof or the District of Columbia, including any entity treated as a corporation or partnership for federal income tax purposes, an estate whose income is subject to United States federal income tax regardless of its

 

 

     -149-

     

    

 

source, or a trust if a court within the United States is able to exercise primary supervision over the administration of such trust, and one or more such U.S. Persons have the authority to control all substantial decisions of such trust (or, to the extent provided in applicable Treasury Regulations, certain trusts in existence on August 20, 1996 that have elected to be treated as U.S. Persons).

 

“Voting Rights”:  The portion of the voting rights of all of the Certificates that is allocated to any Certificateholder or Class of Certificateholders (other than the Class S and Class R Certificateholders).  At all times during the term of this Agreement, the percentage of Voting Rights assigned to each Class shall be:  (a) 2% to be allocated among the Certificateholders of the Class X-A Certificates, (a) 98% and a fraction, the numerator of which is equal to the aggregate Certificate Balances (and solely in connection with any vote for purposes of determining whether to remove the Special Servicer pursuant to Section 7.01(a), taking into account any notional reduction in the Certificate Balance for Appraisal Reduction Amounts allocated to the Certificates pursuant to Section 4.08(a) hereof) of their Certificates, in each case, determined as of the prior Distribution Date, and the denominator of which is equal to the aggregate Certificate Balance (and solely in connection with any vote for purposes of determining whether to remove the Special Servicer pursuant to Section 7.01(a), taking into account any notional reduction in the Certificate Balance for Appraisal Reduction Amounts allocated to the Certificates) of the Principal Balance Certificates and the Class RR Certificates, each determined as of the prior Distribution Date, and (c) 0%, in the case of the Class S Certificates, Class R Certificates, the RR Interest, the BX-VRR Interest, the T333-VRR Interest and the 825S-VRR Interest.

 

“VRR Allocation Percentage”:  A fraction, expressed as a percentage, equal to the VRR Percentage divided by the Non-VRR Percentage.

 

“VRR Available Funds”:  With respect to any Distribution Date, an amount equal to the product of the VRR Percentage multiplied by the Pooled Aggregate Available Funds for such Distribution Date.

 

“VRR Interest”:  The RR Interest and the Class RR Certificates, collectively.

 

“VRR Interest Balance”:  the Certificate Balance of the Class RR Certificates and/or the RR Interest Balance of the RR Interest, as applicable.

 

“VRR Interest Distribution Amount”:  With respect to any Distribution Date, an amount equal to the product of (A) the VRR Allocation Percentage and (B) the aggregate amount of interest distributed to the Holders of the Non-VRR Certificates pursuant to Section 4.01(b)(i), (iv), (vii), (x) and (xiii) on such Distribution Date.

 

“VRR Interest Owners”:  Holders of the Class RR Certificates and the RR Interest Owner, collectively.

 

“VRR Percentage”:  As of any date of determination, a fraction, expressed as a percentage, the numerator of which is the initial VRR Interest Balance, and the denominator of which is the aggregate initial Certificate Balance of all of the Classes of Pooled Principal Balance Certificates and the initial VRR Interest Balance.

 

 

     -150-

     

    

 

“VRR Principal Distribution Amount”:  With respect to any Distribution Date and the VRR Interest, an amount equal to the product of (A) the VRR Allocation Percentage and (B) the aggregate amount of principal distributed to the Holders of the Non-VRR Certificates pursuant to Section 4.01(b)(ii), (v), (viii), (xi) and (xiv) on such Distribution Date.

 

“VRR Realized Loss”:  With respect to any Distribution Date, the amount, if any, by which (i) the aggregate VRR Interest Balance, after giving effect to distributions of principal on such Distribution Date, exceeds (ii) the product of (A) the VRR Percentage and (B) the aggregate Stated Principal Balance of the Mortgage Loans, including any REO Loans (but in each case, excluding any Companion Loan), as of the end of the last day of the related Collection Period.

 

“VRR Realized Loss Interest Distribution Amount”:  With respect to any Distribution Date and the VRR Interest, an amount equal to the product of (A) the VRR Allocation Percentage and (B) the aggregate amount of interest on unreimbursed Realized Losses distributed to the Holders of the Non-VRR Certificates pursuant to Section 4.01(b)(iii), (vi), (ix), (xii) and (xv) on such Distribution Date.

 

“VRR Regular Interests”:  As defined in the Preliminary Statement hereto.

 

“VRR Retaining Party”:  Any Holder of any portion of the VRR Interest.  Initially, the VRR Retaining Parties shall be JPMCB, as the owner of the VRR-A Interest, GS Bank, as the Holder of the VRR-B Interest DBNY, and, as the Holder of the VRR-C Interest.

 

“VRR-A Interest”: As defined in the Preliminary Statement.

 

“VRR-A Risk Retention Consultation Party”: The Risk Retention Consultation Party selected by JPMCB.  The Initial VRR-B Risk Retention Consultation Party shall be JPMCB.

 

 “VRR-B Interest”: As defined in the Preliminary Statement.

 

“VRR-B Risk Retention Consultation Party”: The Risk Retention Consultation Party selected by GS Bank.  The Initial VRR-B Risk Retention Consultation Party shall be GS Bank.

 

“VRR-C Interest”: As defined in the Preliminary Statement.

 

“VRR-C Risk Retention Consultation Party”: The Risk Retention Consultation Party selected by DBNY.  The Initial VRR-C Risk Retention Consultation Party shall be DBNY.

 

“WAC Rate”:  With respect to any Distribution Date, a per annum rate equal to the fraction (expressed as a percentage) the numerator of which is the sum for all Mortgage Loans of the product of (i) the Net Mortgage Rate for each such Mortgage Loan as of the first day of the related Collection Period and (ii) the Stated Principal Balance of each such Mortgage Loan as of the first day of the related Collection Period, and the denominator of which is the sum of the Stated Principal Balances of all Mortgage Loans as of the first day of the related

 

 

     -151-

     

    

 

Collection Period (after giving effect to any payments received during any applicable grace period).

 

“WHFIT”:  A “Widely Held Fixed Investment Trust” as that term is defined in Treasury Regulations Section 1.671-5(b)(22) or successor provisions.

 

“WHFIT Regulations”: Treasury Regulations Section 1.671-5, as amended.

 

“WHMT”: A “Widely Held Mortgage Trust” as that term is defined in Treasury Regulations Section 1.671-5(b)(23) or successor provisions.

 

“Whole Loan”:  With respect to any Mortgage Loan with a related Companion Loan and/or a related Subordinate Companion Loan, such Mortgage Loan and its related Companion Loan(s), collectively, as identified in the “Whole Loan” chart in the Preliminary Statement.  With respect to each Whole Loan, references herein to each such Whole Loan shall be construed to refer to the aggregate indebtedness under the related Mortgage Loan and the related Companion Loan(s).

 

“Withheld Amount”:  With respect to each Mortgage Loan and Trust Subordinate Companion Loan that accrues interest on an Actual/360 Basis, and with respect to each Distribution Date occurring in any January of each calendar year that is not a leap year and February of each calendar year, unless in either case such Distribution Date is the final Distribution Date, an amount equal to one day’s interest at the Net Mortgage Rate on the respective Stated Principal Balance as of the Distribution Date in the month preceding the month in which the Master Servicer Remittance Date occurs, to the extent a Periodic Payment or P&I Advance or other deposit is made in respect of the Mortgage Loans.

 

The Withheld Amount for each applicable Distribution Date for each Mortgage Loan that does not accrue interest on a 30/360 basis will be equal to 1/31 of the interest accrued in respect of the immediately preceding Due Date, to the extent a Periodic Payment or P&I Advance is made in respect thereof.

 

“Workout-Delayed Reimbursement Amounts”:  With respect to any Mortgage Loan or Trust Subordinate Companion Loan or, with respect to Servicing Advances, any Serviced Whole Loan, the amount of any Advance made with respect to such Mortgage Loan, Trust Subordinate Companion Loan or Serviced Whole Loan, as applicable, on or before the date such Mortgage Loan, Trust Subordinate Companion Loan or Serviced Whole Loan becomes (or, but for the making of three monthly payments under its modified terms, would then constitute) a Corrected Mortgage Loan, together with (to the extent accrued and unpaid) interest on such Advances, to the extent that (i) such Advance is not reimbursed to the Person who made such Advance on or before the date, if any, on which such Mortgage Loan, Trust Subordinate Companion Loan or Serviced Whole Loan becomes a Corrected Mortgage Loan and (ii) the amount of such Advance becomes an obligation of the related Borrower to pay such amount under the terms of the modified Loan Documents.

 

“Workout Fee”:  An amount equal to the lesser of (1) 1.0% (or 0.50%, in the case of the Tower 333 Whole Loan) of each collection of interest and principal (including scheduled payments, prepayments (provided that a repurchase or substitution by a Mortgage Loan Seller of

 

 

     -152-

     

    

 

a Mortgage Loan due to a Material Defect or a Material Breach shall not be considered a prepayment for purposes of this definition), Balloon Payments and payments at maturity, but excluding late payment charges, Default Interest and Excess Interest) received on a Specially Serviced Loan that becomes a Corrected Mortgage Loan for so long as it remains a Corrected Mortgage Loan, pursuant to Section 3.12(c) of this Agreement and (2) $1,000,000, in the aggregate with respect to any particular workout of a Specially Serviced Loan; provided, further, that the Workout Fee with respect to any Corrected Mortgage Loan shall be capped in accordance with Section 3.12(c) of this Agreement; provided, further that no Workout Fee shall be payable by the Trust with respect to any Corrected Mortgage Loan if and to the extent that the Corrected Mortgage Loan became a Specially Serviced Loan under clause (c) of the definition of “Specially Serviced Loan” (and no other clause of such definition) and no event of default actually occurs, unless the Mortgage Loan or Serviced Companion Loan is modified by the Special Servicer in accordance with the terms of this Agreement; provided, further, that if a Mortgage Loan or Serviced Companion Loan becomes a Specially Serviced Loan only because of an event described in clause (a) of the definition of “Specially Serviced Loan” and the related collection of principal and interest is received within 4 months following the related maturity date as a result of the related Mortgage Loan or Serviced Companion Loan being refinanced or otherwise repaid in full, the Special Servicer shall not be entitled to collect a Workout Fee out of the proceeds received in connection with such workout if such fee would reduce the amount available for distributions to Certificateholders, but the Special Servicer may collect from the related Borrower and retain (x) a workout fee, (y) such other fees as are provided for in the related Loan Documents and (z) other appropriate fees in connection with such workout.  After receipt by the Special Servicer of Workout Fees with respect to a Corrected Mortgage Loan in an amount equal to $25,000, the total amount of Workout Fees in excess of such $25,000 payable by the Trust with respect to such Corrected Mortgage Loan and with respect to any particular workout (assuming, for the purposes of this calculation, that such Corrected Mortgage Loan continues to perform throughout its term in accordance with the terms of the related workout) shall be reduced by the amount of any and all related Offsetting Modification Fees received by the Special Servicer as additional servicing compensation relating to such Corrected Mortgage Loan; provided that the Special Servicer shall be entitled to collect such Workout Fees from the Trust until such time it has been fully paid such reduced amount.  For the avoidance of doubt, the Mortgage Loan Seller will be required to pay a Workout Fee in connection with a repurchase or substitution to the extent the Special Servicer was entitled to such a fee and such fee was unpaid immediately prior to such repurchase or substitution or was previously paid by the Trust and was not reimbursed by the related Borrower immediately prior to such repurchase or substitution.  In furtherance of the foregoing, upon a Specially Serviced Loan becoming a Corrected Mortgage Loan, the Special Servicer shall provide the Master Servicer with a calculation of the total amount of Workout Fees expected to be payable by the Trust with respect to such Corrected Mortgage Loan throughout its term (which calculation shall be reasonably acceptable to the Master Servicer) and the total amount of related Offsetting Modification Fees received by the Special Servicer.

 

“Yield Maintenance Charge”:  With respect to any Mortgage Loan or Serviced Companion Loan, the yield maintenance charge set forth in the related Loan Documents; provided that, amounts shall be considered Yield Maintenance Charges pursuant to the allocation set forth under Section 1.02(e) or Section 1.02(g), as applicable.

 

 

     -153-

     

    

 

Section 1.02 
Certain Calculations.  Unless otherwise specified herein, the following provisions shall apply:

 

(a)            All calculations of interest with respect to the Mortgage Loans and Serviced Companion Loans (other than the Actual/360 Loans) and of Advances in respect thereof provided for herein shall be made on the basis of a 360-day year consisting of twelve 30-day months.  All calculations of interest with respect to the Actual/360 Loans and of Advances provided in respect thereof provided for herein shall be made as set forth in the Loan Documents for such Mortgage Loans and, if applicable, Serviced Companion Loans, with respect to the calculation of the related Mortgage Rate.  The Servicing Fee, the Certificate Administrator/Trustee Fee and the CREFC® Intellectual Property Royalty License Fee for each Mortgage Loan or Serviced Whole Loan, as applicable, shall accrue on the same basis as interest accrues on such Mortgage Loan or Serviced Whole Loan, as applicable.

 

(b)            Any Mortgage Loan or Serviced Whole Loan payment is deemed to be received on the date such payment is actually received by the Master Servicer or the Certificate Administrator; provided that for purposes of calculating distributions on the Certificates, Principal Prepayments with respect to any Mortgage Loan or Serviced Whole Loan are deemed to be received on the date they are applied in accordance with Section 3.01(b) of this Agreement to reduce the Stated Principal Balance of such Mortgage Loan or Serviced Whole Loan on which interest accrues.

 

(c)            Except as otherwise provided in the related Loan Documents or Intercreditor Agreement, any amounts received in respect of a Mortgage Loan or Serviced Whole Loan as to which a default has occurred and is continuing in excess of Periodic Payments shall be applied to Default Interest and other amounts due on such Mortgage Loan or Serviced Whole Loan prior to the application to late fees.

 

(d)            Allocations of payments between a Mortgage Loan and the related Serviced Companion Loans in a Whole Loan shall be made in accordance with the related Intercreditor Agreement.

 

(e)            If an expense under this Agreement relates in the reasonable judgment of the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee or the Paying Agent, as applicable, primarily to the administration of the Trust Fund, any Trust REMIC or the Grantor Trust or to any determination respecting the amount, payment or avoidance of any tax under the REMIC Provisions or the actual payment of any REMIC tax or expense, or Grantor Trust tax or expense or this Agreement states that any expense is solely “an expense of the Trust Fund” or words of similar import, then such expense shall not be allocated to, deducted or reimbursed from, or otherwise charged against any Serviced Companion Loan Noteholder and such Serviced Companion Loan Noteholder shall not suffer any adverse consequences as a result of the payment of such expense.

 

(f)            All amounts collected by or on behalf of the Trust in respect of any Mortgage Loan (other than an REO Loan) in the form of payments from the related Borrower, Liquidation Proceeds, Condemnation Proceeds or Insurance Proceeds (exclusive, if applicable, in the case of a Mortgage Loan that is part of a Serviced Whole Loan, of any amounts payable to the holder of the related Serviced Companion Loan, pursuant to the related Intercreditor

 

 

     -154-

     

    

 

Agreement) shall be allocated to amounts due and owing under the related Loan Documents (including for principal and accrued and unpaid interest) in accordance with the express provisions of the related Loan Documents and, with respect to any Mortgage Loan that is part of a Serviced Whole Loan, the related Intercreditor Agreement; provided that, absent such express provisions, all such amounts collected (exclusive, if applicable, in the case of a Mortgage Loan that is part of a Serviced Whole Loan, of any amounts payable to the holder of the related Serviced Companion Loan pursuant to the related Intercreditor Agreement) shall be deemed to be allocated for purposes of collecting amounts due under the Mortgage Loan in the following order of priority:

 

(i)       as a recovery of any unreimbursed Advances (including any Workout-Delayed Reimbursement Amount) with respect to such Mortgage Loan and unpaid interest at the Reimbursement Rate on such Advances and, if applicable, unreimbursed and unpaid Additional Trust Fund Expenses with respect to such Mortgage Loan;

 

(ii)      as a recovery of Nonrecoverable Advances and any interest at the Reimbursement Rate thereon to the extent previously paid or reimbursed from principal collections on the Mortgage Loans (as described in the first proviso in the definition of Aggregate Principal Distribution Amount);

 

(iii)     to the extent not previously allocated pursuant to clause (i) above, as a recovery of accrued and unpaid interest on such Mortgage Loan (exclusive of Default Interest and Excess Interest) to the extent of the excess of (A) accrued and unpaid interest on such Mortgage Loan at the related Mortgage Rate in effect from time to time through the end of the applicable interest accrual period for the related Mortgage Loan, over (B) the sum of (a)(x) the cumulative amount of the reductions (if any) in the amount of related P&I Advances for such Mortgage Loan that have theretofore occurred under Section 4.07(d) of this Agreement in connection with Appraisal Reduction Amounts (to the extent that collections have not been allocated as a recovery of accrued and unpaid interest pursuant to clause (v) below on earlier dates) or (y) with respect to any accrued and unpaid interest that was not advanced due to a determination that the related P&I Advance would be a Nonrecoverable Advance, the amount of interest that (absent such determination of nonrecoverability preventing such P&I Advance from being made) would not have been advanced because of the reductions in the amount of related P&I Advances for such Mortgage Loan that would have occurred in connection with related Appraisal Reduction Amounts, and (b) Accrued AB Loan Interest;

 

(iv)     to the extent not previously allocated pursuant to clause (i) above, as a recovery of principal of such Mortgage Loan then due and owing, including by reason of acceleration of such Mortgage Loan following a default thereunder (or, if such Mortgage Loan has been liquidated, as a recovery of principal to the extent of its entire remaining unpaid principal balance);

 

(v)      as a recovery of (i) accrued and unpaid interest on such Mortgage Loan to the extent of the cumulative amount of the reductions (if any) in the amount of related P&I Advances for such Mortgage Loan that have theretofore occurred under Section 4.07(d) of this Agreement in connection with related Appraisal Reduction Amounts or would have

 

 

     -155-

     

    

 

occurred in connection with the related Appraisal Reduction Amounts but for such P&I Advance not having been made as a result of a determination by the Master Servicer that such P&I Advance would have been a Nonrecoverable Advance and (ii) Accrued AB Loan Interest (in each of clause (i) and (ii), to the extent that collections have not been allocated as recovery of accrued and unpaid interest pursuant to this clause (v) on earlier dates);

 

(vi)     as a recovery of amounts to be currently allocated to the payment of, or escrowed for the future payment of, real estate taxes, assessments and insurance premiums and similar items relating to such Mortgage Loan;

 

(vii)    as a recovery of any other reserves to the extent then required to be held in escrow with respect to such Mortgage Loan;

 

(viii)   as a recovery of any Yield Maintenance Charge or Prepayment Premium then due and owing under such Mortgage Loan;

 

(ix)     as a recovery of any late payment charges and Default Interest and Excess Interest then due and owing under such Mortgage Loan;

 

(x)      as a recovery of any Assumption Fees and Modification Fees then due and owing under such Mortgage Loan;

 

(xi)     as a recovery of any other amounts then due and owing under such Mortgage Loan other than remaining unpaid principal;

 

(xii)    as a recovery of any remaining principal of such Mortgage Loan to the extent of its entire remaining unpaid principal balance; and

 

(xiii)   in the case of an ARD Loan after the related Anticipated Repayment Date, any accrued but unpaid Excess Interest;

 

provided that, to the extent required under the REMIC Provisions, payments or proceeds received (or receivable by exercise of the Mortgage Loan Seller’s rights under the related Loan Documents) with respect to any partial release of a Mortgaged Property (including in connection with a condemnation) at a time when the loan-to-value ratio of the related Mortgage Loan (or Serviced Whole Loan) exceeds 125% or would exceed 125% following any partial release (based solely on the value of real property and excluding personal property and going concern value, if any) must be collected and allocated to reduce the Stated Principal Balance of the Mortgage Loan (or Serviced Whole Loan) in the manner permitted by the REMIC Provisions.

 

 

     -156-

     

    

 

(g)        Collections by or on behalf of the Trust in respect of any REO Property (exclusive of amounts to be allocated to the payment of the costs of operating, managing, leasing, maintaining and disposing of such REO Property and, if applicable, in the case of an REO Property related to a Serviced Whole Loan, exclusive of any amounts payable to the holder of the related Serviced Companion Loan pursuant to the related Intercreditor Agreement) shall be deemed to be allocated for purposes of collecting amounts due under the Mortgage Loan in the following order of priority:

 

(i)       as a recovery of any unreimbursed Advances (including any Workout-Delayed Reimbursement Amount) with respect to such Mortgage Loan and unpaid interest at the Reimbursement Rate on such Advances and, if applicable, unreimbursed and unpaid Additional Trust Fund Expenses with respect to such Mortgage Loan;

 

(ii)      as a recovery of Nonrecoverable Advances and any interest at the Reimbursement Rate thereon to the extent previously allocated to principal collections on the Mortgage Loans (as described in the first proviso in the definition of Aggregate Principal Distribution Amount);

 

(iii)     to the extent not previously allocated pursuant to clause (i) above, as a recovery of accrued and unpaid interest on the related Mortgage Loan (exclusive of Default Interest and Excess Interest) to the extent of the excess of (A) accrued and unpaid interest on such Mortgage Loan at the related Mortgage Rate in effect from time to time through the end of the applicable interest accrual period for the related Mortgage Loan, over (B) the sum of (a)(x) the cumulative amount of the reductions (if any) in the amount of related P&I Advances for such Mortgage Loan that have theretofore occurred under Section 4.07(d) of this Agreement in connection with Appraisal Reduction Amounts (to the extent that collections have not been allocated as a recovery of accrued and unpaid interest pursuant to clause (v) below or Section 1.02(f)(v) on earlier dates) or (y) with respect to any accrued and unpaid interest that was not advanced due to a determination that the related P&I Advance would be a Nonrecoverable Advance, the amount of interest (absent such determination of nonrecoverability preventing such P&I Advance from being made) would not have been advanced because of the reductions in the amount of related P&I Advances for such Mortgage Loan that would have occurred in connection with related Appraisal Reduction Amounts, and (b) Accrued AB Loan Interest;

 

(iv)     to the extent not previously allocated pursuant to clause (i)-(ii) above, as a recovery of principal of the related Mortgage Loan to the extent of its entire unpaid principal balance;

 

(v)      as a recovery of (i) accrued and unpaid interest on the related Mortgage Loan to the extent of the cumulative amount of the reductions (if any) in the amount of related P&I Advances for such Mortgage Loan that have theretofore occurred under Section 4.07(d) of this Agreement in connection with related Appraisal Reduction Amounts or would have occurred in connection with the related Appraisal Reduction Amounts but for such P&I Advance not having been made as a result of a determination by the Master Servicer that such P&I Advance would have been a Nonrecoverable Advance and (ii) Accrued AB Loan Interest (in each of clause (i) and (ii), to the extent that

 

 

     -157-

     

    

 

collections have not theretofore been allocated as a recovery of accrued and unpaid interest pursuant to this clause (v) or Section 1.02(f)(v) on earlier dates);

 

(vi)       as a recovery of any Yield Maintenance Charge or Prepayment Premium then due and owing under the related Mortgage Loan;

 

(vii)      as a recovery of any late payment charges and Default Interest and Excess Interest then due and owing under the related Mortgage Loan;

 

(viii)     as a recovery of any Assumption Fees and Modification Fees then due and owing under the related Mortgage Loan;

 

(ix)        as a recovery of any other amounts then due and owing under the related Mortgage Loan other than remaining unpaid principal; and

 

(x)         in the case of an ARD Loan after the related Anticipated Repayment Date, any accrued but unpaid Excess Interest.

 

(h)          All amounts collected by or on behalf of the Trust in respect of the Trust Subordinate Companion Loans (other than an REO Loan) in the form of payments from the related Borrower, Liquidation Proceeds, Condemnation Proceeds or Insurance Proceeds (exclusive of any amounts payable to the holder of the related Mortgage Loan or any other Serviced Companion Loan pursuant to the related Intercreditor Agreement) shall be allocated to amounts due and owing under the related Loan Documents (including for principal and accrued and unpaid interest) in accordance with the express provisions of the related Loan Documents and the related Intercreditor Agreement; provided that, absent such express provisions, all such amounts collected (exclusive of any amounts payable to the holder of the related Mortgage Loan or any other Serviced Companion Loan pursuant to the related Intercreditor Agreement) shall be deemed to be allocated for purposes of collecting amounts due under the Trust Subordinate Companion Loans in the following order of priority:

 

(i)         as a recovery of any unreimbursed Advances (including any Workout-Delayed Reimbursement Amount) with respect to the Trust Subordinate Companion Loans and unpaid interest at the Reimbursement Rate on such Advances and, if applicable, unreimbursed and unpaid Additional Trust Fund Expenses with respect to the Trust Subordinate Companion Loans;

 

(ii)        as a recovery of Nonrecoverable Advances and any interest at the Reimbursement Rate thereon to the extent previously paid or reimbursed from principal collections on the Trust Subordinate Companion Loans (as described in the first proviso in the definitions of BX Industrial Portfolio Aggregate Principal Distribution Amount, Tower 333 Aggregate Principal Distribution Amount and Tower 333 Aggregate Principal Distribution Amount);

 

(iii)       to the extent not previously allocated pursuant to clause (h)(i) above, as a recovery of accrued and unpaid interest on the Trust Subordinate Companion Loans (exclusive of Default Interest) to the extent of the excess of (A) accrued and unpaid interest on the Trust Subordinate Companion Loans at the related Mortgage Rate in effect from

 

 

     -158-

     

    

 

time to time through the end of the applicable mortgage interest accrual period, over (B) the sum of (a)(x) the cumulative amount of the reductions (if any) in the amount of related P&I Advances for the Trust Subordinate Companion Loans that have theretofore occurred under Section 4.07(d) of this Agreement in connection with Appraisal Reduction Amounts (to the extent that collections have not been allocated as a recovery of accrued and unpaid interest pursuant to clause (h)(v) below on earlier dates) or (y) with respect to any accrued and unpaid interest that was not advanced due to a determination that the related P&I Advance would be a Nonrecoverable Advance, the amount of interest that (absent such determination of nonrecoverability preventing such P&I Advance from being made) would not have been advanced because of the reductions in the amount of related P&I Advances for the Trust Subordinate Companion Loans that would have occurred in connection with related Appraisal Reduction Amounts, and (b) Accrued AB Loan Interest;

 

(iv)     to the extent not previously allocated pursuant to clause (f)(i) above, as a recovery of principal of the Trust Subordinate Companion Loans then due and owing, including by reason of acceleration of the Trust Subordinate Companion Loans following a default thereunder (or, if either Trust Subordinate Companion Loan has been liquidated, as a recovery of principal to the extent of its entire remaining unpaid principal balance);

 

(v)      as a recovery of (i) accrued and unpaid interest on the Trust Subordinate Companion Loans to the extent of the cumulative amount of the reductions (if any) in the amount of related P&I Advances for the Trust Subordinate Companion Loans that have theretofore occurred under Section 4.07(d) of this Agreement in connection with related Appraisal Reduction Amounts or would have occurred in connection with the related Appraisal Reduction Amounts but for such P&I Advance not having been made as a result of a determination by the Master Servicer that such P&I Advance would have been a Nonrecoverable Advance and (ii) Accrued AB Loan Interest (in each of clause (i) and (ii), to the extent that collections have not been allocated as recovery of accrued and unpaid interest pursuant to this clause (h)(v) on earlier dates);

 

(vi)     as a recovery of amounts to be currently allocated to the payment of, or escrowed for the future payment of, real estate taxes, assessments and insurance premiums and similar items relating to the Trust Subordinate Companion Loans;

 

(vii)   as a recovery of any other reserves to the extent then required to be held in escrow with respect to the Trust Subordinate Companion Loans;

 

(viii)   as a recovery of any Yield Maintenance Charge or Prepayment Premium then due and owing under the Trust Subordinate Companion Loans;

 

(ix)     as a recovery of any late payment charges and Default Interest then due and owing under the Trust Subordinate Companion Loans;

 

(x)      as a recovery of any Assumption Fees and Modification Fees then due and owing under the Trust Subordinate Companion Loans;

 

(xi)     as a recovery of any other amounts then due and owing under the Trust Subordinate Companion Loans other than remaining unpaid principal; and

 

 

     -159-

     

    

 

(xii)    as a recovery of any remaining principal of the Trust Subordinate Companion Loans to the extent of its entire remaining unpaid principal balance;

 

provided that, to the extent required under the REMIC Provisions, payments or proceeds received (or receivable by exercise of the Mortgage Loan Seller’s rights under the related Loan Documents) with respect to any partial release of a Mortgaged Property (including in connection with a condemnation) at a time when the loan-to-value ratio of the related Serviced Whole Loan exceeds 125% or would exceed 125% following any partial release (based solely on the value of real property and excluding personal property and going concern value, if any) must be collected and allocated to reduce the Stated Principal Balance of the related Serviced Whole Loan in the manner permitted by the REMIC Provisions.

 

(i)          Collections by or on behalf of the Trust in respect of any REO Property (exclusive of amounts to be allocated to the payment of the costs of operating, managing, leasing, maintaining and disposing of such REO Property and exclusive of any amounts payable to the holder of the related Mortgage Loan or any other Serviced Companion Loan pursuant to the related Intercreditor Agreement) shall be deemed to be allocated for purposes of collecting amounts due under the Trust Subordinate Companion Loans in the following order of priority:

 

(i)       as a recovery of any unreimbursed Advances (including any Workout-Delayed Reimbursement Amount) with respect to the Trust Subordinate Companion Loans and unpaid interest at the Reimbursement Rate on such Advances and, if applicable, unreimbursed and unpaid Additional Trust Fund Expenses with respect to the Trust Subordinate Companion Loans;

 

(ii)       as a recovery of Nonrecoverable Advances and any interest at the Reimbursement Rate thereon to the extent previously allocated to principal collections on the Trust Subordinate Companion Loans (as described in the first proviso in the definitions of BX Industrial Portfolio Aggregate Principal Distribution Amount, Tower 333 Aggregate Principal Distribution Amount and Tower 333 Aggregate Principal Distribution Amount);

 

(iii)     to the extent not previously allocated pursuant to clause (i) above, as a recovery of accrued and unpaid interest on the Trust Subordinate Companion Loans (exclusive of Default Interest) to the extent of the excess of (A) accrued and unpaid interest on the Trust Subordinate Companion Loans at the related Mortgage Rate in effect from time to time through the end of the applicable mortgage interest accrual period, over (B) the sum of (a)(x) the cumulative amount of the reductions (if any) in the amount of related P&I Advances for the Trust Subordinate Companion Loans that have theretofore occurred under Section 4.07(d) of this Agreement in connection with Appraisal Reduction Amounts (to the extent that collections have not been allocated as a recovery of accrued and unpaid interest pursuant to clause (i)(v) below or Section 1.02(h)(v) on earlier dates) or (y) with respect to any accrued and unpaid interest that was not advanced due to a determination that the related P&I Advance would be a Nonrecoverable Advance, the amount of interest (absent such determination of nonrecoverability preventing such P&I Advance from being made) would not have been advanced because of the reductions in the amount of related P&I Advances for the Trust Subordinate Companion Loans that would have occurred in connection with related Appraisal Reduction Amounts, and (b) Accrued AB Loan Interest;

 

 

     -160-

     

    

 

(iv)       to the extent not previously allocated pursuant to clause (i)-(ii) above, as a recovery of principal of the Trust Subordinate Companion Loans to the extent of its entire unpaid principal balance;

 

(v)        as a recovery of (i) accrued and unpaid interest on the Trust Subordinate Companion Loans to the extent of the cumulative amount of the reductions (if any) in the amount of related P&I Advances for the Trust Subordinate Companion Loans that have theretofore occurred under Section 4.07(d) of this Agreement in connection with related Appraisal Reduction Amounts or would have occurred in connection with the related Appraisal Reduction Amounts but for such P&I Advance not having been made as a result of a determination by the Master Servicer that such P&I Advance would have been a Nonrecoverable Advance and (ii) Accrued AB Loan Interest (in each of clause (i) and (ii), to the extent that collections have not theretofore been allocated as a recovery of accrued and unpaid interest pursuant to this clause (i)(v) or Section 1.02(h)(v) on earlier dates);

 

(vi)        as a recovery of any Yield Maintenance Charge or Prepayment Premium then due and owing under the Trust Subordinate Companion Loans;

 

(vii)       as a recovery of any late payment charges and Default Interest and Excess Interest then due and owing under the Trust Subordinate Companion Loans;

 

(viii)     as a recovery of any Assumption Fees and Modification Fees then due and owing under the Trust Subordinate Companion Loans; and

 

(ix)        as a recovery of any other amounts then due and owing under the Trust Subordinate Companion Loans other than remaining unpaid principal.

 

(j)            The applications of amounts received in respect of any Mortgage Loan or the Trust Subordinate Companion Loans pursuant to paragraph (e) or paragraph (h) of this Section 1.02 shall be determined by the Master Servicer in accordance with the Servicing Standard. The applications of amounts received in respect of any Mortgage Loan or the Trust Subordinate Companion Loans or any REO Property pursuant to paragraph (g) or paragraph (i) of this Section 1.02 shall be determined by the Special Servicer in accordance with the Servicing Standard.

 

(k)           All net present value calculations and determinations made hereunder with respect to the Mortgage Loans or a Mortgaged Property or REO Property (including for purposes of the definition of “Servicing Standard”) shall be made in accordance with the Loan Documents or, if the Loan Documents are silent, using the Calculation Rate.

 

(l)            For purposes of calculations required herein, Excess Interest shall not be added to the outstanding principal balance of the Mortgage Loans notwithstanding that the related Loan Documents may provide otherwise.

 

Section 1.03 
Certain Constructions.  For purposes of this Agreement, references to the most or next most subordinate Class of Non-VRR Certificates outstanding at any time shall mean the most or next most subordinate Class of Non-VRR Certificates then outstanding as among the Class A-2, Class A-3, Class A-4, Class A-SB, Class A-S, Class B, Class C and

 

 

     -161-

     

    

 

Class D Certificates.  For purposes of this Agreement, each Class of Principal Balance Certificates and the Class RR Certificates shall be deemed to be outstanding only to the extent its respective Certificate Balance has not been reduced to zero.  For purposes of this Agreement, the Excess Interest Certificates shall be outstanding so long as any of the ARD Loans are outstanding.  For purposes of this Agreement, the Class R Certificates shall be outstanding so long as the Trust Fund has not been terminated pursuant to Section 9.01 of this Agreement or any other Class of Certificates remains outstanding.  For purposes of this Agreement, the Class X-A Certificates shall be deemed to be outstanding until the Notional Amount has been reduced to zero. 

 

Notwithstanding anything to the contrary contained herein, for purposes of this Agreement, each reference to any action by the Master Servicer or Special Servicer that is subject to the consent or approval of the Directing Holder or consultation with the Directing Holder, any Risk Retention Consultation Party, shall in each case be further subject to the determination by the Master Servicer or Special Servicer that taking or refraining from taking the action as proposed by the Directing Holder or any Risk Retention Consultation Party, or not taking such action as proposed by the Master Servicer or Special Servicer if the Directing Holder fails to grant its consent or approval, or if the Directing Holder or any Risk Retention Consultation Party, as applicable, fail to express their concurrence, to any action proposed to be taken by the Master Servicer or Special Servicer, in each case, is consistent with the Servicing Standard.  In each case, (a) if the response by the Directing Holder or any Risk Retention Consultation Party hereunder is inconsistent with the Servicing Standard, the Master Servicer or the Special Servicer shall take such action as is consistent with the Servicing Standard, and (b) if the Master Servicer or Special Servicer determines that immediate action is necessary to protect the interests of the Certificateholders and the RR Interest Owner and, in the case of any Serviced Whole Loan, the related Serviced Companion Loan Noteholders, (as a collective whole as if such Certificateholders, RR Interest Owner and Serviced Companion Loan Noteholders, as applicable, constituted a single lender (and with respect to any Serviced Whole Loan with a related Subordinate Companion Loan, taking into account the subordinate nature of such Subordinate Companion Loan)), and the Master Servicer or Special Servicer, as applicable, has made a reasonable effort to contact the Directing Holder or any Risk Retention Consultation Party, as applicable, it may take such action without waiting for a response from the Directing Holder or any Risk Retention Consultation Party, as applicable; provided that the Special Servicer or Master Servicer, as applicable, shall provide the Directing Holder or any Risk Retention Consultation Party with prompt written notice following such action including a reasonably detailed explanation of the basis for such action.

 

Section 1.04  Certain Matters Relating to the Non-Serviced Mortgage Loans

 

.  Each Other Servicer, Other Special Servicer, Other Depositor, Other Operating Advisor, Other Asset Representations Reviewer and Other Trustee, and any of their respective directors, officers, employees or agents (as and to the same extent the securitization trust formed under the related Other Pooling and Servicing Agreement is required to indemnify such parties in respect of other Mortgage Loans in the securitization trust formed under the related Other Pooling and Servicing Agreement pursuant to the terms of the Other Pooling and Servicing Agreement) and each Other Securitization (collectively, the “Other Indemnified Parties”), shall be indemnified by the Trust and held harmless against the Trust’s pro rata share (subject to the related Intercreditor Agreement) of any and all claims, losses, damages, penalties, fines, forfeitures, reasonable legal

 

 

     -162-

     

    

 

fees and related costs, judgments and any other costs, liabilities, fees and expenses incurred in connection with servicing and administration of or any actual or threatened legal action or claim relating to the related Non-Serviced Mortgage Loan and the related non-serviced Mortgaged Property under the related Other Pooling and Servicing Agreement, this Agreement or the related Intercreditor Agreement (but excluding any such losses allocable to the related Companion Loans); provided that such indemnification will not extend to any losses, liabilities, costs or expenses: (i) specifically required to be borne by such party, without right of reimbursement, pursuant to the terms of the related Other Pooling and Servicing Agreement; (ii) incurred in connection with any legal action or claim against such party resulting from any breach of a representation or warranty made by such person under the related Other Pooling and Servicing Agreement or (iii) incurred in connection with any legal action or claim against such party resulting from any willful misfeasance, bad faith or negligence in the performance of such Person’s obligations and duties under the related Other Pooling and Servicing Agreement or the related Intercreditor Agreement or resulting from negligent disregard of such obligations and duties.

 

In connection with the securitization of any Serviced Companion Loan while it is a Serviced Companion Loan, upon the request of (and at the expense of) the related Companion Loan Noteholders, each of the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, as applicable, shall use reasonable efforts to cooperate with such Companion Loan Noteholders in attempting to cause the related Borrower to provide information relating to the related Serviced Whole Loan and the related notes, and that such holders reasonably determine to be necessary or appropriate, for inclusion in any disclosure document(s) relating to such Other Securitization.

 

On the related Servicing Shift Securitization Date for each Servicing Shift Whole Loan (i) the Custodian shall, upon receipt of a Request for Release transfer the related Mortgage File (other than the note(s) designating such Servicing Shift Mortgage Loan), the original of which shall be retained by the Custodian for such Servicing Shift Whole Loan to the related Other Trustee under the related Other Pooling and Servicing Agreement and retain a copy of such Mortgage File and (ii) the Master Servicer shall, upon receipt of notice from the applicable Mortgage Loan Seller or the holder of the applicable Controlling Companion Loan that the related Servicing Shift Lead Note has been or is being securitized on the related Servicing Shift Securitization Date, transfer (and cooperate with reasonable requests in connection with such transfer of) the Servicing File for such Servicing Shift Whole Loan, and any Escrow Payments, reserve funds and originals of items specified in Sections 2.01(a)(iii), (v), (vi), (vii), (ix) and (x) for such Servicing Shift Whole Loan, to the related Other Servicer on the related Servicing Shift Securitization Date.

 

Upon receipt of notice from the applicable Mortgage Loan Seller or the holder of the applicable Controlling Companion Loan that such Servicing Shift Lead Note has been or is being securitized on the related Servicing Shift Securitization Date, the Master Servicer shall provide the Custodian with a Request for Release of the Mortgage File on such related Servicing Shift Securitization Date and transfer (and cooperate with reasonable requests in connection with such transfer of) the Servicing File to the related Other Servicer identified to it pursuant to the related notice from the related Mortgage Loan Seller on such related Servicing Shift Securitization Date.

 

 

     -163-

     

    

 

Article II

CONVEYANCE OF MORTGAGE LOANS;
ORIGINAL ISSUANCE OF CERTIFICATES

 

Section 2.01           Conveyance of Mortgage Loans and Trust Subordinate Companion Loans; Assignment of Mortgage Loan Purchase Agreements. (a) The Depositor, concurrently with the execution and delivery hereof on the Closing Date, does hereby establish a trust designated as “Benchmark 2020-IG3 Mortgage Trust,” appoint the Trustee as trustee of the Trust Fund and sell, transfer, assign, set over and otherwise convey to the Trustee without recourse (except to the extent herein provided) all the right, title and interest of the Depositor in and to the Mortgage Loans and the Trust Subordinate Companion Loans, including all rights to payment in respect thereof, except as set forth below, and any security interest thereunder (whether in real or personal property and whether tangible or intangible) in favor of the Depositor, and a security interest in all Reserve Accounts, Lock-Box Accounts, Cash Collateral Accounts and all other assets to the extent included or to be included in the Trust Fund for the benefit of the Certificateholders and the RR Interest Owner. Such transfer and assignment includes all interest and principal due on or with respect to the Mortgage Loans and the Trust Subordinate Companion Loans after the Cut-off Date and, in the case of a Mortgage Loan included in a Whole Loan, is subject to the related Intercreditor Agreement. Transfer and assignment of a Non-Serviced Mortgage Loan and the right to service a Non-Serviced Mortgage Loan is further subject to the terms and conditions of the Other Pooling and Servicing Agreement and the related Intercreditor Agreement. The Depositor, concurrently with the execution and delivery hereof, does also hereby transfer, assign, set over and otherwise convey to the Trustee without recourse (except to the extent provided herein), for the benefit of the Certificateholders and the Serviced Companion Loan Noteholders, all the right, title and interest of the Depositor in, to and under Sections 1, 2, 3, 4, 5 (excluding Section 5(d), 5(f) and 5(g)), 6(a) (excluding clauses (viii) and (xii) of Section 6(a)), 6(c), 6(d), 6(e), 6(f), 6(g), 10, 11, 13, 14, 15, 17, 18 and 19 of each of the Mortgage Loan Purchase Agreements to the extent related to any Mortgage Loan or Trust Subordinate Companion Loan. In connection with the assignment to the Trustee of Sections 1, 2, 3, 4, 5 (excluding Section 5(d), 5(g) and 5(h)), 6(a) (excluding clauses (viii) and (xii) of Section 6(a)), 6(c), 6(d), 6(e), 6(f), 6(g), 10, 11, 13, 14, 15, 17, 18 and 19 of each of the Mortgage Loan Purchase Agreements, it is intended that the Trustee get the benefit of Sections 10, 11 and 14 thereof in connection with any exercise of rights under the assigned Sections, and the Depositor shall use its best efforts to make available to the Trustee the benefits of Sections 10, 11 and 14 in connection therewith

 

The Depositor shall cause the Reserve Accounts, Cash Collateral Accounts and Lock-Box Accounts relating to the Mortgage Loans or the Trust Subordinate Companion Loans to be transferred to and held in the name of the Master Servicer on behalf of the Trustee as successor to the Mortgage Loan Sellers.

 

With respect to any Mortgage Loan or Trust Subordinate Companion Loan that is subject to an Intercreditor Agreement, the parties hereto intend that the provisions of this Section 2.01(a) serve as an assignment and assumption agreement between the Depositor, as the assignor, and the Trustee on behalf of the Trust, as the assignee. Accordingly, the Depositor hereby (and in accordance with and subject to all other applicable provisions of this Agreement)

 

 

     -164-

     

    

 

assigns, grants, sells, transfers, delivers, sets over, and conveys to the Trustee all right, title and interest of the Depositor in, to and arising out of the related Intercreditor Agreement and the Trustee on behalf of the Trust hereby accepts (subject to applicable provisions of this Agreement) the foregoing assignment and assumes all of the rights and obligations of the Depositor with respect to related Intercreditor Agreement from and after the Closing Date. In addition, the Trustee acknowledges that any such Mortgage Loan that is part of a Serviced Whole Loan shall be serviced pursuant to the terms of this Agreement.

 

In connection with such transfer and assignment, the Depositor does hereby deliver to, and deposit with, the Custodian, with copies to the Master Servicer and the Special Servicer, the following documents or instruments with respect to each Mortgage Loan and each Serviced Companion Loan (which, except for the Mortgage Note referred to in clause (i) below, relate to the Serviced Whole Loan) so assigned (provided that the with respect to letters of credit referred to in clause (xii) shall be delivered to the Master Servicer):

 

(i)            the original Mortgage Note, endorsed on its face or by allonge attached to the Mortgage Note, without recourse, to “Pay to the order of Wells Fargo Bank, National Association, as Trustee for the benefit of the registered holders of Benchmark 2020-IG3 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2020-IG3, without recourse, representation or warranty” or in blank and further showing a complete, unbroken chain of endorsement from the originator (or, if the original Mortgage Note has been lost, an affidavit to such effect from the applicable Mortgage Loan Seller or another prior holder, together with a copy of the Mortgage Note and an indemnity properly assigned and endorsed to the Trustee);

 

(ii)           (A) the original of the Mortgage or a certified copy thereof from the applicable recording office (or a copy thereof from the applicable recording office if (to the knowledge of the applicable Mortgage Loan Seller or its third-party vendor, as certified by such party to the Custodian in writing) it is not the practice of such office to provide certified copies, provided that the Custodian may conclusively rely on any such certification by such Mortgage Loan Seller or third-party vendor and shall not be required to investigate whether any recording office cannot provide a certified copy) and, (B) if applicable, the originals or certified copies thereof from the applicable recording office (or copies thereof from the applicable recording office if (to the knowledge of the applicable Mortgage Loan Seller or its third-party vendor, as certified by such party to the Custodian in writing) it is not the practice of such office to provide certified copies, provided that the Custodian may conclusively rely on any such certification by such Mortgage Loan Seller or third-party vendor and shall not be required to investigate whether any recording office cannot provide a certified copy) of any intervening assignments thereof showing a complete chain of assignment from the Originator of the Mortgage Loan or Serviced Whole Loan to the most recent assignee of record thereof prior to the Trustee, if any, in each case with evidence of recording indicated thereon; 

 

(iii)         an original Assignment of Mortgage, in complete and recordable form (except for the name of the assignee, if delivered in blank, and except for recording information not yet available, if the Mortgage or an assignment thereof has not been returned from the applicable recording office), executed by the most recent assignee of record thereof prior to the Trustee, or if none, by the originator to “Wells Fargo Bank,

 

 

     -165-

     

    

 

National Association, as trustee for the benefit of the registered holders of Benchmark 2020-IG3 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2020-IG3” or in blank and, in the case of any Serviced Whole Loan, in its capacity as “Lead Securitization Note Holder” or similar capacity under the related Intercreditor Agreement on behalf of the related Serviced Companion Noteholders;

 

(iv)          the original or a copy of any related assignment of leases and of any intervening assignments (if such item is a document separate from the Mortgage), with evidence of recording indicated thereon or certified to have been submitted for recording; 

 

(v)           an original assignment of any related assignment of leases (if such item is a document separate from the Mortgage) (a “Reassignment of Assignment of Leases, Rents and Profits”) in favor of the Trustee or in blank and (subject to the completion of certain missing recording information and, if applicable, the assignee’s name) in recordable form (or, if the related Mortgage Loan Seller is responsible for the recordation of that assignment, a copy thereof certified to be the copy of such assignment submitted or to be submitted for recording);

 

(vi)          the original assignment of all unrecorded documents relating to the Mortgage Loan or a Serviced Whole Loan, if not already assigned pursuant to clauses (iii) or (v) above; 

 

(vii)        originals or copies of all modification, consolidation, assumption, written assurance and substitution agreements in those instances in which the terms or provisions of the Mortgage or Mortgage Note have been modified or the Mortgage Loan has been assumed or consolidated; 

 

(viii)       the original or a copy of the policy or certificate of lender’s title insurance issued in connection with the origination of such Mortgage Loan (which may be electronically issued), or, if such policy has not been issued or located, an irrevocable, binding commitment (which may be a marked version of the policy that has been executed by an authorized representative of the title company or an agreement to provide the same pursuant to binding escrow instructions executed by an authorized representative of the title company) to issue such title insurance policy; 

 

(ix)          any filed copies (bearing evidence of filing) or evidence of filing of any UCC Financing Statements, related amendments and continuation statements in the possession of the applicable Mortgage Loan Seller; 

 

(x)           an original assignment in favor of the Trustee of any financing statement executed and filed in favor of the applicable Mortgage Loan Seller in the relevant jurisdiction (or, if the related Mortgage Loan Seller is responsible for the filing of that assignment, a copy thereof certified to be the copy of such assignment submitted or to be submitted for recording);

 

(xi)           the original or a copy of any intercreditor agreement relating to existing debt of the borrower, including any Intercreditor Agreement relating to a Serviced Whole Loan; 

 

 

     -166-

     

    

 

(xii)          the original or copies of any loan agreement, escrow agreement, security agreement or letter of credit relating to a Mortgage Loan or a Serviced Whole Loan; 

 

(xiii)        the original or a copy of any ground lease, ground lessor estoppel, environmental insurance policy, environmental indemnity or guaranty relating to a Mortgage Loan or a Serviced Whole Loan; 

 

(xiv)        the original or a copy of any property management agreement relating to a Mortgage Loan or a Serviced Whole Loan; 

 

(xv)         the original or a copy of any franchise agreements and comfort letters or similar agreements relating to a Mortgage Loan or Serviced Whole Loan and, with respect to any franchise agreement, comfort letter or similar agreement, any assignment of such agreements or any notice to the franchisor of the transfer of a Mortgage Loan or Serviced Whole Loan and a request for confirmation that the Trust is a beneficiary of such comfort letter or other agreement, or for the issuance of a new comfort letter in favor of the Trust, as the case may be; 

 

(xvi)        the original or a copy of any lockbox or cash management agreement relating to a Mortgage Loan or a Serviced Whole Loan; 

 

(xvii)       the original or a copy of any related mezzanine intercreditor agreement; 

 

(xviii)      the original or a copy of all related environmental insurance policies; and

 

(xix)        a list related to such Mortgage Loan indicating the related Mortgage Loan documents included in the related Mortgage File as of the Closing Date (the “Mortgage Loan Checklist”).

 

The original assignments referred to in clauses (iii), (v), (vi), (vii), (ix) and (x), may be in the form of one or more instruments in recordable form in any applicable filing or recording offices.

 

Notwithstanding anything to the contrary contained in this Section 2.01(a) or in Section 2.01(b), Section 2.01(c), or Section 2.02, in connection with any Servicing Shift Whole Loan (1) instruments of assignment to the Trustee may be in blank and need not be recorded or filed pursuant to this Agreement until the earliest of (i) the related Servicing Shift Securitization Date, in which case such instruments shall be assigned and recorded in accordance with the related Other Pooling and Servicing Agreement, (ii) the date such Servicing Shift Whole Loan becomes a Specially Serviced Loan, in which case assignments and recordations shall be effected in accordance with this Section 2.01(a), and (iii) 90 days following the Closing Date, in which case assignments and recordations shall be effected in accordance with this Section 2.01(a), (2) no letter of credit need be amended (including, without limitation, to change the beneficiary thereon) until the earliest of (i) the related Servicing Shift Securitization Date, in which case such amendment shall be in accordance with the related Other Pooling and Servicing Agreement and (ii) the date such Servicing Shift Whole Loan becomes a Specially Serviced Loan, in which case such amendment shall be effected in accordance with the terms of this Section 2.01, and (iii) 90 days following the Closing Date, in which case such amendment shall be effected in accordance

 

 

     -167-

     

    

 

with the terms of this Section 2.01, and (3) on and following the related Servicing Shift Securitization Date, the Person selling the related Servicing Shift Lead Note to the related Other Depositor, at its own expense, shall be (a) entitled to direct in writing, which may be conclusively relied upon by the Custodian, the Custodian to deliver the originals of all the Loan Documents relating to such Servicing Shift Whole Loan in its possession (other than the original Note(s) evidencing such Servicing Shift Mortgage Loan) to the related Other Trustee or the related Other Custodian, (b) if the right under clause (a) is exercised, required to cause the retention by or delivery to the Custodian of photocopies of Loan Documents related to such Servicing Shift Whole Loan so delivered to such Other Trustee or such Other Custodian, (c) entitled to cause the completion (or, in the event of a recordation as contemplated by clause (1)(ii) of this paragraph, the preparation, execution and delivery) and recordation of instruments of assignment in the name of the related Other Trustee or related Other Custodian, (d) if the right under clause (c) is exercised, required to deliver to the Trustee or Custodian photocopies of any instruments of assignment so completed and recorded, and (e) entitled to require the Master Servicer to transfer, and to cooperate with all reasonable requests in connection with the transfer of, the Servicing File, and any Escrow Payments, reserve funds and the letters of credit referred to in clause (xii) of Section 2.01(a) for such Servicing Shift Whole Loan to the related Other Servicer.

 

With respect to Serviced Whole Loans, except for the Mortgage Note referred to in clause (i) of Section 2.01(a), only a single original set of the Loan Documents specified above is required to be delivered. Notwithstanding anything herein to the contrary, with respect to a Non-Serviced Mortgage Loan, any assignments or other transfer documents referred to in the third preceding paragraph as being in favor of the Trustee shall instead be in favor of the applicable Other Trustee and (1) if the Custodian is not also the related Non-Serviced Whole Loan Custodian, the preceding document delivery requirements will be met by the delivery by the applicable Mortgage Loan Seller to the Custodian of copies of the documents specified above (other than the Mortgage Note and intervening endorsements evidencing a Non-Serviced Mortgage Loan, with respect to which the originals shall be required), including a copy of the Mortgage securing the applicable Non-Serviced Mortgage Loan and copies of the companion notes or (2) if the Custodian is also the related Non-Serviced Whole Loan Custodian, the preceding document delivery requirements shall be met by the delivery by the Mortgage Loan Seller to the Custodian of only the original Mortgage Note and intervening endorsements evidencing such Non-Serviced Mortgage Loan (and, if any document specified in Section 2.01(a) of this Agreement was not required to be delivered in connection with the related Other Securitization, a copy of such document); provided that with respect to such Non-Serviced Mortgage Loan, if Wells Fargo Bank, National Association ceases to be Custodian with respect to such Non-Serviced Mortgage Loan, it shall, upon receipt of a request for release, provide the original note, allonge and intercreditor agreement and copies of all other Loan Documents specified above to the successor Custodian.

 

With respect to the Mortgage Loans, within 45 days after the Closing Date or, without limiting the requirements of the third paragraph of Section 2.01(b), after such later date on which the Mortgage Loan Seller has received all the missing recording/filing information, each Mortgage Loan Seller will, or will at the expense of such Mortgage Loan Seller retain a third party vendor to, except in the case of any Mortgage Loan that is a Non-Serviced Mortgage Loan, (1) complete (to the extent necessary) and submit for recording in favor of the Trustee in

 

 

     -168-

     

    

 

the following form: “Wells Fargo Bank, National Association, as Trustee, for the benefit of the Holders of Benchmark 2020-IG3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-IG3” (and with respect to a Serviced Whole Loan, the related Serviced Companion Loan Noteholders) in the appropriate public recording office (a) each Assignment of Mortgage referred to in Section 2.01(a)(iii), which has not yet been submitted for recording and (b) each Reassignment of Assignment of Leases, Rents and Profits referred to in Section 2.01(a)(v) (if not otherwise included in the related Assignment of Mortgage) which has not yet been submitted for recordation; and (2) complete (to the extent necessary) and file in the appropriate public filing office each UCC assignment of financing statement referred to in Section 2.01(a)(ix) which has not yet been submitted for filing or recording. Each such document shall reflect that the recorded original should be returned by the public recording office to the Custodian or its designee (or to the Mortgage Loan Seller or its designee as an alternative) following recording, and each such document shall reflect that the file copy thereof should be returned to the Custodian or its designee (or to the Mortgage Loan Seller or its designee as an alternative) following filing; provided that in those instances where the public recording office retains the original Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, the Custodian shall use commercially reasonable efforts to obtain therefrom a certified copy of the recorded original, at the expense of the Depositor. In the event that any such document or instrument in respect of any Mortgage Loan (or Trust Subordinate Companion Loan) is lost or returned unrecorded or unfiled, as the case may be, because of a defect therein, the related Mortgage Loan Seller shall promptly prepare or cause the preparation of a substitute thereof or cure or cause the curing of such defect, as the case may be, and shall thereafter deliver the substitute or corrected document to or at the direction of the Custodian or such other third party vendor as retained by the Mortgage Loan Seller for recording or filing, as appropriate, at such Mortgage Loan Seller’s expense (as set forth in the related Mortgage Loan Purchase Agreement). In the event that any Mortgage Loan Seller receives the original recorded or filed copy, each Mortgage Loan Seller will, promptly upon receipt of the original recorded or filed copy (and in no event later than five Business Days following such receipt) deliver such original to the Custodian, with evidence of filing or recording thereon. Notwithstanding anything to the contrary contained in this Section 2.01, in those instances where the public recording office retains the original Mortgage, Assignment of Mortgage, Assignment of Leases, Rents and Profits or Reassignment of Assignment of Leases, Rents and Profits, if applicable, after any has been recorded, the obligations of the related Mortgage Loan Seller under the applicable Mortgage Loan Purchase Agreement shall be deemed to have been satisfied upon delivery to the Custodian of a copy of the recorded original of such Mortgage, Assignment of Mortgage, Assignment of Leases, Rents and Profits or Reassignment of Assignment of Leases, Rents and Profits, if applicable.

 

If a Mortgage Loan Seller cannot deliver, or cause to be delivered, as to any Mortgage Loan, the original or a copy of the related lender’s title insurance policy referred to in Section 2.01(a)(viii) solely because such policy has not yet been issued, the delivery requirements of this Section 2.01 will be deemed to be satisfied as to such missing item, and such missing item will be deemed to have been included in the related Mortgage File by delivery to the Custodian of a binder marked as binding and countersigned by the title insurer or its authorized agent (which may be a pro forma or specimen title insurance policy which has been accepted or approved as binding in writing by the related title insurance company) or an acknowledged closing instruction or escrow letter, and the Mortgage Loan Seller will be required

 

 

     -169-

     

    

 

to deliver to the Custodian, promptly following the receipt thereof, the original related lender’s title insurance policy (or a copy thereof). Copies of recorded or filed Assignments of Mortgage, Reassignments of Assignment of Leases, Rents and Profits and UCC assignments of financing statements shall be held by the Custodian.

 

Subject to the third preceding paragraph, all original documents relating to the Mortgage Loans which are not delivered to the Custodian are and shall be held by the Depositor or the Master Servicer (or a sub-servicer on its behalf), as the case may be, in trust for the benefit of the Certificateholders and, insofar as they also relate to the Serviced Companion Loans, on behalf of and for the benefit of the related Serviced Companion Loan Noteholders. In the event that any such original document, or in the case of a Serviced Companion Loan, the original Mortgage Note, is required pursuant to the terms of this Section to be a part of a Mortgage File in order to effectuate the purposes of this Agreement, such document shall be delivered promptly to the Custodian.

 

(b)           In connection with the Depositor’s assignment pursuant to subsection (a) above, the Depositor shall direct, and hereby represents and warrants that it has directed, each of the Mortgage Loan Sellers pursuant to the applicable Mortgage Loan Purchase Agreement to deliver to and deposit with or cause to be delivered to and deposited with, (i) the Custodian, on or before the Closing Date (or, with respect to the original allonges related to the Mortgage Loan identified as “Tower 333” on the Mortgage Loan Schedule, on or before the third (3rd) Business Day immediately following the Closing Date), subject to Section 2.01(a), for each Mortgage Loan so assigned the Mortgage Note (or a copy of the Mortgage Note evidencing each related Serviced Companion Loan), the original or a copy of the related Mortgage, the original or a copy of the title policy for each Mortgage Loan (subject to the second-to-last paragraph under Section 2.01(a)), a copy of the related ground lease (or, with respect to a leasehold interest with respect to a space lease or air rights, a copy of the related space lease or air rights lease), if applicable, for each Mortgage Loan and an original (or copy, if the original is held by the Master Servicer pursuant to Section 2.01(c) or the Mortgage Loan is a Non-Serviced Mortgage Loan) of any letters of credit held by the lender as beneficiary or assigned as security for the Mortgage Loan, and, except as otherwise provided in the following paragraph, within 30 days following the Closing Date, the remaining applicable documents referred to in Section 2.01(a) for each such Mortgage Loan or Serviced Companion Loan, in each case, with copies to the Master Servicer and (ii) the Master Servicer, on or before the Closing Date, all documents and records that are part of each applicable Servicing File. If the applicable Mortgage Loan Seller cannot deliver, or cause to be delivered, as to any Mortgage Loan, the original Mortgage Note, such Mortgage Loan Seller shall deliver a copy or duplicate original of such Mortgage Note, together with an affidavit certifying that the original thereof has been lost or destroyed and an indemnification in favor of the Certificate Administrator, the Trustee and the Custodian.

 

If the applicable Mortgage Loan Seller or the Depositor cannot deliver, or cause to be delivered, as to any Mortgage Loan (subject to any qualifications provided for herein or in the related Mortgage Loan Purchase Agreement with respect to a Non-Serviced Mortgage Loan), the original or a copy of any of the documents and/or instruments referred to in Section 2.01(a)(ii), Section 2.01(a)(iii), Section 2.01(a)(iv), Section 2.01(a)(v), Section 2.01(a)(vii) and Section 2.01(a)(ix), with evidence of recording or filing thereon, solely because of a delay caused by the public recording or filing office where such document or

 

 

     -170-

     

    

 

instrument has been delivered for recordation or filing, or because such original recorded or filed document has been lost or returned from the recording or filing office and subsequently lost, as the case may be, the delivery requirements of Section 2.01 shall be deemed to have been satisfied as to such missing item, and such missing item shall be deemed to have been included in the related Mortgage File, provided that a copy of such document or instrument (without evidence of recording or filing thereon, but certified (which certificate may relate to multiple documents and/or instruments) by the applicable public recording or filing office, the applicable title insurance company or the related Mortgage Loan Seller to be a true and complete copy of the original thereof submitted for recording or filing, as the case may be) has been delivered to the Custodian within 60 days after the Closing Date, and either the original of such missing document or instrument, or a copy thereof, with evidence of recording or filing, as the case may be, thereon, is delivered to the Custodian within 180 days after the Closing Date (or within such longer period after the Closing Date so long as the related Mortgage Loan Seller has provided the Custodian with evidence of such recording or filing, as the case may be, or has certified to the Custodian as to the occurrence of such recording or filing, as the case may be, and is, as certified to the Custodian no less often than quarterly, in good faith attempting to obtain from the appropriate county recorder’s or filing office such original or copy, provided such extensions do not exceed 24 months in the aggregate).

 

(c)           Notwithstanding anything herein to the contrary, with respect to the documents referred to in Section 2.01(a)(xii) of this Agreement, the Master Servicer shall hold (or the applicable Other Servicer with respect to any Non-Serviced Mortgage Loan will hold) the original of each such document in trust on behalf of the Trust (or the applicable Other Trust with respect to any Non-Serviced Mortgage Loan) in order to draw on such letter of credit on behalf of the Trust (or the applicable Other Trust with respect to any Non-Serviced Mortgage Loan) and the applicable Mortgage Loan Seller shall be deemed to have satisfied the delivery requirements of the related Mortgage Loan Purchase Agreement and this Section 2.01 of this Agreement by delivering the original of each such document to the Master Servicer (or the applicable Other Servicer with respect to any Non-Serviced Mortgage Loan) who shall forward a copy of the applicable document to the Custodian (or the custodian in the applicable Other Securitization with respect to any Non-Serviced Mortgage Loan). The applicable Mortgage Loan Seller shall pay any costs of assignment or amendment of such letter of credit (which amendment shall change the beneficiary of the letter of credit to the Trust (or the applicable Other Trust with respect to any Non-Serviced Mortgage Loan) in care of the Master Servicer (or the applicable Other Servicer with respect to any Non-Serviced Mortgage Loan)) required in order for the Master Servicer (or the applicable Other Servicer with respect to any Non-Serviced Mortgage Loan) to draw on such letter of credit on behalf of the Trust (or the applicable Other Trust with respect to any Non-Serviced Mortgage Loan). In the event that the documents specified in Section 2.01(a)(xii) of this Agreement are missing with respect to any Serviced Mortgage Loan because the related assignment or amendment documents have not been completed, the applicable Mortgage Loan Seller shall take all necessary steps to enable the Master Servicer to draw on the related letter of credit on behalf of the Trust including, if necessary, drawing on the letter of credit in its own name pursuant to written instructions from the Master Servicer and immediately remitting such funds (or causing such funds to be remitted) to the Master Servicer.

 

(d)           [Reserved].

 

 

     -171-

     

    

 

(e)           Notwithstanding anything to the contrary contained herein, with respect to any Joint Mortgage Loan, the obligations of the related Mortgage Loan Seller to deliver a Note to the Trustee, or a Custodian on its behalf, shall be limited to delivery of only the Note held by such party to the Trustee, or Custodian on its behalf. With respect to any Joint Mortgage Loan, the obligations of each Mortgage Loan Seller to deliver the remaining portion of the related Mortgage File or any document required to be delivered with respect thereto shall be joint and several, provided that either of the related Mortgage Loan Sellers may deliver one Mortgage File or one of any other document required to be delivered with respect to any Joint Mortgage Loan hereunder and such delivery shall satisfy such delivery requirements for each of the related Mortgage Loan Sellers.

 

(f)            [Reserved].

 

(g)           [Reserved].

 

Section 2.02           Acceptance by Custodian and the Trustee. By its execution and delivery of this Agreement, the Trustee acknowledges the assignment to it of the Mortgage Loans in good faith without notice of adverse claims and declares that the Custodian holds and will hold such documents and all others delivered to it constituting the Mortgage File (to the extent the documents constituting the Mortgage File are actually delivered to the Custodian) for any Mortgage Loan assigned to the Trustee hereunder in trust, upon the conditions herein set forth, for the use and benefit of all present and future Certificateholders, the RR Interest Owner and Serviced Companion Loan Noteholders.

 

The Custodian hereby certifies to each of the Directing Holder, the Depositor, the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer and each Mortgage Loan Seller that except as identified in the Custodian’s closing date certification, which shall be delivered no later than two Business Days after the Closing Date substantially in the form attached as Exhibit N-1 to this Agreement, (i) each Mortgage Note (or copy thereof, with respect to any Serviced Companion Loan) is in its possession and has been reviewed by the Custodian and (A) appears regular on its face (handwritten additions, changes or corrections shall not constitute irregularities if initialed by the Borrower), (B) appears to have been executed (where appropriate) and (C) purports to relate to such Mortgage Loan and (ii) each of the documents specified in Section 2.01(a)(i), Section 2.01(a)(viii), Section 2.01(a)(xii) and Section 2.01(a)(xiii) of this Agreement have been received, have been executed, appear to be what they purport to be, purport to be recorded or filed (as applicable) and have not been torn in any materially adverse manner or mutilated or otherwise defaced, and that such documents relate to the Mortgage Loans identified in the Mortgage Loan Schedule. If the Custodian does not send a closing date certification on the Closing Date, it shall send an email confirmation to the Trustee that it has received all of the Mortgage Notes (or copies or lost note affidavits as permitted), subject to any exceptions noted therein, on the Closing Date.

 

On or about the 60th day following the Closing Date (and, if any exceptions are noted, again on or about the 90th day following the Closing Date and monthly thereafter until the earliest of (i) the second anniversary of the Closing Date, (ii) the day on which all material exceptions have been removed and (iii) the day on which the applicable Mortgage Loan Seller has repurchased or substituted for the last affected Mortgage Loan), the Custodian shall review each Mortgage File and shall certify to each of the Directing Holder, the Depositor, the

 

 

     -172-

     

    

 

Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer and each Mortgage Loan Seller in the form attached as Exhibit N-2 to this Agreement that all documents specified in clauses (i) through (v), (viii), (ix), (xi), (xii) and (xiii) (or, with respect to clause (xii), a copy of such letter of credit and the required Officer’s Certificate) of Section 2.01(a) have been received, have been executed, appear to be what they purport to be, purport to be recorded or filed (as applicable) and have not been torn in any materially adverse manner or mutilated or otherwise defaced, and that such documents relate to the Mortgage Loans identified in the Mortgage Loan Schedule. In so doing, the Custodian may rely on the purported due execution and genuineness of any such document and on the purported genuineness of any signature thereon. With respect to any Non-Serviced Mortgage Loan, the Custodian shall only be required to certify to each of the Directing Holder, the Depositor, the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer and each Mortgage Loan Seller that the document set forth in Section 2.01(a)(i) has been received, subject to the preceding provisions of this Section 2.02.

 

If at the conclusion of such review any document or documents constituting a part of a Mortgage File have not been executed or received, have not been recorded or filed (if required), are unrelated to the Mortgage Loans identified in the Mortgage Loan Schedule, appear not to be what they purport to be or have been torn in any materially adverse manner or mutilated or otherwise defaced, the Custodian shall promptly so notify (in the form attached as Exhibit M to this Agreement) the Trustee, the Directing Holder (but only if no Consultation Termination Event is continuing), the Depositor, the Certificate Administrator, the Master Servicer, the Special Servicer and the related Mortgage Loan Seller by providing a written report, setting forth for each affected Mortgage Loan, with particularity, the nature of the defective or missing document. The Depositor shall or shall cause the related Mortgage Loan Seller to deliver to the Custodian an executed, recorded or undamaged document, as applicable, or, if the failure to deliver such document in such form constitutes a Material Defect, the Depositor shall cause the related Mortgage Loan Seller to cure, repurchase or substitute for the related Mortgage Loan in the manner provided in Section 2.03(d) of this Agreement. None of the Master Servicer, the Special Servicer, the Certificate Administrator, the Custodian or the Trustee shall be responsible for any loss, cost, damage or expense to the Trust Fund resulting from any failure to receive any document constituting a portion of a Mortgage File noted on such a report or for any failure by the Depositor to use its best efforts to deliver any such document.

 

Upon written request from the Master Servicer or Special Servicer, each Mortgage Loan Seller shall deliver a power of attorney substantially in the form of Exhibit C to the applicable Mortgage Loan Purchase Agreement to the Master Servicer and Special Servicer, that permits such parties to take such other action as is necessary to effect the delivery, assignment and/or recordation of any documents and/or instruments relating to any Mortgage Loan which have not been delivered, assigned or recorded at the time required for enforcement by the Trust Fund. Pursuant to the related Mortgage Loan Purchase Agreement, each of the Mortgage Loan Sellers will be required to effect (at the expense of the applicable Mortgage Loan Seller) the assignment and recordation of its respective Loan Documents until the assignment and recordation of all such Loan Documents has been completed.

 

In reviewing any Mortgage File pursuant to the third preceding paragraph or Section 2.01 of this Agreement, the Master Servicer shall have no responsibility to cause the

 

 

     -173-

     

    

 

Custodian or Trustee to, and the Custodian or Trustee will have no responsibility to, examine any opinions or determine whether any document is legal, valid, binding, sufficient, duly authorized or enforceable, whether the text of any assignment or endorsement is in proper or recordable form (except, if applicable, to determine if the Trustee is the assignee or endorsee), whether any document has been recorded in accordance with the requirements of any applicable jurisdiction, whether a blanket assignment is permitted in any applicable jurisdiction, or whether any Person executing any document or rendering any opinion is authorized to do so or whether any signature thereon is genuine.

 

The Custodian shall hold that portion of the Trust Fund delivered to the Custodian consisting of “instruments” (as such term is defined in Section 9-102 of the Uniform Commercial Code as in effect in Minnesota on the date hereof) in Minnesota and, except as otherwise specifically provided in this Agreement, shall not remove such instruments from Minnesota unless it receives an Opinion of Counsel (obtained and delivered at the expense of the Person requesting the removal of such instruments from Minnesota) that if the transfer of the Mortgage Loans to the Trustee is deemed not to be a sale, after such removal, the Trustee will possess a first priority perfected security interest in such instruments.

 

Section 2.03           Representations, Warranties and Covenants of the Depositor; Repurchase and Substitution of Mortgage Loans. (a) The Depositor hereby represents and warrants that:

 

(i)            The Depositor is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware, and the Depositor has taken all necessary corporate action to authorize the execution, delivery and performance of this Agreement by it, and has the power and authority to execute, deliver and perform this Agreement and all the transactions contemplated hereby, including, but not limited to, the power and authority to sell, assign and transfer the Mortgage Loans in accordance with this Agreement;

 

(ii)           Assuming the due authorization, execution and delivery of this Agreement by each other party hereto, this Agreement and all of the obligations of the Depositor hereunder are the legal, valid and binding obligations of the Depositor, enforceable against the Depositor in accordance with the terms of this Agreement, except as such enforcement may be limited by bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of creditors’ rights generally, and by general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law);

 

(iii)           The execution and delivery of this Agreement and the performance of its obligations hereunder by the Depositor will not conflict with any provisions of any law or regulations to which the Depositor is subject, or conflict with, result in a breach of or constitute a default under any of the terms, conditions or provisions of the certificate of incorporation or the by-laws of the Depositor or any indenture, agreement or instrument to which the Depositor is a party or by which it is bound, or any order or decree applicable to the Depositor, or result in the creation or imposition of any lien on any of the Depositor’s assets or property, which would materially and adversely affect the ability of the Depositor to carry out the transactions contemplated by this Agreement; the

 

 

     -174-

     

    

 

Depositor has obtained any consent, approval, authorization or order of any court or governmental agency or body required for the execution, delivery and performance by the Depositor of this Agreement;

 

(iv)         There is no action, suit or proceeding pending or, to the Depositor’s knowledge, threatened against the Depositor in any court or by or before any other governmental agency or instrumentality which would materially and adversely affect the validity of the Mortgage Loans or the ability of the Depositor to carry out the transactions contemplated by this Agreement; and

 

(v)           The Depositor is the lawful owner of the Mortgage Loans with the full right to transfer the Mortgage Loans to the Trust, and the Mortgage Loans have been validly transferred to the Trust.

 

(vi)          [Reserved].

 

(b)           It is understood and agreed that the representations and warranties set forth in this Section 2.03 shall survive delivery of the respective Mortgage Files to the Custodian until the termination of this Agreement, and shall inure to the benefit of the Certificateholders, any Serviced Companion Loan Noteholders, Certificate Administrator, the Trustee, the Custodian, the Master Servicer and the Special Servicer.

 

(c)           If the Master Servicer or the Special Servicer (i) receives a Repurchase Communication of a request or demand for repurchase or replacement of a Mortgage Loan because of a Breach or a Defect (each as defined below) (any such request or demand, a “Repurchase Request”, and the Master Servicer or the Special Servicer, as applicable, to the extent it receives a Repurchase Request, the “Repurchase Request Recipient” with respect to such Repurchase Request); (ii) receives a Repurchase Communication of a withdrawal of a Repurchase Request by the Person making such Repurchase Request (a “Repurchase Request Withdrawal”), (iii) receives a Repurchase Communication that any Mortgage Loan that was subject to a Repurchase Request has been repurchased or replaced (a “Repurchase”), or (iv) receives a Repurchase Communication of the rejection of a Repurchase Request (a “Repurchase Request Rejection”), then such Person shall deliver written notice of such Repurchase Request, Repurchase Request Withdrawal, Repurchase or Repurchase Request Rejection (each such notice, a “Rule 15Ga-1 Notice”) to the Depositor, the Master Servicer, the Special Servicer and the related Mortgage Loan Seller, in each case within ten (10) Business Days from such party’s receipt of a Repurchase Communication of such Repurchase Request, Repurchase Request Withdrawal, Repurchase or Repurchase Request Rejection, as applicable; provided, however, if the Master Servicer or the Special Servicer receives notice of a Repurchase Request Withdrawal or Repurchase Request Rejection from the Special Servicer or the Master Servicer, as applicable, then such receiving party shall have no obligation to deliver such notice to any other party.

 

Each Rule 15Ga-1 Notice shall include (i) the identity of the related Mortgage Loan, (ii) the date the Repurchase Communication of the Repurchase Request, Repurchase Request Withdrawal, Repurchase or Repurchase Request Rejection, as applicable, was received and (iii) in the case of a Repurchase Request, (A) if known, the basis for the Repurchase Request (as asserted in the Repurchase Request) and (B) a statement from the Repurchase Request Recipient as to whether it currently plans to pursue such Repurchase Request.

 

 

     -175-

     

    

 

No Person that is required to provide a Rule 15Ga-1 Notice pursuant to this Section 2.03(c) (a “Rule 15Ga-1 Notice Provider”) shall be required to provide any information in a Rule 15Ga-1 Notice protected by the attorney-client privilege or attorney work product doctrines. Each Mortgage Loan Purchase Agreement will provide that (i) any Rule 15Ga-1 Notice provided pursuant to this Section 2.03(c) is so provided only to assist the related Mortgage Loan Seller, the Depositor and its Affiliates to comply with Rule 15Ga-1 under the Exchange Act, Items 1104 and 1121 of Regulation AB and any other requirement of law or regulation and (ii) (A) no action taken by, or inaction of, a Rule 15Ga-1 Notice Provider and (B) no information provided pursuant to this Section 2.03(c) by a Rule 15Ga-1 Notice Provider, shall be deemed to constitute a waiver or defense to the exercise of any legal right the Rule 15Ga-1 Notice Provider may have with respect to the related Mortgage Loan Purchase Agreement, including with respect to any Repurchase Request that is the subject of a Rule 15Ga-1 Notice.

 

In the event that the Depositor, the Trustee, the Certificate Administrator or the Custodian receives a Repurchase Communication of a Repurchase Request or a Repurchase Request Withdrawal, then such party shall promptly forward such Repurchase Communication of such Repurchase Request or Repurchase Request Withdrawal to the Master Servicer, if relating to a Performing Loan, or to the Special Servicer, if relating to a Specially Serviced Loan or REO Property, and include the following statement in the related correspondence: “This is a “Repurchase Request [Withdrawal]” under Section 2.03(c) of the Pooling and Servicing Agreement relating to the Benchmark 2020-IG3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-IG3 requiring action by you as the recipient of such Repurchase Request or Repurchase Request Withdrawal thereunder”. Upon receipt of such Repurchase Communication of such Repurchase Request or Repurchase Request Withdrawal by the Master Servicer or the Special Servicer, as applicable, such party shall be deemed to be the Repurchase Request Recipient of such Repurchase Communication of such Repurchase Request or Repurchase Request Withdrawal, and such party shall comply with the procedures set forth in this Section 2.03(c) with respect to such Repurchase Request or Repurchase Request Withdrawal. In no event shall the Custodian, by virtue of this provision, be required to provide any notice other than as set forth in Section 2.02 of this Agreement in connection with its review of the Mortgage File.

 

(d)           A “Defect” shall exist with respect to a Mortgage Loan or Trust Subordinate Companion Loan if any document constituting a part of the related Mortgage File has not been delivered within the time periods provided for in the related Mortgage Loan Purchase Agreement, has not been properly executed, is missing, does not appear to be regular on its face or contains information that does not conform in any material respect with the corresponding information set forth in the Mortgage Loan Schedule. A “Breach” shall mean a breach of any representation or warranty of any Mortgage Loan Seller made pursuant to the related Mortgage Loan Purchase Agreement with respect to any Mortgage Loan or Trust Subordinate Companion Loan. If any party hereto discovers or receives notice of a Defect or a Breach, and if such Defect is a Material Defect or such Breach is a Material Breach, as applicable, then such party, on behalf of the Trust Fund, shall give prompt written notice thereof (which notice shall be accompanied by a written demand to cure, repurchase or substitute in accordance with the applicable Mortgage Loan Purchase Agreement) to the related Mortgage Loan Seller, the other parties hereto, the 17g-5 Information Provider (who shall promptly post

 

 

     -176-

     

    

 

such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement), the related Serviced Companion Loan Noteholder (if any) and, for so long as no Consultation Termination Event is continuing, the Directing Holder. If any such Defect or Breach materially and adversely affects the value of any Mortgage Loan or Trust Subordinate Companion Loan, the value of the related Mortgaged Property or the interests of the Trustee, any Certificateholders or the RR Interest Owner in any Mortgage Loan or Mortgaged Property, or causes the related Mortgage Loan or Trust Subordinate Companion Loan to be other than a Qualified Mortgage, then such Defect shall constitute a “Material Defect” or such Breach shall constitute a “Material Breach”, as the case may be. The Custodian, the Certificate Administrator and the Trustee shall not be required to make any such determination.

 

Subject to the applicable Mortgage Loan Seller’s right to cure as contemplated above in this Section 2.03, and further subject to Section 2.01(a), Section 2.01(b) and Section 2.01(c), any of the following shall cause a document in the Mortgage File to be deemed to have a “Defect” that constitutes a Material Defect: (a) the absence from the Mortgage File of the original signed Mortgage Note, unless the Mortgage File contains a signed lost note affidavit and indemnity with a copy of the Mortgage Note that appears to be regular on its face; (b) the absence from the Mortgage File of the original signed Mortgage that appears to be regular on its face, unless there is included in the Mortgage File either a copy of the Mortgage with evidence of recording thereon or a copy of the Mortgage and a certificate from the related Mortgage Loan Seller stating that the original signed Mortgage was sent for recordation; (c) the absence from the Mortgage File of the item called for by clause (viii) of the definition of “Mortgage File”; (d) the absence from the Mortgage File of any intervening assignments required to create a complete chain of assignments to the Trustee on behalf of the Trust, unless there is included in the Mortgage File either a copy of the assignment with evidence of recording thereon or a copy of the intervening assignment and a certificate from the related Mortgage Loan Seller stating that the original intervening assignments were sent for filing or recordation, as applicable; (e) the absence from the Mortgage File of any required letter of credit (except as permitted under Section 2.01(c)); or (f) with respect to any related leasehold Mortgage Loan, the absence from the related Mortgage File of a copy (or an original, if available) of the related Ground Lease; provided, however, that no Defect (except the Defects previously described in subclauses (a) through (f) of this Section 2.03(d)) shall be considered to materially and adversely affect the value of the related Mortgage Loan, the value of the related Mortgaged Property or the interests of the Trustee or Certificateholders unless the document with respect to which the Defect exists is required in connection with an imminent enforcement of the mortgagee’s rights or remedies under the related Mortgage Loan, defending any claim asserted by any Mortgagor or third party with respect to the related Mortgage Loan, establishing the validity or priority of any lien on any collateral securing the related Mortgage Loan or for any immediate significant servicing obligation; provided, further, that no Defect relating to any Non-Serviced Mortgage Loan previously described in subclauses (b) through (f) of this Section 2.03(d) shall be considered to materially and adversely affect the value of such Mortgage Loan, the value of the related Mortgaged Property or the interests of the Trustee or Certificateholders unless the related Mortgage Loan Seller, after receipt of notice of such Defect, fails to produce a copy of the document with respect to which the Defect exists within a reasonable period after receiving such notice or otherwise establish that the original or copy, as applicable, of such document has been delivered, in compliance with the terms of the related Other Pooling and Servicing Agreement, to the custodian under the related Other Pooling and Servicing Agreement. Notwithstanding the

 

 

     -177-

     

    

 

foregoing, the delivery of executed escrow instructions or a binding commitment to issue a lender’s title insurance policy, as provided in clause (viii) of the definition of “Mortgage File” herein, in lieu of the delivery of the actual policy of lender’s title insurance, shall not be considered a Material Defect with respect to any Mortgage File if such actual policy is delivered to the Custodian not later than eighteen (18) months following the Closing Date. Notwithstanding the foregoing, to the extent a Mortgage Loan Seller has otherwise complied with its document delivery requirements under this Agreement and the related Mortgage Loan Purchase Agreement, in the event that the Custodian has acknowledged receipt pursuant to Section 2.02 above of a document that is part of the Mortgage File or a Mortgage Loan Seller can otherwise prove delivery of the document, and the Custodian subsequently loses a document, the fact that such document is lost may not be utilized as the basis for a claim of a Material Defect against a Mortgage Loan Seller pursuant to Section 6(e) of the related Mortgage Loan Purchase Agreement and/or this Section 2.03 and the Custodian shall be liable for any such loss to the extent provided for in Section 8.01 hereof.

 

Promptly upon receiving written notice of any such Material Defect or Material Breach with respect to a Mortgage Loan or Trust Subordinate Companion Loan, accompanied by a written demand to take the actions contemplated by this sentence from the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator or the Custodian, on behalf of the Trust Fund, the applicable Mortgage Loan Seller shall, not later than ninety (90) days following the earlier of (i) such Mortgage Loan Seller’s discovery of any Material Defect, (ii) such Mortgage Loan Seller’s receipt of notice of any Material Defect from any party to this Agreement or (iii) in the case of a Material Defect relating to a Mortgage Loan or Trust Subordinate Companion Loan not being a Qualified Mortgage, the earlier of (x) the discovery of any Material Defect by any party to this Agreement or (y) receipt of a notice of any Material Defect by the applicable Mortgage Loan Seller (any such 90-day period, the “Initial Cure Period”), (i) cure the same in all material respects, (ii) repurchase the affected Mortgage Loan, Trust Subordinate Companion Loan or REO Loan at the applicable Purchase Price in conformity with the applicable Mortgage Loan Purchase Agreement or (iii) substitute a Qualified Substitute Mortgage Loan (other than with respect to the Whole Loans, as applicable, for which no substitution will be permitted) for such affected Mortgage Loan (provided that, in no event shall such substitution occur later than the second anniversary of the Closing Date) and pay to the Master Servicer for deposit into the Collection Account (or, with respect to any Serviced Whole Loan, the applicable Serviced Whole Loan Collection Account) any Substitution Shortfall Amount in connection therewith; provided that, GACC may not repurchase such Trust Subordinate Companion Loan without repurchasing the related Mortgage Loan; provided, however, that except with respect to a Material Defect resulting solely from the failure by the Mortgage Loan Seller to deliver to the Trustee or Custodian the actual policy of lender’s title insurance required pursuant to clause (viii) of the definition of “Mortgage File” by a date not later than eighteen (18) months following the Closing Date, if such Material Defect is capable of being cured but is not cured within the Initial Cure Period, and the applicable Mortgage Loan Seller has commenced and is diligently proceeding with the cure of such Material Defect within the Initial Cure Period, the applicable Mortgage Loan Seller shall have an additional ninety (90) days commencing immediately upon the expiration of the Initial Cure Period (such additional ninety (90) day period, the “Extended Cure Period”) to complete such cure (or, failing such cure, to repurchase the related Mortgage Loan, Trust Subordinate Companion Loan or REO Loan (excluding any related Serviced Companion Loan, if applicable) or substitute a Qualified

 

 

     -178-

     

    

 

Substitute Mortgage Loan (other than with respect to the Whole Loans, for which no substitution will be permitted)) and provided, further, that with respect to such Extended Cure Period the applicable Mortgage Loan Seller shall have delivered an officer’s certificate to the Trustee, the Certificate Administrator (who shall promptly deliver a copy of such officer’s certificate to the 17g-5 Information Provider), the Master Servicer, the Special Servicer and (with respect to any Mortgage Loan, prior to the occurrence of a Consultation Termination Event, but in no event with respect to any Mortgage Loan that is an Excluded Loan) the Directing Certificateholder, setting forth the reason such Material Defect is not capable of being cured within the Initial Cure Period and what actions the applicable Mortgage Loan Seller is pursuing in connection with the cure thereof and stating that the applicable Mortgage Loan Seller anticipates that such Material Defect will be cured within the Extended Cure Period. Notwithstanding the foregoing, any Defect or Breach which causes any Mortgage Loan or Trust Subordinate Companion Loan not to be a Qualified Mortgage shall be deemed to materially and adversely affect the interests of Certificateholders therein, and (subject to the applicable Mortgage Loan Seller’s right to cure such Defect or Breach during the Initial Cure Period) such Mortgage Loan shall be repurchased or substituted for without regard to the Extended Cure Period described in the preceding sentence. If the affected Mortgage Loan is to be repurchased, the funds in the amount of the Purchase Price remitted by the applicable Mortgage Loan Seller (or, in the case of a Joint Mortgage Loan, the applicable Mortgage Loan Seller Percentage Interest thereof) are to be remitted by wire transfer to the Master Servicer for deposit into the Collection Account. Notwithstanding the foregoing, if a Mortgage Loan is not secured by a Mortgaged Property that is, in whole or in part, a hotel, restaurant (operated by a Borrower), healthcare facility, nursing home, assisted living facility, theatre or fitness center (operated by a Borrower), then the failure to deliver to the Custodian copies of the UCC financing statements with respect to such Mortgage Loan shall not be a Material Defect. With respect to any Joint Mortgage Loan, each applicable Mortgage Loan Seller’s obligation shall be such Mortgage Loan Seller’s pro rata share based on such Mortgage Loan Seller’s percentage interest as of the date of the applicable Mortgage Loan Purchase Agreement in such Joint Mortgage Loan. With respect to the Non-Serviced Mortgage Loans, the related Mortgage Loan Seller agrees that any Defect as such term is defined in the related Other Pooling and Servicing Agreement (other than a Defect related to the promissory note for the related Companion Loan) will constitute a Defect under the related Mortgage Loan Purchase Agreement.

 

Notwithstanding the foregoing, if there is a Material Breach or Material Defect with respect to one or more Mortgaged Properties with respect to a Mortgage Loan (or Trust Subordinate Companion Loan), the applicable Mortgage Loan Seller will not be obligated to repurchase the Mortgage Loan (or Trust Subordinate Companion Loan) and such Material Breach or Material Defect will be considered Resolved if (i) the affected Mortgaged Property may be released pursuant to the terms of any partial release provisions in the related Loan Documents (and such Mortgaged Property is, in fact, released), (ii) the remaining Mortgaged Property(ies) satisfy the requirements, if any, set forth in the Loan Documents and the Mortgage Loan Seller provides an Opinion of Counsel to the effect that such release would not cause an Adverse REMIC Event to occur and (iii) each applicable Rating Agency has provided a Rating Agency Confirmation.

 

If a cross-collateralized Mortgage Loan is required to be repurchased or substituted for and the applicable Material Defect does not constitute a Material Defect as to any

 

 

     -179-

     

    

 

other cross-collateralized Mortgage Loan in the related group of cross-collateralized Mortgage Loans (without regard to this paragraph), then the applicable Material Defect shall be deemed to constitute a Material Defect as to any other cross-collateralized Mortgage Loan in the related cross-collateralized group for purposes of this paragraph, and the related Mortgage Loan Seller shall be required to repurchase or substitute for the other cross-collateralized Mortgage Loan(s) in the related cross-collateralized group unless such other cross-collateralized Mortgage Loans satisfy the Cross-Collateralized Mortgage Loan Repurchase Criteria. In the event that the remaining cross-collateralized Mortgage Loans in such cross-collateralized group satisfy the Cross-Collateralized Mortgage Loan Repurchase Criteria, the applicable Mortgage Loan Seller may elect either to repurchase or substitute for only the affected cross-collateralized Mortgage Loan(s) as to which the related Material Defect exists or to repurchase or substitute for all of the cross-collateralized Mortgage Loans in the related cross-collateralized group. Any reserve or other cash collateral or letters of credit securing the cross-collateralized Mortgage Loans shall be allocated among the related cross-collateralized Mortgage Loans in accordance with the related Mortgage Loan documents or otherwise on a pro rata basis based upon their outstanding Stated Principal Balances. Except as provided in this paragraph and the following paragraph, all other terms of the related Mortgage Loans shall remain in full force and effect without any modification thereof.

 

Notwithstanding the immediately preceding paragraph, if the related Mortgage provides for the partial release of one or more of the cross-collateralized Mortgage Loans, the related Mortgage Loan Seller may repurchase only that cross-collateralized Mortgage Loan required to be repurchased, pursuant to the partial release provisions of the related Mortgage; provided, however, that (i) the remaining related cross-collateralized Mortgage Loan(s) fully comply with the terms and conditions of the related Mortgage, this Agreement and the related Mortgage Loan Purchase Agreement, including the Cross-Collateralized Mortgage Loan Repurchase Criteria, (ii) in connection with such partial release, the related Mortgage Loan Seller obtains an opinion of counsel (at such Mortgage Loan Seller’s expense) to the effect that the contemplated action shall not (A) cause any Trust REMIC to fail to qualify as a REMIC or (B) result in the imposition of a tax upon any Trust REMIC or the issuing entity and (iii) in connection with such partial release, the related Mortgage Loan Seller shall deliver or cause to be delivered to the custodian original modifications to the Mortgage prepared and executed in connection with such partial release.

 

With respect to any cross-collateralized Mortgage Loan, to the extent that the applicable Mortgage Loan Seller is required or elects, as applicable, to repurchase or substitute for such cross-collateralized Mortgage Loan in the manner prescribed in either of the two preceding paragraphs while the trustee continues to hold any other cross-collateralized Mortgage Loans in the related cross-collateralized group, the applicable Mortgage Loan Seller, the Master Servicer and the Special Servicer, on behalf of the trustee, as assignee of the depositor, shall, as set forth in the related Mortgage Loan Purchase Agreement, forbear from enforcing any remedies against the other’s Primary Collateral but each will be permitted to exercise remedies against the Primary Collateral securing its respective related Mortgage Loans, including with respect to the trustee, the Primary Collateral securing the Mortgage Loans still held by the trustee, so long as such exercise does not materially impair the ability of the other party to exercise its remedies against its Primary Collateral. If the exercise of the remedies by one party would materially impair the ability of the other party to exercise its remedies with respect to the Primary Collateral securing the cross-collateralized Mortgage Loans held by such party, then both parties have

 

 

     -180-

     

    

 

agreed in the related Mortgage Loan Purchase Agreement to forbear from exercising such remedies until the Mortgage Loan documents evidencing and securing the relevant Mortgage Loan can be modified in a manner that complies with the related Mortgage Loan Purchase Agreement to remove the threat of material impairment as a result of the exercise of remedies.

 

If a Mortgage Loan Seller, in connection with a Material Defect or a Material Breach (or an allegation of a Material Defect or a Material Breach) pertaining to a Mortgage Loan (or Trust Subordinate Companion Loan), makes a cash payment pursuant to an agreement or a settlement between the applicable Mortgage Loan Seller and the Special Servicer on behalf of the Trust (and, for so long as no Control Termination Event is continuing and only with respect to any Mortgage Loan that is not an applicable Excluded Loan or any Servicing Shift Mortgage Loan, with the consent of the Directing Holder) (or the BX industrial Portfolio Controlling Class Representative, the Tower 333 Controlling Class Representative or the 825 South Hill Controlling Class Representative, as applicable, in respect of the related Trust Subordinate Companion Loans) if no Control Termination Event has occurred and is continuing (each such payment, a “Loss of Value Payment”) with respect to such Mortgage Loan, the amount of such Loss of Value Payment shall be deposited into the Loss of Value Reserve Fund to be applied in accordance with Section 3.06(e) of this Agreement. In connection with any such determination with respect to any Performing Loan, the Master Servicer shall promptly provide the Special Servicer, but in any event within the time frame and in the manner set forth in Section 3.23, with the Servicing File and all information, documents (but excluding the original documents constituting the Mortgage File) and records (including records stored electronically) relating to such Mortgage Loan or Serviced Whole Loan, as applicable, and reasonably requested by the Special Servicer pursuant to Section 2.03 in order to permit the Special Servicer to calculate the Loss of Value Payment. If such Loss of Value Payment is made, the Loss of Value Payment shall serve as the sole remedy available to the Certificateholders, the RR Interest Owner and the Trustee on their behalf regarding any such Material Breach or Material Defect in lieu of any obligation of the Mortgage Loan Seller to otherwise cure such Material Breach or Material Defect or repurchase or substitute for the affected Mortgage Loan or Trust Subordinate Companion Loan based on such Material Breach or Material Defect under any circumstances. This paragraph is intended to apply only to a mutual agreement or settlement between the applicable Mortgage Loan Seller and the Trust, provided that (i) prior to any such agreement or settlement nothing in this paragraph shall preclude the Mortgage Loan Seller or the Trustee from exercising any of its rights related to a Material Defect or a Material Breach in the manner and timing set forth in the related Mortgage Loan Purchase Agreement or this Section 2.03 (excluding this paragraph) (including any right to cure, repurchase or substitute for such Mortgage Loan or Trust Subordinate Companion Loan); (ii) such Loss of Value Payment shall not be greater than the Purchase Price of the affected Mortgage Loan or Trust Subordinate Companion Loan; and (iii) a Material Defect or a Material Breach as a result of a Mortgage Loan or Trust Subordinate Companion Loan not constituting a Qualified Mortgage may not be cured by a Loss of Value Payment. With respect to any Joint Mortgage Loan, each applicable Mortgage Loan Seller’s obligation shall be such Mortgage Loan Seller’s pro rata share based on such Mortgage Loan Seller’s percentage interest as of the date of the applicable Mortgage Loan Purchase Agreement in such Joint Mortgage Loan.

 

If any Breach pertains to a representation or warranty to the effect that the related Mortgage Loan documents or any particular Mortgage Loan document requires the related

 

 

     -181-

     

    

 

Borrower to bear the costs and expenses associated with any particular action or matter under such Mortgage Loan document(s), then the related Mortgage Loan Seller shall cure such Breach within the applicable cure period (as the same may be extended) by reimbursing the Trust Fund (by wire transfer of immediately available funds) the reasonable amount of any such costs and expenses incurred by the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee or the Trust Fund that are incurred as a result of such Breach and have not been reimbursed by the related Borrower; provided, however, that in the event any such costs and expenses exceed $10,000, the related Mortgage Loan Seller shall have the option to either repurchase or substitute for the related Mortgage Loan as provided above or pay such costs and expenses. Except as provided in the proviso to the immediately preceding sentence, the related Mortgage Loan Seller shall remit the amount of such costs and expenses and upon its making such remittance, the related Mortgage Loan Seller shall be deemed to have cured such Breach in all respects. To the extent any fees or expenses that are the subject of a cure by the related Mortgage Loan Seller are subsequently obtained from the related Borrower, the portion of the cure payment made by the related Mortgage Loan Seller equal to such fees or expenses obtained from the related Borrower shall promptly be returned to the related Mortgage Loan Seller. With respect to any Joint Mortgage Loan, each applicable Mortgage Loan Seller’s obligation shall be such Mortgage Loan Seller’s pro rata share based on such Mortgage Loan Seller’s percentage interest as of the date of the applicable Mortgage Loan Purchase Agreement in such Joint Mortgage Loan.

 

(e)           In connection with any repurchase of or substitution for a Mortgage Loan contemplated by this Section 2.03, (A) the Custodian, the Master Servicer (with respect to any Performing Loan) and the Special Servicer (with respect to any Specially Serviced Loan) shall each tender to the applicable Mortgage Loan Seller all portions of the Mortgage File (in the case of the Custodian) and the Servicing File (in the case of the Master Servicer and the Special Servicer, as applicable) and other documents pertaining to such Mortgage Loan possessed by it (other than attorney-client communications that are privileged communications), upon delivery (i) to each of the Master Servicer or the Special Servicer, as applicable, of a trust receipt and (ii) to the Custodian by the Master Servicer or the Special Servicer, as applicable, of a Request for Release and an acknowledgement by the Master Servicer or Special Servicer, as applicable, of its receipt of the Purchase Price or the Substitution Shortfall Amount from the applicable Mortgage Loan Seller, (B) each document that constitutes a part of the Mortgage File that was endorsed or assigned to the Trustee shall be endorsed or assigned without recourse in the form of endorsement or assignment provided to the Custodian by the applicable Mortgage Loan Seller, as the case may be, to the applicable Mortgage Loan Seller as shall be necessary to vest in the applicable Mortgage Loan Seller the legal and beneficial ownership of such Mortgage Loan to the extent such ownership was transferred to the Trustee (provided that the Master Servicer or Special Servicer, as applicable, shall use reasonable efforts to cooperate in furnishing necessary information to the extent in its possession to the Mortgage Loan Seller in connection with such Mortgage Loan Seller’s preparation of such endorsement or assignment) and (C) the Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer shall release, or cause a release of, any escrow payments and reserve funds held by the Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer, as applicable, or on the Trustee’s, the Certificate Administrator’s, the Master Servicer’s and the Special Servicer’s, as applicable, behalf, in respect of such Mortgage Loan to the applicable Mortgage Loan Seller.

 

 

     -182-

     

    

 

(f)            The Special Servicer (with respect to a Specially Serviced Loan) or the Master Servicer (with respect to a non-Specially Serviced Loan) shall, for the benefit of the Certificateholders and the Trustee, use reasonable efforts to enforce the obligations of the applicable Mortgage Loan Seller under Section 6 of the applicable Mortgage Loan Purchase Agreement. Such enforcement, including, without limitation, the legal prosecution of claims, shall be carried out in accordance with the Servicing Standard. The Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer, as the case may be, shall be reimbursed for the reasonable costs of such enforcement: first, pursuant to Section 3.06 of this Agreement (with respect to the related Mortgage Loan), out of the related Purchase Price or Substitution Shortfall Amount, as applicable, to the extent that such expenses are a specific component thereof; and second, if at the conclusion of such enforcement action it is determined that the amounts described in clause first are insufficient, then pursuant to Section 3.06 of this Agreement, out of general collections on the Mortgage Loans on deposit in the Collection Account in each case with interest thereon at the Reimbursement Rate from the time such expense was incurred to, but excluding, the date such expense was reimbursed. To the extent the applicable Mortgage Loan Seller prevails in such proceeding, such Mortgage Loan Seller shall be entitled to reimbursement from the Trust for all necessary and reasonable costs and expenses incurred in connection with such proceeding, including reasonable attorneys’ fees.

 

So long as document exceptions are outstanding, on each anniversary of the Closing Date, the Custodian shall prepare and forward to the Depositor, the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, the Directing Holder (as identified to the Custodian by the Certificate Administrator), the BX Industrial Portfolio Controlling Class Representative (only with respect to the BX Industrial Portfolio Mortgage Loan), the Tower 333 Controlling Class Representative (only with respect to the Tower 333 Mortgage Loan), the Tower 333 Controlling Class Representative (only with respect to the Tower 333 Mortgage Loan) and the applicable Mortgage Loan Seller, a document exception report setting forth the then current status of any Defects related to the Mortgage Files pertaining to the Mortgage Loans sold by such Mortgage Loan Seller.

 

As to any Qualified Substitute Mortgage Loan, the Master Servicer (with respect to Performing Loans) or the Special Servicer (with respect to Specially Serviced Loans and REO Properties) shall direct the related Mortgage Loan Seller to deliver to the Custodian for such Qualified Substitute Mortgage Loan (with a copy to the Master Servicer), the related Mortgage File with the related Mortgage Note endorsed as required by Section 2.01(a)(i) hereof. Periodic Payments due with respect to Qualified Substitute Mortgage Loans in or prior to the month of substitution shall not be part of the Trust Fund and, if received by the Master Servicer, shall be remitted by the Master Servicer to the related Mortgage Loan Seller on the next succeeding Distribution Date. For the month of repurchase or substitution, distributions to Certificateholders will include the Periodic Payment(s) due on the related Removed Mortgage Loan, if and to the extent received by the Master Servicer or the Special Servicer on behalf of the Trust on or prior to the related date of repurchase or substitution, as applicable, and such Mortgage Loan Seller shall be entitled to retain all amounts received thereafter in respect of such Removed Mortgage Loan.

 

In any month in which a Mortgage Loan Seller substitutes one or more Qualified Substitute Mortgage Loans for one or more Removed Mortgage Loans, the Master Servicer will

 

 

     -183-

     

    

 

determine the applicable Substitution Shortfall Amount and promptly notify the Certificate Administrator thereof. Promptly upon receipt of such notice, the Certificate Administrator shall direct such Mortgage Loan Seller to deposit into the Collection Account and/or the applicable Serviced Whole Loan Collection Account, as applicable, cash equal to such amount concurrently with the delivery of the Mortgage Files for such Qualified Substitute Mortgage Loans, without any reimbursement thereof. The Certificate Administrator shall also direct such Mortgage Loan Seller to give written notice to the Depositor, the Trustee and the Master Servicer of such deposit. The Certificate Administrator shall cause its Distribution Date Statement to reflect the removal of each Removed Mortgage Loan and, if applicable, the substitution of the Qualified Substitute Mortgage Loan. Upon any such substitution, the Qualified Substitute Mortgage Loans shall be subject to the terms of this Agreement in all respects.

 

It is understood and agreed that Section 6 of the Mortgage Loan Purchase Agreements provides the sole remedy available to the Certificateholders, the RR Interest Owner and the Trustee on behalf of the Certificateholders respecting any Breach (including a Breach with respect to a Mortgage Loan or Trust Subordinate Companion Loan failing to constitute a Qualified Mortgage) or any Defect.

 

(g)           In the event that any litigation is commenced which alleges facts which, in the judgment of the Depositor, could constitute a breach of any of the Depositor’s representations and warranties relating to the Mortgage Loans, the Depositor hereby reserves the right to conduct the defense of such litigation at its expense and shall not be required to obtain any consent from the Master Servicer, the Special Servicer or the Directing Holder, unless such defense results in any liability of the Master Servicer, the Special Servicer or the Directing Holder, as applicable.

 

(h)           If for any reason a Mortgage Loan Seller fails to fulfill its obligations under the related Mortgage Loan Purchase Agreement with respect to any Mortgage Loan, the Master Servicer (with respect to Performing Loans) and the Special Servicer (with respect to Specially Serviced Loans) shall use reasonable efforts in enforcing any obligation of such Mortgage Loan Seller (including but not limited to) to cure, repurchase or substitute for such Mortgage Loan under the terms of the related Mortgage Loan Purchase Agreement all at the expense of such Mortgage Loan Seller.

 

(i)            Notwithstanding anything to the contrary contained in this Agreement, for the purposes of Section 2.03 of this Agreement and any provision relating to repurchase and substitution obligations for a Material Breach or Material Defect, with respect to any Joint Mortgage Loan, the obligations of each of the applicable Mortgage Loan Sellers to repurchase or substitute such Joint Mortgage Loan shall be limited to a repurchase, substitution or Loss of Value Payment with respect to the Note it sold to the Depositor in accordance with the related Mortgage Loan Purchase Agreement. With respect to any Joint Mortgage Loan, any cure by either of the applicable Mortgage Loan Sellers with respect to the Note sold by it to the Depositor in accordance with the related Mortgage Loan Purchase Agreement that also cures the Material Defect or Material Breach with respect to the entire related Joint Mortgage Loan shall satisfy the cure obligations of both Mortgage Loan Sellers with respect to such Joint Mortgage Loan.

 

 

     -184-

     

    

 

Section 2.04           Representations, Warranties and Covenants of the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee. (a) The Master Servicer, as Master Servicer, hereby represents and warrants with respect to itself to the Trustee, for its own benefit and the benefit of the Certificateholders, and to the Depositor, the Certificate Administrator, the Special Servicer and the Serviced Companion Loan Noteholders, as of the Closing Date, that:

 

(i)            The Master Servicer is a national banking association, duly organized, validly existing and in good standing under the laws of the United States of America, and the Master Servicer is in compliance with the laws of each state (within the United States of America) in which any related Mortgaged Property is located to the extent necessary to perform its obligations under this Agreement;

 

(ii)           The execution and delivery of this Agreement by the Master Servicer, and the performance and compliance with the terms of this Agreement by the Master Servicer, do not (A) violate the Master Servicer’s organizational documents, (B) constitute a default (or an event which, with notice or lapse of time, or both, would constitute a default) under, or result in the breach of, any material agreement or other material instrument to which it is a party or which is applicable to it or any of its assets, or (C) violate any law, rule, regulation, order, judgment or decree to which the Master Servicer or its property is subject, which, in the case of either (B) or (C), is likely to materially and adversely affect either the ability of the Master Servicer to perform its obligations under this Agreement or its financial condition;

 

(iii)          The Master Servicer has the full corporate power and authority to enter into and consummate all transactions to be performed by it contemplated by this Agreement, has duly authorized the execution, delivery and performance by it of this Agreement, and has duly executed and delivered this Agreement;

 

(iv)          This Agreement, assuming due authorization, execution and delivery by the Trustee, the Paying Agent, the Certificate Administrator, the Special Servicer and the Depositor, constitutes a valid, legal and binding obligation of the Master Servicer, enforceable against the Master Servicer in accordance with the terms hereof, subject to applicable bankruptcy, insolvency, reorganization, receivership, moratorium and other laws affecting the enforcement of creditors’ rights generally, and general principles of equity, regardless of whether such enforcement is considered in a proceeding in equity or at law;

 

(v)          
The Master Servicer is not in default with respect to any law, any order or decree of any court, or any order, regulation or
demand of any federal, state, municipal or governmental agency, which default, in the Master Servicer’s reasonable
judgment is likely to materially and adversely affect the financial condition or operations of the Master Servicer or its
properties taken as a whole or its ability to perform its duties and obligations hereunder;

 

(vi)          No litigation is pending or, to the best of the Master Servicer’s knowledge, threatened against the Master Servicer which would prohibit the Master Servicer from entering into this Agreement or, in the Master Servicer’s good faith and reasonable

 

 

     -185-

     

    

 

judgment is likely to materially and adversely affect either the ability of the Master Servicer to perform its obligations under this Agreement or the financial condition of the Master Servicer;

 

(vii)         No consent, approval, authorization or order of any court or governmental agency or body is required for the execution, delivery and performance by the Master Servicer of, or compliance by the Master Servicer with, this Agreement or the consummation of the transactions of the Master Servicer contemplated by this Agreement, except for any consent, approval, authorization or order which has been obtained, or which, if not obtained would not have a materially adverse effect on the ability of the Master Servicer to perform its obligations hereunder; and

 

(viii)        Each officer and employee of the Master Servicer that has responsibilities concerning the servicing and administration of Mortgage Loans or Serviced Whole Loans is covered by errors and omissions insurance and the fidelity bond in the amounts and with the coverage required by this Agreement or the Master Servicer self-insures for such risks in compliance with the requirements of Section 3.08(d) of this Agreement.

 

(b)           The Special Servicer, as Special Servicer, hereby represents and warrants to and covenants with the Trustee, for its own benefit and the benefit of the Certificateholders, and to the Depositor, the Certificate Administrator, the Master Servicer and the Serviced Companion Loan Noteholders, as of the Closing Date, that:

 

(i)            The Special Servicer is a national banking association, duly organized, validly existing and in good standing under the laws of the United States, and the Special Servicer is in compliance with the laws of each state (within the United States of America) in which any related Mortgaged Property is located to the extent necessary to perform its obligations under this Agreement;

 

(ii)           The execution and delivery of this Agreement by the Special Servicer, and the performance and compliance with the terms of this Agreement by the Special Servicer, do not (A) violate the Special Servicer’s organizational documents or (B) constitute a default (or an event which, with notice or lapse of time, or both, would constitute a default) under, or result in the breach of, any material agreement or other material instrument to which it is a party or which is applicable to it or any of its assets, or (C) violate any law, rule, regulation, order, judgment or decree to which the Special Servicer or its property is subject, which, in the case of either (B) or (C), is likely to materially and adversely affect either the ability of the Special Servicer to perform its obligations under this Agreement or its financial condition; 

 

(iii)          The Special Servicer has the full corporate power and authority to enter into and consummate all transactions to be performed by it contemplated by this Agreement, has duly authorized the execution, delivery and performance by it of this Agreement, and has duly executed and delivered this Agreement;

 

(iv)         This Agreement, assuming due authorization, execution and delivery by the Trustee, the Certificate Administrator, the Master Servicer and the Depositor, constitutes a valid, legal and binding obligation of the Special Servicer, enforceable

 

 

     -186-

     

    

 

against the Special Servicer in accordance with the terms hereof, subject to applicable bankruptcy, insolvency, reorganization, receivership, moratorium and other laws affecting the enforcement of creditors’ rights generally, and general principles of equity, regardless of whether such enforcement is considered in a proceeding in equity or at law;

 

(v)           The Special Servicer is not in default with respect to any law, any order or decree of any court, or any order, regulation or demand of any federal, state, municipal or governmental agency, which default, in the Special Servicer’s reasonable judgment is likely to materially and adversely affect the financial condition or operations of the Special Servicer or its properties taken as a whole or its ability to perform its duties and obligations hereunder;

 

(vi)          No litigation is pending or, to the best of the Special Servicer’s knowledge, threatened against the Special Servicer which would prohibit the Special Servicer from entering into this Agreement or, in the Special Servicer’s good faith and reasonable judgment is likely to materially and adversely affect either the ability of the Special Servicer to perform its obligations under this Agreement or the financial condition of the Special Servicer;

 

(vii)         No consent, approval, authorization or order of any court or governmental agency or body is required for the execution, delivery and performance by the Special Servicer of, or compliance by the Special Servicer with, this Agreement or the consummation of the transactions of the Special Servicer contemplated by this Agreement, except for any consent, approval, authorization or order which has been obtained, or which, if not obtained would not have a materially adverse effect on the ability of the Special Servicer to perform its obligations hereunder; and

 

(viii)        Each officer and employee of the Special Servicer that has responsibilities concerning the servicing and administration of Mortgage Loans or Serviced Whole Loans is covered by errors and omissions insurance and the fidelity bond in the amounts and with the coverage required by this Agreement or the Special Servicer self-insures for such risks in compliance with the requirements of Section 3.08(d) of this Agreement.

 

(c)           [Reserved].

 

(d)          The Trustee hereby represents and warrants to the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Serviced Companion Loan Noteholders as of the Closing Date, that:

 

(i)            The Trustee is a national banking association, duly organized, validly existing and in good standing under the laws of the United States of America and has full power, authority and legal right to own its properties and conduct its business as presently conducted and to execute, deliver and perform the terms of this Agreement;

 

(ii)            This Agreement has been duly authorized, executed and delivered by the Trustee and, assuming due authorization, execution and delivery by the other parties hereto, constitutes a legal, valid and binding instrument enforceable against the Trustee in accordance with its terms, except as such enforcement may be limited by bankruptcy,

 

 

     -187-

     

    

 

insolvency, reorganization or other similar laws affecting the enforcement of creditors’ rights in general and by general equity principles (regardless of whether such enforcement is considered in a proceeding in equity or at law);

 

(iii)          Neither the execution and delivery of this Agreement by the Trustee nor the consummation by the Trustee of the transactions herein contemplated to be performed by the Trustee, nor compliance by the Trustee with the provisions hereof, will conflict with or result in a breach of, or constitute a default under, any of the provisions of any applicable law (subject to the appointment in accordance with such applicable law of any co-Trustee or separate Trustee required pursuant to this Agreement), governmental rule, regulation, judgment, decree or order binding on the Trustee or its properties or the organizational documents of the Trustee or the terms of any material agreement, instrument or indenture to which the Trustee is a party or by which it is bound which, in the Trustee’s good faith and reasonable judgment, is likely to affect materially and adversely the ability of the Trustee to perform its obligations under this Agreement;

 

(iv)          The Trustee is not in violation of, and the execution and delivery of this Agreement by the Trustee and its performance and compliance with the terms of this Agreement will not constitute a violation with respect to, any order or decree of any court binding on the Trustee or any law, order or regulation of any federal, state, municipal or governmental agency having jurisdiction, or result in the creation or imposition of any lien, charge or encumbrance which, in any such event, would have consequences that would materially and adversely affect the condition (financial or otherwise) or operation of the Trustee or its properties;

 

(v)           No consent, approval, authorization or order of, or registration or filing with, or notice to any court or governmental agency or body, is required for the execution, delivery and performance by the Trustee of or compliance by the Trustee with this Agreement, or if required, such approval has been obtained prior to the Cut-off Date or which, if not obtained, would have a materially adverse effect on the Trustee’s ability to perform its obligations hereunder; and

 

(vi)         To the best of the Trustee’s knowledge, no litigation is pending or threatened against the Trustee which would prohibit its entering into or materially and adversely affect its ability to perform its obligations under this Agreement or the Indemnification Agreement, dated and effective the Pricing Date, between the Trustee, the Depositor and the Initial Purchasers.

 

(e)           The Certificate Administrator hereby represents and warrants to the Depositor, the Trustee, the Master Servicer, the Special Servicer and the Serviced Companion Loan Noteholders, as of the Closing Date, that:

 

(i)            The Certificate Administrator is a national banking association, duly organized, validly existing and in good standing under the laws of the United States of America and has full power, authority and legal right to own its properties and conduct its business as presently conducted and to execute, deliver and perform the terms of this Agreement;

 

 

     -188-

     

    

 

(ii)            This Agreement has been duly authorized, executed and delivered by the Certificate Administrator and, assuming due authorization, execution and delivery by the other parties hereto, constitutes a legal, valid and binding instrument enforceable against the Certificate Administrator in accordance with its terms, except as such enforcement may be limited by bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of creditors’ rights in general and by general equity principles (regardless of whether such enforcement is considered in a proceeding in equity or at law);

 

(iii)           Neither the execution and delivery of this Agreement by the Certificate Administrator nor the consummation by the Certificate Administrator of the transactions herein contemplated to be performed by the Certificate Administrator, nor compliance by the Certificate Administrator with the provisions hereof, will conflict with or result in a breach of, or constitute a default under, any of the provisions of any applicable law, governmental rule, regulation, judgment, decree or order binding on the Certificate Administrator or its properties or the organizational documents of the Certificate Administrator or the terms of any material agreement, instrument or indenture to which the Certificate Administrator is a party or by which it is bound which, in the Certificate Administrator’s good faith and reasonable judgment, is likely to affect materially and adversely the ability of the Certificate Administrator to perform its obligations under this Agreement;

 

(iv)          The Certificate Administrator is not in violation of, and the execution and delivery of this Agreement by the Certificate Administrator and its performance and compliance with the terms of this Agreement will not constitute a violation with respect to, any order or decree of any court binding on the Certificate Administrator or any law, order or regulation of any federal, state, municipal or governmental agency having jurisdiction, or result in the creation or imposition of any lien, charge or encumbrance which, in any such event, would have consequences that are likely to affect materially and adversely the ability of the Certificate Administrator to perform its obligations under this Agreement;

 

(v)           No consent, approval, authorization or order of, or registration or filing with, or notice to any court or governmental agency or body, is required for the execution, delivery and performance by the Certificate Administrator of or compliance by the Certificate Administrator with this Agreement, or if required, such approval has been obtained prior to the Cut-off Date or which, if not obtained, would have a materially adverse effect on the Certificate Administrator’s ability to perform its obligations hereunder; and

 

(vi)          To the best of the Certificate Administrator’s knowledge, no litigation is pending or threatened against the Certificate Administrator which would prohibit its entering into or materially and adversely affect its ability to perform its obligations under this Agreement or the Indemnification Agreement, dated and effective the Pricing Date, between the Certificate Administrator, the Depositor and the Initial Purchasers.

 

(f)            [Reserved].

 

(g)           [Reserved].

 

 

     -189-

     

    

 

(h)           It is understood and agreed that the representations and warranties set forth in this Section shall survive delivery of the respective Mortgage Files to the Custodian on behalf of the Trustee until the termination of this Agreement, and shall inure to the benefit of the Trustee, the Depositor, the Certificate Administrator, the Serviced Companion Loan Noteholders and the Master Servicer or Special Servicer, as the case may be. Upon discovery by the Depositor, the Certificate Administrator, the Master Servicer, the Special Servicer or a Responsible Officer of the Trustee (or upon written notice thereof from any Certificateholder) of a breach of any of the representations and warranties set forth in this Section which materially and adversely affects the interests of the Certificateholders, the Certificate Administrator, the Master Servicer, Special Servicer, the Serviced Companion Loan Noteholders or the Trustee in any Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties hereto, the Serviced Companion Loan Noteholders and the Mortgage Loan Sellers.

 

Section 2.05           Execution and Delivery of Certificates; Issuance of Upper-Tier Regular Interests; Issuance of Lower-Tier Regular Interests and Issuance of the Trust Subordinate Companion Loan REMIC Regular Interests. The Trustee acknowledges the assignment to it of the Mortgage Loans and the Trust Subordinate Companion Loans and the delivery of the Mortgage Files to the Custodian (to the extent the documents constituting the Mortgage Files are actually delivered to the Custodian), subject to the provisions of Section 2.01 and Section 2.02 of this Agreement and, concurrently with such delivery, (i) acknowledges and hereby declares that it holds the Mortgage Loans (excluding the Excess Interest) for the benefit of (y) the Holders of the Class R Certificates (in respect of the Class LTR Interest) and (z) the Holder of the Lower-Tier Regular Interests; (ii) acknowledges and hereby declares that it holds the BX Industrial Portfolio Trust Subordinate Companion Loan for the benefit of (y) the Holders of the Class R Certificates (in respect of the LBX-R Interest) and (z) the Holders of the BX Industrial Portfolio Trust Subordinate Companion Loan REMIC Regular Interests, (iii) acknowledges and hereby declares that it holds the Tower 333 Trust Subordinate Companion Loan for the benefit of (y) the Holders of the Class R Certificates (in respect of the LT333-R Interest) and (z) the Holders of the Tower 333 Trust Subordinate Companion Loan REMIC Regular Interests, (iv) acknowledges and hereby declares that it holds the 825 South Hill Trust Subordinate Companion Loan for the benefit of (y) the Holders of the Class R Certificates (in respect of the L825S-R Interest) and (z) the Holders of the 825 South Hill Trust Subordinate Companion Loan REMIC Regular Interests, (v) acknowledges and hereby declares that it holds the Excess Interest for the benefit of the Holders of the Excess Interest Certificates and the RR Interest; (vi) in exchange for the Mortgage Loans, acknowledges the issuance of the Lower-Tier Regular Interests and the Class LTR Interest represented by the Class R Certificates; (vii) in exchange for the BX Industrial Portfolio Trust Subordinate Companion Loan, acknowledges the issuance of the BX Industrial Portfolio Trust Subordinate Companion Loan REMIC Regular Interests and the LBX-R Interest represented by the Class R Certificates; (viii) in exchange for the Tower 333 Trust Subordinate Companion Loan, acknowledges the issuance of the Tower 333 Trust Subordinate Companion Loan REMIC Regular Interests and the LT333-R Interest represented by the Class R Certificates; (ix) in exchange for the 825 South Hill Trust Subordinate Companion Loan, acknowledges the issuance of the 825 South Hill Trust Subordinate Companion Loan REMIC Regular Interests and the L825S-R Interest represented by the Class R Certificates; (x) acknowledges the contribution by the Depositor of the Lower-Tier Regular Interests and the Trust Subordinate Companion Loan REMIC Regular Interests to the Upper-Tier REMIC and hereby declares that it holds the Lower-Tier Regular Interests on behalf

 

 

     -190-

     

    

 

of the Upper-Tier REMIC and the Holders of the Pooled Regular Certificates and holds the Trust Subordinate Companion Loan REMIC Regular Interests on behalf of the Upper-Tier REMIC and the Holders of the Loan-Specific Certificates; and (xi) in exchange for the Lower-Tier Regular Interests and the Trust Subordinate Companion Loan REMIC Regular Interests, has caused to be executed and caused to be authenticated and delivered to or upon the order of the Depositor, or as directed by the terms of this Agreement, the Pooled Regular Certificates, the Loan-Specific Certificates, and the Class UTR Interest, the Class LBX-R Interest, the Class LT333-R Interest, and the Class L825S-R Interest, each represented by the Class R Certificates, in authorized denominations; and the Depositor hereby acknowledges the receipt by it or its designees of the Certificates, which Certificates evidence ownership of the entire Trust Fund.

 

The Depositor, as of the Closing Date, and concurrently with the execution and delivery of this Agreement, does hereby assign without recourse all the right, title and interest of the Depositor in and to the Excess Interest and any other property constituting the Grantor Trust to the Trustee for the benefit of the Holders of the Grantor Trust Certificates and the RR Interest Owner. The Trustee (i) acknowledges the assignment to it of the VRR Regular Interests, the T333-VRR Regular Interests and the Class S Specific Grantor Trust Assets, (ii) declares that it holds and will hold such Class S Specific Grantor Trust Assets in trust for the exclusive use and benefit of all present and future Holders of the Grantor Trust Certificates and the RR Interest Owner, and (iii) has caused to be executed and caused to be authenticated and delivered to or upon the order of the Depositor, in exchange for the Class S Specific Grantor Trust Assets, and the Depositor hereby acknowledges the receipt by it or its designees of, the Grantor Trust Certificates in authorized Denominations.

 

Section 2.06           Miscellaneous REMIC and Grantor Trust Provisions. (a) The Lower-Tier Regular Interests and the BX Industrial Portfolio Trust Subordinate Companion Loan REMIC Regular Interests, the Tower 333 Trust Subordinate Companion Loan REMIC Regular Interests and the 825 South Hill Trust Subordinate Companion Loan REMIC Regular Interests issued hereunder are hereby designated as the “regular interests” in the Lower-Tier REMIC and the BX Industrial Portfolio Trust Subordinate Companion Loan REMIC, the Tower 333 Trust Subordinate Companion Loan REMIC and the 825 South Hill Trust Subordinate Companion Loan REMIC, respectively, within the meaning of Section 860G(a)(1) of the Code, and the Class LTR Interest, represented by the Class R Certificates, is hereby designated as the sole class of “residual interests” in the Lower-Tier REMIC within the meaning of Section 860G(a)(2) of the Code, the Class LBX-R Interest, represented by the Class R Certificates, is hereby designated as the sole class of “residual interests” in the BX Industrial Portfolio Trust Subordinate Companion Loan REMIC within the meaning of Section 860G(a)(2) of the Code, the Class LT333-R Interest, represented by the Class R Certificates, is hereby designated as the sole class of “residual interests” in the Tower 333 Trust Subordinate Companion Loan REMIC within the meaning of Section 860G(a)(2) of the Code, and the Class L825S-R Interest, represented by the Class R Certificates, is hereby designated as the sole class of “residual interests” in the 825 South Hill Trust Subordinate Companion Loan REMIC within the meaning of Section 860G(a)(2) of the Code. The Pooled Regular Certificates and the Loan-Specific Certificates are hereby designated as “regular interests” in the Upper-Tier REMIC within the meaning of Section 860G(a)(1) of the Code, and the Class UTR Interest, represented by the Class R Certificates, is hereby designated as the sole class of “residual interests” in the Upper-Tier REMIC within the meaning of Section 860G(a)(2) of the Code. The Closing Date is

 

 

     -191-

     

    

 

hereby designated as the “Startup Day” of each Trust REMIC within the meaning of Section 860G(a)(9) of the Code. The “latest possible maturity date” of the Lower-Tier Regular Interests, the Trust Subordinate Companion Loan REMIC Regular Interests, the Loan-Specific Certificates and the Non-VRR Certificates for purposes of Section 860G(a)(l) of the Code is the Rated Final Distribution Date.

 

(b)           None of the Depositor, the Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer shall enter into any arrangement by which the Trust Fund will receive a fee or other compensation for services other than as specifically contemplated herein.

 

(c)           Each Class of Grantor Trust Certificates (other the T333-VRR Interest) and the RR Interest shall represent undivided beneficial interests in the portion of the Grantor Trust consisting of the VRR Regular Interest and the Class S Specific Grantor Trust Assets with the corresponding alphabetic or alphanumeric designation. The T333-VRR Interest shall represent an undivided beneficial interest in the portion of the Grantor Trust consisting of the T333-VRR Regular Interest and the Class S Specific Grantor Trust Assets with the corresponding alphabetic or alphanumeric designation. The Grantor Trust shall be treated as a “grantor trust” within the meaning of the Grantor Trust Provisions. The RR Interest evidences beneficial ownership of a portion of the Class S Grantor Trust Assets. 

 

Article III

ADMINISTRATION AND SERVICING
OF THE TRUST FUND

 

Section 3.01           The Master Servicer To Act as Master Servicer; Special Servicer To Act as Special Servicer; Administration of the Mortgage Loans, the Trust Subordinate Companion Loans and the Serviced Companion Loans. (a) The Master Servicer (generally with respect to Serviced Mortgage Loans, Trust Subordinate Companion Loans and any related Serviced Companion Loans that are not Specially Serviced Loans) and the Special Servicer (generally with respect to Specially Serviced Loans and Serviced REO Loans), each as an independent contractor servicer, shall service and administer the Serviced Mortgage Loans and any related Serviced Companion Loans (which includes the Trust Subordinate Companion Loans) on behalf of the Trust Fund and the Trustee (as Trustee for the Certificateholders and the RR Interest Owner) and, in the case of any Serviced Whole Loan, the related Serviced Companion Loan Noteholder(s), (as a collective whole as if such Certificateholders, the RR Interest Owner and Serviced Companion Loan Noteholder(s), as applicable, constituted a single lender (and with respect to any Serviced Whole Loan with a related Serviced Subordinate Companion Loan, taking into account the subordinate nature of such Serviced Subordinate Companion Loan)), in each case, in accordance with the Servicing Standard.

 

The Master Servicer’s or Special Servicer’s liability for actions and omissions in its capacity as Master Servicer or Special Servicer, as the case may be, hereunder is limited as provided herein (including, without limitation, pursuant to Section 6.03 hereof). To the extent consistent with the foregoing and subject to any express limitations set forth in this Agreement, the Master Servicer and Special Servicer shall seek to maximize the timely and complete

 

 

     -192-

     

    

 

recovery of principal and interest on the Mortgage Notes; provided that nothing herein contained shall be construed as an express or implied guarantee by the Master Servicer or Special Servicer of the collectability of the Mortgage Loans or the Serviced Companion Loans. Subject only to the Servicing Standard, the Master Servicer and Special Servicer shall have full power and authority, acting alone or through sub-servicers (subject to paragraph (c) of this Section 3.01, to the related sub-servicing agreement with each sub-servicer and to Section 3.02 of this Agreement), to do or cause to be done any and all things in connection with such servicing and administration that it may deem consistent with the Servicing Standard and, in its reasonable judgment, in the best interests of the Certificateholders, including, without limitation, with respect to each Serviced Mortgage Loan and, in the case of any Serviced Whole Loan, in the best interests of the Certificateholders and the Serviced Companion Loan Noteholder(s), as a collective whole as if such Certificateholders and (with respect to a Serviced Whole Loan) Serviced Companion Loan Noteholder(s) constituted a single lender (and with respect to any Serviced Whole Loan with any related Serviced Subordinate Companion Loan, taking into account the subordinate nature of such Serviced Subordinate Companion Loan) to prepare, execute and deliver, on behalf of the Certificateholders and Serviced Companion Loan Noteholders and the Trustee or any of them: (i) any and all financing statements, continuation statements and other documents or instruments necessary to maintain the lien on each Mortgaged Property and related collateral; (ii) any modifications, waivers, consents or amendments to or with respect to any documents contained in the related Mortgage File; and (iii) any and all instruments of satisfaction or cancellation, or of partial or full release or discharge, and all other comparable instruments, with respect to such Mortgage Loans and the Mortgaged Properties. Notwithstanding the foregoing, neither the Master Servicer nor the Special Servicer shall modify, amend, waive or otherwise consent to any change of the terms of any Mortgage Loan except under the circumstances described in Section 3.03, Section 3.09, Section 3.10, Section 3.24, Section 3.25, Section 3.26 and Section 3.27 hereof. The Master Servicer (with respect to Serviced Mortgage Loans and any related Serviced Companion Loans that are non-Specially Serviced Loans) and the Special Servicer (with respect to Specially Serviced Loans and Serviced REO Loans) shall provide to the Borrowers related to such Mortgage Loans that it is servicing any reports required to be provided to them pursuant to the related Loan Documents. Subject to Section 3.11 of this Agreement, the Trustee shall, upon the receipt of a written request of a Servicing Officer, execute and deliver to the Master Servicer and Special Servicer, as applicable, any powers of attorney (in the form attached hereto as Exhibit DD-1 or Exhibit DD-2, as applicable, or such other form as mutually agreed to by the Trustee and the Master Servicer or the Special Servicer, as applicable) and other documents (including but not limited to other powers of attorney) prepared by the Master Servicer and Special Servicer, as applicable, and necessary or appropriate (as certified in such written request) to enable the Master Servicer and Special Servicer, as applicable, to carry out their servicing and administrative duties hereunder. The Trustee shall not be held liable for any misuse of any such power of attorney or such other documents by the Master Servicer and Special Servicer, as applicable. Notwithstanding anything contained herein to the contrary, none of the Master Servicer or the Special Servicer shall, without the Trustee’s written consent: (i) initiate any action, suit or proceeding solely under the Trustee’s name without indicating the Master Servicer’s or the Special Servicer’s, as the case may be, representative capacity (unless prohibited by any requirement of the applicable jurisdiction in which any such action, suit or proceeding is brought and if so prohibited, in the manner required by such jurisdiction (provided that the Master Servicer or the Special Servicer, as applicable, shall then provide five (5) Business Days’ written notice to the Trustee of the

 

 

     -193-

     

    

 

initiation of such action, suit or proceeding (or such shorter time period as is reasonably required in the judgment of the Master Servicer or the Special Servicer, as applicable, made in accordance with the Servicing Standard) prior to filing such action, suit or proceeding), and shall not be required to obtain the Trustee’s consent or indicate the Master Servicer’s or the Special Servicer’s, as applicable, representative capacity); or (ii) take any action with the intent to cause, and that actually causes, the Trustee to be registered to do business in any state.

 

(b)           Unless otherwise provided in the related Mortgage Note or related Intercreditor Agreement, the Master Servicer shall apply any partial Principal Prepayment received on a Serviced Mortgage Loan or Serviced Companion Loan, as applicable, on a date other than a Due Date to the Stated Principal Balance of such Serviced Mortgage Loan or Serviced Companion Loan, as applicable, as of the Due Date immediately following the date of receipt of such partial Principal Prepayment. Unless otherwise provided in the related Mortgage Note or related Intercreditor Agreement, the Master Servicer shall apply any amounts received on U.S. Treasury obligations in respect of a Serviced Mortgage Loan or Serviced Companion Loan, as applicable, being defeased pursuant to its terms to the Stated Principal Balance of and interest on such Mortgage Loan or Serviced Companion Loan, as applicable, as of the Due Date immediately following the receipt of such amounts.

 

(c)           The Master Servicer and the Special Servicer, may enter into Sub-Servicing Agreements with third parties with respect to any of its respective obligations hereunder, provided that (i) any such agreement requires the Sub-Servicer to comply in all material respects with all of the applicable terms and conditions of this Agreement and shall be consistent with the provisions of this Agreement, the terms of the respective Loan Documents and, in the case of a Serviced Companion Loan, the related Intercreditor Agreement, (ii) if such Sub-Servicer is a Servicing Function Participant or an Additional Servicer, any such agreement provides that (x) the failure of such Sub-Servicer to comply with any of the requirements under Article X of this Agreement applicable to such Sub-Servicer, including the failure to deliver any reports or certificates at the time such report or certification is required under Article X and (y) the failure of such Sub-Servicer to comply with any requirements to deliver any items required by Items 1122 and 1123 of Regulation AB under any other pooling and servicing agreement relating to any other series of certificates offered by the Depositor shall constitute an event of default by such Sub-Servicer upon the occurrence of which (following the expiration of any applicable grace period) the Master Servicer shall (and the Depositor may) immediately terminate the related Sub-Servicer under the related Sub-Servicing Agreement, which termination shall be deemed for cause, (iii) no Sub-Servicer retained by the Master Servicer or the Special Servicer, as applicable, shall grant any modification, waiver or amendment to any Mortgage Loan or Serviced Companion Loan, as applicable, or foreclose any Mortgage without the approval of the Master Servicer or the Special Servicer, as applicable, which approval shall be given or withheld in accordance with the procedures set forth in Section 3.09, Section 3.10, Section 3.24, Section 3.25, Section 3.26, Section 3.27, (as applicable), (iv) such Sub-Servicing Agreement shall be consistent with the Servicing Standard and (v) with respect to any Sub-Servicing Agreement entered into after the Closing Date, if such Sub-Servicer is a Servicing Function Participant or an Additional Servicer, such Sub-Servicer, at the time the related Sub-Servicing Agreement is entered into, is not a Prohibited Party. Any such Sub-Servicing Agreement may permit the Sub-Servicer to delegate its duties to agents or Subcontractors so long as the related agreements or arrangements with such agents or Subcontractors are consistent with

 

 

     -194-

     

    

 

the provisions of this Section 3.01(c) (including, for the avoidance of doubt, that no such agent or Subcontractor is a Prohibited Party, if such agent or Subcontractor would be a Servicing Function Participant, at the time the related sub-servicing agreement is entered into). Any monies received by a Sub-Servicer pursuant to a Sub-Servicing agreement (other than sub-servicing fees) shall be deemed to be received by the Master Servicer on the date received by such Sub-Servicer.

 

Any Sub-Servicing Agreement entered into by the Master Servicer or the Special Servicer, as applicable, shall provide that it may be assumed or terminated by the Trustee (in its sole discretion, but must be assumed with respect to any Mortgage Loan Seller Sub-Servicer so long as such Mortgage Loan Seller Sub-Servicer is not in default under the applicable Sub-Servicing Agreement) if the Trustee has assumed the duties of the Master Servicer or the Special Servicer, respectively, or any successor Master Servicer or Special Servicer, as applicable, without cost or obligation to the assuming party or the Trust Fund, upon the assumption by such party of the obligations, except to the extent they arose prior to the date of assumption, of the Master Servicer or the Special Servicer, as applicable, pursuant to Section 7.02 (it being understood that any such obligations shall be the obligations of the terminated Master Servicer or Special Servicer, as applicable, only).

 

Any Sub-Servicing Agreement, and any other transactions or services relating to the Mortgage Loans or the Serviced Companion Loans involving a Sub-Servicer, shall be deemed to be between the Master Servicer or the Special Servicer, as applicable, and such Sub-Servicer alone, and the Trustee, the Certificate Administrator, the Trust Fund, the Certificateholders and, if applicable, Serviced Companion Loan Noteholders shall not be deemed parties thereto and shall have no claims, rights (except as specified below), obligations, duties or liabilities with respect to the Sub-Servicer, except as set forth in Section 3.01(c)(ii) and Section 3.01(d).

 

Any Sub-Servicing Agreement as to which a Mortgage Loan Seller required the Master Servicer to enter into shall provide that the Master Servicer (and any successor Master Servicer) or Trustee may only terminate the related Mortgage Loan Seller Sub-Servicer for cause pursuant to such Sub-Servicing Agreement and as otherwise specified in such Sub-Servicing Agreement.

 

Notwithstanding any other provision of this Agreement, the Special Servicer shall not enter into any Sub-Servicing Agreement which provides for the performance by third parties of any or all of its obligations herein, without the consent of the Directing Holder for so long as no Control Termination Event is continuing, except to the extent necessary for the Special Servicer to comply with applicable regulatory requirements.

 

The Master Servicer or the Special Servicer, as applicable, shall monitor the performance and enforce the obligations of each Mortgage Loan Seller Sub-Servicer and each Sub-Servicer that it retains under a related Sub-Servicing Agreement, except that the Master Servicer shall only be required to use commercially reasonable efforts to cause any Mortgage Loan Seller Sub-Servicer to comply with Article X hereof. No Sub-Servicer shall be permitted under any Sub-Servicing Agreement to make material servicing decisions, such as loan modifications or determinations as to the manner or timing of enforcing remedies under the Mortgage Loan documents, without the consent of the Master Servicer or Special Servicer, as

 

 

     -195-

     

    

 

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

 

 

     -196-

     

    

 

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

 

 

     -197-

     

    

 

Serviced Whole Loan and any related Serviced REO Property has been entered into and, notwithstanding that neither such Mortgage Loan nor any related Serviced REO Property is part of the Trust Fund, the Custodian shall continue to hold the Mortgage File and the Master Servicer and, if applicable, the Special Servicer shall (subject to the preceding sentence) continue to service such Serviced Whole Loan or any related Serviced REO Property, as the case may be, under this Agreement as if it were a separate servicing agreement. Nothing herein shall be deemed to override the provisions of an Intercreditor Agreement with respect to the rights of the related noteholders thereunder and with respect to the servicing and administrative duties and obligations with respect to such Serviced Whole Loans. In the event of any inconsistency or discrepancy between the provisions, terms or conditions of an Intercreditor Agreement related to a Serviced Whole Loan and the provisions, terms or conditions of this Agreement, the related Intercreditor Agreement shall govern, and as to any matter on which such Intercreditor Agreement is silent or makes reference to this Agreement, this Agreement shall govern.

 

(f)            The parties hereto acknowledge and agree that the servicing and administration of the each Trust Subordinate Companion Loan shall continue hereunder by the Master Servicer and the Special Servicer even if the related BX Industrial Portfolio Mortgage Loan, Tower 333 Mortgage Loan or 825 South Hill Mortgage Loan is no longer part of the Trust Fund.

 

Section 3.02           Liability of the Master Servicer and the Special Servicer When Sub-Servicing. Notwithstanding any Sub-Servicing Agreement, any of the provisions of this Agreement relating to agreements or arrangements between the Master Servicer or Special Servicer, as applicable, and any Person acting as sub-servicer (or its agents or Subcontractors) or any reference to actions taken through any Person acting as sub-servicer or otherwise, the Master Servicer or the Special Servicer, as applicable, shall remain obligated and primarily liable to the Trustee (on behalf of the Certificateholders), the Certificateholders the Certificateholders and, with respect to the Serviced Whole Loans, the Serviced Companion Loan Noteholders, for the servicing and administering of the Mortgage Loans, Trust Subordinate Companion Loans and Serviced Companion Loans in accordance with the provisions of this Agreement without diminution of such obligation or liability by virtue of such sub-servicing agreements or arrangements or by virtue of indemnification from the Depositor or any other Person acting as sub-servicer (or its agents or Subcontractors) to the same extent and under the same terms and conditions as if the Master Servicer or the Special Servicer, as applicable, alone were servicing and administering the Mortgage Loans, Trust Subordinate Companion Loans and Serviced Companion Loans. Each of the Master Servicer and the Special Servicer shall be entitled to enter into an agreement with any sub-servicer providing for indemnification of the Master Servicer or the Special Servicer, as applicable, by such sub-servicer, and nothing contained in this Agreement shall be deemed to limit or modify such indemnification, but no such agreement for indemnification shall be deemed to limit or modify this Agreement.

 

Section 3.03           Collection of Mortgage Loan and Serviced Companion Loan Payments. The Master Servicer (with respect to all the Serviced Mortgage Loans and any related Serviced Companion Loans (other than Specially Serviced Loans) that the Master Servicer is servicing) and the Special Servicer (with respect to Specially Serviced Loans) shall use reasonable efforts to collect all payments called for under the terms and provisions of the Serviced Mortgage Loans and any related Serviced Companion Loans each is obligated to

 

 

     -198-

     

    

 

service hereunder, and shall follow the Servicing Standard with respect to such collection procedures; provided that nothing herein contained shall be construed as an express or implied guarantee by the Master Servicer or the Special Servicer of the collectability of the Mortgage Loans or the Serviced Companion Loans; provided, further, that with respect to such Serviced Mortgage Loans and any related Serviced Companion Loans, as applicable, that have Anticipated Repayment Dates, so long as the related Borrower is in compliance with each provision of the related Loan Documents, the Master Servicer and Special Servicer (including the Special Servicer in its capacity as a Certificateholder, if applicable) shall not take any enforcement action with respect to the failure of the related Borrower to make any payment of Excess Interest, other than requests for collection, until the final maturity date of such Mortgage Loan or Serviced Whole Loan, as applicable, or the outstanding principal balance of such Mortgage Loan or Serviced Whole Loan, as applicable, has been paid in full, however, consistent with the applicable Servicing Standard, the Master Servicer, or the Special Servicer each may in its discretion waive the Excess Interest (even at the final maturity date) in connection with any Mortgage Loan it is obligated to service hereunder if taking such action is in the best interest of the Certificateholders as a collective whole. With respect to each Performing Loan (other than a Non-Serviced Mortgage Loan), the Master Servicer shall use its reasonable efforts, consistent with the Servicing Standard, to collect income statements and rent rolls from Borrowers as required by the Loan Documents and the terms hereof. The Master Servicer shall provide at least 90 days’ notice (with a copy to the Special Servicer) to the Borrowers of Balloon Payments coming due on Performing Loans (other than a Non-Serviced Mortgage Loan). Consistent with the foregoing, the Master Servicer (with respect to each Performing Loan) or the Special Servicer (with respect to Specially Serviced Loans) may in their discretion waive any late payment charge or Default Interest it is entitled to receive in connection with any delinquent Periodic Payment or Balloon Payment with respect to any Mortgage Loan or Serviced Companion Loan that it is servicing. In addition, the Special Servicer shall be entitled to take such actions with respect to the collection of payments on the Mortgage Loans and the Serviced Companion Loans as are permitted or required under this Agreement.

 

Section 3.04           Collection of Taxes, Assessments and Similar Items; Escrow Accounts. (a) The Master Servicer, in the case of all Serviced Mortgage Loans that it is servicing, shall maintain accurate records with respect to each related Mortgaged Property reflecting the status of taxes, assessments and other similar items that are or may become a lien thereon and the status of insurance premiums payable with respect thereto. With respect to each Specially Serviced Loan, the Special Servicer shall use its reasonable efforts, consistent with the Servicing Standard, to collect income statements and rent rolls from Borrowers as required by the Loan Documents. The Special Servicer, in the case of Serviced REO Loans, and the Master Servicer, in the case of all Serviced Mortgage Loans that it is servicing, shall use reasonable efforts consistent with the Servicing Standard to, from time to time, (i) obtain all bills for the payment of such items (including renewal premiums), and (ii) effect, or, if the Special Servicer, to use reasonable efforts to cause the Master Servicer to effect, payment of all such bills with respect to such Mortgaged Properties prior to the applicable penalty or termination date, in each case employing for such purpose Escrow Payments as allowed under the terms of the related Loan Documents for the related Mortgage Loan or Serviced Companion Loan. If a Borrower under a Serviced Mortgage Loan fails to make any such payment on a timely basis or collections from the Borrower are insufficient to pay any such item before the applicable penalty or termination date, the Master Servicer shall advance the amount of any shortfall as a Servicing

 

 

     -199-

     

    

 

Advance unless the Master Servicer determines in accordance with the Servicing Standard that such Advance would be a Nonrecoverable Advance (provided that with respect to advancing insurance premiums or delinquent tax assessments the Master Servicer shall comply with the provisions of the second to last paragraph in Section 3.21(d) of this Agreement). The Master Servicer shall be entitled to reimbursement of Servicing Advances, with interest thereon at the Reimbursement Rate, that it makes pursuant to this Section 3.04 of this Agreement from amounts received on or in respect of the related Mortgage Loan or Serviced Whole Loan respecting which such Advance was made or if such Advance has become a Nonrecoverable Advance, to the extent permitted by Section 3.06 of this Agreement. No costs incurred by the Master Servicer in effecting the payment of taxes and assessments on the Mortgaged Properties shall, for the purpose of calculating distributions to Certificateholders or Serviced Companion Loan Noteholders, be added to the amount owing under the related Mortgage Loans or Serviced Companion Loans, notwithstanding that the terms of such Mortgage Loans or Serviced Companion Loans so permit.

 

The parties acknowledge that with respect to Non-Serviced Mortgage Loans, the Other Servicer is obligated to make (or any other service provider provided for in the related Other Pooling and Servicing Agreement may make) Servicing Advances with respect to such Non-Serviced Mortgage Loans pursuant to the related Other Pooling and Servicing Agreement. The Other Servicer (or other service provider) shall be entitled to reimbursement for nonrecoverable Servicing Advances (as such term or similar term may be defined in the related Other Pooling and Servicing Agreement) with, in each case, any accrued and unpaid interest thereon provided for under the related Other Pooling and Servicing Agreement in the manner set forth in such Other Pooling and Servicing Agreement, the related Intercreditor Agreement and Section 3.06(a)(v) of this Agreement.

 

(b)           The Master Servicer shall segregate and hold all funds collected and received pursuant to any Serviced Mortgage Loan or any Serviced Companion Loan that it is servicing constituting Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more segregated custodial accounts (each, an “Escrow Account”) into which all Escrow Payments shall be deposited within two (2) Business Days after receipt of properly identified funds and maintained in accordance with the requirements of the related Mortgage Loan or Serviced Whole Loan, as applicable, and in accordance with the Servicing Standard. The Master Servicer shall also deposit into each Escrow Account any amounts representing losses on Permitted Investments to the extent required pursuant to Section 3.07(b) of this Agreement and any Insurance Proceeds or Liquidation Proceeds which are required to be applied to the restoration or repair of any Mortgaged Property pursuant to the related Mortgage Loan or Serviced Whole Loan. Escrow Accounts shall be Eligible Accounts (except to the extent the related Loan Documents require it to be held in an account that is not an Eligible Account); provided that, if the ratings of the financial institution holding such account are downgraded to a ratings level below that of an Eligible Account (except to the extent the related Loan Documents require it to be held in an account that is not an Eligible Account), the Master Servicer shall have 30 days (or such longer time as confirmed by a Rating Agency Confirmation, obtained at the expense of the Master Servicer relating to the Certificates and any related Serviced Companion Loan Securities) to transfer such account to an Eligible Account. Escrow Accounts shall be entitled, “Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer, on behalf of Wells

 

 

     -200-

     

    

 

Fargo Bank, National Association, as Trustee, for the benefit of the Holders of J.P. Morgan Chase Commercial Mortgage Securities Corp., Benchmark 2020-IG3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-IG3 and Various Borrowers and, if applicable, Serviced Companion Loan Noteholders”. Withdrawals from an Escrow Account may be made by the Master Servicer only:

 

(i)            to effect timely payments of items constituting Escrow Payments for the related Mortgage;

 

(ii)           to transfer funds to the Collection Account and/or the applicable Serviced Whole Loan Collection Account (or any sub-account thereof) to reimburse the Master Servicer or the Trustee for any Servicing Advance (with interest thereon at the Reimbursement Rate) relating to Escrow Payments, but only from amounts received with respect to the related Mortgage Loan and/or Serviced Whole Loan, as applicable, which represent late collections of Escrow Payments thereunder;

 

(iii)          for application to the restoration or repair of the related Mortgaged Property in accordance with the related Mortgage Loan and/or Serviced Whole Loan, as applicable, and the Servicing Standard;

 

(iv)          to clear and terminate such Escrow Account upon the termination of this Agreement or pay-off of the related Mortgage Loan and/or Serviced Whole Loan, as applicable;

 

(v)           to pay from time to time to the related Borrower any interest or investment income earned on funds deposited in the Escrow Account if such income is required to be paid to the related Borrower under law or by the terms of the Loan Documents for such Mortgage Loan or Serviced Whole Loan, or otherwise to the Master Servicer; or

 

(vi)         to remove any funds deposited in an Escrow Account that were not required to be deposited therein or to refund amounts to Borrowers determined to be overages.

 

(c)           The Master Servicer shall, as to each Serviced Mortgage Loan and each Serviced Companion Loan that it is servicing, (i) maintain accurate records with respect to the related Mortgaged Property reflecting the status of real estate taxes, assessments and other similar items that are or may become a lien thereon and the status of insurance premiums and any ground rents payable in respect thereof and (ii) use reasonable efforts to obtain, from time to time, all bills for (or otherwise confirm) the payment of such items (including renewal premiums) and, for such Mortgage Loans and Serviced Companion Loans that require the related Borrower to escrow for such items, shall effect payment thereof prior to the applicable penalty or termination date. For purposes of effecting any such payment for which it is responsible, the Master Servicer shall apply Escrow Payments as allowed under the terms of the related Loan Documents for such Mortgage Loan and Serviced Companion Loan (or, if such Mortgage Loan or Serviced Companion Loan does not require the related Borrower to escrow for the payment of real estate taxes, assessments, insurance premiums, ground rents (if applicable) and similar items, the Master Servicer shall use reasonable efforts consistent with the Servicing Standard to cause the related Borrower to comply with the requirement of the related Loan Documents that the Borrower make payments in respect of such items at the time they first become due and, in 

 

 

     -201-

     

    

 

any event, prior to the institution of foreclosure or similar proceedings with respect to the related Mortgaged Property for nonpayment of such items). Subject to Section 3.21 of this Agreement, the Master Servicer shall timely make a Servicing Advance with respect to the Serviced Mortgage Loans and any related Serviced Companion Loans that it is servicing, if any, to cover any such item which is not so paid, including any penalties or other charges arising from the Borrower’s failure to timely pay such items.

 

Section 3.05           Collection Accounts; Gain-on-Sale Reserve Account; BX Industrial Portfolio Gain-on-Sale Reserve Account; Tower 333 Gain-on-Sale Reserve Account; 825 South Hill Gain-on-Sale Reserve Account; Trust Subordinate Companion Loan REMIC Distribution Accounts; Distribution Accounts; Interest Reserve Account and Serviced Whole Loan Collection Accounts. (a) The Master Servicer shall establish and maintain a Collection Account, on behalf of the Trustee as the Holder of the Lower-Tier Regular Interests with respect to the Mortgage Loans that it is servicing and for the benefit of the Certificateholders and the RR Interest Owner. The Collection Account shall be established and maintained as an Eligible Account. Amounts attributable to Excess Interest will be assets of the Grantor Trust. Amounts attributable to the Companion Loans (other than the Trust Subordinate Companion Loans) will not be assets of the Trust Fund.

 

Within two (2) Business Days following receipt of properly identified funds, the Master Servicer shall deposit or cause to be deposited in the Collection Account the following payments and collections received or made by or on behalf of it on or with respect to the Mortgage Loans subsequent to the Cut-off Date:

 

(i)            all payments on account of principal on the Mortgage Loans (other than any Mortgage Loan related to a Serviced Whole Loan), including the principal component of all Unscheduled Payments;

 

(ii)           all payments on account of interest on the Mortgage Loans (other than any Mortgage Loan related to a Serviced Whole Loan) (net of the related Servicing Fees), including Prepayment Premiums, Default Interest, Excess Interest, Yield Maintenance Charges and the interest component of all Unscheduled Payments;

 

(iii)          any amounts required to be deposited pursuant to Section 3.07(b) of this Agreement, in connection with net losses realized on Permitted Investments with respect to funds held in the Collection Account;

 

(iv)         all Net REO Proceeds withdrawn from the related REO Account (other than the Serviced Whole Loan REO Account) pursuant to Section 3.15(b) of this Agreement;

 

(v)           any amounts received from Borrowers which represent recoveries of Property Protection Expenses and are allocable to the Mortgage Loans (other than any Mortgage Loan related to a Serviced Whole Loan), to the extent not permitted to be retained by the Master Servicer as provided herein;

 

(vi)          all Insurance Proceeds, Condemnation Proceeds and Liquidation Proceeds received in respect of any Mortgage Loan (other than any Mortgage Loan related to a Serviced Whole Loan) or any REO Property (other than a Serviced REO Property related

     -202-

     

    

 

to a Serviced Whole Loan), other than Gain-on-Sale Proceeds and Liquidation Proceeds that are received in connection with a purchase of all the Mortgage Loans and any REO Properties in the Trust Fund and that are to be deposited in the Lower-Tier Distribution Account pursuant to Section 9.01 of this Agreement, together with any amounts representing recoveries of Nonrecoverable Advances, including any recovery of Unliquidated Advances, in respect of the related Mortgage Loans (other than any Mortgage Loan related to a Serviced Whole Loan); provided that any Liquidation Proceeds related to a sale, pursuant to Section 3.16 hereof or pursuant to the related Intercreditor Agreement, of a Mortgage Loan included in a Serviced Whole Loan shall be deposited directly into the Collection Account and applied solely to pay expenses relating to that Mortgage Loan and to Aggregate Available Funds;

 

(vii)         Penalty Charges on the Mortgage Loans (other than any Mortgage Loan related to a Serviced Whole Loan) to the extent required to offset interest on Advances and Additional Trust Fund Expenses pursuant to Section 3.12(d) of this Agreement;

 

(viii)       any amounts required to be deposited by the Master Servicer or the Special Servicer pursuant to Section 3.08(b) of this Agreement in connection with losses resulting from a deductible clause in a blanket or master force-placed policy in respect of the Mortgage Loans (other than any Mortgage Loan related to a Serviced Whole Loan);

 

(ix)          any other amounts required by the provisions of this Agreement (including without limitation any amounts to be transferred from the Serviced Whole Loan Collection Account pursuant to Section 3.06(b)(i)(B) and, with respect to the Companion Loans or any mezzanine indebtedness that may exist on a future date, all amounts received pursuant to the cure and purchase rights or reimbursement obligations set forth in the related Intercreditor Agreement or mezzanine intercreditor agreement, as applicable, other than in respect of a Serviced Whole Loan) to be deposited into the Collection Account by the Master Servicer or Special Servicer;

 

(x)           any Compensating Interest Payments in respect of the Mortgage Loans that the Master Servicer is servicing (other than any Non-Serviced Mortgage Loan or any Mortgage Loan related to a Serviced Whole Loan) pursuant to Section 3.17(b) of this Agreement;

 

(xi)           any Loss of Value Payments, as set forth in Section 3.06(e) of this Agreement; and

 

(xii)         in the case of any Mortgage Loan that is part of a Serviced Whole Loan, the amounts to be withdrawn from the related Serviced Whole Loan Collection Account and deposited into the Collection Account pursuant to Section 3.06(b)(i).

 

In the case of Gain-on-Sale Proceeds, the Master Servicer shall make appropriate ledger entries received with respect thereto, which the Master Servicer shall hold for (i) the Trustee for the benefit of the Lower-Tier Regular Interests, (ii) for the benefit of the Pooled Certificateholders, the VRR Interest Owners and the Trustee as the Holder of the Lower-Tier Regular Interests, (iii) the Trustee for the benefit of the Trust Subordinate Companion Loan REMIC Regular Interests, (iv) for the benefit of the Loan-Specific Certificateholders and the

     -203-

     

    

 

Trustee as the Holder of the Trust Subordinate Companion Loan REMIC Regular Interests and (v) for the benefit of any Serviced Companion Loan Noteholder entitled thereto. Any Gain-on-Sale Proceeds shall be identified separately from any other amounts held in the Collection Account (with amounts attributable to each Class or Classes and any Serviced Companion Loan also identified separately).

 

The foregoing requirements for deposits in the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges (subject to Section 3.12 and the related Intercreditor Agreement), Assumption Fees, assumption application fees, Modification Fees and consent fees, loan service transaction fees, extension fees, demand fees, beneficiary statement charges and similar fees need not be deposited in the Collection Account by the Master Servicer or the Special Servicer, as applicable, and, to the extent permitted by applicable law, the Master Servicer or the Special Servicer, as applicable in accordance with Section 3.12 hereof, shall be entitled to retain any such charges and fees received with respect to the Mortgage Loans that it is servicing as additional compensation.

 

If the Master Servicer deposits in the Collection Account any amount not required to be deposited therein, it may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding.

 

Upon receipt of any of the amounts described in clauses (i), (ii), (v) and (vi) above with respect to any Specially Serviced Loan which is not a Serviced REO Loan, the Special Servicer shall remit such amounts within one Business Day after receipt thereof (except, if such amounts are not properly identified, the Special Servicer shall promptly identify such amounts and shall remit such amounts within one Business Day after such identification) to the Master Servicer for deposit into the Collection Account in accordance with the second paragraph of this Section 3.05 of this Agreement, unless the Special Servicer determines, consistent with the Servicing Standard, that a particular item should not be deposited because of a restrictive endorsement or other appropriate reason. Any such amounts received by the Special Servicer with respect to a Serviced REO Property (other than any Serviced REO Property related to the Serviced Whole Loans) shall be deposited by the Special Servicer into the REO Account and remitted to the Master Servicer for deposit into the Collection Account pursuant to Section 3.15(b) of this Agreement. With respect to any related Serviced Whole Loan, the Special Servicer shall comply with Section 3.05(g) of this Agreement. With respect to any such amounts paid by check to the order of the Special Servicer, the Special Servicer shall endorse without recourse or warranty such check to the order of the Master Servicer and shall promptly deliver any such check to the Master Servicer by overnight courier.

 

(b)           The Certificate Administrator shall establish and maintain (1) the Lower-Tier Distribution Account in its own name for the benefit of the Trustee, for the benefit of the Certificateholders (other than the Holders of the Class S Certificates) and the Trustee as the Holder of the Lower-Tier Regular Interests and (2) the Trust Subordinate Companion Loan REMIC Distribution Account in its own name for the benefit of the Trustee, for the benefit of the Certificateholders of the Loan-Specific Certificates. Each of the Lower-Tier Distribution Account and the Trust Subordinate Companion Loan REMIC Distribution Accounts shall be established and maintained as an Eligible Account or as a sub-account of an Eligible Account.

     -204-

     

    

 

(c)           With respect to each Distribution Date, the Master Servicer shall deliver to the Certificate Administrator on or before the Master Servicer Remittance Date the funds then on deposit in the Collection Account after giving effect to withdrawals of funds pursuant to Section 3.06(a) of this Agreement and deposits from the Serviced Whole Loan Collection Account pursuant to Section 3.06 of this Agreement. Upon receipt from the Master Servicer of such amounts held in the Collection Account, the Certificate Administrator shall deposit in (A) the Lower-Tier Distribution Account, (i) the amount of Pooled Aggregate Available Funds to be distributed pursuant to Section 4.01 of this Agreement on such Distribution Date and (ii) the amount of Gain-on-Sale Proceeds allocable to any Mortgage Loan to be deposited into the Lower-Tier Distribution Account (which the Certificate Administrator shall then deposit in the Gain-on-Sale Reserve Account) pursuant to Section 3.06 of this Agreement, (B) the BX Industrial Portfolio Trust Subordinate Companion Loan REMIC Distribution Account, (i) the amount of BX Industrial Portfolio Available Funds to be distributed pursuant to Section 4.01 of this Agreement on such Distribution Date and (ii) the amount of Gain-on-Sale Proceeds allocable to the BX Industrial Portfolio Trust Subordinate Companion Loan to be deposited into the BX Industrial Portfolio Trust Subordinate Companion Loan REMIC Distribution Account (which the Certificate Administrator shall then deposit in the BX Industrial Portfolio Gain-on-Sale Reserve Account) pursuant to Section 3.06 of this Agreement, (C) the Tower 333 Trust Subordinate Companion Loan REMIC Distribution Account, (i) the amount of Tower 333 Available Funds to be distribution pursuant to Section 4.01 of this Agreement on such Distribution Date and (ii) the amount of Gain-on-Sale Proceeds allocable to the Tower 333 Trust Subordinate Companion Loan to be deposited into the Tower 333 Trust Subordinate Companion Loan REMIC Distribution Account (which the Certificate Administrator shall then deposit in the Tower 333 Gain-on-Sale Reserve Account) pursuant to Section 3.06 of this Agreement, (D) the 825 South Hill Trust Subordinate Companion Loan REMIC Distribution Account, (i) the amount of 825 South Hill Available Funds to be distribution pursuant to Section 4.01 of this Agreement on such Distribution Date and (ii) the amount of Gain-on-Sale Proceeds allocable to the 825 South Hill Trust Subordinate Companion Loan to be deposited into the 825 South Hill Trust Subordinate Companion Loan REMIC Distribution Account (which the Certificate Administrator shall then deposit in the 825 South Hill Gain-on-Sale Reserve Account) pursuant to Section 3.06 of this Agreement, (E) the Interest Reserve Account as part of the Lower-Tier REMIC, the amount of any Withheld Amounts to be deposited pursuant to Section 3.05(e) of this Agreement and (F) in the Excess Interest Distribution Account, the Excess Interest to be distributed to the Holders of the Excess Interest Certificates and the RR Interest Owner.

 

(d)           If any Loss of Value Payments are received in connection with a Material Defect or Material Breach, as the case may be, pursuant to or as contemplated by Section 2.03(d) of this Agreement, the Master Servicer shall establish and maintain one or more accounts (collectively, the “Loss of Value Reserve Fund”) to be held for the benefit of the Certificateholders, for purposes of holding such Loss of Value Payments. Each account that constitutes the Loss of Value Reserve Fund shall be an Eligible Account or a sub-account of an Eligible Account. The Master Servicer shall, upon receipt, deposit in the Loss of Value Reserve Fund all Loss of Value Payments received by it and, upon the direction of and receipt of requisite information from the Special Servicer separately notate by ledger entry any amounts attributable to the Mortgage Loans and any amount attributable to the Trust Subordinate Companion Loans shall remit or apply as set forth in Section 3.06(e). The Certificate Administrator shall account for the Loss of Value Reserve Fund as an outside reserve fund within the meaning of Treasury

     -205-

     

    

 

Regulations Section 1.860G-2(h) and not an asset of any Trust REMIC or the Grantor Trust. Furthermore, for all federal tax purposes, the Certificate Administrator shall (i) treat amounts paid out of the Loss of Value Reserve Fund through the Collection Account to the Certificateholders as contributed to and distributed by the Trust REMICs and (ii) treat any amounts paid out of the Loss of Value Reserve Fund through the Collection Account to a Mortgage Loan Seller as distributions by the Trust Fund to such Mortgage Loan Seller as beneficial owner of the Loss of Value Reserve Fund. The applicable Mortgage Loan Seller will be the beneficial owner of the Loss of Value Reserve Fund for all federal income tax purposes, and shall be taxable on all income earned thereon.

 

(e)           The Certificate Administrator shall establish and maintain the Interest Reserve Account in its own name for the benefit of the Trustee, for the benefit of the Certificateholders (other than the Holders of the Class S Certificates) and the Trustee as the Holder of the Lower-Tier Regular Interests. The Interest Reserve Account shall be established and maintained as an Eligible Account or as a sub-account of an Eligible Account.

 

On each Master Servicer Remittance Date occurring in (i) January of each calendar year that is not a leap year and (ii) February of each calendar year, unless in either case such Master Servicer Remittance Date is the final Master Servicer Remittance Date, the Certificate Administrator shall calculate the Withheld Amounts. On each such Master Servicer Remittance Date, the Certificate Administrator shall, with respect to each Mortgage Loan that does not accrue interest on the basis of a 360-day year of twelve 30-day months and the Trust Subordinate Companion Loans, withdraw or be deemed to withdraw from (1) the Lower-Tier Distribution Account and deposit or be deemed to deposit in the Interest Reserve Account an amount equal to the aggregate of the Withheld Amounts with respect to the Mortgage Loans, as calculated in accordance with the previous sentence and (2) the Trust Subordinate Companion Loan REMIC Distribution Accounts and deposit or be deemed to deposit in the Interest Reserve Account an amount equal to the aggregate of the Withheld Amounts with respect to the Trust Subordinate Companion Loans, as calculated in accordance with the previous sentence. If the Certificate Administrator shall deposit in the Interest Reserve Account any amount not required to be deposited therein, it may at any time withdraw such amount from the Interest Reserve Account any provision herein to the contrary notwithstanding. On or prior to the Master Servicer Remittance Date in March of each calendar year (or in February if the final Distribution Date will occur in such month), the Certificate Administrator shall transfer to (1) the Lower-Tier Distribution Account the aggregate of all Withheld Amounts on deposit in the Interest Reserve Account with respect to the Mortgage Loans and (2) the Trust Subordinate Companion Loan REMIC Distribution Accounts the aggregate of all Withheld Amounts on deposit in the Interest Reserve Account with respect to the Trust Subordinate Companion Loans.

 

(f)            The Certificate Administrator shall establish and maintain the Upper-Tier Distribution Account in its own name for the benefit of the Trustee and for the benefit of the Certificateholders (other than the Holders of the Class S Certificates). The Upper-Tier Distribution Account shall be established and maintained as an Eligible Account or a sub-account of an Eligible Account. Promptly on each Distribution Date, the Certificate Administrator shall withdraw or be deemed to withdraw from the Lower-Tier Distribution Account and the Trust Subordinate Companion Loan REMIC Distribution Accounts and deposit or be deemed to deposit in the Upper-Tier Distribution Account on or before such date the

     -206-

     

    

 

Lower-Tier Distribution Amount, the Trust Subordinate Companion Loan REMIC Distribution Amounts and the amount of any Prepayment Premiums and Yield Maintenance Charges for such Distribution Date to be distributed in respect of the Lower-Tier Regular Interests or the Trust Subordinate Companion Loan REMIC Regular Interests pursuant to Section 4.01(a) and Section 4.01(b), as applicable, of this Agreement on such date. The Certificate Administrator shall establish and maintain the Trust Subordinate Companion Loan REMIC Distribution Accounts in its own name on behalf of the Trustee, for the benefit of the Certificateholders of the Loan-Specific Certificates. The Trust Subordinate Companion Loan REMIC Distribution Accounts shall be established and maintained as an Eligible Account or a sub-account of an Eligible Account, and may be a sub-account of the Upper-Tier Distribution Account but shall, for purposes of this Agreement, be treated as a separate account. Promptly on each Distribution Date, the Certificate Administrator shall withdraw from the Trust Subordinate Companion Loan REMIC Distribution Accounts the amounts to be distributed in respect of the Loan-Specific Certificates pursuant to Section 4.01(a) of this Agreement on such date.

 

(g)           With respect to each Serviced Whole Loan, Trust Subordinate Companion Loan or any related Serviced REO Property, the Master Servicer shall maintain, or cause to be maintained, a Serviced Whole Loan Collection Account in which the Master Servicer shall deposit or cause to be deposited within two Business Days following receipt of properly identified funds the following payments and collections received or made by or on behalf of it on such Serviced Whole Loan, Trust Subordinate Companion Loan or Serviced REO Property subsequent to the Cut-off Date:

 

(i)            all payments on account of principal on such Serviced Whole Loan, including the principal component of Unscheduled Payments;

 

(ii)           all payments on account of interest on such Serviced Whole Loan (net of the related Servicing Fees), including Prepayment Premiums, Default Interest, Yield Maintenance Charges and the interest component of all Unscheduled Payments;

 

(iii)          any amounts required to be deposited pursuant to Section 3.07(b), in connection with net losses realized on Permitted Investments with respect to funds held in such Serviced Whole Loan Collection Account;

 

(iv)          all Net REO Proceeds withdrawn from the related REO Account in respect of such Serviced Whole Loan pursuant to Section 3.15(b);

 

(v)          any amounts received from Borrowers which represent recoveries of Property Protection Expenses and are allocable to such Serviced Whole Loan, to the extent not permitted to be retained by the Master Servicer as provided herein;

 

(vi)         all Insurance Proceeds, Condemnation Proceeds and Liquidation Proceeds received in respect of such Serviced Whole Loan or any related Serviced REO Property (other than Gain-on-Sale Proceeds and Liquidation Proceeds that are received in connection with a purchase of all the Mortgage Loans and any REO Properties in the Trust Fund and that are to be deposited in the Lower-Tier Distribution Account pursuant to Section 9.01), together with any amounts representing recoveries of Nonrecoverable Advances, including any recovery of Unliquidated Advances, in respect of such Serviced

     -207-

     

    

 

Whole Loan; provided that (1) any Liquidation Proceeds related to a sale pursuant to Section 3.16 hereof or pursuant to the related Intercreditor Agreement of (A) a Mortgage Loan included in a Serviced Whole Loan shall be deposited directly into the Collection Account and applied solely to pay expenses relating to that Mortgage Loan and to Pooled Aggregate Available Funds; (B) the BX Industrial Portfolio Trust Subordinate Companion Loan shall be deposited directly into the BX Industrial Portfolio Trust Subordinate Companion Loan REMIC Distribution Account applied solely to pay expenses relating to the BX Industrial Portfolio Trust Subordinate Companion Loan and to the BX Industrial Portfolio Available Funds; (C) the Tower 333 Trust Subordinate Companion Loan shall be deposited directly into the Tower 333 Trust Subordinate Companion Loan REMIC Distribution Account applied solely to pay expenses relating to the Tower 333 Trust Subordinate Companion Loan and to the Tower 333 Available Funds; (B) the 825 South Hill Trust Subordinate Companion Loan shall be deposited directly into the 825 South Hill Trust Subordinate Companion Loan REMIC Distribution Account applied solely to pay expenses relating to the 825 South Hill Trust Subordinate Companion Loan and to the 825 South Hill Trust Available Funds; and (2) any Liquidation Proceeds related to a sale of a related Serviced Companion Loan (other than the Trust Subordinate Companion Loans) included in a Serviced Whole Loan shall be deposited into the Serviced Whole Loan Collection Account and applied solely to pay expenses relating to that Serviced Companion Loan and to pay amounts due to the related Serviced Companion Loan Noteholder;

 

(vii)         Penalty Charges on such Serviced Whole Loan to the extent required to offset interest on Advances and debt service advances made by a Serviced Companion Loan Service Provider and Additional Trust Fund Expenses pursuant to Section 3.12(d);

 

(viii)        any amounts required to be deposited by the Master Servicer or the Special Servicer pursuant to Section 3.08(b) in connection with losses resulting from a deductible clause in a blanket or master force placed policy in respect of such Serviced Whole Loan;

 

(ix)           any other amounts required by the provisions of this Agreement (including with respect to the Companion Loans or any mezzanine indebtedness that may exist on a future date, all amounts received pursuant to the cure and purchase rights or reimbursement obligations set forth in the related Intercreditor Agreement or mezzanine intercreditor agreement, as applicable) to be deposited into the applicable Serviced Whole Loan Collection Account by the Master Servicer or the Special Servicer;

 

(x)           any cure payments remitted by any Serviced Companion Loan Noteholder pursuant to the related Intercreditor Agreement; and

 

(xi)          any Compensating Interest Payments in respect of such Serviced Whole Loan pursuant to Section 3.17(c).

 

The foregoing requirements for deposits into the applicable Serviced Whole Loan Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges (subject to Section 3.12 hereof), Assumption Fees, assumption application fees, Modification Fees, consent fees, loan service transaction fees, extension fees, demand fees, beneficiary statement charges and similar fees need not be deposited into the

     -208-

     

    

 

applicable Serviced Whole Loan Collection Account by the Master Servicer or the Special Servicer, as applicable, and, to the extent permitted by applicable law, the Master Servicer or the Special Servicer, as applicable in accordance with Section 3.12 hereof, shall be entitled to retain any such charges and fees received with respect to the Serviced Whole Loans as additional compensation. If the Master Servicer deposits in the applicable Serviced Whole Loan Collection Account any amount not required to be deposited therein, it may at any time withdraw such amount from such Serviced Whole Loan Collection Account, any provision herein to the contrary notwithstanding.

 

Each Serviced Whole Loan Collection Account shall be maintained as a segregated account, separate and apart from any trust fund created for mortgage backed securities of other series and the other accounts of the Master Servicer; provided that such Serviced Whole Loan Collection Account may be a sub-account of the Master Servicer’s Collection Account or may be maintained on a ledger basis but shall, for purposes of this Agreement, be treated as a separate account. Each Serviced Whole Loan Collection Account shall be established and maintained as an Eligible Account or as a sub-account of an Eligible Account.

 

Upon receipt of any of the foregoing amounts described in clauses (i), (ii), (v) and (vi) above with respect to each Serviced Whole Loan for so long as it is a Specially Serviced Loan but is not a Serviced REO Loan, the Special Servicer shall remit within one Business Day such amounts to the Master Servicer for deposit into the applicable Serviced Whole Loan Collection Account in accordance with the first paragraph of this Section 3.05(g), unless the Special Servicer determines, consistent with the applicable Servicing Standard, that a particular item should not be deposited because of a restrictive endorsement or other appropriate reason. Any such amounts received by the Special Servicer with respect to a Serviced REO Property related to any Serviced Whole Loan shall initially be deposited by the Special Servicer into the related Serviced Whole Loan REO Account and remitted to the Master Servicer for deposit into the applicable Serviced Whole Loan Collection Account pursuant to Section 3.15(b). With respect to any such amounts paid by check to the order of the Special Servicer, the Special Servicer (A) with respect to any Specially Serviced Loan shall endorse without recourse or warranty such check to the order of the Master Servicer and shall promptly deliver any such check to the Master Servicer by overnight courier and (B) with respect to any REO Loan shall deposit such check into the applicable Whole Loan REO Account.

 

(h)           Except as otherwise set forth in Section 3.06(b), with respect to each Due Date and any related Serviced Companion Loan, on each Serviced Whole Loan Remittance Date, the Master Servicer shall remit, from amounts on deposit in the applicable Serviced Whole Loan Collection Account in accordance with Section 3.06(b)(i)(A), to the applicable Serviced Companion Loan Noteholder by wire transfer in immediately available funds to the account of such Serviced Companion Loan Noteholder or an agent therefor appearing on the Serviced Companion Loan Noteholder Register on the related date such amounts as are required to be remitted (or, if no such account so appears or information relating thereto is not provided at least five (5) Business Days prior to the date such amounts are required to be remitted, by check sent by first class mail to the address of such Serviced Companion Loan Noteholder or its agent appearing on the Serviced Companion Loan Noteholder Register) the portion of the applicable

     -209-

     

    

 

Serviced Whole Loan Remittance Amount allocable to such Serviced Companion Loan Noteholder.

 

(i)            Prior to the Master Servicer Remittance Date relating to any Collection Period in which Gain-on-Sale Proceeds are received with respect to (i) the Mortgage Loans, the Certificate Administrator shall establish and maintain the Gain-on-Sale Reserve Account, which may have one or more sub-accounts, to be held in its own name for the benefit of the Trustee, for the benefit of the Certificateholders (other than the Holders of the Class S Certificates) and the RR Interest Owner, and with respect to each Serviced Whole Loan, the related Serviced Companion Loan Noteholders, and the Trustee as holder of the Lower-Tier Regular Interests and (ii) each of the Trust Subordinate Companion Loans, the Certificate Administrator shall establish  and maintain the BX Industrial Portfolio Gain-on-Sale Reserve Account, the Tower 333 Gain-on-Sale Reserve Account and the 825 South Hill Gain-on-Sale Reserve Account, as applicable, which each may have one or more sub-accounts, to be held in its own name for the benefit of the Trustee, for the benefit of the related Loan-Specific Certificateholders, and the Trustee as holder of the related Trust Subordinate Companion Loan REMIC Regular Interests. Each account that constitutes a Gain-on-Sale Reserve Account, BX Industrial Portfolio Gain-on-Sale Reserve Account, Tower 333 Gain-on-Sale Reserve Account or 825 South Hill Gain-on-Sale Reserve Account shall be an Eligible Account or a sub-account of an Eligible Account. On each Master Servicer Remittance Date, the Master Servicer shall withdraw from the Collection Account or, if allocable to any Serviced Whole Loan, the Master Servicer shall withdraw from the applicable Serviced Whole Loan Collection Account, and remit to the Certificate Administrator (i) in the case of the Mortgage Loans (other than the Serviced Whole Loans), for deposit in the Lower-Tier Distribution Account, as applicable (which the Certificate Administrator shall then deposit in the Gain-on-Sale Reserve Account), (ii) in the case of the Trust Subordinate Companion Loans, for deposit in the related Trust Subordinate Companion Loan REMIC Distribution Account (which the Certificate Administrator shall then deposit in the BX Industrial Portfolio Gain-on-Sale Reserve Account, Tower 333 Gain-on-Sale Reserve Account or 825 South Hill Gain-on-Sale Reserve Account, as applicable), and (iii) in the case of the Serviced Whole Loans, for deposit in the Gain-on-Sale Reserve Account, all Gain-on-Sale Proceeds received during the Collection Period ending on the Determination Date immediately prior to such Master Servicer Remittance Date which are allocable to a Serviced Whole Loan (other than, with respect to the BX Industrial Portfolio Whole Loan, the Tower 333 Whole Loan and the 825 South Hill Whole Loan, the portion allocable the related Trust Subordinate Companion Loan), Mortgage Loan or Trust Subordinate Companion Loan; provided that on the Business Day prior to the final Distribution Date, the Certificate Administrator shall withdraw from the Gain-on-Sale Reserve Account and deposit in the Lower-Tier Distribution Account (after allocation to any related Serviced Companion Loan as provided in Section 4.01(k)), for distribution on such Distribution Date, any and all amounts then on deposit in the Gain-on-Sale Reserve Account attributable to the Mortgage Loans.

 

(j)            Funds in the Collection Account, the Serviced Whole Loan Collection Account, the Distribution Accounts, the Trust Subordinate Companion Loan REMIC Distribution Accounts, the Interest Reserve Account, the Gain-on-Sale Reserve Account, the BX Industrial Portfolio Gain-on-Sale Reserve Account, the Tower 333 Gain-on-Sale Reserve Account or the 825 South Hill Gain-on-Sale Reserve Account and the REO Account may be invested in Permitted Investments in accordance with the provisions of Section 3.07 of this

     -210-

     

    

 

Agreement; provided, however, that for so long as Wells Fargo Bank, National Association is the Certificate Administrator, funds on deposit in the Distribution Accounts, the Interest Reserve Account, the Gain-on-Sale Reserve Account and the BX Industrial Portfolio Gain-on-Sale Reserve Account, the Tower 333 Gain-on-Sale Reserve Account or the 825 South Hill Gain-on-Sale Reserve Account shall not be invested.

 

The Master Servicer shall give written notice to the Depositor, the Trustee, the Certificate Administrator and the Special Servicer of the location and account number of the Collection Account and, if applicable, the Serviced Whole Loan Collection Accounts as of the Closing Date and shall notify the Depositor, the Special Servicer, the Certificate Administrator and the Trustee, as applicable, in writing on or prior to the Closing Date and prior to any

 

subsequent change thereof. In addition, the Master Servicer shall provide notice to each affected holder of a Serviced Companion Loan of the location and account number of the relevant Serviced Whole Loan Collection Account as well as notice in writing on or prior to the Closing Date and prior to any subsequent change thereof. The Certificate Administrator shall give written notice to the Depositor, the Trustee, the Special Servicer and the Master Servicer of the location and account number of the Interest Reserve Account and the Distribution Accounts as of the Closing Date and shall notify the Depositor, the Trustee, the Special Servicer and the Master Servicer, as applicable, in writing prior to any subsequent change thereof.

 

(k)           The Certificate Administrator shall establish and maintain the Excess Interest Distribution Account, in its own name, for the benefit of the Holders of the Excess Interest Certificates and the RR Interest Owner, with respect to the Excess Interest, which shall be an asset of the Grantor Trust and beneficially owned by the Holders of the Excess Interest Certificates and the RR Interest Owner and shall not be an asset of any Trust REMIC. The Excess Interest Distribution Account shall be established and maintained as an Eligible Account or as a subaccount of an Eligible Account. Following the distribution of the applicable portions of Excess Interest to the Holders of the Excess Interest Certificates and the RR Interest Owner, as applicable, on the first Distribution Date after which there are no longer any Mortgage Loans outstanding which pursuant to their terms could pay Excess Interest, the Certificate Administrator shall terminate the Excess Interest Distribution Account.

 

(l)            [Reserved].

 

(m)          [Reserved].

 

(n)           The Certificate Administrator shall establish (upon written notice from the Special Servicer to the Master Servicer (who shall deliver a copy of such notice to the Certificate Administrator) of an event occurring that generates Gain-on-Sale Proceeds) and maintain (i) the Gain-on-Sale Reserve Account for the benefit of the Pooled Certificateholders, (ii) the BX Industrial Portfolio Gain-on-Sale Reserve Account for the benefit of the BX Industrial Portfolio Loan-Specific Certificateholders, (iii) the Tower 333 Gain-on-Sale Reserve Account for the benefit of the Tower 333 Loan-Specific Certificateholders and (iv) the 825 South Hill Gain-on-Sale Reserve Account for the benefit of the 825 South Hill Loan-Specific Certificateholders. Each of the Gain-on-Sale Reserve Account, the BX Industrial Portfolio Gain-on-Sale Reserve Account, the Tower 333 Gain-on-Sale Reserve Account or the 825 South Hill Gain-on-Sale Reserve Account shall be maintained as an Eligible Account (or as a subaccount of an Eligible

     -211-

     

    

 

Account), separate and apart from trust funds for mortgage pass through certificates of other series administered by the Certificate Administrator.

 

Section 3.06           Permitted Withdrawals from the Collection Accounts, the Serviced Whole Loan Collection Accounts and the Distribution Accounts; Trust Ledger. (a) The Master Servicer shall maintain a separate Trust Ledger with respect to the Mortgage Loans that it is servicing on which it shall make ledger entries as to amounts deposited (or credited) or withdrawn (or debited) with respect thereto. On each Master Servicer Remittance Date (or such other date as may be specified below or on which funds are available for such purpose as specified below), with respect to each Mortgage Loan (other than any Mortgage Loan related to a Serviced Whole Loan unless otherwise specified in clauses (i), (ii), (v), (vi), (x), (xi), (xii), (xiii), (xv), (xvi) and (xvii) of this (a)), the Master Servicer shall make withdrawals from amounts allocated thereto in the Collection Account (and may debit the Trust Ledger) for the purposes listed below (the order set forth below not constituting an order of priority for such withdrawals):

 

(i)            on or before 3:00 p.m. (New York City time) on each Master Servicer Remittance Date, to remit to the Certificate Administrator the amounts to be deposited into the Lower-Tier Distribution Account (including any amount transferred from the Serviced Whole Loan Collection Account in respect of each Mortgage Loan that is part of a Serviced Whole Loan) (or the Trust Subordinate Companion Loan REMIC Distribution Accounts in respect of the Trust Subordinate Companion Loans) (including without limitation the aggregate of the Available Funds, Prepayment Premiums, Yield Maintenance Charges and Gain-on-Sale Proceeds) which the Certificate Administrator shall then deposit into the Upper-Tier Distribution Account, the Trust Subordinate Companion Loan REMIC Distribution Account, the Interest Reserve Account, the Gain-on-Sale Reserve Account, the BX Industrial Portfolio Gain-on-Sale Reserve Account, the Tower 333 Gain-on-Sale Reserve Account and the 825 South Hill Gain-on-Sale Reserve Account pursuant to Section 3.05(e), Section 3.05(f) and Section 3.05(i) of this Agreement, respectively;

 

(ii)           to pay (A) itself unpaid Servicing Fees (or, with respect to any Excess Servicing Fee Rights, to pay any Excess Servicing Fees to the holder of such Excess Servicing Fee Rights pursuant to Section 3.12(a) of this Agreement); and the Special Servicer, unpaid Special Servicing Fees, Liquidation Fees and Workout Fees in respect of each Mortgage Loan, Specially Serviced Loan and Serviced REO Loan (exclusive of each Mortgage Loan or Serviced REO Loan included in a Serviced Whole Loan), as applicable, the Master Servicer’s or Special Servicer’s, as applicable, rights to payment of Servicing Fees and Special Servicing Fees, Liquidation Fees and Workout Fees pursuant to this clause (ii)(A) with respect to any Mortgage Loan, Specially Serviced Loan or Serviced REO Loan (exclusive of each Mortgage Loan or Serviced REO Loan included in a Serviced Whole Loan), as applicable, being limited to amounts received on or in respect of such Mortgage Loan, Specially Serviced Loan or REO Loan, as applicable (whether in the form of payments, Liquidation Proceeds, Insurance Proceeds or Condemnation Proceeds), that are allocable as recovery of interest thereon, (B) the Special Servicer, any unpaid Special Servicing Fees, Liquidation Fees and Workout Fees in respect of each Specially Serviced Loan or Serviced REO Loan, as applicable, remaining unpaid out of general collections on the Mortgage Loans, Specially Serviced Loans and REO Properties, but in the case of each Serviced Whole Loan, only to the extent that amounts on deposit in the

     -212-

     

    

 

applicable Serviced Whole Loan Collection Account are insufficient therefor (provided that the Master Servicer shall, after receiving payment from amounts on deposit in the Collection Account, if any, (i) promptly notify the related Companion Loan Noteholder and (ii) use commercially reasonable efforts to exercise on behalf of the Trust any rights under the related Intercreditor Agreement to obtain reimbursement for a pro rata portion of such amount allocable to the related Serviced Companion Loans from the related Companion Loan Noteholders) and (C) each month to the Other Servicer or Other Special Servicer (or Other Indemnified Party under Section 1.04 of this Agreement), as applicable, the Trust’s pro rata portion (based on the related Mortgage Loan’s Stated Principal Balance) of any unpaid special servicing fees, liquidation fees, workout fees and additional trust expenses in respect of a Non-Serviced Mortgage Loan remaining unpaid (including amounts payable to such parties and Other Indemnified Parties under Section 1.04 of this Agreement), out of general collections on the Mortgage Loans, Specially Serviced Loans and REO Properties;

 

(iii)          to reimburse the Trustee or itself, in that order, for unreimbursed P&I Advances (other than Nonrecoverable Advances, which are reimbursable pursuant to clause (v) below, and exclusive of the Mortgage Loans or Serviced REO Loans included in the Serviced Whole Loans) the Master Servicer’s or the Trustee’s right to reimbursement pursuant to this clause (iii) being limited to amounts received which represent Late Collections for the applicable Mortgage Loan (exclusive of the Mortgage Loan or Serviced REO Loan included in the Serviced Whole Loan; provided that to the extent such amounts are insufficient to repay such P&I Advances on any Mortgage Loan as to which there is a related Serviced Subordinate Companion Loan, such P&I Advances may be reimbursed, on a pro rata basis with any reimbursement to the related Serviced Companion Loan Service Provider for unreimbursed principal and/or interest advances with respect to any related Serviced Pari Passu Companion Loan, from collections on the related Serviced Whole Loan allocable to such Serviced Subordinate Companion Loan) during the applicable period; provided, further, that if such P&I Advance becomes a Workout-Delayed Reimbursement Amount, then such P&I Advance shall thereafter be reimbursed from amounts recovered on the related Mortgage Loan intended by the modified loan documents to be applied to reimburse such Workout-Delayed Reimbursement Amount and then from the portion of general collections and recoveries on or in respect of all of the Mortgage Loans and REO Properties on deposit in the Collection Account from time to time that represent collections or recoveries of principal to the extent provided in clause (v) below;

 

(iv)         to reimburse the Trustee or itself, in that order, (with respect to any Mortgage Loan or Serviced REO Property) (exclusive of the Mortgage Loans or Serviced REO Loans included in the Serviced Whole Loans or any Serviced REO Property securing any Serviced Whole Loan), for unreimbursed Servicing Advances, the Master Servicer’s or the Trustee’s respective rights to receive payment pursuant to this clause (iv) with respect to any Mortgage Loan, Trust Subordinate Companion Loan or Serviced REO Property being limited to, as applicable, payments received from the related Borrower which represent reimbursements of such Servicing Advances, Liquidation Proceeds, Insurance Proceeds, Condemnation Proceeds and REO Proceeds with respect to the applicable Mortgage Loan or Serviced REO Property; provided that if such Servicing Advance becomes a Workout-Delayed Reimbursement Amount, then such Servicing Advance shall

     -213-

     

    

 

thereafter be reimbursed from amounts recovered on the related Mortgage Loan intended by the modified loan documents to be applied to reimburse such Workout-Delayed Reimbursement Amount and then from the portion of general collections and recoveries on or in respect of the Mortgage Loans and REO Properties on deposit in the Collection Account from time to time that represent collections or recoveries of principal to the extent provided in clause (v) below;

 

(v)     (A) to reimburse the Trustee or itself, in that order (with respect to any Mortgage Loan or Serviced REO Property), (1) with respect to Nonrecoverable Advances, first, out of Liquidation Proceeds, Insurance Proceeds, Condemnation Proceeds and REO Proceeds, if any, received on the related Mortgage Loan or Trust Subordinate Companion Loan and related REO Properties, second, out of the principal portion of general collections on the Mortgage Loans (which excludes the Trust Subordinate Companion Loans) and REO Properties, and then, to the extent the principal portion of general collections is insufficient and with respect to such deficiency only, subject to any election at its sole discretion (or at the Trustee’s sole discretion for the reimbursement of the Trustee) to defer reimbursement thereof pursuant to this Section 3.06(a) of this Agreement, out of other collections on the Mortgage Loans (which excludes the Trust Subordinate Companion Loans) and REO Properties; provided that Nonrecoverable Advances that are P&I Advances made in respect of the Trust Subordinate Companion Loans (and any interest due on such Advances) may not be reimbursed directly from general collections on the Mortgage Loans in the Mortgage Pool, but can be reimbursed only from collections relating to the BX Industrial Portfolio Mortgage Loan, the Tower 333 Mortgage Loan, the 825 South Hill Mortgage Loan, as applicable, and the related Trust Subordinate Companion Loans, provided, further, that, neither the Master Servicer nor the trustee shall be entitled to recover (1) any Nonrecoverable Advance made in respect of a Mortgage Loan (other than the BX Industrial Portfolio Mortgage Loan, the Tower 333 Mortgage Loan and the 825 South Hill Mortgage Loan) or any interest due on such Advance from any collections on the BX Industrial Portfolio Whole Loan, Tower 333 Whole Loan and the 825 South Hill Whole Loan, as applicable, allocable to the Trust Subordinate Companion Loans or (2) any Nonrecoverable Advance that is a P&I Advance made in respect of a Trust Subordinate Companion Loan or any interest due on such Advance from any collections or amounts allocable to the Mortgage Loans (other than the BX Industrial Portfolio Mortgage Loan, the Tower 333 Mortgage Loan and the 825 South Hill Mortgage Loan); however, with respect to the Trust Subordinate Companion Loans, the Master Servicer or the Trustee shall only be entitled to reimbursement for a P&I Advance and interest thereon from the amounts that would have been allocable to the BX Industrial Portfolio Mortgage Loan, the Tower 333 Mortgage Loan, the 825 South Hill Mortgage Loan, as applicable, and the related Trust Subordinate Companion Loans; and (2) with respect to the Workout-Delayed Reimbursement Amounts, out of the principal portion of the general collections on the Mortgage Loans and REO Properties, net of such amounts being reimbursed pursuant to the preceding clause (1) above, but in the case of either clause (1) or (2) above with respect to each Serviced Whole Loan, only to the extent that amounts on deposit in the applicable Serviced Whole Loan Collection Account are insufficient therefor after taking into account any allocation set forth in the related Intercreditor Agreement (provided that the Master Servicer shall, after receiving payment from amounts on deposit in the Collection Account, if any, (i) promptly notify the related

 

     -214-

     

    

 

Companion Loan Noteholder and (ii) use commercially reasonable efforts to exercise on behalf of the Trust any rights under the related Intercreditor Agreement to obtain reimbursement for a pro rata portion (or such other amount as may be set forth in the related Intercreditor Agreement) of such amount representing Servicing Advances allocable to the related Serviced Companion Loans from the related Companion Loan Noteholders); provided, however, that neither the Master Servicer nor the Trustee shall be entitled to recover (1) any Workout-Delayed Reimbursement Amounts in respect of a Mortgage Loan (other than the BX Industrial Portfolio Mortgage Loan, the Tower 333 Mortgage Loan and the 825 South Hill Mortgage Loan) from any collections on the BX Industrial Portfolio Whole Loan, Tower 333 Whole Loan and the 825 South Hill Whole Loan, as applicable, allocable to the Trust Subordinate Companion Loans or (2) any Workout-Delayed Reimbursement Amounts in respect of the Trust Subordinate Companion Loans from any collections on or allocable to the Mortgage Loans (other than the BX Industrial Portfolio Mortgage Loan, the Tower 333 Mortgage Loan and the 825 South Hill Mortgage Loan); however, if the Workout-Delayed Reimbursement Amount relates to a Servicing Advance for the BX Industrial Portfolio Whole Loan, Tower 333 Whole Loan or the 825 South Hill Whole Loan, the Master Servicer shall be entitled to recover such Workout-Delayed Reimbursement Amount from general collections on deposit in the Collection Account for the Mortgage Pool including the related Trust Subordinate Companion Loan; and (B) to pay itself or the Special Servicer out of general collections on the Mortgage Loans and REO Properties, with respect to any Mortgage Loan or Serviced REO Property any related earned Servicing Fee, Special Servicing Fee, Liquidation Fee or Workout Fee, as applicable, that remained unpaid in accordance with clause (ii) above following a Final Recovery Determination made with respect to such Mortgage Loan or Serviced REO Property and the deposit into the Collection Account of all amounts received in connection therewith, but in the case of each Serviced Whole Loan, only to the extent that amounts on deposit in the applicable Serviced Whole Loan Collection Account are insufficient therefor (provided that the Master Servicer shall, after receiving payment from amounts on deposit in the Collection Account, if any, (i) promptly notify the related Companion Loan Noteholder and (ii) use commercially reasonable efforts to exercise on behalf of the Trust any rights under the related Intercreditor Agreement to obtain reimbursement for a pro rata portion of such amount allocable to the related Serviced Companion Loans from the related Companion Loan Noteholders) and (C) to reimburse the related Other Servicer, the related Other Special Servicer and the related Other Trustee, as applicable, out of general collections on the Mortgage Loans and REO Properties for the Trust’s pro rata portion (based on the related Non-Serviced Mortgage Loan’s Stated Principal Balance) of nonrecoverable servicing advances (and interest thereon at the Reimbursement Rate) previously made with respect to the related Non-Serviced Mortgage Loans, provided that with respect to the BX Industrial Portfolio Mortgage Loan, the Tower 333 Mortgage Loan, the 825 South Hill Mortgage Loan and the related Trust Subordinate Companion Loans, reimbursement of Nonrecoverable Advances from funds collected from the related Serviced Whole Loan shall be made first, from amounts collected with respect to the Trust Subordinate Companion Loans and then, from amounts collected on the BX Industrial Portfolio Mortgage Loan, the Tower 333 Mortgage Loan and the 825 South Hill Mortgage Loan, in accordance with the terms of the related Intercreditor Agreement;

 

     -215-

     

    

 

(vi)          (A) at such time as it reimburses the Trustee or itself, in that order (with respect to any Mortgage Loan or Serviced REO Property), for (1) any unreimbursed P&I Advance (including any such P&I Advance that constitutes a Workout-Delayed Reimbursement Amount) made with respect to a Mortgage Loan pursuant to clause (iii) above, to pay itself or the Trustee, as applicable, any Advance Interest Amounts accrued and payable thereon, (2) any unreimbursed Servicing Advances (including any such Advance that constitutes a Workout-Delayed Reimbursement Amount) made with respect to a Mortgage Loan or Serviced REO Property pursuant to clause (iv) above, to pay itself or the Trustee, as the case may be, any Advance Interest Amounts accrued and payable thereon or (3) any Nonrecoverable P&I Advances made with respect to a Mortgage Loan or Serviced REO Property and any Nonrecoverable Servicing Advances made with respect to a Mortgage Loan or REO Property or any Workout-Delayed Reimbursement Amounts pursuant to clause (v) above, to pay itself or the Trustee, as the case may be, any Advance Interest Amounts accrued and payable thereon, in each case, first, from Penalty Charges as provided in Section 3.12(d) and then, from general collections, but in the case of a Serviced Whole Loan only to the extent that such Nonrecoverable Advance has been reimbursed and only to the extent that amounts on deposit in the applicable Serviced Whole Loan Collection Account are insufficient therefor after taking into account any allocation set forth in the related Intercreditor Agreement (provided that the Master Servicer shall, after receiving payment from amounts on deposit in the Collection Account, if any, (i) promptly notify the related Companion Loan Noteholder and (ii) use commercially reasonable efforts to exercise on behalf of the Trust any rights under the related Intercreditor Agreement to obtain reimbursement for a pro rata portion of such amount representing Advance Interest Amounts on Servicing Advances allocable to the related Serviced Companion Loans from the related Companion Loan Noteholders) and (B) at such time as it reimburses the related Other Servicer, the related Other Special Servicer and the related Other Trustee, as applicable, for any nonrecoverable servicing advances made with respect to any related Non-Serviced Mortgage Loan or the related REO Property pursuant to clause (v) above, to pay the related Other Servicer, the related Other Special Servicer and the related Other Trustee, as applicable, any interest accrued and payable thereon;

 

(vii)        to reimburse itself, the Special Servicer, the Custodian, the Certificate Administrator or the Trustee, as the case may be, for any unreimbursed expenses reasonably incurred by such Person in respect of any Breach or Defect giving rise to a repurchase or substitution obligation of the applicable Mortgage Loan Seller or any other obligation of the applicable Mortgage Loan Seller under Section 6 of the applicable Mortgage Loan Purchase Agreement, including, without limitation, any expenses arising out of the performance of its duties under Section 2.03 of this Agreement or out of the enforcement of the repurchase or substitution obligation of the applicable Mortgage Loan Seller or any other obligation of the applicable Mortgage Loan Seller under Section 6 of the applicable Mortgage Loan Purchase Agreement, together with interest thereon at the Reimbursement Rate, each such Person’s right to reimbursement pursuant to this clause (vii) with respect to any Mortgage Loan (exclusive of any Mortgage Loan included in the Serviced Whole Loan) or Trust Subordinate Companion Loan, as applicable, subject to the following: (a) if the Purchase Price is paid for such Mortgage Loan or the Trust Subordinate Companion Loans, as applicable, then such Person’s right to reimbursement shall be limited to that portion of the Purchase Price that represents such expense in

     -216-

     

    

 

accordance with clause (f) of the definition of Purchase Price, or (b) if no Purchase Price is paid or if an amount less than the Purchase Price is paid and proceedings are instituted to enforce the related Mortgage Loan Seller’s payment or performance pursuant to the applicable Mortgage Loan Purchase Agreement or if a Loss of Value Payment is made, then such Person shall be entitled to reimbursement from the Trust following the adjudication of such proceedings in favor of such Mortgage Loan Seller, settlement of the Breach or Defect claim, or payment of such Loss of Value Payment, as the case may be;

 

(viii)        to pay itself all Prepayment Interest Excesses on the Mortgage Pool (exclusive of any Mortgage Loan or Serviced REO Loan included in the Serviced Whole Loan) not required to be used pursuant to Section 3.17(b) of this Agreement;

 

(ix)          (A) to pay itself, as additional servicing compensation in accordance with Section 3.12(a) of this Agreement, (1) interest and investment income earned in respect of amounts relating to the Trust Fund held in the Collection Account as provided in Section 3.12(b) of this Agreement (but only to the extent of the net investment earnings with respect to such Collection Account for any period from any Distribution Date to the immediately succeeding Master Servicer Remittance Date) and (2) Penalty Charges on the Mortgage Loans that are non-Specially Serviced Loans (exclusive of any Mortgage Loan or Serviced REO Loan included in a Serviced Whole Loan), but only to the extent collected from the related Borrower and only to the extent that all amounts then due and payable with respect to the related Mortgage Loan have been paid and are not needed to pay interest on Advances in accordance with Section 3.12 and/or pay or reimburse the Trust for Additional Trust Fund Expenses incurred with respect to such Mortgage Loan during or prior to the related Collection Period (including Special Servicing Fees, Workout Fees or Liquidation Fees); and (B) to pay the Special Servicer, as additional servicing compensation in accordance with Section 3.12(b), Net Default Interest and any other Penalty Charges on Specially Serviced Loans (exclusive of any Mortgage Loan or Serviced REO Loan included in the Serviced Whole Loan), but only to the extent collected from the related Borrower and only to the extent that all amounts then due and payable with respect to the related Specially Serviced Loan have been paid and are not needed to pay interest on Advances or Additional Trust Fund Expenses (including Special Servicing Fees, Workout Fees or Liquidation Fees), all in accordance with Section 3.12;

 

(x)            to pay itself, the Special Servicer, the Depositor or any of their respective directors, officers, members, managers, employees and agents, as the case may be, any amounts payable to any such Person pursuant to Section 6.03(a) of this Agreement (and in the case of a Serviced Whole Loan, only to the extent that such amounts on deposit in the applicable Serviced Whole Loan Collection Account are insufficient therefor after taking into account any allocation set forth in the related Intercreditor Agreement (provided that the Master Servicer shall, after receiving payment from amounts on deposit in the Collection Account, if any, (i) promptly notify the related Companion Loan Noteholder and (ii) use commercially reasonable efforts to exercise on behalf of the Trust any rights under the related Intercreditor Agreement to obtain reimbursement for a pro rata portion of such amount allocable to the related Serviced Companion Loans from the related Companion Loan Noteholders)); provided that for the purposes of allocating Additional Trust Fund Expenses, any amounts so paid shall be deemed allocated, (a) if relating to a

     -217-

     

    

 

particular Mortgage Loan, to such Mortgage Loan and (b) if not related to any particular Mortgage Loan, pro rata, among all Mortgage Loans based on the respective Stated Principal Balances of the Mortgage Loans;

 

(xi)          to pay for the cost of the Opinions of Counsel contemplated by Sections 3.10(d), 3.10(e), 3.15(a), 3.15(b) and 12.08 of this Agreement (and in the case of a Serviced Whole Loan, only to the extent that such amounts on deposit in the applicable Serviced Whole Loan Collection Account are insufficient therefor after taking into account any allocation set forth in the related Intercreditor Agreement (provided that the Master Servicer shall, after receiving payment from amounts on deposit in the Collection Account, if any, (i) promptly notify the related Companion Loan Noteholder and (ii) use commercially reasonable efforts to exercise on behalf of the Trust any rights under the related Intercreditor Agreement to obtain reimbursement for a pro rata portion of such amount allocable to the related Serviced Companion Loans from the related Companion Loan Noteholders)); provided that for the purposes of allocating Additional Trust Fund Expenses, (i) any amounts so paid shall be deemed allocated, (a) if relating to a particular Mortgage Loan, to such Mortgage Loan and (b) if not related to any particular Mortgage Loan, pro rata, among all Mortgage Loans based on the respective Stated Principal Balances of the Mortgage Loans;

 

(xii)         to pay out of general collections on the Mortgage Loans and REO Properties any and all federal, state and local taxes imposed on the Lower-Tier REMIC, the Upper-Tier REMIC or any of their assets or transactions, together with all incidental costs and expenses, to the extent that none of the Master Servicer, the Special Servicer or the Trustee is liable therefor pursuant to this Agreement, except to the extent such amounts relate solely to the Serviced Whole Loans, in which case, such amounts will be reimbursed, first, out of the related Serviced Whole Loan Collection Account from collections on the related Serviced Companion Loan and the related Mortgage Loan on a pro rata basis by principal balance, and second, to the extent any such costs and expenses remain unreimbursed, out of the Collection Account; provided that for the purposes of allocating Additional Trust Fund Expenses, (i) any amounts so paid shall be deemed allocated, (a) if relating to a particular Mortgage Loan, to such Mortgage Loan and (b) if not related to any particular Mortgage Loan, pro rata, among all Mortgage Loans based on the respective Stated Principal Balances of the Mortgage Loans;

 

(xiii)        to reimburse the Trustee, the Custodian or the Certificate Administrator out of general collections on the Mortgage Loans, the Trust Subordinate Companion Loans and REO Properties for expenses incurred by and reimbursable to it by the Trust Fund, except to the extent such amounts relate solely to a Serviced Whole Loan, in which case, such amounts will be reimbursed first, from the applicable Serviced Whole Loan Collection Account(s) in accordance with Section 3.06(b) and then, out of general collections on the Mortgage Loans; provided that for the purposes of allocating Additional Trust Fund Expenses, (i) any amounts so paid shall be deemed allocated, (a) if relating to a particular Mortgage Loan, to such Mortgage Loan and (b) if not related to any particular Mortgage Loan, pro rata, among all Mortgage Loans based on the respective Stated Principal Balances of the Mortgage Loans;

     -218-

     

    

 

(xiv)   to pay any Person permitted to purchase a Mortgage Loan (or the Trust Subordinate Companion Loans) under Section 3.16 of this Agreement with respect to each Mortgage Loan (exclusive of any Mortgage Loan included in the Serviced Whole Loan), if any, previously purchased by such Person pursuant to this Agreement, all amounts received thereon subsequent to the date of purchase relating to periods after the date of purchase;

 

(xv)    (A) to pay to itself, the Special Servicer, the Trustee, the Certificate Administrator, the Custodian or the Depositor, as the case may be, any amount specifically required to be paid to such Person at the expense of the Trust Fund under any provision of this Agreement to which reference is not made in any other clause of this Section 3.06(a) of this Agreement and (B) to reimburse or pay any party to this Agreement any unpaid expenses specifically reimbursable from the Collection Account under this Agreement (and, in the case of an amount specifically related to a Serviced Whole Loan, only to the extent that such amounts on deposit in the applicable Serviced Whole Loan Collection Account are insufficient therefor after taking into account any allocation set forth in the related Intercreditor Agreement (provided that the Master Servicer shall, after receiving payment from amounts on deposit in the Collection Account, if any, (i) promptly notify the related Companion Loan Noteholder and (ii) use commercially reasonable efforts to exercise on behalf of the Trust any rights under the related Intercreditor Agreement to obtain reimbursement for a pro rata portion of such amount allocable to the related Serviced Companion Loans from the related Companion Loan Noteholders)), it being acknowledged that this clause (xv) shall not be construed to modify any limitation or requirement otherwise set forth in this Agreement as to the time at which any Person is entitled to payment or reimbursement of any amount or as to the funds from which any such payment or reimbursement is permitted to be made; provided that (i) any amounts so paid shall be deemed allocated, (a) if relating to a particular Mortgage Loan, to such Mortgage Loan and (b) if not related to any particular Mortgage Loan, pro rata, among all Mortgage Loans based on the respective Stated Principal Balances of the Mortgage Loans;

 

(xvi)   to withdraw from the Collection Account any sums deposited therein in error and pay such sums to the Persons entitled thereto (including any amounts relating to a Mortgage Loan that is part of a Serviced Whole Loan);

 

(xvii)  to pay from time to time to itself in accordance with Section 3.07(b) of this Agreement any interest or investment income earned on funds deposited in the Collection Account;

 

(xviii) to transfer Gain-on-Sale Proceeds (A) allocable to Mortgage Loans to the Lower-Tier Distribution Account for deposit by the Certificate Administrator into the Gain-on-Sale Reserve Account, (B) allocable to the BX Industrial Portfolio Trust Subordinate Companion Loan to BX Industrial Portfolio Trust Subordinate Companion Loan REMIC Distribution Account for deposit into the BX Industrial Portfolio Gain-on-Sale Reserve Account, (C) allocable to the Tower 333 Trust Subordinate Companion Loan to Tower 333 Trust Subordinate Companion Loan REMIC Distribution Account for deposit into the Tower 333 Gain-on-Sale Reserve Account and (D) allocable to the 825 South Hill Trust Subordinate Companion Loan to 825 South Hill Trust Subordinate Companion Loan REMIC Distribution Account for deposit into the 825 South Hill Gain-on-Sale Reserve Account, in accordance with Section 3.05(i) of this Agreement;

     -219-

     

    

 

(xix)   to reimburse the Trustee, the Custodian or the Certificate Administrator out of general collections on the Mortgage Loans, the Trust Subordinate Companion Loans and REO Properties for expenses incurred by and reimbursable to it by the Trust Fund, except to the extent such amounts relate solely to a Serviced Whole Loan, in which case, such amounts will be reimbursed first, from the applicable Serviced Whole Loan Collection Account(s) in accordance with Section 3.06(b) and then, out of general collections on the Mortgage Loans; provided that for the purposes of allocating Additional Trust Fund Expenses, (i) any amounts so paid shall be deemed allocated, (a) if relating to a particular Mortgage Loan, to such Mortgage Loan and (b) if not related to any particular Mortgage Loan, pro rata, among all Mortgage Loans based on the respective Stated Principal Balances of the Mortgage Loans;

 

(xx)    to pay itself, the Special Servicer or the related Mortgage Loan Seller, as the case may be, with respect to each Mortgage Loan, if any, previously purchased or substituted (i.e., replaced) by such Person pursuant to or as contemplated by this Agreement, all amounts received on such Mortgage Loan subsequent to the date of purchase or substitution, and, in the case of a substitution, with respect to the related Qualified Substitute Mortgage Loan(s), all Periodic Payments due thereon during or prior to the month of substitution, in accordance with the third paragraph of Section 2.03(f) of this Agreement;

 

(xxi)   to pay any Person permitted to purchase a Mortgage Loan (or Trust Subordinate Companion Loan) under Section 3.16 of this Agreement with respect to each Mortgage Loan (exclusive of any Mortgage Loan included in the Serviced Whole Loan), if any, previously purchased by such Person pursuant to this Agreement, all amounts received thereon subsequent to the date of purchase relating to periods after the date of purchase;

 

(xxii)  to pay to the Certificate Administrator, the Trustee, the Custodian or any of their directors, officers, employees, representatives and agents, as the case may be, any amounts payable or reimbursable to any such Person pursuant to Section 8.05(d) of this Agreement; provided that any amounts so paid shall be deemed allocated, (a) if relating to a particular Mortgage Loan, to such Mortgage Loan and (b) if not related to any particular Mortgage Loan, pro rata, among all Mortgage Loans based on the respective Stated Principal Balances of the Mortgage Loans;

 

(xxiii) pursuant
to the CREFC® License Agreement, to pay the CREFC® Intellectual Property Royalty
License Fee to CREFC® on a monthly basis; and

 

(xxiv) to clear and terminate the Collection Account at the termination of this Agreement pursuant to Section 9.01 of this Agreement.

 

The Master Servicer shall also be entitled to make withdrawals from time to time, from the Collection Account of amounts necessary for the payments or reimbursement of amounts required to be paid to the applicable Non-Serviced Mortgage Loan Service Providers and the related trust of the applicable Other Securitization by the holder of a Non-Serviced Mortgage Loan pursuant to the applicable Intercreditor Agreement and the applicable Other Pooling and Servicing Agreement.

 

     -220-

     

    

 

The Master Servicer shall pay to the Special Servicer from the Collection Account amounts permitted to be paid to it therefrom promptly upon receipt of a certificate of a Servicing Officer of the Special Servicer describing the item and amount to which the Special Servicer is entitled. The Master Servicer may rely conclusively on any such certificate and shall have no duty to re-calculate the amounts stated therein. The Special Servicer shall keep and maintain separate accounting for each Specially Serviced Loan and Serviced REO Loan and any related Serviced Companion Loan, on a loan-by-loan and, if appropriate, property-by-property basis, for the purpose of justifying any request for withdrawal from the Collection Account.

 

The Master Servicer shall keep and maintain separate accounting records, on a Mortgage Loan by Mortgage Loan basis, reflecting amounts allocable to each Mortgage Loan, and on a property-by-property basis when appropriate, for the purpose of justifying any withdrawal, debit or credit from the Collection Account or the Trust Ledger. Upon written request, the Master Servicer shall provide to the Certificate Administrator such records and any other information in the possession of the Master Servicer to enable the Certificate Administrator to determine the amounts attributable to (i) the Lower-Tier REMIC with respect to the Mortgage Loans, (ii) the Excess Interest and (iii) the Companion Loans.

 

The Master Servicer shall pay to the Trustee, the Certificate Administrator, the Special Servicer, the Other Trustee, the Other Servicer or the Other Special Servicer, from the Collection Account amounts permitted to be paid to such Person therefrom, promptly upon receipt of a certificate of a Responsible Officer of the Trustee, a responsible officer of the Other Trustee, a Responsible Officer of the Certificate Administrator, a certificate of a Servicing Officer or a certificate of the Other Servicer or Other Special Servicer, as applicable, describing the item and amount to which such Person is entitled (unless such payment to the Trustee, the Certificate Administrator, the Special Servicer, the Other Trustee, the Other Servicer or Other Special Servicer, as the case may be, is specifically required pursuant to this Agreement and the timing and the amount of payment is specified in, or calculable pursuant to, this Agreement, in which case a certificate is not required). The Master Servicer may rely conclusively on any such certificate and shall have no duty to recalculate the amounts stated therein.

 

The Trustee, the Certificate Administrator, the Custodian, the Special Servicer, the Master Servicer, CREFC® and the Non-Serviced Mortgage Loan Service Providers (to the extent specified in Section 12.12) shall in all cases have a right prior to the Certificateholders to any funds on deposit in the Collection Account from time to time for the reimbursement or payment of the Servicing Compensation (including investment income), Certificate Administrator/Trustee Fees, Special Servicing Compensation (including investment income), the CREFC® Intellectual Property Royalty License Fee, Advances, Advance Interest Amounts (for each of such Persons other than CREFC®), their respective indemnification payments (if any) pursuant to Section 6.03, Section 8.05 or Section 12.02 of this Agreement (for each of such Persons other than CREFC®), their respective expenses hereunder to the extent such fees and expenses are to be reimbursed or paid from amounts on deposit in the Collection Account pursuant to this Agreement. For the avoidance of doubt, any fees or expenses (including legal fees) for which a party is to be indemnified pursuant to Section 6.03 herein may be submitted directly to the Trust Fund and paid from amounts on deposit in the Collection Account on behalf of such party pursuant to this Agreement. In addition, the Certificate Administrator, the Trustee, the Special Servicer and the Master Servicer shall in all cases have a right prior to the

     -221-

     

    

 

Certificateholders to any funds on deposit in the Collection Account from time to time for the reimbursement and payment of any federal, state or local taxes imposed on any Trust REMIC.

 

Upon the determination that a previously made Advance is a Nonrecoverable Advance, to the extent that the reimbursement thereof would exceed the full amount of the principal portion of general collections on the Mortgage Loans (or with respect to Servicing Advances, the Serviced Whole Loans) deposited in the Collection Account and available for distribution on the next Distribution Date, the Master Servicer or the Trustee, each at its own option and in its sole discretion, as applicable, instead of obtaining reimbursement for the remaining amount of such Nonrecoverable Advance pursuant to Section 3.06(a) or Section 3.06(b) of this Agreement immediately, may elect to refrain from obtaining such reimbursement for such portion of the Nonrecoverable Advance during the Collection Period ending on the then-current Determination Date for successive one-month periods for a total period not to exceed 12 months (with the consent of the Directing Holder, for so long as no Control Termination Event is continuing, for any deferral in excess of 6 months). If the Master Servicer or the Trustee makes such an election at its sole option and in its sole discretion to defer reimbursement with respect to all or a portion of a Nonrecoverable Advance (together with interest thereon), then such Nonrecoverable Advance (together with interest thereon) or portion thereof shall continue to be fully reimbursable in the subsequent Collection Period (subject, again, to the same sole discretion to elect to defer; it is acknowledged that, in such a subsequent period, such Nonrecoverable Advance shall again be payable first from principal collections as described above prior to payment from other collections). In connection with a potential election by the Master Servicer or the Trustee to refrain from the reimbursement of a particular Nonrecoverable Advance or portion thereof during the one-month Collection Period ending on the related Determination Date for any Distribution Date, the Master Servicer or the Trustee shall further be authorized (in its sole discretion) to wait for principal collections on the Mortgage Loans, the Trust Subordinate Companion Loans and Serviced Companion Loans, as applicable, to be received before making its determination of whether to refrain from the reimbursement of a particular Nonrecoverable Advance (or portion thereof) until the end of such Collection Period; provided that the Master Servicer or the Trustee shall use reasonable efforts to give notice of its election to the 17g-5 Information Provider (who shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement), at least 15 days prior to any reimbursement to it of Nonrecoverable Advances from amounts in the Collection Account allocable to interest on the Mortgage Loans unless (1) the Master Servicer or the Trustee determines in its sole discretion that waiting 15 days after such a notice could jeopardize its ability to recover Nonrecoverable Advances, (2) changed circumstances or new or different information becomes known to the Master Servicer or the Trustee that could affect or cause a determination of whether any Advance is a Nonrecoverable Advance, whether to defer reimbursement of a Nonrecoverable Advance or the determination in clause (1) above, or (3) the Master Servicer or the Trustee has not timely received from the Certificate Administrator information requested by the Master Servicer or the Trustee to consider in determining whether to defer reimbursement of a Nonrecoverable Advance; provided that, if clause (1), (2) or (3) apply, the Master Servicer or the Trustee shall give notice of an anticipated reimbursement to it of Nonrecoverable Advances from amounts in the Collection Account allocable to interest on the Mortgage Loans as soon as reasonably practicable in such circumstances to the 17g-5 Information Provider (who shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement). Neither the Master Servicer nor the 

     -222-

     

    

 

Trustee shall have any liability for any loss, liability or expense resulting from any notice provided to each Rating Agency contemplated by the immediately preceding sentence.

 

The foregoing shall not, however, be construed to limit any liability that may otherwise be imposed on such Person for any failure by such Person to comply with the conditions to making such an election under this Section 3.06(a) or to comply with the terms of this Section 3.06(a) and the other provisions of this Agreement that apply once such an election, if any, has been made. If the Master Servicer or the Trustee, as applicable, determines, in its sole discretion, that it should recover the Nonrecoverable Advances without deferral as described above, then the Master Servicer or the Trustee, as applicable, shall be entitled to immediate reimbursement of Nonrecoverable Advances with interest thereon at the Reimbursement Rate from all amounts in the Collection Accounts for such Distribution Date. Any such election by any such party to refrain from reimbursing itself or obtaining reimbursement for any Nonrecoverable Advance or portion thereof with respect to any one or more Collection Periods shall not limit the accrual of interest at the Reimbursement Rate on such Nonrecoverable Advance for the period prior to the actual reimbursement of such Nonrecoverable Advance. The Master Servicer’s or the Trustee’s, as applicable, election to defer reimbursement of such Nonrecoverable Advances as set forth above is an accommodation to the Certificateholders and, as applicable, the Serviced Companion Loan Noteholders and shall not be construed as an obligation on the part of the Master Servicer or the Trustee, as applicable, or a right of the Certificateholders or the Serviced Companion Loan Noteholders. Nothing herein shall be deemed to create in the Certificateholders or the Serviced Companion Loan Noteholders a right to prior payment of distributions over the Master Servicer’s or the Trustee’s, as applicable, right to reimbursement for Advances (deferred or otherwise). In all events, the decision to defer reimbursement or to seek immediate reimbursement of Nonrecoverable Advances shall be deemed to be in accordance with the Servicing Standard and neither the Master Servicer, the Trustee nor the other parties to this Agreement shall have any liability to one another or to any of the Certificateholders or any of the Serviced Companion Loan Noteholders for any such election that such party makes as contemplated by this Section 3.06(a) or for any losses, damages or other adverse economic or other effects that may arise from such an election.

 

None of the Master Servicer, the Special Servicer or the Trustee shall be permitted to reverse any other Person’s determination, or to prohibit any such other authorized Person from making a determination, that an Advance constitutes, or would constitute a Nonrecoverable Advance.

 

If the Master Servicer, the Trustee or any Non-Serviced Mortgage Loan Service Provider, as applicable, is reimbursed out of general collections for any unreimbursed Advances that are determined to be Nonrecoverable Advances (together with any Advance Interest Amount), then (for purposes of calculating distributions on the Certificates) such reimbursement and payment of interest shall be deemed to have been made: first, out of the Principal Distribution Amount, which, but for its application to reimburse a Nonrecoverable Advance and/or to pay the Advance Interest Amount, would be included in Available Funds for any subsequent Distribution Date and, second, out of other amounts which, but for their application to reimburse a Nonrecoverable Advance and/or to pay the Advance Interest Amount, would be included in Available Funds for any subsequent Distribution Date.

     -223-

     

    

 

If and to the extent that any payment is deemed to be applied as contemplated in the paragraph above to reimburse a Nonrecoverable Advance or to pay the Advance Interest Amount, then the Principal Distribution Amount for such Distribution Date shall be reduced, to not less than zero, by the amount of such reimbursement. If and to the extent (i) any Advance is determined to be a Nonrecoverable Advance, (ii) such Advance and/or the Advance Interest Amount is reimbursed out of the Principal Distribution Amount as contemplated above and (iii) the particular item for which such Advance was originally made is subsequently collected out of payments or other collections in respect of the related Mortgage Loan, then the Principal Distribution Amount for the Distribution Date that corresponds to the Collection Period in which such item was recovered shall be increased by an amount equal to the lesser of (A) the amount of such item and (B) any previous reduction in the Principal Distribution Amount for a prior Distribution Date as contemplated in the paragraph above resulting from the reimbursement of the subject Advance and/or the payment of the Advance Interest Amount.

 

(b)           The Master Servicer shall maintain a separate Trust Ledger with respect to each Serviced Whole Loan that it is servicing on which it shall make ledger entries as to amounts deposited (or credited) or withdrawn (or debited) with respect thereto. On each Master Servicer Remittance Date (or such other date as may be specified below or on which funds are available for such purpose as specified below), with respect to each Serviced Whole Loan, the Master Servicer shall make withdrawals from amounts allocated thereto in the related Serviced Whole Loan Collection Account (and may debit the Trust Ledger) for any of the following purposes (the order set forth below not constituting an order of priority for such withdrawals):

 

(i)       to make remittances each month in an aggregate amount of immediately available funds equal to the allocable portion of the applicable Serviced Whole Loan Remittance Amount (A) to the related Serviced Companion Loan Noteholders or the Trust Subordinate Companion Loan REMIC Distribution Accounts, as applicable, within the time frame specified in, and otherwise in accordance with Section 3.05(h), (B) to the Collection Account for the benefit of the Trust in respect of amounts allocable to the related Mortgage Loan, in each case in accordance with the related Intercreditor Agreement (after taking into account the amounts permitted to be withdrawn from the Serviced Whole Loan Collection Account pursuant to this Section 3.06(b)) provided that Liquidation Proceeds relating to the repurchase of any Serviced Companion Loan (other than the Trust Subordinate Companion Loans) by the related seller thereof shall be remitted solely to the holder of such Serviced Companion Loan, as the case may be, and Liquidation Proceeds relating to the repurchase of a Mortgage Loan related to a Serviced Whole Loan by the related Mortgage Loan Seller shall be remitted solely to the Collection Account and (C) Liquidation Proceeds relating to the repurchase of the Trust Subordinate Companion Loans by the related Mortgage Loan Seller shall be remitted solely to the Trust Subordinate Companion Loan REMIC Distribution Accounts;

 

(ii)      to pay (A) to itself unpaid Servicing Fees (or, with respect to any Excess Servicing Fee Rights, to pay any Excess Servicing Fees to the holder of such Excess Servicing Fee Rights pursuant to Section 3.12(a) of this Agreement) and to the Special Servicer unpaid Special Servicing Fees, Liquidation Fees and Workout Fees in respect of such Serviced Whole Loan or related Serviced REO Loan, as applicable, the Master Servicer’s or the Special Servicer’s, as applicable, rights to payment of Servicing Fees,

     -224-

     

    

 

Special Servicing Fees, Liquidation Fees and Workout Fees, as applicable, pursuant to this clause (ii)(A) with respect to such Serviced Whole Loan or related Serviced REO Loan, as applicable, being limited to amounts received on or in respect of such Serviced Whole Loan (whether in the form of payments, Liquidation Proceeds, Insurance Proceeds or Condemnation Proceeds), or such Serviced REO Loan (whether in the form of REO Proceeds, Liquidation Proceeds, Insurance Proceeds or Condemnation Proceeds), that are allocable as recovery of interest thereon and (B) to the Special Servicer, each month to the extent not covered by clause (ii)(A) above, any unpaid Special Servicing Fees, Liquidation Fees and Workout Fees in respect of such Serviced Whole Loan or related Serviced REO Loan, as applicable, remaining unpaid out of general collections in the Collection Account as provided in Section 3.06(a)(ii) of this Agreement;

 

(iii)     to reimburse the Trustee or itself, in that order, for unreimbursed P&I Advances with respect to the applicable Mortgage Loan and the Trust Subordinate Companion Loans and to reimburse the related Serviced Companion Loan Service Provider for unreimbursed principal and/or interest advances with respect to the applicable Serviced Companion Loan, the Master Servicer’s, the Trustee’s and the applicable Serviced Companion Loan Service Provider’s right to reimbursement pursuant to this clause (iii) being limited to amounts received in the applicable Serviced Whole Loan Collection Account which represent Late Collections received in respect of such Mortgage Loan, the Trust Subordinate Companion Loans or Serviced Companion Loan, as applicable (as allocable thereto pursuant to the related Loan Documents and the related Intercreditor Agreement), during the applicable period; provided that to the extent such amounts are insufficient to repay such P&I Advances on any Mortgage Loan as to which there is a related Serviced Subordinate Companion Loan, such P&I Advances may be reimbursed, from collections on the related Serviced Whole Loan allocable to such Subordinate Companion Loan; provided, further, that if such P&I Advance on the applicable Mortgage Loan becomes a Nonrecoverable Advance or a Workout-Delayed Reimbursement Amount, then such P&I Advance shall thereafter be reimbursed in accordance with clause (v) below;

 

(iv)    to reimburse the Trustee, the Special Servicer or itself, in that order, as applicable (with respect to such Serviced Whole Loan or Serviced REO Property), for unreimbursed Servicing Advances with respect to such Serviced Whole Loan or related Serviced REO Property, the Master Servicer’s or the Trustee’s respective rights to receive payment pursuant to this clause (iv) being limited to, as applicable, related payments by the applicable Borrower with respect to such Servicing Advance, Liquidation Proceeds, Insurance Proceeds and Condemnation Proceeds and REO Proceeds with respect to such Serviced Whole Loan; provided that if such Servicing Advance becomes a Nonrecoverable Advance or a Workout-Delayed Reimbursement Amount, then such Servicing Advance shall thereafter be reimbursed in accordance with clause (v) below;

 

(v)     (A) to reimburse the Trustee or itself, in that order, (with respect to such Serviced Whole Loan or related REO Property), as applicable (x) with respect to Nonrecoverable Advances, first, out of Liquidation Proceeds, Insurance Proceeds, Condemnation Proceeds and REO Proceeds received on the related Serviced Whole Loan and related REO Properties, and second, out of general collections in the Collection Account as provided in Section 3.06(a) and (y) with respect to the Workout-Delayed

     -225-

     

    

 

Reimbursement Amounts, first, out of the principal portion of the general collections on the Serviced Whole Loan and related REO Properties, net of such amounts being reimbursed pursuant to the subclause first in the preceding clause (x) above and second out of general collections in the Collection Account as provided in Section 3.06(a); provided that in the case of both clause (x) and clause (y) of this clause (v), prior to making any reimbursement from general collections, such reimbursements shall be made first, from collections on, and proceeds of the applicable Subordinate Companion Loan, if any, and then from collections on, and proceeds of the related Mortgage Loan, or in the case of a Serviced Pari Passu Whole Loan with a Serviced Pari Passu Companion Loan, on a pro rata basis as between the Mortgage Loan and any related Serviced Pari Passu Companion Loans (based on the Mortgage Loan’s Stated Principal Balance or related Serviced Pari Passu Companion Loan’s principal balance) and then from general collections of the Trust (provided that, in the case of a Servicing Advance that is a Nonrecoverable Advance, the Master Servicer shall, after receiving payment from amounts on deposit in the Collection Account, if any, (i) promptly notify the related Companion Loan Noteholder and (ii) use commercially reasonable efforts to exercise on behalf of the Trust any rights under the related Intercreditor Agreement to obtain reimbursement for a pro rata portion of such amount allocable to the related Serviced Companion Loans from the related Companion Loan Noteholders) or (B) to pay itself or the Special Servicer out of general collections on such Serviced Whole Loan and related REO Properties, any related earned Servicing Fee, Special Servicing Fee, Liquidation Fee or Workout Fee, as applicable, that remained unpaid in accordance with clause (ii) above following a Final Recovery Determination made with respect to such Serviced Whole Loan or related REO Property and the deposit into the applicable Serviced Whole Loan Collection Account of all amounts received in connection therewith; provided that, notwithstanding the foregoing, such party’s rights to reimbursement pursuant to this clause (v) with respect to any such Nonrecoverable Advance or Workout-Delayed Reimbursement Amount that is a P&I Advance, being limited (except to the extent set forth in Section 3.06(a)) to amounts on deposit in the applicable Serviced Whole Loan Collection Account that were received in respect of the particular Mortgage Loan or Trust Subordinate Companion Loan (as allocable thereto pursuant to the related Loan Documents and the related Intercreditor Agreement) in the related Serviced Whole Loan as to which such Nonrecoverable Advance or such Workout-Delayed Reimbursement Amount were incurred (provided that to the extent such amounts are insufficient to repay such Advances on any Mortgage Loan as to which there is a related Subordinate Companion Loan, such P&I Advances may be reimbursed from collections on the related Serviced Whole Loan allocable to such Subordinate Companion Loan);

 

(vi)    at such time as it reimburses the Trustee or itself, in that order, as applicable, for (A) any unreimbursed P&I Advance with respect to the applicable Mortgage Loan or Trust Subordinate Companion Loan (including any such Advance that constitutes a Workout-Delayed Reimbursement Amount) or any unreimbursed principal and/or interest advance with respect to the related Serviced Companion Loan pursuant to clause (iii) above, to pay itself, the Trustee or such Serviced Companion Loan Service Provider, as applicable, any Advance Interest Amounts accrued and payable thereon, (B) any unreimbursed Servicing Advances (including any such Advance that constitutes a Workout-Delayed Reimbursement Amount) pursuant to clause (iv) above, to pay itself, the

     -226-

     

    

 

Special Servicer or the Trustee, as the case may be, any Advance Interest Amounts accrued and payable thereon or (C) any Nonrecoverable Advances pursuant to clause (v) above, to pay itself, the Special Servicer, the Trustee or any Serviced Companion Loan Service Provider, as the case may be, any Advance Interest Amounts accrued and payable thereon, with such amounts payable in the case of clauses (A), (B) and (C) above, first, from Penalty Charges pursuant to Section 3.12(d), then, from collections on, and proceeds of the applicable Subordinate Companion Loan, if any, and then, from collections on, and proceeds of on a pro rata basis as between the Mortgage Loan and any related other Serviced Pari Passu Companion Loans (based on the Mortgage Loan’s Stated Principal Balance or related Serviced Pari Passu Companion Loan’s principal balance), provided that, notwithstanding the foregoing, such party’s rights to reimbursement pursuant to this clause (vi) with respect to any such interest on P&I Advances (including any such P&I Advance that is a Nonrecoverable Advance or a Workout-Delayed Reimbursement Amount) being limited to amounts on deposit in the applicable Serviced Whole Loan Collection Account that were received in respect of the particular Mortgage Loan or Trust Subordinate Companion Loan (as allocable thereto pursuant to the related Loan Documents and the related Intercreditor Agreement) in the related Serviced Whole Loan as to which such advance relates (provided that any Mortgage Loan as to which there is a related Subordinate Companion Loan, such interest on P&I Advances may be reimbursed from collections on the related Serviced Whole Loan allocable to such Subordinate Companion Loan);

 

(vii)   to reimburse itself, the Special Servicer, the Custodian, the Certificate Administrator or the Trustee, as the case may be, as applicable, for any unreimbursed expenses reasonably incurred by such Person in respect of any Breach or Defect with respect to the Mortgage Loan or the Trust Subordinate Companion Loan giving rise to a repurchase obligation of the applicable Mortgage Loan Seller under Section 6 of the applicable Mortgage Loan Purchase Agreement or, with respect to a Serviced Companion Loan, under the related mortgage loan purchase agreement, including, without limitation, any expenses arising out of the enforcement of the repurchase obligation, each such Person’s right to reimbursement pursuant to this clause (vii) with respect to such Serviced Whole Loan being limited to that portion of the Purchase Price paid for the related Mortgage Loan that represents such expense in accordance with clause (e) of the definition of Purchase Price (or, with respect to a Serviced Companion Loan, a comparable expense);

 

(viii)  to pay itself all Prepayment Interest Excesses on any related Mortgage Loan or Serviced Companion Loan included in the Serviced Whole Loans not required to be used pursuant to Section 3.17(c) of this Agreement;

 

(ix)     (A) to pay itself, as additional servicing compensation in accordance with Section 3.12(a), (1) interest and investment income earned in respect of amounts relating to such Serviced Whole Loan held in the applicable Serviced Whole Loan Collection Account as provided in Section 3.07(b) (but only to the extent of the net investment earnings with respect to such Serviced Whole Loan Collection Account for any period from any Distribution Date to the immediately succeeding Master Servicer Remittance Date) and (2) any Penalty Charges on the related Mortgage Loan and Serviced Companion Loan (except to the extent prohibited by the related Intercreditor Agreement and other than

     -227-

     

    

 

Specially Serviced Loans) but only to the extent collected from the related Borrower and to the extent that all amounts then due and payable with respect to the Serviced Whole Loans have been paid and are not needed to pay Advance Interest Amounts, interest on debt service advances made by the related Serviced Companion Loan Service Provider and/or Additional Trust Fund Expenses in accordance with Section 3.12 and the related Intercreditor Agreement; and (B) to pay the Special Servicer, as additional servicing compensation in accordance with the second paragraph of Section 3.12, the portion of any Penalty Charges on the related Mortgage Loan and Serviced Companion Loan (except to the extent prohibited by the related Intercreditor Agreement), during the period it is a Specially Serviced Loan (but only to the extent collected from the related Borrower and to the extent that all amounts then due and payable with respect to the related Specially Serviced Loan have been paid and are not needed to pay interest on Advances, interest on debt service advances made by the related Serviced Companion Loan Service Provider and/or Additional Trust Fund Expenses in accordance with Section 3.12 and the related Intercreditor Agreement);

 

(x)      to recoup any amounts deposited in such Serviced Whole Loan Collection Account in error;

 

(xi)     to pay itself, the Special Servicer, the Depositor or any of their respective directors, officers, members, managers, employees and agents, as the case may be, any amounts payable to any such Person pursuant to Section 6.03(a) or 6.03(b), to the extent that such amounts relate to such Serviced Whole Loan;

 

(xii)    to pay for the cost of the Opinions of Counsel contemplated by Section 3.10(d), 3.10(e), 3.15(a), 3.15(b) and 12.08 to the extent that such opinions specifically relate to such Serviced Whole Loan;

 

(xiii)   to pay out of general collections on such Serviced Whole Loan and related Serviced REO Property any and all federal, state and local taxes imposed on the Upper-Tier REMIC, the Lower-Tier REMIC, the Trust Subordinate Companion Loan REMICs or any of their assets or transactions, together with all incidental costs and expenses, in each case to the extent that neither the Master Servicer, the Special Servicer, the Certificate Administrator nor the Trustee is liable therefor pursuant to this Agreement and only to the extent that such amounts relate to the related Mortgage Loan or to the related Serviced Companion Loans (but only to the extent that any related Serviced Companion Loan is included in a REMIC);

 

(xiv)   to reimburse the Trustee and the Certificate Administrator out of general collections on such Serviced Whole Loan and related REO Properties for expenses incurred by and reimbursable to it by the Trust Fund specifically related to such Serviced Whole Loan;

 

(xv)    to pay any Person permitted to purchase a Mortgage Loan or Trust Subordinate Companion Loan under Section 3.16 with respect to the Mortgage Loan or Trust Subordinate Companion Loan included in such Serviced Whole Loan, if any, previously purchased by such Person pursuant to this Agreement, all amounts received thereon subsequent to the date of purchase relating to periods after the date of purchase;

     -228-

     

    

 

(xvi)   to deposit in the Interest Reserve Account the amounts with respect to the Mortgage Loan or Trust Subordinate Companion Loan included in such Serviced Whole Loan required to be deposited in the Interest Reserve Account pursuant to Section 3.05(e);

 

(xvii)  to pay to the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee or the Depositor, as the case may be, to the extent that such amounts relate to the Mortgage Loan or Trust Subordinate Companion Loan included in such Serviced Whole Loan, any amount specifically required to be paid to such Person at the expense of the Trust Fund under any provision of this Agreement to which reference is not made in any other clause of this Section 3.06(b), it being acknowledged that this clause (xvii) shall not be construed to modify any limitation or requirement otherwise set forth in this Agreement or in the related Intercreditor Agreement as to the time at which any Person is entitled to payment or reimbursement of any amount or as to the funds from which any such payment or reimbursement is permitted to be made;

 

(xviii) to pay the related Mortgage Loan Seller with respect to the Mortgage Loan or Trust Subordinate Companion Loan included in such Serviced Whole Loan, if any, previously purchased or substituted (i.e., replaced) by such Person pursuant to or as contemplated by this Agreement, all amounts received on such Mortgage Loan or Trust Subordinate Companion Loan subsequent to the date of purchase or substitution, and, in the case of a substitution, with respect to the related Qualified Substitute Mortgage Loan(s), all Periodic Payments due thereon during or prior to the month of substitution, in accordance with the third paragraph of Section 2.03(f); and

 

(xix)   to clear and terminate such Serviced Whole Loan Collection Account at the termination of this Agreement pursuant to Section 9.01.

 

In the case of the amounts payable as set forth above in this Section 3.06(b) with respect to any Serviced Whole Loan, if such amount is not specifically payable, pursuant to the terms of this Agreement or the related Intercreditor Agreement, out of collections or proceeds allocable to any particular note that is a part of such Serviced Whole Loan, such amount shall be paid from collections on, and proceeds of the related Serviced Subordinate Companion Loan, if any, and then, from collections on, and proceeds of, on a pro rata basis as between, the related Mortgage Loan and any related Serviced Pari Passu Companion Loans (based on the related Mortgage Loan’s principal balance or the related Serviced Pari Passu Companion Loan’s principal balance), and then, to the extent provided for in this Agreement, from general collections.

 

The Master Servicer shall keep and maintain separate accounting records, on a loan by loan and property by property basis when appropriate, for the purpose of justifying any withdrawal from any Serviced Whole Loan Collection Account. All withdrawals with respect to any Serviced Whole Loan shall be made first, from the applicable Serviced Whole Loan Collection Account and then, from the Master Servicer’s Collection Account to the extent permitted by Section 3.06(a). Upon request, the Master Servicer shall provide to the Certificate Administrator such records and any other information in the possession of the Master Servicer to enable the Certificate Administrator to determine the amounts attributable to the Lower-Tier REMIC and the Companion Loans.

     -229-

     

    

 

The Master Servicer shall pay to the Special Servicer from the Serviced Whole Loan Collection Accounts amounts permitted to be paid to it therefrom promptly upon receipt of a certificate of a Servicing Officer of such Special Servicer describing the item and amount to which the Special Servicer is entitled. The Master Servicer may rely conclusively on any such certificate and shall have no duty to recalculate the amounts stated therein. The Special Servicer shall keep and maintain separate accounting for each Specially Serviced Loan included in the Serviced Whole Loan and related REO Loan, on a loan-by-loan and, if appropriate, property-by-property basis, for the purpose of justifying any request for withdrawal from any Serviced Whole Loan Collection Account.

 

Any permitted withdrawals under this Section 3.06(b) with respect to reimbursement for advances or other amounts payable to an Other Trustee shall, if applicable, also be deemed to be a permitted withdrawal for similar amounts owed to the fiscal agent of the Other Trustee, if any.

 

Notwithstanding anything to the contrary contained herein, with respect to each Serviced Companion Loan, the Master Servicer shall withdraw from the related Serviced Whole Loan Collection Account and remit to the related Serviced Companion Loan Noteholders, within (x) with respect to any Serviced Subordinate Companion Loan, if required pursuant to the terms of the related Intercreditor Agreement, two (2) Business Days of receipt of properly identified funds and (y) with respect to any Serviced Pari Passu Companion Loan, one (1) Business Day of receipt of properly identified funds, any amounts that represent Late Collections or Principal Prepayments on such Serviced Companion Loan or any successor REO Loan with respect thereto, that are received by the Master Servicer prior to 3:00 p.m. (New York City time) on any given Business Day (and to the extent any such amounts are received after 3:00 p.m. Eastern time on any given Business Day, the Master Servicer shall use commercially reasonable efforts to remit such Late Collections or Principal Prepayments to the related Serviced Companion Loan Noteholders within one (1) Business Day of receipt of properly identified funds but, in any event, the Master Servicer shall remit such amounts within two (2) Business Days of receipt of properly identified funds) (exclusive of any portion of such amount payable or reimbursable to any third party in accordance with the related Intercreditor Agreement or this Agreement), unless such amount would otherwise be included in the monthly remittance to the holder of such Serviced Companion Loan for such month.

 

If the Master Servicer fails, as of 5:00 p.m. (New York City time) on any Master Servicer Remittance Date, any related Serviced Whole Loan Remittance Date or any other date a remittance is required to be made, as applicable, to remit to the Certificate Administrator (in respect of the related Mortgage Loan) or the Serviced Companion Loan Noteholders (in respect of any related Serviced Companion Loan) any amounts required to be so remitted hereunder by such date (including any P&I Advance pursuant to Section 4.07 and any Gain-on-Sale Proceeds allocable to the Serviced Companion Loans pursuant to Section 4.01(k)), the Master Servicer shall pay to the Certificate Administrator (in respect of the Mortgage Loan) or the Serviced Companion Loan Noteholders (in respect of the Serviced Companion Loan), for the account of the Certificate Administrator (in respect of the Mortgage Loan) or the Serviced Companion Loan Noteholders (in respect of the Serviced Companion Loans), interest, calculated at the Prime Rate, on such amount(s) not timely remitted, from the time such payment was required to be made (without regard to any grace period) until (but not including) the date such late payment is

     -230-

     

    

 

received by the Certificate Administrator or the Serviced Companion Loan Noteholders, as applicable.

 

(c)           On each Master Servicer Remittance Date, all net income and gain realized from investment of funds to which the Master Servicer or the Special Servicer is entitled pursuant to Section 3.07(b) of this Agreement shall be subject to withdrawal by the Master Servicer or the Special Servicer, as applicable.

 

(d)           With respect to the Serviced Whole Loans, if amounts required to pay the expenses allocable to any related Serviced Companion Loan exceed amounts on deposit in the Serviced Whole Loan Collection Account, the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as applicable, may seek reimbursement from the Trust Fund with respect to such expenses allocable to such Serviced Companion Loan. The Master Servicer shall seek (on behalf of the Trust Fund, subject to the related Intercreditor Agreement) payment or reimbursement from the holder of the related Serviced Subordinate Companion Loan, if any, and then for the pro rata portion of such expenses allocable to a related Serviced Pari Passu Companion Loan from the related Serviced Companion Loan Noteholder or, if such Serviced Companion Loan has been deposited into a securitization, out of general collections in the collection account established pursuant to the related Other Pooling and Servicing Agreement.

 

(e)           If any Loss of Value Payments are deposited into the Loss of Value Reserve Fund with respect to any Mortgage Loan or any related Serviced REO Property, then the Master Servicer shall (provided that, (1) with respect to clause (iv) below, the Special Servicer shall have provided notice to the Master Servicer of the occurrence of such liquidation event and (2) with respect to clause (v) below, the Certificate Administrator shall have provided the Master Servicer and the Special Servicer with five Business Days’ prior notice of such final Distribution Date), transfer such Loss of Value Payments (up to the remaining portion thereof) from the Loss of Value Reserve Fund to the Collection Account for the following purposes:

 

(i)       to reimburse the Master Servicer or the Trustee, in accordance with Section 3.06(a) of this Agreement, for any Nonrecoverable Advance made by such party with respect to such Mortgage Loan or any related Serviced REO Property (together with the Advance Interest Amount);

 

(ii)      to pay, in accordance with Section 3.06(a) of this Agreement, or to reimburse the Trust for the prior payment of, any expense relating to such Mortgage Loan or any related Serviced REO Property that constitutes or, if not paid out of such Loss of Value Payments, would constitute an Additional Trust Fund Expense;

 

(iii)     to offset any portion of Realized Losses and VRR Realized Losses that are attributable to such Mortgage Loan or related REO Property, as the case may be (as calculated without regard to the application of such Loss of Value Payments), incurred with respect to such Mortgage Loan or any related successor REO Loan;

 

(iv)    following the occurrence of a liquidation event with respect to such Mortgage Loan, Trust Subordinate Companion Loan or any related Serviced REO Property and any related transfers from the Loss of Value Reserve Fund with respect to the items

 

     -231-

     

    

 

contemplated by the immediately preceding clauses (i)-(iii) as to such Mortgage Loan, Trust Subordinate Companion Loan or related Serviced REO Property, to cover the items contemplated by the immediately preceding clauses (i)-(iii) in respect of any other Mortgage Loan or Serviced REO Loan; and

 

(v)     On the final Distribution Date after all distributions have been made as set forth in clauses (i)-(iv) above, to each Mortgage Loan Seller, its pro rata share, based on the amount that it contributed, net of any amount contributed by such Mortgage Loan Seller that was used pursuant to clauses (i)-(iii) to offset any portion of Realized Losses and VRR Realized Losses, that are attributable to such Mortgage Loan or related REO Property, Additional Trust Fund Expenses or any Nonrecoverable Advances incurred with respect to the Mortgage Loan related to such contribution.

 

Any Loss of Value Payments transferred to the Collection Account pursuant to clauses (i)-(iii) of the prior paragraph shall be treated as Liquidation Proceeds received by the Trust in respect of the related Mortgage Loan or any successor REO Loan with respect thereto for which such Loss of Value Payments were received; and any Loss of Value Payments transferred to the Collection Account pursuant to clause (iv) of the prior paragraph shall be treated as Liquidation Proceeds received by the Trust in respect of the Mortgage Loan or REO Loan for which such Loss of Value Payments are being transferred to the Collection Account to cover an item contemplated by clauses (i)-(iv) of the prior paragraph.

 

(f)            The Certificate Administrator may, from time to time, make withdrawals from the Lower-Tier Distribution Account for any of the following purposes (the order set forth below shall not indicate any order of priority), in each case to the extent not previously paid from the Collection Account:

 

(i)       to make deposits of the Lower-Tier Distribution Amount and the amount of any Prepayment Premium and Yield Maintenance Charges distributable pursuant to Section 4.01(a) of this Agreement in the Upper-Tier Distribution Account, and to make distributions on the Class R Certificates in respect of the Class LTR Interest pursuant to Section 4.01(a) of this Agreement;

 

(ii)      to pay itself, the Trustee and the Custodian respective portions of any accrued but unpaid Trustee/Certificate Administrator Fees;

 

(iii)     to pay itself an amount equal to all net income and gain realized from investment of funds in the Lower-Tier Distribution Account pursuant to Section 3.07(b) of this Agreement;

 

(iv)    to pay to itself, the Trustee, the Custodian or any of their directors, officers, employees, representatives and agents, as the case may be, any amounts payable or reimbursable to any such Person pursuant to Section 8.05(b), Section 8.05(c) and Section 8.05(d) of this Agreement;

 

(v)     to recoup any amounts deposited in the Lower-Tier Distribution Account in error; and

 

     -232-

     

    

 

(vi)    to clear and terminate the Lower-Tier Distribution Account at the termination of this Agreement pursuant to Section 9.01 of this Agreement.

 

(g)     The Certificate Administrator may make withdrawals from the Upper-Tier Distribution Account for any of the following purposes:

 

(i)       to make distributions to Certificateholders (other than Holders of the Grantor Trust Certificates) and the RR Interest Owner on each Distribution Date pursuant to Section 4.01 or Section 9.01 of this Agreement (in the case of Holders of the Class R Certificates, in respect of the Class UTR Interest), as applicable;

 

(ii)      to recoup any amounts deposited in the Upper-Tier Distribution Account in error; and

 

(iii)     to clear and terminate the Upper-Tier Distribution Account at the termination of this Agreement pursuant to Section 9.01 of this Agreement.

 

(h)     The Certificate Administrator, on behalf of the Trustee, may, from time to time, make withdrawals from a Trust Subordinate Companion Loan REMIC Distribution Account for any of the following purposes:

 

(i)       to be deemed to make deposits of the related Trust Subordinate Companion Loan REMIC Distribution Amount pursuant to Section 4.01(a) and the amount of any Yield Maintenance Charges distributable pursuant to Section 4.01(p) in the Upper Tier Distribution Account for distribution to Holders of the related Loan-Specific Certificates, and to make distributions to Holders of the Class R Certificates in respect of the BX-VRR Interest, the T333-VRR Interest or the 825S-VRR Interest, as applicable, pursuant to Section 4.01(g), Section 4.01(h) and Section 4.01(i), respectively;

 

(ii)     to pay to the Trustee and the Certificate Administrator or any of their directors, officers, employees and agents, as the case may be, any amounts payable or reimbursable to any such Person, with respect to the related Trust Subordinate Companion Loan pursuant to Section 3.12;

 

(iii)     to pay for the cost (without duplication) of the Opinions of Counsel sought by the Trustee or the Certificate Administrator (A) as provided in clause (vi) of the definition of “Disqualified Organization,” (B) as contemplated by Section 3.26(a), Section 3.12(e) and Section 8.05(c) to the extent payable out of the Trust Fund, or (C) as contemplated by Section 12.08 in connection with any amendment to this Agreement requested by the Trustee or the Certificate Administrator, which amendment is in furtherance of the rights and interests of Holders of the related Loan-Specific Certificates, in each case, to the extent not paid pursuant to Section 12.08;

 

(iv)    to pay any and all federal, state and local taxes imposed on the related Trust Subordinate Companion Loan REMIC or on the assets or transactions of such Trust REMIC, together with all incidental costs and expenses, to the extent none of the Trustee, the Certificate Administrator, the REMIC Administrator, the Master Servicer or the Special

 

     -233-

     

    

 

Servicer is liable therefor pursuant to Section 4.04(a) with respect to such Trust Subordinate Companion Loan REMIC;

 

(v)     to pay the REMIC Administrator any amounts reimbursable to it pursuant to Section 4.04(a) with respect to such Trust Subordinate Companion Loan REMIC;

 

(vi)    to pay to the Master Servicer any amounts deposited by the Master Servicer in such Trust Subordinate Companion Loan REMIC Distribution Account not required to be deposited therein;

 

(vii)   to clear and terminate such Trust Subordinate Companion Loan REMIC Distribution Account at the termination of this Agreement pursuant to Section 9.01 and

 

(viii)  consistent with the above, with respect to the BX Industrial Portfolio Whole Loan, Tower 333 Whole Loan and 825 South Hill Whole Loan, subject to Section 3.06(a)(i), any withdrawals permitted pursuant to this Section 3.06(h), shall be paid or reimbursed (a) first, from amounts on deposit allocated to the related Trust Subordinate Companion Loan and (b) then from general collections in respect of all other Mortgage Loans.

 

Section 3.07           Investment of Funds in the Collection Accounts, the Serviced Whole Loan Collection Accounts, the Distribution Accounts, the Interest Reserve Account, the Gain-on-Sale Reserve Account, the BX Industrial Portfolio Gain-on-Sale Reserve Account, the Tower 333 Gain-on-Sale Reserve Account, the 825 South Hill Gain-on-Sale Reserve Account, the REO Account, the Lock-Box Accounts, the Cash Collateral Accounts and the Reserve Accounts. (a) The Master Servicer (with respect to the Collection Account, and any Serviced Whole Loan Collection Account and any Borrower Accounts (as defined below and subject to the second succeeding sentence)), the Special Servicer (with respect to any REO Account and any Loss of Value Reserve Fund) and the Certificate Administrator (with respect to the Distribution Accounts, the Interest Reserve Account, the Gain-on-Sale Reserve Account, the BX Industrial Portfolio Gain-on-Sale Reserve Account, the Tower 333 Gain-on-Sale Reserve Account and the 825 South Hill Gain-on-Sale Reserve Account) may direct any depository institution maintaining the Collection Account, any Serviced Whole Loan Collection Account, the Gain-on-Sale Reserve Account, the BX Industrial Portfolio Gain-on-Sale Reserve Account, the Tower 333 Gain-on-Sale Reserve Account, the 825 South Hill Gain-on-Sale Reserve Account, any Borrower Accounts, any REO Account, any Loss of Value Reserve Fund, the Interest Reserve Account and the Distribution Accounts (each such account, for purposes of this Section 3.07, an “Investment Account”), to invest the funds in such Investment Account in one or more Permitted Investments that bear interest or are sold at a discount, and that mature, unless payable on demand, no later than the Business Day preceding the date on which such funds are required to be withdrawn from such Investment Account pursuant to this Agreement. Any investment of funds on deposit in an Investment Account by the Master Servicer, the Special Servicer or the Certificate Administrator shall be documented in writing and shall provide evidence that such investment is a Permitted Investment which matures at or prior to the time required hereby or is payable on demand. In the case of any Escrow Account, Lock-Box Account, Cash Collateral Account or Reserve Account (the “Borrower Accounts”), the Master Servicer shall act upon the written request of the related Borrower or Manager to the extent that the Master Servicer is required to do so under the terms of the respective Loan Documents,

     -234-

     

    

 

provided that in the absence of appropriate written instructions from the related Borrower or Manager meeting the requirements of this Section 3.07, the Master Servicer shall have no obligation to, but will be entitled to, direct the investment of funds in such accounts in Permitted Investments. All such Permitted Investments shall be held to maturity, unless payable on demand. Any investment of funds in an Investment Account shall be made in the name of the Trustee (in its capacity as such) or in the name of a nominee of the Trustee. The Certificate Administrator shall have sole control (except with respect to investment direction which shall be in the control of the Master Servicer or the Special Servicer, with respect to any REO Accounts, as an independent contractor to the Trust Fund) over each such investment and any certificate or other instrument evidencing any such investment shall be delivered directly to the Certificate Administrator or its agent (which shall initially be the Master Servicer), together with any document of transfer, if any, necessary to transfer title to such investment to the Trustee or its nominee. Neither the Certificate Administrator nor the Trustee shall have any responsibility or liability with respect to the investment directions of the Master Servicer, the Special Servicer, any Borrower or Manager or any losses resulting therefrom, whether from Permitted Investments or otherwise. The Master Servicer shall have no responsibility or liability with respect to the investment directions of the Special Servicer, the Certificate Administrator, the Trustee, any Borrower or Manager or any losses resulting therefrom, whether from Permitted Investments or otherwise. The Special Servicer shall have no responsibility or liability with respect to the investment directions of the Master Servicer, the Certificate Administrator, the Trustee, any Borrower or Manager or any losses resulting therefrom, whether from Permitted Investments or otherwise. In the event amounts on deposit in an Investment Account are at any time invested in a Permitted Investment payable on demand, the Master Servicer (or the Special Servicer or the Certificate Administrator, as applicable) shall:

 

(x)            consistent with any notice required to be given thereunder, demand that payment thereon be made on the last day such Permitted Investment may otherwise mature hereunder in an amount equal to the lesser of (1) all amounts then payable thereunder and (2) the amount required to be withdrawn on such date; and

 

(y)           demand payment of all amounts due thereunder promptly upon determination by the Master Servicer (or the Special Servicer or the Certificate Administrator, as applicable) that such Permitted Investment would not constitute a Permitted Investment in respect of funds thereafter on deposit in the related Investment Account.

 

(b)           All income and gain realized from investment of funds deposited in any Investment Account shall be for the benefit of the Master Servicer (except with respect to the investment of funds deposited in (i) any Borrower Account, which shall be for the benefit of the related Borrower to the extent required under the related Loan Documents for the Mortgage Loan or applicable law, (ii) any REO Account and the Loss of Value Reserve Fund, which shall be for the benefit of the Special Servicer or (iii) the Gain-on-Sale Reserve Account, the BX Industrial Portfolio Gain-on-Sale Reserve Account, the Tower 333 Gain-on-Sale Reserve Account, the 825 South Hill Gain-on-Sale Reserve Account, the Interest Reserve Account and the Distribution Accounts, which shall be for the benefit of the Certificate Administrator) and, if held in the Collection Account, any Serviced Whole Loan Collection Account, REO Account or Distribution Account shall be subject to withdrawal by the Master Servicer, the Special Servicer

     -235-

     

    

 

or the Certificate Administrator, as applicable, in accordance with Section 3.06 or Section 3.15(b) of this Agreement, as applicable. The Master Servicer, or with respect to any REO Account or Loss of Value Reserve Fund, the Special Servicer, or with respect to the Gain-on-Sale Reserve Account, the BX Industrial Portfolio Gain-on-Sale Reserve Account, the Tower 333 Gain-on-Sale Reserve Account, the 825 South Hill Gain-on-Sale Reserve Account or the Distribution Accounts, the Certificate Administrator, shall deposit from its own funds into the Collection Account, applicable Serviced Whole Loan Collection Account, any REO Account or Loss of Value Reserve Fund, the Gain-on-Sale Reserve Account, the BX Industrial Portfolio Gain-on-Sale Reserve Account, the Tower 333 Gain-on-Sale Reserve Account, the 825 South Hill Gain-on-Sale Reserve Account, the Interest Reserve Account or the Distribution Accounts, as applicable, the amount of any loss incurred in respect of any such Permitted Investment immediately upon realization of such loss; provided that the Master Servicer, the Special Servicer or the Certificate Administrator, as applicable, may reduce the amount of such payment to the extent it forgoes any investment income in such Investment Account otherwise payable to it. The Master Servicer shall also deposit from its own funds in any Borrower Account immediately upon realization of such loss the amount of any loss incurred in respect of Permitted Investments, except to the extent that amounts are invested at the direction of or for the benefit of the Borrower under the terms of the related Loan Documents for the Mortgage Loan, Serviced Whole Loan or applicable law; provided that neither the Master Servicer nor the Special Servicer shall be required to deposit any loss on an investment of funds in an Investment Account if such loss is incurred solely as a result of the insolvency of the federal or state chartered depository institution or trust company that holds such Investment Account, so long as such depository institution or trust company has satisfied the qualifications set forth in the definition of Eligible Account both (x) at the time the investment was made and (y) 30 days prior to such insolvency.

 

(c)           Except as otherwise expressly provided in this Agreement, if any default occurs in the making of a payment due under any Permitted Investment, or if a default occurs in any other performance required under any Permitted Investment, in either case as a result of an action or inaction of the Master Servicer, the Special Servicer or the Certificate Administrator, as applicable, the Trustee may, and upon the request of Holders of Certificates entitled to a majority of the Voting Rights allocated to any Class shall, take such action as may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate proceedings. If the Trustee takes any such action, (i) the Master Servicer, if such Permitted Investment was for the benefit of the Master Servicer, (ii) the Special Servicer, if such Permitted Investment was for the benefit of the Special Servicer or (iii) the Certificate Administrator, if such Permitted Investment was for the benefit of the Certificate Administrator, shall pay or reimburse the Trustee for all reasonable out-of-pocket expenses, disbursements and advances incurred or made by the Trustee in connection therewith.

 

Section
3.08           Maintenance of Insurance Policies and Errors and
Omissions and Fidelity Coverage. (a) In the case of each Serviced
Mortgage Loan and any related Serviced Companion Loan, as applicable (but excluding any REO Loan), the Master Servicer shall
use commercially reasonable efforts consistent with the Servicing Standard to cause the related Borrower, with respect to the
Serviced Mortgage Loans and any related Serviced Companion Loans that it is servicing, to maintain the following insurance
coverage (including identifying the extent to which such Borrower is maintaining insurance
coverage and, if such Borrower does not so maintain, the Master Servicer will itself cause to be maintained with Qualified
Insurers) for

 

     -236-

     

    

 

the
related Mortgaged Property: (x) except where the Loan Documents permit a Borrower to rely on self-insurance provided by a tenant,
a fire and casualty extended coverage insurance policy, which does not provide for reduction due to depreciation, in an amount
that is at least equal to the lesser of (i) the full replacement cost of improvements securing such Mortgage Loan or Serviced
Whole Loan, as applicable, and (ii) the Stated Principal Balance of such Mortgage Loan or Serviced Whole Loan, as applicable,
but, in any event, in an amount sufficient to avoid the application of any co-insurance clause and (y) all other insurance coverage
(including, but not limited to, coverage for acts of terrorism) that is required, subject to applicable law, under the related
Loan Documents; provided that:

 

(i)       the Master Servicer shall not be required to maintain any earthquake or environmental insurance policy on any Mortgaged Property unless the Trustee has an insurable interest and (x) such insurance policy was in effect at the time of the origination of the related Mortgage Loan or Serviced Whole Loan, as applicable, or (y) such insurance policy was required by the related Loan Documents and is available at commercially reasonable rates, provided that the Master Servicer shall require the related Borrower to maintain such insurance in the amount, in the case of clause (x), maintained at origination, and in the case of clause (y), required by such Mortgage Loan or Serviced Whole Loan, in each case, to the extent such amounts are available at commercially reasonable rates and to the extent the Trustee has an insurable interest;

 

(ii)      if and to the extent that any Loan Document grants the lender thereunder any discretion (by way of consent, approval or otherwise) as to the insurance provider from whom the related Borrower is to obtain the requisite insurance coverage, the Master Servicer shall (to the extent consistent with the Servicing Standard) require the related Borrower to obtain the requisite insurance coverage from Qualified Insurers;

 

(iii)     the Master Servicer shall have no obligation beyond using its reasonable efforts consistent with the Servicing Standard to cause any Borrower to maintain the insurance required to be maintained under the Loan Documents; provided that this clause shall not limit the Master Servicer’s obligation to obtain and maintain a force-placed insurance policy, as provided herein;

 

(iv)    except as provided below (including under clause (vi) below), in no event shall the Master Servicer be required to cause the Borrower to maintain, or itself obtain, insurance coverage to the extent that the failure of such Borrower to maintain insurance coverage is an Acceptable Insurance Default (as determined by the Master Servicer or the Special Servicer, as applicable);

 

(v)     to the extent that the Master Servicer itself is required to maintain insurance that the Borrower does not maintain, the Master Servicer will not be required to maintain insurance other than what is available to the Master Servicer on a force-placed basis at commercially reasonable rates, and only to the extent the Trust as lender has an insurable interest thereon; and

 

(vi)    any explicit terrorism insurance requirements contained in the related Loan Documents shall be enforced by the Master Servicer in accordance with the Servicing Standard (unless the Master Servicer or the Special Servicer, as applicable, with the

 

     -237-

     

    

 

consent of, if no Control Termination Event is continuing, the Directing Holder, and after consultation with the Risk Retention Consultation Parties pursuant to Section 6.07, has consented to a waiver (including a waiver to permit the Master Servicer to accept insurance that does not comply with specific requirements contained in the Loan Documents) in writing of that provision in accordance with the Servicing Standard); provided that the Master Servicer shall promptly notify the Special Servicer, or the Special Servicer shall promptly notify the Master Servicer, as applicable, in writing of such waiver.

 

With respect to each GSMC Mortgage Loan, the Master Servicer shall not permit the related Borrower to maintain a “Non-Conforming Policy” (as such term is defined in the related Loan Agreement) unless a Rating Agency Confirmation has been obtained.

 

The Master Servicer shall notify the Special Servicer, the Certificate Administrator, the Trustee and the Directing Holder if the Master Servicer determines in accordance with the Servicing Standard that a Borrower under a Serviced Mortgage Loan has failed to maintain insurance required under the Loan Documents and such failure materially and adversely affects the interests of the Certificateholders or if a Borrower under a Serviced Mortgage Loan has notified the Master Servicer in writing that the Borrower does not intend to maintain such insurance and that the Master Servicer has determined in accordance with the Servicing Standard that such failure materially and adversely affects the interests of the Certificateholders.

 

Subject to Section 3.15(b) of this Agreement, with respect to each Serviced REO Property, the Special Servicer shall use reasonable efforts and only if the Trustee has an insurable interest, consistent with the Servicing Standard, to maintain (subject to the right of the Special Servicer to direct the Master Servicer to make a Servicing Advance for the costs associated with coverage that the Special Servicer determines to maintain, in which case the Master Servicer shall make such Servicing Advance) with Qualified Insurers to the extent reasonably available at commercially reasonable rates and to the extent the Trustee has an insurable interest, (a) a fire and casualty extended coverage insurance policy, which does not provide for reduction due to depreciation, in an amount that is at least equal to the lesser of the full replacement value of the Mortgaged Property or the Stated Principal Balance of the Mortgage Loan, Serviced REO Loan or the Serviced Whole Loan, as applicable (or such greater amount of coverage required by the related Loan Documents (unless such amount is not available or, if no Control Termination Event is continuing, the Directing Holder has consented to a lower amount)), but, in any event, in an amount sufficient to avoid the application of any co-insurance clause, (b) a comprehensive general liability insurance policy with coverage comparable to that which would be required under prudent lending requirements and in an amount not less than $1.0 million per occurrence, and (c) to the extent consistent with the Servicing Standard, a business interruption or rental loss insurance covering revenues or rents for a period of at least 12 months; provided that the Special Servicer shall not be required in any event to maintain or obtain insurance coverage described in this paragraph beyond what is reasonably available at a commercially reasonable rate and consistent with the Servicing Standard, and in no case will any such insurance be an expense of the Special Servicer.

 

All such insurance policies maintained as described above shall contain (if they insure against loss to property) a “standard” mortgagee clause, with loss payable to the Master Servicer (on behalf of the Trustee on behalf of Certificateholders and, with respect to a Serviced

 

     -238-

     

    

 

Whole Loan, the related Serviced Companion Loan Noteholders), or shall name the Trustee as the insured, with loss payable to the Special Servicer on behalf of the Trustee (on behalf of Certificateholders and, with respect to a Serviced Whole Loan, the related Serviced Companion Loan Noteholders) (in the case of insurance maintained in respect of an REO Property). Any amounts collected by the Master Servicer or Special Servicer, as applicable, under any such policies (other than amounts to be applied to the restoration or repair of the related Mortgaged Property or Serviced REO Property or amounts to be released to the related Borrower, in each case in accordance with the Servicing Standard) shall be deposited in the Collection Account (or, in the case of the Serviced Whole Loans, in the applicable Serviced Whole Loan Collection Account), subject to withdrawal pursuant to Section 3.06 of this Agreement, in the case of amounts received in respect of a Serviced Mortgage Loan and any related Serviced Companion Loan, or in the applicable REO Account of the Special Servicer, subject to withdrawal pursuant to Section 3.15 of this Agreement, in the case of amounts received in respect of a Serviced REO Property. Any cost incurred by the Master Servicer or the Special Servicer in maintaining any such insurance shall not, for purposes hereof, including calculating monthly distributions to Certificateholders or Serviced Companion Loan Noteholders, be added to the Stated Principal Balance of the related Mortgage Loan or Serviced Whole Loan, notwithstanding that the terms of such Mortgage Loan or Serviced Whole Loan so permit; provided that this sentence shall not limit the rights of the Master Servicer or Special Servicer on behalf of the Trust Fund to enforce any obligations of the related Borrower under such Serviced Mortgage Loan and any related Serviced Companion Loan. Any costs incurred by the Master Servicer in maintaining any such insurance policies in respect of the Mortgage Loans or Specially Serviced Loans (other than REO Properties) (i) if the Borrower defaults on its obligation to do so, shall be advanced by the Master Servicer as a Servicing Advance and will be charged to the related Borrower and (ii) shall not, for purposes of calculating monthly distributions to Certificateholders, be added to the Stated Principal Balance of the related Mortgage Loan, notwithstanding that the terms of such Mortgage Loan so permit. Any cost incurred by the Special Servicer in maintaining any such insurance policies with respect to Serviced REO Properties shall be an expense of the Trust Fund (and in the case of any Serviced Whole Loan, such expense shall be allocated in accordance with the allocation provisions of the related Intercreditor Agreement) payable out of the related REO Account (or Serviced Whole Loan REO Account, as applicable) or, if the amount on deposit therein is insufficient therefor, advanced by the Master Servicer as a Servicing Advance (or paid from the Collection Account if the Master Servicer determines such Advance would be a Nonrecoverable Advance, subject to Section 3.21(d) of this Agreement).

 

(b)           If either:

 

(x) the Master Servicer or Special Servicer obtains and maintains, or causes to be obtained and maintained, a blanket policy or master force-placed policy insuring against hazard losses on all of the Serviced Mortgage Loans and any related Serviced Companion Loans or Serviced REO Properties, as applicable, then, to the extent such policy

 

(i)       is obtained from a Qualified Insurer, and

 

(ii)      provides protection equivalent to the individual policies otherwise required, or

     -239-

     

    

 

(y) the Master Servicer or the Special Servicer (or, in each case, its corporate parent), as applicable, has long-term unsecured debt obligations or deposit accounts that are rated not lower than “A2” by Moody’s, “A-” by Fitch and “A (low)” by DBRS Morningstar (or, if not rated by DBRS Morningstar, an equivalent (or higher) rating by at least any one other NRSRO (which may include Moody’s and/or Fitch) and the Master Servicer or Special Servicer self-insures for its obligation to maintain the individual policies otherwise required,

 

then the
Master Servicer or the Special Servicer shall conclusively be deemed to have satisfied its obligation to cause hazard
insurance to be maintained on the related Mortgaged Properties or Serviced REO Properties, as applicable. 

 

Such
a blanket or master force-placed policy may contain a deductible clause (not in excess of a customary amount), in which case
the Master Servicer or Special Servicer, as the case may be, that maintains such policy shall, if there shall not have been
maintained on any Mortgaged Property securing a Serviced Mortgage Loan or Serviced REO Property thereunder a hazard insurance
policy complying with the requirements of Section 3.08(a) of
this Agreement, and there shall have been one or more losses that would have been covered by such an individual policy,
promptly deposit into the Collection Account (or, in the case of a Serviced Whole Loan, in the related Serviced Whole Loan
Collection Account), from its own funds, the amount not otherwise payable under the blanket or master force-placed policy in
connection with such loss or losses because of such deductible clause to the extent that any such deductible exceeds the
deductible limitation that pertained to the related Mortgage Loan or the related Serviced Whole Loan, as applicable (or, in
the absence of any such deductible limitation, the deductible limitation for an individual policy which is consistent with
the Servicing Standard). The Master Servicer and Special Servicer shall prepare and present, on behalf of itself, the
Trustee, Certificateholders and, if applicable the Serviced Companion Loan Noteholders, claims under any such blanket or
master force-placed policy maintained by it in a timely fashion in accordance with the terms of such policy. If the Master
Servicer or Special Servicer, as applicable, causes any Mortgaged Property securing a Serviced Mortgage Loan or Serviced REO
Property to be covered by such “force-placed” insurance policy, the incremental costs of such insurance
applicable to such Mortgaged Property or Serviced REO Property (i.e.,
other than any minimum or standby premium payable for such policy whether or not any Mortgaged Property or Serviced REO
Property is covered thereby) shall be paid as a Servicing Advance.

 

(c)          
With respect to each Serviced Mortgage Loan and any related Serviced Companion Loan that is subject to an Environmental
Insurance Policy, if the Master Servicer has actual knowledge of any event giving rise to a claim under an Environmental
Insurance Policy, the Master Servicer shall notify the Special Servicer to such effect and the Master Servicer shall take
reasonable actions as are in accordance with the Servicing Standard and the terms and conditions of such Environmental
Insurance Policy to make a claim thereunder and achieve the payment of all amounts to which the Trust is entitled thereunder.
With respect to each Specially Serviced Loan and Serviced REO Property that is subject to an Environmental Insurance Policy,
if the Special Servicer has actual knowledge of any event giving rise to a claim under an Environmental Insurance Policy,
such Special Servicer shall take reasonable actions as are in accordance with the Servicing Standard and the terms and
conditions of such Environmental Insurance Policy to make a claim thereunder and achieve the payment of all amounts to
which

     -240-

     

    

 

the Trust, on behalf of the Certificateholders and, if applicable, the Serviced Companion Loan Noteholders (giving due regard to the junior nature of the related Subordinate Companion Loan, if any), is entitled thereunder. Any legal fees or other out-of-pocket costs incurred in accordance with the Servicing Standard in connection with any claim under an Environmental Insurance Policy described above (whether by the Master Servicer or Special Servicer) shall be paid by, and reimbursable to, the Master Servicer as a Servicing Advance.

 

(d)           The Master Servicer and the Special Servicer shall at all times during the term of this Agreement (or, in the case of the Special Servicer, at all times during the term of this Agreement during which Specially Serviced Loans and/or Serviced REO Properties as to which it is the Special Servicer are included in the Trust Fund) keep in force with a Qualified Insurer, a fidelity bond in such form and amount as are consistent with the Servicing Standard. The Master Servicer and Special Servicer, as applicable, shall be deemed to have complied with the foregoing provision if an Affiliate thereof has such fidelity bond coverage and, by the terms of such fidelity bond, the coverage afforded thereunder extends to the Master Servicer and Special Servicer, as the case may be. Such fidelity bond shall provide that it may not be canceled without ten days’ prior written notice to the Trustee. So long as the long-term unsecured debt obligations or deposit accounts of the Master Servicer (or its corporate parent if such insurance is guaranteed by its parent) or the Special Servicer (or its corporate parent), as applicable, are rated not lower than “A2” by Moody’s, “A-” by Fitch and “A (low)” by DBRS Morningstar (or, if not rated by DBRS Morningstar, an equivalent (or higher) rating by at least any one other NRSRO (which may include Moody’s and/or Fitch)), the Master Servicer or the Special Servicer, as applicable, may self-insure with respect to the fidelity bond coverage required as described above, in which case it shall not be required to maintain an insurance policy with respect to such coverage.

 

The
Master Servicer and Special Servicer, as applicable, shall at all times during the term of this Agreement (or, in the case of
the Special Servicer, at all times during the term of this Agreement during which Specially Serviced Loans and/or Serviced REO
Properties exist as part of the Trust Fund) also keep in force with a Qualified Insurer a policy or policies of insurance covering
loss occasioned by the errors and omissions of its officers and employees in connection with their servicing obligations hereunder,
which policy or policies shall be in such form and amount as are consistent with the Servicing Standard. The Master Servicer or
the Special Servicer, as applicable, shall be deemed to have complied with the foregoing provisions if an Affiliate thereof has
such insurance and, by the terms of such policy or policies, the coverage afforded thereunder extends to the Master Servicer or
Special Servicer, as the case may be. Any such errors and omissions policy shall provide that it may not be canceled without ten
days’ prior written notice to the Trustee. So long as the long-term unsecured debt obligations or deposit accounts of the
Master Servicer (or its corporate parent if such insurance is guaranteed by its parent) or the Special Servicer (or its corporate
parent), as applicable, are rated not lower than “A2” by Moody’s, “A-” by Fitch and “A (low)”
by DBRS Morningstar (or, if not rated by DBRS Morningstar, an equivalent (or higher) rating by at least any one other NRSRO (which
may include Moody’s and/or Fitch)), the Master Servicer or the Special Servicer, as applicable, may self-insure with respect
to the errors and omissions coverage required as described above, in which case it shall not be required to maintain an insurance
policy with respect to such coverage.

 

     -241-

     

    

 

Section 3.09     Enforcement of Due-on-Sale Clauses; Assumption Agreements; Defeasance Provisions. (a) If any Serviced Mortgage Loan and any related Serviced Companion Loan contains a provision in the nature of a “due-on-sale” clause (including, without limitation, sales or transfers of Mortgaged Properties (in full or part) or the sale, transfer, pledge or hypothecation of direct or indirect interests in the Borrower or its owners), which by its terms:

 

(i)     provides that such Serviced Mortgage Loan and any related Serviced Companion Loan will (or may at the mortgagee’s option) become due and payable upon the sale or other transfer of an interest in the related Mortgaged Property (including, without limitation, the sale, transfer, pledge or hypothecation of direct or indirect interests in the Borrower or its owners),

 

(ii)    provides that such Serviced Mortgage Loan and any related Serviced Companion Loan may not be assumed without the consent of the related mortgagee in connection with any such sale or other transfer, or

 

(iii)   provides that such Serviced Mortgage Loan and any related Serviced Companion Loan may be assumed or transferred without the consent of the mortgagee, provided certain conditions set forth in the Loan Documents are satisfied,

 

then, the Master Servicer (with respect to Performing Loans (other than Non-Serviced Mortgage Loans), to the extent such action is not a Special Servicer Major Decision) or the Special Servicer (with respect to Specially Serviced Loans and, to the extent such action is a Special Servicer Major Decision, Performing Loans (other than Non-Serviced Mortgage Loans)) shall determine, in each case in a manner consistent with the Servicing Standard, on behalf of the Trustee as the mortgagee of record, whether to (a) exercise any right it may have with respect to such Serviced Mortgage Loan or Serviced Whole Loan (x) to accelerate the payments thereon or (y) to grant or withhold its consent to any sale or transfer, consistent with the Servicing Standard or (b) waive any right to exercise such rights; provided that, (i) with respect to such consent or waiver of rights that is a Major Decision, prior to itself taking such an action, the Master Servicer or the Special Servicer, as applicable, shall obtain, other than during the continuance of a Control Termination Event, the prior written consent (or deemed consent) of the Directing Holder pursuant to Section 6.07 (or (1) during the continuance of a Control Termination Event, but other than during a Consultation Termination Event and (2) other than with respect to any applicable Excluded Loan, upon consultation with the Directing Holder and the Risk Retention Consultation Parties pursuant to Section 6.07) and (ii) the Master Servicer or the Special Servicer processing such action, prior to consenting to such action, shall obtain, a Rating Agency Confirmation from each Rating Agency with respect to the Certificates and Serviced Companion Loan Securities, if any, in the case of any such Mortgage Loan that (1) represents more than 5% of the aggregate Stated Principal Balance of the Mortgage Loans then outstanding and has a Stated Principal Balance of at least $10,000,000, (2) has a Stated Principal Balance that is more than $35,000,000, (3) represents one of the ten largest Mortgage Loans or groups of cross-collateralized Mortgage Loans based on Stated Principal Balance and has a Stated Principal Balance of at least $10,000,000, (4) is the BX Industrial Portfolio Whole Loan, (5) is the Tower 333 Whole Loan, (6) is the 825 South Hill Whole Loan or (7) is a Mortgage Loan as to which the related Serviced Companion Loan (A) represents one of the ten largest mortgage loans in the related Other Securitization based on outstanding principal balance and has an outstanding principal balance of at least $10,000,000, (B) represents more than 5% of the aggregate 

 

 

     -242-

     

    

 

outstanding principal balance of the mortgage loans then outstanding in the related Other Securitization and has an outstanding principal balance of at least $10,000,000 or (C) has an outstanding principal balance that is more than $35,000,000 (provided that the Master Servicer or Special Servicer, as applicable, shall be entitled to request and reasonably rely upon the written notification provided by the master servicer, special servicer, trustee or certificate administrator of the applicable Other Securitization as to whether any condition in clause (4)(A) or (B) is met, or if no timely response is received, entitled to reasonably rely on the most recent CREFC® reports related to the applicable Other Securitization).

 

The Master Servicer or the Special Servicer processing such action shall notify the Trustee, the Certificate Administrator, the Directing Holder and the Master Servicer or the Special Servicer, as applicable, that any such assumption or substitution agreement has been completed by forwarding to the Custodian (with a copy to the Master Servicer, the Certificate Administrator, the Trustee and the Directing Holder, as applicable) the original copy of such agreement, which copies shall be added to the related Mortgage File and shall, for all purposes, be considered a part of such Mortgage File to the same extent as all other documents and instruments constituting a part thereof. To the extent not precluded by the Loan Documents, neither the Master Servicer nor the Special Servicer shall approve an assumption or substitution without requiring the related Borrower to pay any fees owed to the Rating Agencies associated with the approval of such assumption or substitution. However, if the related Borrower is required but fails to pay such fees, such fees shall be an expense of the Trust Fund (and in the case of any Serviced Whole Loan, such expense shall be allocated in accordance with the allocation provisions of the related Intercreditor Agreement); provided that in the case of a Serviced Whole Loan the Master Servicer shall be required, after receiving payment from amounts on deposit in the Collection Account, if any, to (i) promptly notify the holder of the related Companion Loan and (ii) use commercially reasonable efforts to exercise on behalf of the Trust Fund the rights of the Trust Fund under the related Intercreditor Agreement to obtain reimbursement for a pro rata portion of such amount allocable to the related Companion Loan from the holders of such Companion Loan.

 

(b)        If any Serviced Mortgage Loan and any related Serviced Companion Loan contains a provision in the nature of a “due-on-encumbrance” clause, which by its terms:

 

(i)     provides that such Serviced Mortgage Loan and any related Serviced Companion Loan shall (or may at the mortgagee’s option) become due and payable upon the creation of any lien or other encumbrance on the related Mortgaged Property or any direct or indirect ownership interest in the borrower (including, unless specifically permitted, any mezzanine financing of the Borrower or the Mortgaged Property or any sale or transfer of preferred equity in the Borrower or its owners),

 

(ii)    requires the consent of the related mortgagee to the creation of any such lien or other encumbrance on the related Mortgaged Property (including, without limitation, any mezzanine financing of the Borrower or the Mortgaged Property or any sale or transfer of preferred equity in the Borrower or its owners), or

 

 

     -243-

     

    

 

(iii)  provides that such Mortgaged Property may be further encumbered without the consent of the mortgagee (including, without limitation, any mezzanine financing of the Borrower or the Mortgaged Property or any sale or transfer of preferred equity in the Borrower or its owners), provided certain conditions set forth in the Loan Documents are satisfied,

 

then, the Master Servicer (with respect to Performing Loans (other than Non-Serviced Mortgage Loans), to the extent such action is not a Special Servicer Major Decision) or the Special Servicer (with respect to Specially Serviced Loans and, to the extent such action is a Special Servicer Major Decision, Performing Loans (other than Non-Serviced Mortgage Loans)) shall determine, in each case in a manner consistent with the Servicing Standard, on behalf of the Trustee as the mortgagee of record, whether to (a) exercise any right it may have with respect to such Serviced Mortgage Loan or Serviced Whole Loan (x) to accelerate the payments thereon or (y) to withhold its consent to the creation of any additional lien or other encumbrance, consistent with the Servicing Standard or (b) grant or waive its right to exercise such rights; provided that, (i) with respect to such consent or waiver of rights that is a Major Decision, prior to itself taking such an action, the Master Servicer or the Special Servicer, as applicable, shall obtain, other than during the continuance of a Control Termination Event, the prior written consent (or deemed consent) of the Directing Holder pursuant to Section 6.07 (or (1) during the continuance of a Control Termination Event, but prior to a Consultation Termination Event and (2) other than with respect to any applicable Excluded Loan, upon consultation with the Directing Holder and the Risk Retention Consultation Parties pursuant to Section 6.07) and (ii) the Master Servicer or the Special Servicer processing such action, prior to consenting to such action, shall obtain, a Rating Agency Confirmation from each Rating Agency with respect to the Certificates and Serviced Companion Loan Securities, if any, in the case of any such Mortgage Loan that (1) represents more than 2% of the aggregate Stated Principal Balance of the Mortgage Loans then outstanding, (2) has a Stated Principal Balance that is more than $35,000,000, (3) represents one of the ten largest Mortgage Loans or groups of cross-collateralized Mortgage Loans based on Stated Principal Balance, (4) has an aggregate loan-to-value ratio (including any existing and proposed additional debt) that is equal to or greater than 85%, (5) has an aggregate Debt Service Coverage Ratio (in each case, determined based upon the aggregate of the Stated Principal Balance of the related Mortgage Loan, any existing additional debt and the principal amount of the proposed additional lien) that is less than 1.20x or (6) is a Mortgage Loan as to which the related Serviced Companion Loan (A) represents one of the ten largest mortgage loans in the related Other Securitization based on outstanding principal balance, (B) represents more than 2% of the aggregate outstanding principal balance of the mortgage loans then outstanding in the related Other Securitization or (C) has an outstanding principal balance that is more than $35,000,000 (provided that the Special Servicer shall be entitled to request and reasonably rely upon the written notification provided by the master servicer, special servicer, trustee or certificate administrator of the applicable Other Securitization as to whether any condition in clause (6)(A) or (B) is met, or if no timely response is received, entitled to reasonably rely on the most recent CREFC® reports related to the applicable Other Securitization); provided that with respect to clauses (1), (3), (4) and (5), such Mortgage Loan shall have a Stated Principal Balance of at least $10,000,000 for the requirement of a Rating Agency Confirmation to apply.

 

The Master Servicer or the Special Servicer processing such action shall notify the Trustee, the Certificate Administrator, the Directing Holder and the Master Servicer or the

 

 

     -244-

     

    

 

Special Servicer, as applicable, that the creation of any lien or other encumbrance has been completed by forwarding to the Custodian (with a copy to the Master Servicer, the Certificate Administrator, the Trustee and the Directing Holder, as applicable) the original copy (if available, and otherwise, a copy) of the document creating such lien or encumbrance, which copies shall be added to the related Mortgage File and shall, for all purposes, be considered a part of such Mortgage File to the same extent as all other documents and instruments constituting a part thereof. To the extent not precluded by the Loan Documents, neither the Master Servicer nor the Special Servicer shall approve the creation of any lien or other encumbrance without requiring the related Borrower to pay any fees owed to the Rating Agencies associated with the approval of such lien or encumbrance. However, if the related Borrower is required but fails to pay such fees, such fees shall be an expense of the Trust Fund (and in the case of any Serviced Whole Loan, such expense shall be allocated in accordance with the allocation provisions of the related Intercreditor Agreement); provided that in the case of a Serviced Whole Loan the Master Servicer shall be required, after receiving payment from amounts on deposit in the Collection Account, if any, to (i) promptly notify the holder of the related Companion Loan and (ii) use commercially reasonable efforts to exercise on behalf of the Trust Fund the rights of the Trust Fund under the related Intercreditor Agreement to obtain reimbursement for a pro rata portion of such amount allocable to the related Companion Loan from the holders of such Companion Loan.

 

(c)        Notwithstanding any other provision of this Agreement, neither the Master Servicer nor the Special Servicer may waive its rights or grant its consent under any “due-on-sale” or “due-on-encumbrance” clause relating to any Mortgage Loan without, if no Control Termination Event is continuing, the consent of the Directing Holder. The Directing Holder shall have 10 Business Days (or longer period provided by the related Intercreditor Agreement) after receipt of notice along with the Special Servicer’s recommendation and analysis with respect to such waiver and any additional information the Directing Holder may reasonably request from the Special Servicer of a proposed waiver or consent under any “due-on-sale” or “due-on-encumbrance” clause in which to grant or withhold its consent (provided that if the Special Servicer fails to receive a response to such notice from the Directing Holder in writing within such period, then the Directing Holder shall be deemed to have consented to such proposed waiver or consent).

 

(d)        The Master Servicer and the Special Servicer, as applicable, shall provide copies of any waivers it effects pursuant to Section 3.09(a) or (b) of this Agreement to the other party, the 17g-5 Information Provider (who shall promptly post such waivers to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement) and the related Other 17g-5 Information Provider (if any) with respect to each Mortgage Loan or Serviced Whole Loan.

 

(e)        Nothing in this Section 3.09 shall constitute a waiver of the Trustee’s right, as the mortgagee of record, to receive notice of any assumption of a Mortgage Loan, any sale or other transfer of the related Mortgaged Property or the creation of any lien or other encumbrance with respect to such Mortgaged Property.

 

(f)         In connection with the taking of, or the failure to take, any action pursuant to this Section 3.09, the Special Servicer shall not agree to modify, waive or amend, and no assumption or substitution agreement entered into pursuant to Section 3.09(a) of this Agreement

 

 

     -245-

     

    

 

shall contain any terms that are different from, any term of any Serviced Mortgage Loan and any related Serviced Companion Loan or the related Mortgage Note, other than pursuant to Section 3.26 hereof, as applicable.

 

(g)        With respect to any Serviced Mortgage Loan and any related Serviced Companion Loan which permits release of Mortgaged Properties through defeasance:

 

(i)       Subject to the consent rights and processes set forth in Section 6.07 with respect to Major Decisions, the Master Servicer shall process all defeasances of Serviced Mortgage Loans and Serviced Companion Loans in accordance with the terms of the related Loan Documents, and shall be entitled to any defeasance fees paid relating thereto (provided that for the avoidance of doubt, any such defeasance fee shall not include the Special Servicer’s portion of any Modification Fees or waiver fees in connection with a defeasance that the Special Servicer is entitled to consent under this Agreement).

 

(ii)      If such Serviced Mortgage Loan and any related Serviced Companion Loan requires that the lender purchase the required government securities, then the Master Servicer shall purchase, or shall cause the purchase of, such obligations on behalf of the Trust, at the related Borrower’s expense, in accordance with the terms of such Mortgage Loan; provided that the Master Servicer shall not accept the amounts paid by the related Borrower to effect defeasance until acceptable government securities have been identified.

 

(iii)      To the extent not inconsistent with such Mortgage Loan or Serviced Whole Loan, the Master Servicer shall require the related Borrower to provide an Opinion of Counsel (which shall be an expense of the related Borrower) to the effect that the Trustee has a first priority perfected security interest in the defeasance collateral (including the government securities) and the assignment of the defeasance collateral is valid and enforceable; such opinion, together with any other certificates or documents to be required in connection with such defeasance shall be in form and substance acceptable to each Rating Agency.

 

(iv)      To the extent not inconsistent with such Mortgage Loan or Serviced Whole Loan, the Master Servicer shall require a certificate at the related Borrower’s expense from an Independent certified public accountant certifying to the effect that the government securities will provide cash flows sufficient to meet all payments of interest and principal (including payments at maturity) on such Mortgage Loan or Serviced Whole Loan in compliance with the requirements of the terms of the related Loan Documents.

 

(v)      Prior to permitting the release of any Mortgaged Property through defeasance, the Master Servicer shall obtain, at the related Borrower’s expense, a Rating Agency Confirmation; provided that the Master Servicer shall not be required to obtain such Rating Agency Confirmation from any Rating Agency if such Mortgage Loan at the time of such defeasance is not (x) a Mortgage Loan that (together with any Mortgage Loans cross-collateralized with such Mortgage Loan) is one of the ten largest Mortgage Loans by Stated Principal Balance, (y) a Mortgage Loan with a Stated Principal Balance equal to or greater than $35,000,000 or (z) a Mortgage Loan that represents 5% or more of the Stated Principal Balance of all Mortgage Loans.

 

 

     -246-

     

    

 

(vi)     Prior to permitting release of any Mortgaged Property through defeasance, the Master Servicer shall require an Opinion of Counsel to the effect that such release will not cause any Trust REMIC to fail to qualify as a REMIC at any time that any Certificates are outstanding or cause a tax to be imposed on the Trust Fund under the REMIC Provisions; provided that to the extent not inconsistent with the Mortgage Loan or Serviced Whole Loan, the related Borrower shall pay the cost related to the Opinion of Counsel (and shall otherwise be a Servicing Advance).

 

(vii)     No defeasance shall occur on or prior to the second anniversary of the Startup Day of the Trust REMICs, or in the case of any Companion Loan, the later of the second anniversary of the Startup Day of the Trust REMICs and the second anniversary of the startup day of any REMIC holding such Companion Loan.

 

(viii)  The Trustee shall at the expense of the related Borrower (to the extent not inconsistent with the related Loan Documents) hold the U.S. government securities as pledgee for the benefit of the Certificateholders and, if applicable, the Serviced Companion Loan Noteholders, and the Certificate Administrator shall apply payments of principal and interest received on the government obligations to the Collection Account (or Serviced Whole Loan Collection Account) in respect of the defeased Mortgage Loan or Serviced Whole Loan according to the payment schedule existing immediately prior to the defeasance.

 

(ix)     The Master Servicer shall, in accordance with the Servicing Standard, enforce provisions in the Mortgage Loans that it is servicing requiring Borrowers to pay all reasonable expenses associated with a defeasance.

 

(x)      To the extent not inconsistent with such Mortgage Loan, or to the extent the related Loan Documents provide the lender with discretion, the Master Servicer shall require a single purpose entity, formed solely for the purpose of owning and pledging the government securities related to one or more of the Mortgage Loans, to act as a successor borrower.

 

(xi)     The Master Servicer may accept as defeasance collateral of any “government security,” within the meaning of Treasury Regulation’s Section 1.860G-(2)(a)(8)(ii), notwithstanding any more restrictive requirements in the Loan Documents; provided that the Master Servicer has received an Opinion of Counsel that acceptance of such defeasance collateral will not cause an Adverse REMIC Event.

 

(xii)    Neither the Master Servicer nor the Special Servicer shall charge a fee for defeasance in excess of that permitted under the Loan Documents in the event that the Loan Documents provide for such a fee limitation.

 

(h)        When the Special Servicer’s consent is requested under this Section 3.09, such consent shall be deemed given 15 Business Days (or such longer time period pursuant to the terms of the related Intercreditor Agreement but not less than five (5) Business Days after the time period set forth therein for Directing Holder approval) after receipt (unless earlier objected to) by the Special Servicer from the Master Servicer of the Master Servicer’s written analysis

 

 

     -247-

     

    

 

and recommendation with respect to such proposed action together with such other information reasonably requested by the Special Servicer.

 

Section 3.10     Appraisals; Realization upon Defaulted Loans. (a) Other than with respect to a Non-Serviced Mortgage Loan, contemporaneously with the earliest of (i) the effective date of any (A) modification of the Maturity Date or extended Maturity Date, a Mortgage Rate, principal balance or amortization terms of any Mortgage Loan or Serviced Whole Loan or any other term of a Mortgage Loan or Serviced Whole Loan, (B) extension of the Maturity Date or extended Maturity Date of a Mortgage Loan or Serviced Whole Loan as described below in Section 3.26 of this Agreement, or (C) consent to the release of any Mortgaged Property from the lien of the related Mortgage other than pursuant to the terms of the related Mortgage Loan or Serviced Whole Loan, (ii) the occurrence of an Appraisal Reduction Event, (iii) a default in the payment of a Balloon Payment for which an extension is not granted, or (iv) the date on which the Special Servicer, consistent with the Servicing Standard, requests an Updated Valuation, the Special Servicer shall use commercially reasonable efforts to obtain an Updated Valuation (or a letter update for an existing appraisal which is less than two years old) within 60 days of such request, the cost of which shall constitute a Servicing Advance; provided that the Special Servicer shall not be required to obtain an Updated Valuation pursuant to clauses (i) through (iv) above with respect to any Mortgaged Property for which there exists an Appraisal, Updated Appraisal or Small Loan Appraisal Estimate which is less than nine months old unless the Special Servicer has actual knowledge of a material adverse change in circumstances that, consistent with the Servicing Standard, would call into question the validity of such Appraisal, Updated Appraisal or Small Loan Appraisal Estimate. For so long as such Mortgage Loan or Serviced Whole Loan is a Specially Serviced Loan, (i) the Special Servicer shall, within 30 days of the end of each 9-month period following the related Appraisal Reduction Event, use commercially reasonable efforts to order an Appraisal (which may be an update of a prior Appraisal), the cost of which shall constitute a Servicing Advance and (ii) the Master Servicer shall recalculate the Appraisal Reduction Amount prior to the Special Servicer granting extensions beyond one year or any subsequent extension after granting a one year extension with respect to the same Mortgage Loan or Serviced Whole Loan. Subject to any required consent from the Directing Holder and consultation with the Risk Retention Consultation Parties pursuant to Section 6.07, nothing herein is intended to limit the Special Servicer’s ability to pursue multiple strategies contemporaneously if the Special Servicer deems such actions appropriate under the Servicing Standard. The Special Servicer shall update, in accordance with the timing described above, each Small Loan Appraisal Estimate or Updated Appraisal for so long as an Appraisal Reduction Event exists with respect to the related Mortgage Loan or Serviced Whole Loan and the Master Servicer shall recalculate the Appraisal Reduction Amount based on such updated Small Loan Appraisal Estimate or Updated Appraisal and receipt of information reasonably requested by the Master Servicer from the Special Servicer to the extent such information is in the possession of (or reasonably obtainable at no additional expense by) the Special Servicer, reasonably necessary to calculate the Appraisal Reduction Amount. The Special Servicer shall send all such letter updates and Updated Valuations to the Master Servicer, the Trustee, the 17g-5 Information Provider (who shall promptly post such materials to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement), the related Serviced Companion Loan Noteholder (if any), the Risk Retention Consultation Parties and, for so long as no Consultation Termination Event is continuing, the Directing Holder.

 

 

     -248-

     

    

 

 

The Special Servicer shall monitor each Specially Serviced Loan, evaluate whether the causes of the default can be corrected over a reasonable period without significant impairment of the value of the related Mortgaged Property, initiate corrective action in cooperation with the Borrower if, in the Special Servicer’s judgment, cure is likely, and take such other actions (including without limitation, negotiating and accepting a discounted payoff of a Mortgage Loan or Serviced Whole Loan) as are consistent with the Servicing Standard. If, in the Special Servicer’s judgment, such corrective action has been unsuccessful, no satisfactory arrangement can be made for collection of delinquent payments, and the Specially Serviced Loan has not been released from the Trust Fund pursuant to any provision hereof, and except as otherwise specifically provided in Section 3.09(a) and 3.09(b) of this Agreement, the Special Servicer may, to the extent consistent with the Asset Status Report (and with the consent of the Directing Holder, if no Control Termination Event is continuing, and after consultation with each of the Risk Retention Consultation Parties pursuant to Section 6.07) and with the Servicing Standard, accelerate such Specially Serviced Loan and commence a foreclosure or other acquisition with respect to the related Mortgaged Property or Properties, provided that the Special Servicer determines that such acceleration and foreclosure are more likely to produce a greater recovery to Certificateholders and, if applicable, Serviced Companion Loan Noteholders (as a collective whole as if such Certificateholders and, if applicable, Serviced Companion Loan Noteholders, constituted a single lender) (and with respect to any Serviced Whole Loan with a related Subordinate Companion Loan, taking into account the subordinate nature of such Subordinate Companion Loan) on a present value basis (discounting at the related Calculation Rate) than would a waiver of such default or an extension or modification in accordance with the provisions of Section 3.26 hereof. In connection with causing the Trust to foreclose on collateral that consists of multiple properties held for sale to customers by the related Borrower (such as unsold condominium units in a single project), the Special Servicer directing such foreclosure shall consider the effect of the bidding price for the properties on the tax basis of such properties if such properties are likely to be treated in the hands of the Trust as properties held for sale to customers. The Master Servicer shall pay the costs and expenses in any such proceedings as a Servicing Advance unless the Master Servicer or the Special Servicer, as applicable, determines, in its good faith judgment, that such Servicing Advance would constitute a Nonrecoverable Advance; provided that, if such Servicing Advance would constitute a Nonrecoverable Advance but the Special Servicer determines that such payment would be in the best interests of the Certificateholders and, if applicable, Serviced Companion Loan Noteholders (as a collective whole as if such Certificateholders and Serviced Companion Loan Noteholders, as applicable, constituted a single lender (and with respect to any Serviced Whole Loan with a related Serviced Subordinate Companion Loan, taking into account the subordinate nature of such Serviced Subordinate Companion Loan)) (with the Master Servicer permitted to conclusively rely upon any such determination by the Special Servicer), the Special Servicer shall direct the Master Servicer to make such payment from the Collection Account (or, if applicable, the applicable Serviced Whole Loan Collection Account), which payment shall be an Additional Trust Fund Expense. The Trustee shall be entitled to conclusively rely upon any determination of the Master Servicer or Special Servicer that a Servicing Advance, if made, would constitute a Nonrecoverable Advance. If the Master Servicer does not make such Servicing Advance in violation of the second preceding sentence, the Trustee shall make such Servicing Advance, unless the Trustee determines that such Servicing Advance would be a Nonrecoverable Advance. The Master Servicer and the Trustee, as applicable, shall be entitled to reimbursement of 

 

 

     -249-

     

    

 

Servicing Advances (with interest at the Reimbursement Rate) made pursuant to this paragraph to the extent permitted by Section 3.06 of this Agreement.

 

(b)        If the Special Servicer elects to proceed with a non-judicial foreclosure in accordance with the laws of the state where the Mortgaged Property is located, the Special Servicer shall not be required to pursue a deficiency judgment against the related Borrower or any other liable party if (i) the laws of the state do not permit such a deficiency judgment after a non-judicial foreclosure or (ii) if the Special Servicer determines, in its best judgment, that the likely recovery if a deficiency judgment is obtained will not be sufficient to warrant the cost, time, expense and/or exposure of pursuing the deficiency judgment and such determination is evidenced by an Officer’s Certificate delivered to the Trustee and the Certificate Administrator.

 

(c)        In the event that title to any Mortgaged Property is acquired in foreclosure or by deed in lieu of foreclosure, the deed or certificate of sale shall be issued to the Trustee (on behalf of the Trust Fund), or to its nominee (which shall not include the Special Servicer) or a separate Trustee or co-Trustee on behalf of the Trustee as Holder of the Lower-Tier Regular Interests and the Certificateholders and, if applicable, the Serviced Companion Loan Noteholders. Notwithstanding any such acquisition of title and cancellation of the related Mortgage Loan or Serviced Whole Loan, as applicable, such Mortgage Loan or Serviced Whole Loan, as applicable, shall (except for purposes of Section 9.01 of this Agreement) be considered to be a Serviced REO Loan until such time as the related Serviced REO Property shall be sold by the Trust Fund and shall be reduced only by collections net of expenses. Consistent with the foregoing, for purposes of all calculations hereunder, so long as such Mortgage Loan or Serviced Whole Loan, as applicable, shall be considered to be an outstanding Mortgage Loan or Serviced Whole Loan, as applicable:

 

(i)     it shall be assumed that, notwithstanding that the indebtedness evidenced by the related Mortgage Note shall have been discharged, such Mortgage Note and, for purposes of determining the Stated Principal Balance thereof, the related amortization schedule in effect at the time of any such acquisition of title shall remain in effect; and

 

(ii)    subject to Section 1.02(g) of this Agreement, Net REO Proceeds received in any month shall be applied to amounts that would have been payable under the related Mortgage Note(s) in accordance with the terms of such Mortgage Note(s) and any applicable Intercreditor Agreement. In the absence of such terms, Net REO Proceeds shall, subject to Section 1.02(g) of this Agreement, be deemed to have been received first, in payment of the accrued interest that remained unpaid on the date that the related Serviced REO Property was acquired by the Trust Fund; second, in respect of the delinquent principal installments that remained unpaid on such date; and thereafter, Net REO Proceeds received in any month shall be applied to the payment of installments of principal and accrued interest on such Mortgage Loan or Serviced Companion Loan, as applicable, deemed to be due and payable in accordance with the terms of such Mortgage Note(s) and such amortization schedule until such principal has been paid in full and then to other amounts due under such Mortgage Loan or Serviced Companion Loan, as applicable. If such Net REO Proceeds exceed the Periodic Payment then payable, the excess shall be treated as a Principal Prepayment received in respect of such Mortgage Loan or Serviced Companion Loan, as applicable.

 

 

     -250-

     

    

 

 

(d)        Notwithstanding any provision herein to the contrary, the Special Servicer shall not acquire for the benefit of the Trust Fund any personal property pursuant to this Section 3.10 unless either:

 

(i)     such personal property is incident to real property (within the meaning of Section 856(e)(l) of the Code) so acquired by the Special Servicer for the benefit of the Trust Fund; or

 

(ii)    the Special Servicer shall have requested and received an Opinion of Counsel (which opinion shall be an expense of the Lower-Tier REMIC) to the effect that the holding of such personal property by the Lower-Tier REMIC or the Trust Subordinate Companion Loan REMICs will not cause the imposition of a tax on any Trust REMIC under the REMIC Provisions or cause any Trust REMIC to fail to qualify as a REMIC at any time that any Certificate is outstanding (and such Opinion of Counsel may be premised on the designation hereby of any such personal property as being deemed part of an “outside reserve fund” (within the meaning of Treasury Regulations Section 1.860G-2(h)) with the owner of such personal property for federal income tax purposes to be designated at such time).

 

(e)        Notwithstanding any provision to the contrary in this Agreement, the Special Servicer shall not, on behalf of the Trust Fund, obtain title to any direct or indirect partnership interest or other equity interest in any Borrower pledged pursuant to any pledge agreement unless the Special Servicer shall have requested and received an Opinion of Counsel (which opinion shall be an expense of the Trust Fund (and in the case of any Serviced Whole Loan, such expense shall be allocated in accordance with the allocation provisions of the related Intercreditor Agreement)) to the effect that the holding of such partnership interest or other equity interest by the Trust Fund will not cause the imposition of a tax on any Trust REMIC under the REMIC Provisions or cause any Trust REMIC to fail to qualify as a REMIC at any time that any Certificate is outstanding.

 

(f)         Notwithstanding any provision to the contrary contained in this Agreement, the Special Servicer shall not cause the Trustee, on behalf of the Trust Fund, to obtain title to a Mortgaged Property as a result of or in lieu of foreclosure or otherwise, to obtain title to any direct or indirect partnership interest in any Borrower pledged pursuant to a pledge agreement and thereby be the beneficial owner of a Mortgaged Property, have a receiver of rents appointed with respect to, and shall not otherwise cause the Trustee to acquire possession of, or take any other action with respect to, any Mortgaged Property if, as a result of any such action, the Trustee, for the Trust Fund, the Certificateholders and the RR Interest Owner (including the holders of the Loan-Specific Certificates) or Serviced Companion Loan Noteholders, if applicable, would be considered to hold title to, to be a “mortgagee-in-possession” of, or to be an “owner” or “operator” of such Mortgaged Property within the meaning of the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended from time to time, or any comparable law, unless the Special Servicer has previously determined in accordance with the Servicing Standard, based on an updated environmental assessment report prepared by an Independent Person who regularly conducts environmental audits (which report shall be an expense of the Trust), performed within six months prior to any such acquisition of title or other action that:

 

 

     -251-

     

    

 

 

(i)     such Mortgaged Property is in compliance with applicable environmental laws or, if not, after consultation with an environmental consultant, that it would be in the best economic interests of the Certificateholders and the RR Interest Owner (and with respect to the Serviced Whole Loans, the Serviced Companion Loan Noteholders), as a collective whole as if such Certificateholders and RR Interest Owner and, if applicable, Serviced Companion Loan Noteholders constituted a single lender (and with respect to any Serviced Whole Loan with a related Serviced Subordinate Companion Loan, taking into account the subordinate nature of such Serviced Subordinate Companion Loan), to take such actions as are necessary to bring such Mortgaged Property in compliance therewith, and

 

(ii)    there are no circumstances present at such Mortgaged Property relating to the use, management or disposal of any Hazardous Materials for which investigation, testing, monitoring, containment, clean-up or remediation could be required under any currently effective federal, state or local law or regulation, or that, if any such Hazardous Materials are present for which such action could be required, after consultation with an environmental consultant, it would be in the best economic interest of the Certificateholders and the RR Interest Owner (and with respect to any Serviced Whole Loan, the Serviced Companion Loan Noteholders), as a collective whole as if such Certificateholders and the RR Interest Owner and, if applicable, Serviced Companion Loan Noteholders constituted a single lender (and with respect to any Serviced Whole Loan with a related Subordinate Companion Loan, taking into account the subordinate nature of such Subordinate Companion Loan), to take such actions with respect to the affected Mortgaged Property.

 

In the event that the environmental assessment first obtained by the Special Servicer with respect to a Mortgaged Property indicates that such Mortgaged Property may not be in compliance with applicable environmental laws or that Hazardous Materials may be present but does not definitively establish such fact, the Special Servicer shall cause such further environmental tests to be conducted by an Independent Person who regularly conducts such tests as the Special Servicer shall deem prudent to protect the interests of Certificateholders and, if applicable, the Serviced Companion Loan Noteholders. Any such tests shall be deemed part of the environmental assessment obtained by the Special Servicer for purposes of this Section 3.10.

 

(g)        The environmental assessment contemplated by Section 3.10(f) of this Agreement shall be prepared within three months (or as soon thereafter as practicable) of the determination that such assessment is required by any Independent Person who regularly conducts environmental audits for purchasers of commercial property where the Mortgaged Property is located, as determined by the Special Servicer in a manner consistent with the Servicing Standard. Upon the written direction of the Special Servicer and delivery by the Special Servicer to the Master Servicer of pertinent back-up information the Master Servicer shall advance the cost of preparation of such environmental assessments as a Servicing Advance unless the Master Servicer determines, in its good faith judgment, that such Servicing Advance would be a Nonrecoverable Advance. The Master Servicer shall be entitled to reimbursement of Servicing Advances (with interest at the Reimbursement Rate) made pursuant to the preceding sentence to the extent permitted by Section 3.06. The Special Servicer shall provide written reports and a copy of any environmental assessments in electronic format to the Directing Holder 

 

 

     -252-

     

    

 

(if no Consultation Termination Event is continuing), the Risk Retention Consultation Parties, the Master Servicer, the related Serviced Companion Loan Noteholder (if any) and the 17g-5 Information Provider (who shall promptly post such materials to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement), monthly regarding any actions taken by the Special Servicer with respect to any Mortgaged Property securing a Defaulted Loan or defaulted Serviced Companion Loan as to which the environmental testing contemplated by Section 3.10(f) of this Agreement has revealed that either of the conditions set forth in clauses (i) and (ii) of the first sentence thereof has not been satisfied, in each case until the earlier to occur of (i) satisfaction of both such conditions, (ii) repurchase of the related Mortgage Loan by the Mortgage Loan Seller or (iii) release of the lien of the related Mortgage on such Mortgaged Property.

 

(h)        If the Special Servicer determines pursuant to Section 3.10(f)(i) of this Agreement that a Mortgaged Property is not in compliance with applicable environmental laws but that it is in the best economic interest of the Trust Fund (and with respect to the Serviced Whole Loans, the Serviced Companion Loan Noteholders), as a collective whole as if such Certificateholders and, if applicable, Serviced Companion Loan Noteholders constituted a single lender (and with respect to any Serviced Whole Loan with a related Serviced Subordinate Companion Loan, taking into account the subordinate nature of such Serviced Subordinate Companion Loan), to take such actions as are necessary to bring such Mortgaged Property in compliance therewith, or if the Special Servicer determines pursuant to Section 3.10(f)(ii) of this Agreement that the circumstances referred to therein relating to Hazardous Materials are present but that it is in the best economic interest of the Trust Fund (and with respect to the Serviced Whole Loans, the Serviced Companion Loan Noteholders), as a collective whole as if such Certificateholders and, if applicable, Serviced Companion Loan Noteholders constituted a single lender (and with respect to any Serviced Whole Loan with a related Serviced Subordinate Companion Loan, taking into account the subordinate nature of such Serviced Subordinate Companion Loan), to take such action with respect to the containment, clean-up or remediation of Hazardous Materials affecting such Mortgaged Property as is required by law or regulation, the Special Servicer shall (with the consent of the Directing Holder (if no Control Termination Event is continuing) and after consultation with the Risk Retention Consultation Parties pursuant to Section 6.07) take such action as it deems to be in the best economic interest of the Trust Fund (and with respect to the Serviced Whole Loans, the Serviced Companion Loan Noteholders), as a collective whole as if such Certificateholders and, if applicable, Serviced Companion Loan Noteholders constituted a single lender (and with respect to any Serviced Whole Loan with a related Serviced Subordinate Companion Loan, taking into account the subordinate nature of such Serviced Subordinate Companion Loan), but only if the Certificate Administrator has mailed notice to the Holders of the Pooled Regular Certificates, the Loan-Specific Certificateholders (in the case of the BX Industrial Portfolio Mortgaged Property, the Tower 333 Mortgaged Property or the 825 South Hill Mortgaged Property, as applicable), the VRR Interest Owners and the related Serviced Companion Loan Noteholders of such proposed action, which notice shall be prepared by the Special Servicer, and only if the Certificate Administrator does not receive, within 30 days of such notification, instructions from the Holders of Pooled Regular Certificates and the Loan-Specific Certificateholders (in the case of the BX Industrial Portfolio Mortgaged Property, the Tower 333 Mortgaged Property or the 825 South Hill Mortgaged Property, as applicable) and the VRR Interest Owners entitled to a majority of the Voting Rights and, with respect to Serviced Whole Loans, the applicable Serviced Companion Loan 

 

 

     -253-

     

    

 

Noteholders directing the Special Servicer not to take such action. Notwithstanding the foregoing, if the Special Servicer reasonably determines that it is likely that within such 30-day period irreparable environmental harm to such Mortgaged Property would result from the presence of such Hazardous Materials and provides a prior written statement to the Trustee and the Certificate Administrator setting forth the basis for such determination, then the Special Servicer may take or cause to be taken such action to remedy such condition as may be consistent with the Servicing Standard. None of the Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer shall be obligated to take any action or not take any action pursuant to this Section 3.10(g) at the direction of the Certificateholders or with respect to any Serviced Whole Loan, at the direction of the Certificateholders and the related Serviced Companion Loan Noteholders unless the Certificateholders and, with respect to any Serviced Companion Loan, the Serviced Companion Loan Noteholders agree to indemnify the Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer with respect to such action or inaction. The Master Servicer shall advance the cost of any such compliance, containment, clean-up or remediation as a Servicing Advance unless the Master Servicer determines, in its good faith judgment, that such Advance would constitute a Nonrecoverable Advance.

 

(i)         The Special Servicer shall notify the Master Servicer of any Mortgaged Property (other than a Mortgaged Property securing a Non-Serviced Mortgage Loan) which is abandoned or foreclosed that requires reporting to the IRS and shall provide the Master Servicer with all information regarding forgiveness of indebtedness and required to be reported with respect to any Serviced Mortgage Loan and any related Serviced Companion Loan which is abandoned or foreclosed and the Master Servicer shall report to the IRS and the related Borrower, in the manner required by applicable law, such information and the Master Servicer shall report, via Form 1099C or Form 1099A, all forgiveness of indebtedness to the extent such information has been provided to the Master Servicer by the Special Servicer. The Master Servicer shall deliver a copy of any such report to the Trustee and the Certificate Administrator.

 

(j)         The costs of any Updated Valuation obtained pursuant to this Section 3.10 shall be paid by the Master Servicer as a Servicing Advance and shall be reimbursable from the Collection Account or, with respect to the Serviced Whole Loans, first, from the applicable Serviced Whole Loan Collection Account and second, to the extent amounts in the Serviced Whole Loan Collection Accounts are insufficient therefor, from the Collection Account in accordance with Section 3.06(a); provided that the Master Servicer shall, after receiving payment from amounts on deposit in the Collection Account, if any, (i) promptly notify the related Companion Loan Noteholder and (ii) use commercially reasonable efforts to exercise on behalf of the Trust any rights under the related Intercreditor Agreement to obtain reimbursement for a pro rata portion of such amount allocable to the related Serviced Companion Loans from the related Companion Loan Noteholders.

 

Section 3.11     Custodian to Cooperate; Release of Mortgage Files. Upon the payment in full of any Mortgage Loan or Serviced Whole Loan, or the receipt by the Master Servicer of a notification that payment in full has been escrowed in a manner customary for such purposes, the Master Servicer shall immediately notify the Custodian by a certification (which certification shall include a statement to the effect that all amounts received or to be received in connection with such payment which are required to be deposited in the Collection Account or

    
 -254-

     

    

the applicable Serviced Whole Loan Collection Account, as applicable, pursuant to Section 3.05 of this Agreement have been or will be so deposited) of a Servicing Officer and shall request delivery to it of the related Mortgage File. Any expense incurred in connection with any instrument of satisfaction or deed of reconveyance that is not paid by the related Borrower shall be chargeable to the Trust Fund. The Master Servicer agrees to use reasonable efforts in accordance with the Servicing Standard to enforce any provision in the relevant Loan Documents that require the Borrower to pay such amounts. No expenses incurred in connection with any instrument of satisfaction or deed of reconveyance shall be an expense of the Custodian.
 

From time to time upon request of the Master Servicer or the Special Servicer and delivery to the Custodian of a Request for Release, the Custodian shall promptly release the Mortgage File (or any portion thereof) designated in such Request for Release to the Master Servicer or the Special Servicer, as applicable. Upon return of the foregoing to the Custodian, or in the event of a liquidation or conversion of the Mortgage Loan or the Serviced Whole Loan into a Serviced REO Property, or in the event of a substitution of a Mortgage Loan pursuant to Section 2.03 of this Agreement, or receipt by the Custodian of a certificate of a Servicing Officer stating that such Mortgaged Property was liquidated and that all amounts received or to be received in connection with such liquidation which are required to be deposited into the Collection Account or the applicable Serviced Whole Loan Collection Account, as applicable, have been so deposited, or that such Mortgage Loan or Serviced Whole Loan has become a Serviced REO Property, or that the Master Servicer has received a Qualified Substitute Mortgage Loan and the applicable Substitution Shortfall Amount, the Custodian shall deliver a copy of the Request for Release to the Master Servicer or the Special Servicer, as applicable. If from time to time, pursuant to the terms of the applicable Intercreditor Agreement or Other Pooling and Servicing Agreement, and as appropriate for enforcing the terms of the related Non-Serviced Mortgage Loan, the Other Servicer or the Other Special Servicer requests delivery to it of the original Mortgage Note by providing the Trustee and the Custodian a Request for Release, then the Custodian shall release or cause the release of such original Mortgage Note to the Other Servicer or the Other Special Servicer or its designee.

 

Within five (5) Business Days (or, in case of an emergency, within such shorter period as is reasonable under the circumstances) after receipt of a written certification of a Servicing Officer, the Trustee shall execute and deliver to the Master Servicer (with respect to Performing Loans) and the Special Servicer (with respect to Specially Serviced Loans and REO Loans) any court pleadings, requests for a trustee’s sale or other documents prepared by the Special Servicer, its agents or attorneys, necessary to the foreclosure or trustee’s sale in respect of a Mortgaged Property or to any legal action brought to obtain judgment against any Borrower on the Mortgage Note or Mortgage or to obtain a deficiency judgment, or to enforce any other remedies or rights provided by the Mortgage Note or Mortgage or otherwise available at law or in equity. Each such certification shall include a request that such pleadings or documents be executed by the Trustee and a statement as to the reason such documents or pleadings are required, that the proposed action is consistent with the Servicing Standard and that the execution and delivery thereof by the Trustee will not invalidate or otherwise affect the lien of the Mortgage, except for the termination of such a lien upon completion of the foreclosure or trustee’s sale.

 

 

     -255-

     

    

 

With respect to each Servicing Shift Whole Loan, on and after the related Servicing Shift Securitization Date, if pursuant to the related Intercreditor Agreement and the related Other Pooling and Servicing Agreement, and as appropriate for enforcing the terms of such Servicing Shift Whole Loan, as applicable, the related Other Servicer requests in writing delivery to it of the related original Note, then the Custodian shall release or cause the release of such related original Note to the related Other Servicer or its designee.

 

Section 3.12     Servicing Fees, Certificate Administrator/Trustee Fees and Special Servicing Compensation. (a) As compensation for its activities hereunder, the Master Servicer shall be entitled to the Servicing Fee with respect to each Mortgage Loan and Serviced Companion Loan. The Master Servicer’s rights to the Servicing Fee may not be transferred in whole or in part except in connection with the transfer of all of the Master Servicer’s responsibilities and obligations under this Agreement or as provided in the second succeeding paragraph with respect to the Excess Servicing Fee.

In addition, the Master Servicer shall be entitled to receive, as additional Servicing Compensation, to the extent not prohibited by applicable law and the related Loan Documents and any related Intercreditor Agreement, (i) all investment income earned on amounts on deposit in the Collection Account (and with respect to each Serviced Whole Loan, the related Serviced Whole Loan Collection Account) and certain Reserve Accounts (to the extent consistent with the related Loan Documents); (ii) any Net Default Interest and any other Penalty Charges collected by the Master Servicer or the Special Servicer during a Collection Period accrued on any Performing Loan (and the related Serviced Companion Loan, if applicable), in each case, remaining after application thereof during such Collection Period to pay the Advance Interest Amount relating to such Performing Loan and to pay or reimburse the Trust for any unreimbursed Additional Trust Fund Expenses (including Special Servicing Fees, Workout Fees and Liquidation Fees) relating to such Performing Loan incurred during or prior to such Collection Period, and, in the case of the Serviced Whole Loans, to the extent allocated to the related Mortgage Loan in the related Intercreditor Agreement and as further described in Section 3.12(d); (iii) any amounts collected for checks returned for insufficient funds (with respect to any Performing Loan or Specially Serviced Loan); and (iv) 100% of any Modification Fees and consent fees (or similar fees) related to any consents, modifications, waivers, extensions or amendments of any Serviced Mortgage Loans (and any related Serviced Companion Loan) that are non-Specially Serviced Loans that do not involve a Special Servicer Major Decision or Special Servicer Non-Major Decision, 50% of any Modification Fees, loan service transaction fees and consent fees (or similar fees) related to any consents, modifications, waivers, extensions or amendments of any Serviced Mortgage Loans (and any related Serviced Companion Loan) that are non-Specially Serviced Loans that involve one or more Special Servicer Major Decisions or Special Servicer Non-Major Decisions (whether or not processed by the Special Servicer), 100% of any defeasance fees (provided that for the avoidance of doubt, any such defeasance fee shall not include the Special Servicer’s portion of any Modification Fees or waiver fees in connection with a defeasance that the Special Servicer is entitled to under this Agreement), 100% of Assumption Fees or processing fees with respect to Serviced Mortgage Loans (and any related Serviced Companion Loan) that do not involve a Special Servicer Major Decision or Special Servicer Non-Major Decision, 50% of Assumption Fees with respect to non-Specially Serviced Mortgage Loans (and any related Serviced Companion Loan) that involve one or more Special Servicer Major Decisions or Special Servicer Non-Major Decisions (whether or 

 

 

     -256-

     

    

 

not processed by the Special Servicer), 100% of beneficiary statement charges to the extent such beneficiary statements are prepared by the Master Servicer (but not including Prepayment Premiums or Yield Maintenance Charges), 100% of assumption application fees with respect to Serviced Mortgage Loans (and any related Serviced Companion Loan) for which the Master Servicer is processing the underlying assumption-related transaction (whether or not the consent of the Special Servicer is required), and 0% of assumption application fees with respect to Specially Serviced Loans, in each case to the extent received and not required to be deposited or retained in the Collection Account (or Serviced Whole Loan Collection Account), in each case pursuant to Section 3.05 of this Agreement. The Master Servicer shall also be entitled pursuant to, and to the extent provided in, Section 3.06(a)(viii) or 3.07(b) of this Agreement, as applicable, to withdraw from the Collection Account and to receive from any Borrower Accounts (to the extent not payable to the related Borrower under the Mortgage Loan or applicable law), Net Prepayment Interest Excess, if any, that accrue on the Mortgage Loans that it is servicing and any interest or other income earned on deposits therein. In addition, the Master Servicer shall be entitled to the portion of Net Default Interest and any late payment fees or penalty charges collected by the Other Servicer servicing a Non-Serviced Mortgage Loan that are allocated to such Non-Serviced Mortgage Loan remaining after application thereof to reimburse interest on related P&I Advances and to reimburse the Trust for certain expenses of the Trust, if applicable, as provided in this Agreement. Except as specified in the preceding sentence and except with respect to clause (i) in this paragraph, the Master Servicer will not be entitled to the compensation set forth in clauses (iii) and (iv) in this paragraph with respect to a Non-Serviced Mortgage Loan.

 

Notwithstanding anything to the contrary, the Master Servicer and the Special Servicer will each be entitled to charge the related Borrower reasonable review fees in connection with any borrower request to the extent such fees are not prohibited under the related Loan Documents and are actually paid by or on behalf of the related Borrower.

 

With respect to any of the preceding fees as to which both the Master Servicer and the Special Servicer are entitled to receive a portion thereof, the Master Servicer and the Special Servicer shall each have the right, in their sole discretion, but not any obligation, to reduce or elect not to charge its respective portion of such fee; provided that (A) neither the Master Servicer nor the Special Servicer shall have the right to reduce or elect not to charge the portion of any such fee due to the other and (B) to the extent either the Master Servicer or the Special Servicer exercises its right to reduce or elect not to charge its respective portion in any such fee, the party that reduced or elected not to charge its respective portion of such fee shall not have any right to share in any part of the other party’s portion of such fee. If the Master Servicer decides not to charge any fee, the Special Servicer shall nevertheless be entitled to charge its portion of the related fee to which the Special Servicer would have been entitled if the Master Servicer had charged a fee and the Master Servicer shall not be entitled to any of such fee charged by the Special Servicer.

 

The Master Servicer and any successor holder of the Excess Servicing Fee Rights that relate to the Mortgage Loans (and any successor REO Loans with respect to such Mortgage Loans) shall be entitled, at any time, at its own expense, to transfer, sell, pledge or otherwise assign such Excess Servicing Fee Rights in whole (but not in part), in either case, to any Qualified Institutional Buyer or Institutional Accredited Investor (other than a Plan); provided

 

 

     -257-

     

    

 

that no such transfer, sale, pledge or other assignment shall be made unless (i) that transfer, sale, pledge or other assignment is exempt from the registration and/or qualification requirements of the Act and any applicable state securities laws and is otherwise made in accordance with the Act and such state securities laws, (ii) the prospective transferor shall have delivered to the Depositor a certificate substantially in the form attached as Exhibit AA-1 hereto and (iii) the prospective transferee shall have delivered to the Master Servicer and the Depositor a certificate substantially in the form attached as Exhibit AA-2 hereto. None of the Depositor, the Trustee, the Certificate Administrator or the Certificate Registrar is obligated to register or qualify an Excess Servicing Fee Right under the Act or any other securities law or to take any action not otherwise required under this Agreement to permit the transfer, sale, pledge or assignment of an Excess Servicing Fee Right without registration or qualification. The Master Servicer and each holder of an Excess Servicing Fee Right desiring to effect a transfer, sale, pledge or other assignment of such Excess Servicing Fee Right shall, and the Master Servicer hereby agrees, and each such holder of an Excess Servicing Fee Right by its acceptance of such Excess Servicing Fee Right shall be deemed to have agreed, in connection with any transfer of such Excess Servicing Fee Right effected by such Person, to indemnify the Certificateholders, the Trust, the Depositor, the Certificate Administrator, the Trustee, the Master Servicer, the Certificate Registrar and the Special Servicer against any liability that may result if such transfer is not exempt from registration and/or qualification under the Act or other applicable federal and state securities laws or is not made in accordance with such federal and state laws or in accordance with the foregoing provisions of this paragraph. By its acceptance of an Excess Servicing Fee Right, the holder thereof shall be deemed to have agreed not to use or disclose such information in any manner that could result in a violation of any provision of the Act or other applicable securities laws or that would require registration of such Excess Servicing Fee Right or any Certificate pursuant to the Act. From time to time following any transfer, sale, pledge or assignment of an Excess Servicing Fee Right, the Master Servicer with respect to the related Mortgage Loan or successor REO Loan with respect thereto to which the Excess Servicing Fee Right relates, shall pay, out of each amount paid to the Master Servicer as Servicing Fee with respect to such Mortgage Loan or REO Loan, as the case may be, the related Excess Servicing Fees to the holder of such Excess Servicing Fee Right within one Business Day following the payment of such Servicing Fee to the Master Servicer, in each case in accordance with payment instructions provided by such holder in writing to the Master Servicer. The holder of an Excess Servicing Fee Right shall not have any rights under this Agreement except as set forth in the preceding sentences of this paragraph. None of the Certificate Administrator, the Certificate Registrar, the Depositor, the Special Servicer or the Trustee shall have any obligation whatsoever regarding payment of the Excess Servicing Fee or the assignment or transfer of the Excess Servicing Fee Right.

 

As compensation for its activities hereunder on each Distribution Date, the Certificate Administrator shall be entitled with respect to each Mortgage Loan to its portion of the Certificate Administrator/Trustee Fee, which shall be payable from amounts on deposit in the Lower-Tier Distribution Account. The Certificate Administrator shall pay the Trustee the Trustee’s portion of the Certificate Administrator/Trustee Fee. The Certificate Administrator’s rights to the Certificate Administrator/Trustee Fee may not be transferred in whole or in part except in connection with the transfer of all of its responsibilities and obligations under this Agreement.

 

 

     -258-

     

    

 

 

Except as otherwise provided herein, the Master Servicer shall pay all of its overhead expenses incurred by it in connection with its servicing activities hereunder, including all fees of any sub-servicers retained by it (but excluding Mortgage Loan Seller Sub-Servicers). Except as otherwise provided herein, the Trustee and the Certificate Administrator shall each pay all expenses incurred by it in connection with its activities hereunder.

 

(b)        As compensation for its activities hereunder, the Special Servicer shall be entitled with respect to each Specially Serviced Loan and Serviced REO Loan to the Special Servicing Compensation, which shall be payable from amounts on deposit in the Collection Account or the Serviced Whole Loan Collection Account, as applicable, as set forth in Section 3.06 of this Agreement. The Special Servicer’s rights to the Special Servicing Fee may not be transferred in whole or in part except in connection with the transfer of all of the Special Servicer’s responsibilities and obligations under this Agreement. In addition, the Special Servicer shall be entitled to receive, as Special Servicing Compensation, to the extent permitted by applicable law and the related Loan Documents, (i) any Net Default Interest and any other Penalty Charges collected by the Master Servicer or the Special Servicer during a Collection Period accrued on any Specially Serviced Loan remaining after application thereof during such Collection Period (and in the case of the Serviced Whole Loans, as set forth in and subject to the terms of the related Intercreditor Agreement) and as further described in Section 3.12(d) herein to pay the Advance Interest Amount relating to such Specially Serviced Loan and any unreimbursed Additional Trust Fund Expenses (including Special Servicing Fees, Workout Fees and Liquidation Fees) incurred during or prior to such Collection Period on such related Specially Serviced Loan (but not nonsufficient funds check fees and the like, which shall be paid to the Master Servicer) as further described below in this subsection (b); (ii) 100% of any Modification Fees and consent fees (or similar fees) related to any Specially Serviced Loan or Serviced REO Loan; (iii) 50% of any Modification Fees, loan service transaction fees and consent fees (or similar fees) related to any consents, modifications, waivers, extensions or amendments of any Mortgage Loans (and the related Serviced Companion Loans) that are non-Specially Serviced Loans that involve one or more Special Servicer Major Decisions or Special Servicer Non-Major Decisions (whether or not processed by the Special Servicer); (iv) 100% of any Assumption Fees or processing fees on any Specially Serviced Loan or Serviced REO Loan; (v) 50% of Assumption Fees or processing fees with respect to non-Specially Serviced Mortgage Loans (and any related Serviced Companion Loan) that involve one or more Special Servicer Major Decisions or Special Servicer Non-Major Decisions (whether or not processed by the Special Servicer); (vi) any interest or other income earned on deposits in the REO Accounts; (vii) 100% of assumption application fees received with respect to Serviced Mortgage Loans (and any related Serviced Companion Loan) that are Performing Loans for which the Special Servicer is processing the underlying assumption-related transaction and 100% of assumption application fees received with respect to Specially Serviced Loans; and (viii) 100% of beneficiary statement charges to the extent such beneficiary statements are prepared by the special servicer (but not including Prepayment Premiums or Yield Maintenance Charges).

 

Notwithstanding anything to the contrary, the Master Servicer and the Special Servicer will each be entitled to charge the related Borrower reasonable review fees in connection with any borrower request.

 

 

 

     -259-

     

    

 

 

With respect to any of the preceding fees as to which both the Master Servicer and the Special Servicer are entitled to receive a portion thereof, the Master Servicer and the Special Servicer shall each have the right, in their sole discretion, but not any obligation, to reduce or elect not to charge its respective portion of such fee; provided that (A) neither the Master Servicer nor the Special Servicer shall have the right to reduce or elect not to charge the portion of any such fee due to the other and (B) to the extent either the Master Servicer or the Special Servicer exercises its right to reduce or elect not to charge its respective portion in any such fee, the party that reduced or elected not to charge its respective portion of such fee shall not have any right to share in any part of the other party’s portion of such fee. If the Master Servicer decides not to charge any fee, the Special Servicer shall nevertheless be entitled to charge its portion of the related fee to which the Special Servicer would have been entitled if the Master Servicer had charged a fee and the Master Servicer shall not be entitled to any of such fee charged by the Special Servicer.

 

Except as otherwise provided herein, the Special Servicer shall pay all expenses incurred by it in connection with its servicing activities hereunder, including all fees of any sub-servicers retained by it.

 

In addition, the Special Servicer shall be entitled to the portion of Net Default Interest and any other Penalty Charges collected by the Other Special Servicer servicing the related Non-Serviced Mortgage Loan and that are allocated to such Non-Serviced Mortgage Loan remaining after application thereof during such Collection Period to pay the Advance Interest Amount relating to such Non-Serviced Mortgage Loan and any unreimbursed Additional Trust Fund Expenses (including Special Servicing Fees, Workout Fees and Liquidation Fees) incurred during or prior to such Collection Period on such related Non-Serviced Mortgage Loan (but not nonsufficient funds check fees and similar fees, which shall be paid to the Master Servicer) as provided in this Agreement. Except as specified in the preceding sentence, the Special Servicer will not be entitled to the compensation set forth in this Section 3.12(b) with respect to a Non-Serviced Mortgage Loan.

 

(c)        In addition, a Workout Fee will be payable to the Special Servicer with respect to each Serviced Mortgage Loan and any related Serviced Companion Loan that ceases to be a Specially Serviced Loan pursuant to the definition thereof. As to each such Mortgage Loan or Serviced Whole Loan, the Workout Fee will be payable out of each collection of interest and principal (including scheduled payments, prepayments, Balloon Payments and payments at maturity) received on such Mortgage Loan or Serviced Whole Loan for so long as it remains a Corrected Mortgage Loan. The Workout Fee with respect to any such Mortgage Loan or Serviced Whole Loan will cease to be payable if such loan again becomes a Specially Serviced Loan or if the related Mortgaged Property becomes a Serviced REO Property; provided that a new Workout Fee will become payable if and when such Mortgage Loan or Serviced Whole Loans again ceases to be a Specially Serviced Loan. If the Special Servicer is terminated (other than for cause) or resigns with respect to any or all of its servicing duties, it shall retain the right to receive any and all Workout Fees payable with respect to the Mortgage Loans that cease to be a Specially Serviced Loan during the period that it had responsibility for servicing such Specially Serviced Loan (or for any Specially Serviced Loan that had not yet become a Corrected Mortgage Loan because as of the time that the Special Servicer is terminated the borrower has not made three consecutive monthly debt service payments and subsequently the Specially 

 

 

     -260-

     

    

 

Serviced Loan becomes a Corrected Mortgage Loan) at the time of such termination or resignation (and the successor Special Servicer shall not be entitled to any portion of such Workout Fees), in each case until the Workout Fee for any such loan ceases to be payable in accordance with the preceding sentence.

 

A Liquidation Fee will be payable to the Special Servicer, except as described below, with respect to (i) each Mortgage Loan repurchased by a Mortgage Loan Seller after the Initial Cure Period (and giving effect to any Resolution Extension Period) in accordance with Section 2.03(d) of this Agreement or that is subject to a Loss of Value Payment, (ii) each Specially Serviced Loan as to which the Special Servicer obtains a full, partial or discounted payoff from the related Borrower, (iii) any Specially Serviced Loan or Serviced REO Property as to which the Special Servicer recovered any Liquidation Proceeds and (iv) each Defaulted Loan that is a Non-Serviced Mortgage Loan sold by the Special Servicer in accordance with the proviso in Section 3.16(b) of this Agreement as to which the Special Servicer recovered any Liquidation Proceeds; provided, however, for clarification, in the case of clause (iv), should the Non-Serviced Mortgage Loan be sold by the Other Special Servicer, then the Liquidation Fee shall be paid to such Other Special Servicer. As to each such Mortgage Loan repurchased by a Mortgage Loan Seller after the Initial Cure Period (and giving effect to any Resolution Extension Period) in accordance with Section 2.03(d) of this Agreement or Specially Serviced Loan and Serviced REO Property, the Liquidation Fee will be payable from the related payment or proceeds. Notwithstanding anything to the contrary described above, no Liquidation Fee will be payable based on, or out of, Liquidation Proceeds to the extent set forth in the definition of “Liquidation Fee” herein. With respect to any future mezzanine debt, to the extent not prohibited by the Loan Documents, the Master Servicer or Special Servicer, as applicable, shall require that the related mezzanine intercreditor agreement provide that if a Mortgage Loan is purchased by the related mezzanine lender on a date that is more than 90 days following the date that the related option first becomes exercisable, such mezzanine lender shall be required to pay a Liquidation Fee equal to the amount that the Special Servicer would otherwise be entitled to under this Agreement with respect to a liquidation of such Mortgage Loan (provided that such Liquidation Fee shall in all circumstances be payable by the related mezzanine lender and shall not, under any circumstances, be payable out of the Trust unless the Master Servicer fails to require the related mezzanine intercreditor agreement to require the mezzanine lender to pay such amounts in breach of its obligation to do so under this paragraph). If Liquidation Proceeds are received with respect to any Specially Serviced Loan as to which the Special Servicer is properly entitled to a Workout Fee, such Workout Fee will be payable based on and out of the portion of such Liquidation Proceeds that constitute principal and/or interest. Notwithstanding anything herein to the contrary, the Special Servicer shall only be entitled to receive a Liquidation Fee or a Workout Fee, but not both, with respect to Liquidation Proceeds received on any Mortgage Loan or any Specially Serviced Loan. If (i) the Special Servicer resigns or has been terminated, and (ii) either prior or subsequent to such resignation or termination, either (A) a Specially Serviced Loan was liquidated or modified pursuant to an action plan submitted by the initial Special Servicer and approved (or deemed approved) by the Directing Holder or the Special Servicer has determined to grant a forbearance, or (B) a Specially Serviced Loan being monitored by the Special Servicer subsequently became a Corrected Mortgage Loan, then in either such event the Special Servicer shall be paid the related Workout Fee or Liquidation Fee, as applicable.

 

 

     -261-

     

    

 

 

The total amount of Workout Fees and Liquidation Fees that are payable by the Trust with respect to each Mortgage Loan, Serviced Whole Loan or Serviced REO Loan through the period such Mortgage Loan is an asset of the Trust shall be subject to an aggregate cap of $1,000,000. For the purposes of determining whether any such cap has been reached with respect to a Special Servicer and a Mortgage Loan, Serviced Whole Loan or Serviced REO Loan, only the Workout Fees and Liquidation Fees paid to such Special Servicer with respect to such Mortgage Loan, Serviced Whole Loan or Serviced REO Loan shall be taken into account, and any Workout Fees or Liquidation Fees for any other Mortgage Loans, Serviced Whole Loans or Serviced REO Loans shall not be taken into account (and any Workout Fees or Liquidation Fees paid to a predecessor or successor special servicer or Other Special Servicer shall also not be taken into account).

 

The Special Servicer shall be required to pay out of its own funds all expenses incurred by it in connection with its servicing activities hereunder (including, without limitation, any amounts, other than management fees in respect of REO Properties, due and owing to any of its sub-servicers, any amounts due and owing to any of its Affiliates, and the premiums for any blanket insurance policy obtained by it insuring against hazard losses pursuant to Section 3.08 of this Agreement, except to the extent such premiums are reimbursable pursuant to Section 3.08 of this Agreement), if and to the extent such expenses are not expressly payable directly out of the Collection Account or if a Serviced Whole Loan is involved, the applicable Serviced Whole Loan Collection Account or the applicable REO Account or as a Servicing Advance, and the Special Servicer shall not be entitled to reimbursement therefor except as expressly provided in this Agreement.

 

The Special Servicer and its Affiliates shall be prohibited from receiving or retaining any compensation or any other remuneration (including, without limitation, in the form of commissions, brokerage fees, rebates, or as a result of any other fee-sharing arrangement) from any Person (including, without limitation, the Trust, any Borrower, any Manager, any guarantor or indemnitor in respect of a Mortgage Loan or Serviced Whole Loan and any purchaser of any Mortgage Loan, Serviced Companion Loan or REO Property) in connection with the disposition, workout or foreclosure of any Mortgage Loan or Serviced Whole Loan, the management or disposition of any REO Property, or the performance of any other special servicing duties under this Agreement, other than as expressly provided in this Section 3.12; provided that such prohibition shall not apply to Permitted Special Servicer/Affiliate Fees.

 

(d)        In determining the compensation of the Master Servicer or Special Servicer, as applicable, with respect to Penalty Charges, on any Distribution Date, the aggregate Penalty Charges collected on any Mortgage Loan or, unless prohibited by the related Intercreditor Agreement to be so applied, any Serviced Companion Loan, during the related Collection Period shall be applied (as between Default Interest and late payment charges, in the priority set forth in the definition of “Advance Interest Amount”) to reimburse (i) the Master Servicer or the Trustee for interest on Advances at the Reimbursement Rate with respect to such Mortgage Loan that accrued in the period that such Penalty Charges were collected and advance interest to any related Serviced Companion Loan Service Provider for any debt service advance made by such party with respect to any related Serviced Companion Loan that accrued in the period that such Penalty Charges were collected, (ii) the Trust Fund for all interest on Advances with respect to such Mortgage Loan or Serviced Whole Loan previously paid to the Master 

 

 

     -262-

     

    

 

Servicer, the Trustee or to any Serviced Companion Loan Service Provider pursuant to Section 3.06(a)(vi) or Section 3.06(b)(vi) of this Agreement and (iii) the Trust Fund for any Additional Trust Fund Expenses (including Special Servicing Fees, Workout Fees and Liquidation Fees) with respect to such Mortgage Loan or Serviced Whole Loan paid in or prior to the Collection Period that such Penalty Charges were collected and not previously paid out of Penalty Charges, and any Penalty Charges remaining thereafter shall be distributed pro rata to the Master Servicer and the Special Servicer based upon the amount of Penalty Charges the Master Servicer or the Special Servicer would otherwise have been entitled to receive during such period with respect to such Mortgage Loan or Serviced Whole Loan without any such application. Except as set forth in this Agreement, the Special Servicer shall not be entitled to any Special Servicing Fees, Workout Fees or Liquidation Fees with respect to any Non-Serviced Mortgage Loan or any related REO Property. For the avoidance of doubt, the portion of Penalty Charges allocated to a Mortgage Loan that is part of a Non-Serviced Whole Loan (in accordance with the applicable Intercreditor Agreement and, if applicable, the Other Pooling and Servicing Agreement) shall be allocated in accordance with clauses (i), (ii) and (iii) above (except that, Advances in clauses (i) and (ii) shall mean P&I Advances).

 

If any Servicing Shift Whole Loan becomes a Specially Serviced Loan prior to the related Servicing Shift Securitization Date, the Special Servicer shall service and administer such Servicing Shift Whole Loan and any related REO Property in the same manner as any other Specially Serviced Loan or Serviced REO Property and shall be entitled to all rights and compensation earned with respect to such Serviced Whole Loan as Special Servicer of such Serviced Whole Loan. With respect to any Servicing Shift Mortgage Loan, prior to the related Servicing Shift Securitization Date, no other special servicer will be entitled to any such compensation or have such rights and obligations. If such Servicing Shift Whole Loan is still a Specially Serviced Loan on the related Servicing Shift Securitization Date, the Other Special Servicer and the Special Servicer shall be entitled to compensation with respect to such Servicing Shift Whole Loan as if the Special Servicer were being terminated as the Special Servicer with respect to such Servicing Shift Whole Loan and the Other Special Servicer were replacing the Special Servicer as the successor Special Servicer with respect to such Servicing Shift Whole Loan.

 

If any Servicing Shift Whole Loan is being specially serviced on the related Servicing Shift Securitization Date, the Special Servicer shall be entitled to compensation for the period during which it acted as Special Servicer with respect to such Servicing Shift Whole Loan, including its share of any liquidation or workout fees and any additional servicing compensation as well as all surviving indemnity and other rights in respect of such special servicing role under this Agreement.

 

(e)        The Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee shall be entitled to reimbursement from the Trust Fund (and, prior to recovery from the Trust Fund, in the case of any Serviced Whole Loans, subject to the related Intercreditor Agreement, first, from the related Subordinate Companion Loan up to the full principal balance thereof, if any, and second, to the extent any such costs and expenses remain unreimbursed, from the related Mortgage Loan and the Collection Account, or in the case of a Serviced Whole Loan with a Serviced Pari Passu Companion Loan, first, out of the related Serviced Whole Loan Collection Account from collections on the related Serviced Pari Passu Companion Loan and the 

 

 

     -263-

     

    

 

related Mortgage Loan on a pro rata basis by principal balance, and second, to the extent any such costs and expenses remain unreimbursed, out of the Collection Account) for the costs and expenses incurred by them in the performance of their duties under this Agreement which are “unanticipated expenses incurred by the REMIC” within the meaning of Treasury Regulations Section 1.860G-1(b)(3)(iii). Such expenses shall include, by way of example and not by way of limitation, environmental assessments, Updated Appraisals and appraisals in connection with foreclosure, the fees and expenses of any administrative or judicial proceeding and expenses expressly identified as reimbursable in Section 3.06(a)(xv) of this Agreement. All such costs and expenses shall be treated as costs and expenses of the Lower-Tier REMIC and the related Serviced Whole Loan, if applicable.

 

(f)         No provision of this Agreement or of the Certificates shall require the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee to expend or risk their own funds or otherwise incur any financial liability in the performance of any of their duties hereunder or thereunder, or in the exercise of any of their rights or powers, if, in the good faith business judgment of the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as the case may be, repayment of such funds would not be ultimately recoverable from late payments, Net Insurance Proceeds, Net Liquidation Proceeds and other collections on or in respect of the Mortgage Loans, or from adequate indemnity from other assets comprising the Trust Fund against such risk or liability.

 

If the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee receives a request or inquiry from a Borrower, any Certificateholder or any other Person the response to which would, in the Master Servicer’s, the Special Servicer’s, the Certificate Administrator’s or the Trustee’s good faith business judgment require the assistance of Independent legal counsel or other consultant to the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, the cost of which would not be an expense of the Trust Fund or any Serviced Companion Loan Noteholder hereunder, then the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as the case may be, shall not be required to take any action in response to such request or inquiry unless such Borrower, such Certificateholder, or such other Person, as applicable, makes arrangements for the payment of the Master Servicer’s, the Special Servicer’s, the Certificate Administrator’s or the Trustee’s reasonable expenses associated with such counsel (including, without limitation, posting an advance payment for such expenses) satisfactory to the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as the case may be, in its sole discretion. Unless such arrangements have been made, the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as the case may be, shall have no liability to any Person for the failure to respond to such request or inquiry.

 

Section 3.13     Reports to the Certificate Administrator; Collection Account Statements. (a) The Master Servicer shall deliver to the Certificate Administrator no later than 3:00 p.m. (New York City time) one Business Day prior to the Master Servicer Remittance Date prior to each Distribution Date (beginning June 2020), the CREFC® Appraisal Reduction Template, if any for such Distribution Date and the CREFC® Loan Periodic Update File separately (x) with respect to the Mortgage Loans that it is servicing (and, if applicable, the related REO Properties) and (y) with respect to the Trust Subordinate Companion Loans (and, if applicable, the related REO Properties), for the related Distribution Date (which shall include, 

 

 

     -264-

     

    

 

without limitation, the amount of Available Funds allocable to the Mortgage Loans (including information therein that states the anticipated P&I Advances in respect of such Mortgage Loans or the amount of Available Funds allocable to the Trust Subordinate Companion Loans, as the case may be)) including information therein that states the anticipated P&I Advances in respect of such Mortgage Loans or the Trust Subordinate Companion Loans, as the case may be, for the related Distribution Date. The Master Servicer’s responsibilities under this Section 3.13(a) with respect to Serviced REO Loans shall be subject to the satisfaction of the Special Servicer’s obligations under Section 3.23 of this Agreement. The Master Servicer shall (no later than the applicable Serviced Whole Loan Remittance Date) make available to each Serviced Companion Loan Noteholder with respect to the related Whole Loan or, if such Serviced Companion Loan is securitized, the respective Other Servicer and Other Trustee, the CREFC® Investor Reporting Package (CREFC® IRP) (excluding any templates) pursuant to the terms of this Agreement on a monthly basis.

 

In the absence of manifest error, the Master Servicer shall be entitled to conclusively rely upon, without investigation or inquiry, any information and reports delivered to it by any third party, and the Certificate Administrator shall be entitled to conclusively rely upon the Master Servicer’s reports and any information provided by the Trustee, without any duty or obligation to recompute, verify or recalculate any of the amounts and other information stated therein.

 

(b)        For so long as the Master Servicer makes deposits into or credits to and withdrawals or debits from the Collection Account or any Serviced Whole Loan Collection Account, not later than 15 days after each Distribution Date, the Master Servicer shall forward to the Certificate Administrator and, upon request (but not more frequently than once per month), each Serviced Companion Loan Noteholder with respect to the related Whole Loan and related Serviced Whole Loan Collection Account (or, if such Serviced Companion Loan is securitized, the respective Other Servicer and Other Trustee) a statement prepared by the Master Servicer setting forth the status of each of the Collection Account and each Serviced Whole Loan Collection Account as of the close of business on the last Business Day of the prior Collection Period and showing the aggregate amount of deposits into and withdrawals from the Collection Account and each Serviced Whole Loan Collection Account of each category of deposit (or credit) specified in Section 3.05 of this Agreement and each category of withdrawal (or debit) specified in Section 3.06 of this Agreement for the related Collection Period, in each case for the Mortgage Loans (including the Non-Serviced Mortgage Loans). The Trustee and the Certificate Administrator and its agents and attorneys may at any time during normal business hours, upon reasonable notice, inspect and copy the books, records and accounts of the Master Servicer solely relating to the Mortgage Loans and the performance of its duties hereunder.

 

(c)        Beginning in June 2020, no later than 4:00 p.m. (New York City time) on each Master Servicer Remittance Date, the Master Servicer shall deliver or cause to be delivered to the Certificate Administrator (who shall promptly post such reports to the Certificate Administrator’s Website pursuant to Section 4.02(b)(iii)(B) of this Agreement) and the Serviced Companion Loan Noteholders the following reports (in electronic form) separately (x) with respect to the Mortgage Loans that it is servicing (and, if applicable, the related REO Properties) and (y) with respect to the Trust Subordinate Companion Loans (and, if applicable, the related REO Properties), providing the required information as of the immediately preceding 

 

 

     -265-

     

    

 

Determination Date: (i) to the extent the Master Servicer has received the most recent CREFC® Special Servicer Loan File from the Special Servicer at the time required, the most recent CREFC® Delinquent Loan Status Report, CREFC® Historical Loan Modification and Corrected Mortgage Loan Report, the CREFC® Loan Setup File (with respect to the first Distribution Date) and CREFC® REO Status Report, (ii) the most recent CREFC® Property File, CREFC® Financial File, CREFC® Comparative Financial Status Report and the CREFC® Loan Level Reserve/LOC Report (in each case incorporating the data required to be included in the CREFC® Special Servicer Loan File), (iii) the CREFC® Servicer Watch List with information that is current as of such Determination Date and (iv) the CREFC® Advance Recovery Report.

 

The information that pertains to Specially Serviced Loans and REO Properties reflected in such reports shall be based solely upon the reports delivered by the Special Servicer to the Master Servicer (other than information as to which the Master Servicer has the primary responsibility to generate) no later than the related Determination Date in the form required by Section 3.13(g) of this Agreement or shall be provided by means of such reports so delivered by the Special Servicer to the Master Servicer in the form so required. In the absence of manifest error, the Master Servicer shall be entitled to conclusively rely upon, without investigation or inquiry, the information and reports delivered to it by the Special Servicer, and the Certificate Administrator shall be entitled to conclusively rely upon the Master Servicer’s reports and the Special Servicer’s reports and any information provided by the Certificate Administrator or the Trustee without any duty or obligation to recompute, verify or recalculate any of the amounts and other information stated therein.

 

(d)        The Master Servicer shall deliver or cause to be delivered to the Trustee, the Certificate Administrator, the Serviced Companion Loan Noteholders and the Initial Purchasers the following materials, in each case to the extent that such materials or the information on which they are based have been received by the Master Servicer with respect to the Mortgage Loans that the Master Servicer is servicing:

 

(i)     Within 45 days after receipt of any quarterly operating statement, if any, commencing within 45 days of receipt of such quarterly operating statement for the quarter ending September 30, 2020, with respect to each Serviced Mortgage Loan, Specially Serviced Loan and Serviced REO Loan (to the extent prepared by and received from the Special Servicer (in written format or in electronic media) in the case of any Specially Serviced Loan or Serviced REO Loan) (and the Borrower provides sufficient information to report pursuant to CREFC® guidelines), a CREFC® Operating Statement Analysis Report for the related Mortgaged Property or Serviced REO Property as of the end of the preceding calendar quarter, together with, upon request, copies of the related operating statements and rent rolls (but only to the extent the related Borrower is required by the Mortgage to deliver, or otherwise agrees to provide such information and, with respect to operating statements and rent rolls for Specially Serviced Loans and REO Properties, only to the extent received by the Special Servicer); provided that, to the extent the annual CREFC® Operating Statement Analysis Report is delivered as described under clause (ii) below, then such delivery shall satisfy the requirement under this clause (a) to deliver a quarterly CREFC® Operating Statement Analysis Report for the quarter ending June 30 of each year, commencing in 2020. The Master Servicer (or the Special Servicer in the case of Specially Serviced Loans and Serviced REO Properties) shall use commercially 

 

 

     -266-

     

    

 

reasonable efforts to obtain said quarterly and other periodic operating statements and related rent rolls, which efforts shall include a letter sent to the related Borrower (except with respect to any Non-Serviced Mortgage Loan) (followed up with telephone calls), requesting such quarterly and other periodic operating statements and related rent rolls until they are received to the extent such action is consistent with applicable law and the terms of the related Loan Documents; provided, however, that any analysis or update with respect to the first calendar quarter of each year shall not be required to the extent such analysis or update is not required to be provided under the then current applicable CREFC® guidelines. The Master Servicer shall deliver, upon request of any Rating Agency, copies of any of the foregoing items so collected thereby to the 17g-5 Information Provider (who shall promptly post such items to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d)).

 

(ii)    At least annually, on or before June 30 of each year, beginning with June 30, 2021, with respect to each Serviced Mortgage Loan, Specially Serviced Loan and Serviced REO Loan (to the extent prepared by and received from the Special Servicer (in written format or in electronic media) in the case of any Specially Serviced Loan or Serviced REO Loan), a CREFC® Operating Statement Analysis Report for the related Mortgaged Property or Serviced REO Property as of the end of the preceding calendar year (initially, year-end 2020), together with, upon request, copies of the related operating statements and related rent rolls (but only to the extent the related Borrower is required by the Mortgage to deliver, or otherwise agrees to provide such information and, with respect to operating statements and related rent rolls for Specially Serviced Loans and REO Properties, only to the extent received by the Special Servicer) for the current trailing 12 months, if available, or year-to-date, provided, however, that with respect to any obligation of the Master Servicer or Special Servicer, as applicable, to provide a year-end analysis or update, such analysis or update shall not be required to the extent such analysis or update is not required to be provided under the then current applicable CREFC® guidelines. The Master Servicer (or the Special Servicer in the case of Specially Serviced Loans and Serviced REO Properties) shall use commercially reasonable efforts to obtain said annual and other periodic operating statements and related rent rolls, which efforts shall include a letter sent to the related Borrower (except with respect to any Non-Serviced Mortgage Loan) (followed up with telephone calls), requesting such annual and other periodic operating statements and related rent rolls until they are received to the extent such action is consistent with applicable law and the terms of the related Loan Documents. Upon receipt of such annual and other periodic operating statements (including year-to-date statements) and related rent rolls, the Master Servicer shall promptly update the CREFC® Operating Statement Analysis Report (commencing with the quarter ending September 30, 2020 (to the extent that the related Borrower provides sufficient information to report pursuant to CREFC® guidelines)). The Master Servicer shall deliver, upon request of any Rating Agency, copies of any of the foregoing items so collected thereby to the 17g-5 Information Provider (who shall promptly post such items to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d)).

 

(iii)  
Within 30 days after receipt by the Master Servicer (or within 60 days of receipt by the Special Servicer in the case of a Specially
Serviced Loan or Serviced REO Property) of any annual year-end operating statements and related rent rolls with respect to  

 

 

     -267-

     

    

 

any
Mortgaged Property (except with respect to any Non-Serviced Mortgage Loan) or Serviced REO Property (to the extent prepared
by and received from the Special Servicer in the case of any Specially Serviced Loan or Serviced REO Property), commencing
within 30 or 60 days, as applicable, of receipt of such statements for year-end 2020, a CREFC®
NOI Adjustment Worksheet for such Mortgaged Property (with the annual year-end operating statements attached thereto as an
exhibit). The Master Servicer will use the “Normalized” column from the CREFC® NOI Adjustment
Worksheet to update the full year-end data on any CREFC® Operating Statement Analysis Report and will use any
operating statements received with respect to any Mortgaged Property (other than any Mortgaged Property which is a Serviced
REO Property or constitutes security for a Specially Serviced Loan or a Non-Serviced Mortgage Loan) to update the
CREFC® Operating Statement Analysis Report for such Mortgaged Property; provided, however, that
any analysis or update with respect to the year-end or first quarter of each year shall not be required to the extent such
analysis or update is not required to be provided under the then current applicable CREFC® guidelines.

 

Notwithstanding anything to the contrary in this Agreement, the Master Servicer, upon request by a Rating Agency, shall forward such items to the 17g-5 Information Provider (who shall promptly post such items to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement).

 

The Master Servicer shall maintain one CREFC® Operating Statement Analysis Report for each Mortgaged Property (and shall not be required to maintain any such report for a Mortgaged Property securing a Non-Serviced Mortgage Loan) and Serviced REO Property (to the extent prepared by and received from the Special Servicer in the case of any Serviced REO Property or any Mortgaged Property constituting security for a Specially Serviced Loan) relating to a Mortgage Loan that it is servicing. The CREFC® Operating Statement Analysis Report for each Mortgaged Property (other than any such Mortgaged Property that secures a Non-Serviced Mortgage Loan or that is a Serviced REO Property or constitutes security for a Specially Serviced Loan) is to be updated with trailing 12-month information, as available, or year-to-date information until 12-month trailing information (commencing with the quarter ending March 31, 2020 (to the extent that the related Borrower provides sufficient information to report pursuant to CREFC® guidelines)) is available by the Master Servicer, and the Master Servicer shall deliver such updated report to the Trustee, the Certificate Administrator, the Directing Holder and any related Serviced Companion Loan Noteholder in the calendar month following receipt by the Master Servicer of such updated trailing or year-to-date operating statements and related rent rolls for such Mortgaged Property, and upon request.

 

The Special Servicer shall pursuant to Section 3.13(h) of this Agreement, deliver to the Master Servicer the information required of it pursuant to this Section 3.13(d) with respect to Specially Serviced Loans and Serviced REO Loans.

 

(e)        In connection with their servicing of the Serviced Mortgage Loans and Serviced REO Properties, the Master Servicer and the Special Servicer, as applicable, shall provide to each other and to the Trustee and the Certificate Administrator, written notice of any event that comes to their knowledge with respect to a Mortgage Loan or Serviced REO Property that the Master Servicer or the Special Servicer, respectively, determines, in accordance with the Servicing Standard, would have a material adverse effect on such Mortgage Loan or Serviced 

 

 

     -268-

     

    

 

REO Property, which notice shall include an explanation as to the reason for such material adverse effect.

 

(f)         The Master Servicer or the Special Servicer, as applicable, shall make available to the Directing Holder copies of all rent rolls, operating statements and financial statements actually provided by each Borrower, including any monthly or quarterly statements or rent rolls, within 15 Business Days of receipt.

 

(g)        On or before 2:00 p.m. Central Time on each Determination Date, the Special Servicer shall deliver, or cause to be delivered, to the Master Servicer and, upon the request of any of the Trustee, the Certificate Administrator, the Depositor, the Directing Holder or any Rating Agency, to such requesting party, the CREFC® Special Servicer Loan File with respect to the Specially Serviced Loans (and, if applicable, the related Serviced REO Properties), providing the required information as of the Determination Date (or, upon the reasonable request of any Master Servicer, data files in a form acceptable to the Master Servicer), which CREFC® Special Servicer Loan File shall include data, to enable the Master Servicer to produce the CREFC® Supplemental Servicer Reports. Such reports or data shall be presented in writing and in an electronic format acceptable to the Master Servicer.

 

(h)        The Special Servicer shall deliver or cause to be delivered to the Master Servicer and, upon the request of any of the Trustee, the Certificate Administrator, the Depositor, the Controlling Class or any Rating Agency, to such requesting party, without charge, the following materials for Specially Serviced Loans or Serviced REO Properties, as applicable, in each case to the extent that such materials or the information on which they are based have been received by the Special Servicer:

 

(i)     At least annually, on or before June 1 of each year, commencing in 2021, with respect to each Specially Serviced Loan and Serviced REO Loan, a CREFC® Operating Statement Analysis Report for the related Mortgaged Property or Serviced REO Property as of the end of the preceding calendar year (initially year-end December 31, 2020) together with copies of the operating statements and related rent rolls for the related Mortgaged Property or Serviced REO Property as of the end of the preceding calendar year (but only to the extent the related Borrower is required by the Mortgage to deliver, or otherwise agrees to provide, such information and, with respect to operating statements and related rent rolls for Specially Serviced Loans and Serviced REO Properties, only to the extent requested by the Special Servicer) and for the current trailing 12 months, if available, or year-to-date. The Special Servicer shall use its reasonable efforts to obtain said annual and other periodic operating statements and related rent rolls with respect to each Mortgaged Property constituting security for a Specially Serviced Loan and each Serviced REO Property.

 

(ii)   
Within 45 days of receipt by the Special Servicer of any annual operating statements with respect to any Mortgaged
Property relating to a Specially Serviced Loan or Serviced REO Property, a CREFC® NOI Adjustment Worksheet
for such Mortgaged Property or Serviced REO Property (with the annual operating statements attached there to as an exhibit); provided
that, with the consent of the Master Servicer, the Special Servicer may instead provide data files in a form acceptable to
the Master Servicer. The Special Servicer will use the “Normalized” column from the CREFC® NOI
Adjustment Worksheet 

 

 

     -269-

     

    

 

to
update the full year-end data on any CREFC® Operating Statement Analysis Report and will use any operating statements
received with respect to any Mortgaged Property relating to a Specially Serviced Loan or Serviced REO Property to update the CREFC®
Operating Statement Analysis Report for such Mortgaged Property.

 

Notwithstanding anything to the contrary in this Agreement, upon request for receipt of any such items from any Rating Agency, the Special Servicer shall forward such items to the 17g-5 Information Provider (who shall promptly post such items to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement).

 

The Special Servicer shall maintain one CREFC® Operating Statement Analysis Report for each Mortgaged Property securing a Specially Serviced Loan and each Serviced REO Property. The CREFC® Operating Statement Analysis Report for each Mortgaged Property securing a Specially Serviced Loan and each Serviced REO Property is to be updated by the Special Servicer and such updated report delivered to the Master Servicer within 45 days after receipt by the Special Servicer of updated operating statements for each such Mortgaged Property; provided that, the Special Servicer may instead provide data files in an electronic form acceptable to the Special Servicer. The Special Servicer shall provide each such report to the Master Servicer in the then applicable CREFC® format.

 

(i)         If the Master Servicer or the Special Servicer, as applicable, is required to deliver any statement, report or information under any provision of this Agreement (including Section 3.14), the Master Servicer or the Special Servicer, as the case may be, may satisfy such obligation by (x) delivering such statement, report or information in a commonly used electronic format or (y) making such statement, report or information available on the Master Servicer’s website, unless this Agreement expressly specifies a particular method of delivery or such statement, report or information must be filed with the Commission as contemplated in Article X; provided that all reports required to be delivered to the Certificate Administrator shall be delivered in accordance with clause (x).

 

(j)         The Master Servicer may, but is not required to, make any of the reports or files it delivers pursuant to this Section 3.13 available each month on the Master Servicer’s website only with the use of a password, in which case the Master Servicer shall provide such password to (i) the other parties to this Agreement, who by their acceptance of such password shall be deemed to have agreed not to disclose such password to any other Person and (ii) each Certificateholder and prospective Certificateholder who requests such password, and has delivered an Investor Certification to the Trustee, the Certificate Administrator and the Master Servicer. In connection with providing access to the Master Servicer’s website, the Master Servicer may require registration and the acceptance of a disclaimer and otherwise (subject to the preceding sentence) adopt reasonable rules and procedures, which may include, to the extent the Master Servicer deems necessary or appropriate, conditioning access on execution of an agreement governing the availability, use and disclosure of such information, and which may provide indemnification to the Master Servicer for any liability or damage that may arise therefrom.

 

(k)        With respect to each Collection Period, the Special Servicer shall deliver or cause to be delivered to the Master Servicer within two Business Days following the Determination Date and the Master Servicer shall, to the extent it has received, deliver to the

 

 

     -270-

     

    

 

Certificate Administrator, without charge and on the same day as the Master Servicer is required to deliver the CREFC® Investor Reporting Package, an electronic report which may include html, word or excel compatible format, clean and searchable pdf. format or such other format as mutually agreeable between the Certificate Administrator and the Special Servicer (or Master Servicer on its behalf) that discloses and contains an itemized listing of any Disclosable Special Servicer Fees received by the Special Servicer or any of its Affiliates during the related Collection Period; provided that no report regarding Disclosable Special Servicer Fees shall be required to be delivered if there are no Disclosable Special Servicer Fees for the related Collection Period.

 

Section 3.14     Access to Certain Documentation. (a) The Master Servicer and Special Servicer, as applicable, shall provide to any Certificateholders and any Serviced Companion Loan Noteholders that are federally insured financial institutions, the Directing Holder (but only if no Consultation Termination Event is continuing), the Federal Reserve Board, the FDIC and the Office of the Comptroller of the Currency and the supervisory agents and examiners of such boards and such corporations, and any other federal or state banking or insurance regulatory authority that may exercise authority over any Certificateholder or Serviced Companion Loan Noteholder is subject, access to the documentation regarding the Mortgage Loans or the Whole Loans, as applicable, that it is servicing required by applicable regulations of the Federal Reserve Board, FDIC, Office of the Comptroller of the Currency or any such federal or state banking or regulatory authority, such access being afforded without charge but only upon reasonable written request and during normal business hours at the offices of the Master Servicer or Special Servicer, as applicable. At the election of the Master Servicer, the Special Servicer or the Certificate Administrator, such access may be afforded to such Person identified above by the delivery of copies of information as requested by such Person and the Master Servicer, the Special Servicer or the Certificate Administrator shall be permitted to require payment (other than from the Directing Holder and the Trustee and the Certificate Administrator on its own behalf or on behalf of the Certificateholders, as applicable) of a sum sufficient to cover the reasonable out-of-pocket costs incurred by it in making such copies. Such access shall (except as described in the preceding sentence) be afforded without charge but only upon reasonable prior written request and during normal business hours at the offices of the Certificate Administrator or the Custodian. In addition, upon reasonable prior written notice to the Master Servicer or the Special Servicer, as the case may be, the Trustee, the Certificate Administrator, the Depositor or their accountants or other representatives shall have reasonable access to review the documents, correspondence and records in the possession of the Master Servicer or the Special Servicer, as the case may be, as they relate to a Mortgaged Property and any Serviced REO Property during normal business hours at the offices of the Master Servicer or the Special Servicer, as the case may be. Nothing in this Section 3.14 shall detract from the obligation of the Master Servicer and Special Servicer to observe any applicable law prohibiting disclosure of information with respect to the Borrowers, and the failure of the Master Servicer and Special Servicer to provide access as provided in this Section 3.14 as a result of such obligation shall not constitute a breach of this Section 3.14. (b)        In connection with providing or granting any information or access pursuant to the prior paragraph to a Certificateholder, Serviced Companion Loan Noteholder or any regulatory authority that may exercise authority over a Certificateholder or Serviced Companion Loan Noteholder, the Master Servicer and the Special Servicer may each require 

 

 

     -271-

     

    

 

payment from such Certificateholder or Serviced Companion Loan Noteholder (to the extent permitted in the related Intercreditor Agreement) of a sum sufficient to cover the reasonable costs and expenses of providing such information or access, including copy charges and reasonable fees for employee time and for space; provided that no charge may be made if such information or access was required to be given or made available under applicable law. In connection with providing Certificateholders or Serviced Companion Loan Noteholders access to the information described in the preceding paragraph the Master Servicer and the Special Servicer, as applicable, may require (prior to affording such access) a written confirmation executed by the requesting Person substantially in such form as may be reasonably acceptable to the Master Servicer or the Special Servicer, as the case may be, generally to the effect that such Person is a Holder of Certificates or a beneficial holder of Book-Entry Certificates or Serviced Companion Loan Noteholder or a regulator or governmental body and will keep such information confidential.

 

(c)        Upon the reasonable request of (1) any Certificateholder identified to the Master Servicer to the Master Servicer’s reasonable satisfaction (or, with respect to any Serviced Companion Loan, the request of any Serviced Companion Loan Noteholder), the RR Interest Owner, the BX-VRR Interest Owner, the T333-VRR Interest Owner or the 825S-VRR Interest Owner, the Master Servicer may provide (or forward electronically) (at the expense of such Certificateholder, RR Interest Owner or Serviced Companion Loan Noteholder) copies of any appraisals, operating statements, rent rolls and financial statements obtained by the Master Servicer, or (2) any Controlling Class Certificateholder identified to the Master Servicer (in the case of a Performing Loan) or the Special Servicer (in the case of a Specially Serviced Loan) to the Master Servicer’s or Special Servicer’s reasonable satisfaction, the Master Servicer or Special Servicer, as applicable, shall provide (or forward electronically) (at the expense of such Controlling Class Certificateholder) any Excluded Information in the Master Servicer’s or Special Servicer’s, as applicable, possession (available on the Certificate Administrator’s Website but not accessible to such Controlling Class Certificateholder through the Certificate Administrator’s Website on account of it constituting Excluded Information) relating to any Excluded Controlling Class Loan in which such Controlling Class Certificateholder is not an Excluded Controlling Class Holder; provided that, in connection therewith, the Master Servicer or Special Servicer, as applicable, may require a written confirmation executed by the requesting Person substantially in such form as may be reasonably acceptable to the Master Servicer or Special Servicer, generally to the effect that such Person is a Holder of Certificates or a Serviced Companion Loan Noteholder or a beneficial holder of Book-Entry Certificates or a regulator or a governmental body and will keep such information confidential and will use such information only for the purpose of analyzing asset performance and evaluating any continuing rights the Certificateholders and the RR Interest Owner may have under this Agreement. For the avoidance of doubt, the Master Servicer shall not make any Asset Status Reports available to any Certificateholders, the RR Interest Owner, the BX-VRR Interest Owner, the T333-VRR Interest Owner or the 825S-VRR Interest Owner on its website. None of the parties to this Agreement shall provide any Asset Status Report or any Final Asset Status Report to the Certificate Administrator.

 

(d)        The 17g-5 Information Provider shall make available solely to the Depositor and to any NRSRO that delivers an NRSRO Certification to the 17g-5 Information Provider the following items to the extent such items are delivered to it via electronic mail at

 

 

     -272-

     

    

 

17g5informationprovider@wellsfargo.com (or such other address as the 17g-5 Information Provider shall specify by written notice to the other parties hereto) in an electronic format readable and uploadable (that is not locked or corrupted) on the 17g-5 Information Provider’s system, specifically with a subject reference of “Benchmark 2020-IG3 Mortgage Trust, Series 2020-IG3” and an identification of the type of information being provided in the body of such electronic mail; or via any alternative electronic mail address following notice to the parties hereto or any other delivery method established or approved by the 17g-5 Information Provider if or as may be necessary or beneficial (provided that, if such information is not in electronic format readable and uploadable (that is not locked or corrupted), then the 17g-5 Information Provider shall immediately notify the applicable delivering party thereof, whereupon such party shall promptly deliver the subject information in such format):

 

(i)        any waivers delivered to the 17g-5 Information Provider pursuant to Section 3.09 of this Agreement;

 

(ii)       any Officer’s Certificate supporting any determination that any Advance was (or, if made, would be) a Nonrecoverable Advance delivered to the 17g-5 Information Provider pursuant to Section 3.21(d) or Section 4.07(c) of this Agreement and notice of determination not to refrain from reimbursement of all Nonrecoverable Advances;

 

(iii)      any Asset Status Report delivered by the Special Servicer pursuant to Section 3.23(e) of this Agreement;

 

(iv)      any environmental reports delivered by the Special Servicer pursuant to Section 3.10(g) of this Agreement;

 

(v)       any annual statements as to compliance and related Officer’s Certificates delivered pursuant to Section 10.11 and Section 10.12 of this Agreement;

 

(vi)      any annual independent public accountants’ attestation reports delivered pursuant to Section 10.13 of this Agreement;

 

(vii)     any Appraisals delivered to the 17g-5 Information Provider pursuant to Section 3.10 of this Agreement;

 

(viii)   any notice to the Rating Agencies relating to the Special Servicer’s determination to take action without receiving a Rating Agency Confirmation from any Rating Agency as set forth in the definition of “Rating Agency Confirmation” pursuant to Section 3.30 of this Agreement;

 

(ix)      copies of any questions or requests submitted by the Rating Agencies directed toward the Master Servicer, Special Servicer, Certificate Administrator or Trustee;

 

(x)       any requests for a Rating Agency Confirmation that are delivered to the 17g-5 Information Provider pursuant to Section 3.30 of this Agreement;

 

 

     -273-

     

    

 

(xi)      any notice of resignation of the Trustee or Certificate Administrator and any notice of the acceptance of appointment by the successor Trustee or successor Certificate Administrator pursuant to Section 8.07 or Section 8.08 of this Agreement;

 

(xii)     any notice of resignation or assignment of the rights of the Master Servicer or the Special Servicer pursuant to Section 6.04 of this Agreement;

 

(xiii)    any notice of Servicer Termination Event or termination of the Master Servicer or the Special Servicer delivered pursuant to Section 7.03 of this Agreement;

 

(xiv)   any notice of the merger or consolidation of the Certificate Administrator or the Trustee pursuant to Section 8.09 of this Agreement;

 

(xv)    any notice of the merger or consolidation of the Master Servicer or the Special Servicer pursuant to Section 6.02 of this Agreement;

 

(xvi)   any notice of any amendment that modifies the procedures herein relating to Exchange Act Rule 17g-5 pursuant to Section 12.08 of this Agreement;

 

(xvii)  any notice or other information provided by the Master Servicer pursuant to Section 12.07 of this Agreement;

 

(xviii) any summary of oral communication with the Rating Agencies delivered to the 17g-5 Information Provider pursuant to Section 3.14(f) of this Agreement; provided that the summary of such oral communication shall not attribute which Rating Agency the communication was with;

 

(xix)    the Rating Agency Q&A Forum and Document Request Tool; and

 

(xx)     such information as is delivered to the 17g-5 Information Provider by the Depositor in mutually agreeable electronic format within fifteen (15) days of the Closing Date.

 

The foregoing information shall be made available by the 17g-5 Information Provider on the 17g-5 Information Provider’s Website (a link to which shall be provided on the Depositor’s website at www.intralinks.com or such other website as the Depositor may notify the parties hereto in writing). Information will be posted on the same Business Day of receipt provided that such information is received by 2:00 p.m. (Eastern Time) or, if received after 2:00 p.m., on the next Business Day by 12:00 p.m. New York City time. The 17g-5 Information Provider shall have no obligation or duty to verify, confirm or otherwise determine whether the information being delivered is accurate, complete, conforms to the transaction, or otherwise is or is not anything other than what it purports to be or whether such information (other than (solely with respect to the 17g-5 Information Provider’s obligation to post such information) the information set forth in clauses (i) through (xx) above) is required to be posted on the 17g-5 Information Provider’s Website pursuant to this Agreement or Rule 17g-5. If any information is delivered or posted in error, the 17g-5 Information Provider may remove it from the 17g-5 Information Provider’s Website. The Certificate Administrator and the 17g-5 Information Provider have not obtained and shall not be deemed to have obtained actual knowledge of any

 

 

     -274-

     

    

 

information only by receipt and posting to the 17g-5 Information Provider’s Website. Access will be provided by the 17g-5 Information Provider to the Rating Agencies, and to the NRSROs upon receipt of an NRSRO Certification in the form of Exhibit Z hereto (which certification may be submitted electronically via the 17g-5 Information Provider’s Website). If a Rating Agency requests access to the 17g-5 Information Provider’s Website, access will be provided by the 17g-5 Information Provider on the same Business Day provided such request is made prior to 2:00 p.m., on such Business Day, or, if received after 2:00 p.m., on the following Business Day. Questions regarding delivery of information to the 17g-5 Information Provider may be directed to cmbsexcludedinformation@wellsfargo.com (or such other address as the 17g-5 Information Provider shall specify by written notice to the other parties hereto).

 

Upon delivery by the Depositor to the 17g-5 Information Provider (in an electronic format mutually agreed upon by the Depositor and the 17g-5 Information Provider) of information designated by the Depositor as having been previously made available to NRSROs by the Depositor (the “Pre-Closing 17g-5 Information”), the 17g-5 Information Provider shall make such Pre-Closing 17g-5 Information available only to the Depositor and to NRSROs via the 17g-5 Information Provider’s Website pursuant this Section 3.14(b). The Depositor shall not be entitled to direct the 17g-5 Information Provider to provide access to the Pre-Closing 17g-5 Information or any other information on the 17g-5 Information Provider’s Website to any designee or other third party.

 

The 17g-5 Information Provider shall notify any party that delivers information to the 17g-5 Information Provider under this Agreement that such information was received and that it has been posted. The 17g-5 Information Provider shall notify each NRSRO that has provided a NRSRO Certification each time a document is posted to the 17g-5 Information Provider’s Website and such notice shall specifically identify such document. The 17g-5 Information Provider shall send such notice to such Persons to the email address that has been provided by and is used by such Person for the purpose of accessing the 17g-5 Information Provider’s Website, including a general email address if such general email address has been provided to the 17g-5 Information Provider in connection with a completed NRSRO Certification in the form of Exhibit Z hereto.

 

The 17g-5 Information Provider shall make available, only to NRSROs, the Rating Agency Q&A Forum and Document Request Tool. The “Rating Agency Q&A Forum and Document Request Tool” shall be a service available on the 17g-5 Information Provider’s Website, where Rating Agencies and NRSROs may (i) submit Inquiries to the Certificate Administrator relating to the Distribution Date Statement, submit Inquiries to the Master Servicer or the Special Servicer, as applicable, relating to the reports being made available pursuant to this Section 4.02(d), the Serviced Mortgage Loans or the Mortgaged Properties, (ii) view Inquiries that have been previously submitted and answered, together with the answers thereto and (iii) submit requests for loan-level reports and information. Upon receipt of an Inquiry for the Certificate Administrator, the Master Servicer or the Special Servicer, the 17g-5 Information Provider shall forward the Inquiry to the Certificate Administrator, the Master Servicer or the Special Servicer, as applicable, and in the case of an inquiry relating to any Non-Serviced Mortgage Loan, to the applicable party under the related Other Pooling and Servicing Agreement, in each case within a commercially reasonable period following receipt thereof. Following receipt of an Inquiry or request relating to the subject matters described in clauses 

 

 

     -275-

     

    

 

(i) or (iii) above, the Certificate Administrator, the Master Servicer or the Special Servicer, as applicable, unless it determines not to answer such Inquiry as provided below, shall reply to the Inquiry, which reply of the Certificate Administrator, Master Servicer or Special Servicer shall be by email to the 17g-5 Information Provider. The 17g-5 Information Provider shall post (within a commercially reasonable period following preparation or receipt of such answer, as the case may be) such Inquiry and the related answer (or reports, as applicable) to the 17g-5 Information Provider’s Website. Any report posted by the 17g-5 Information Provider in response to a request may be posted on a page accessible by a link on the 17g-5 Information Provider’s Website. If the Certificate Administrator, the Master Servicer or the Special Servicer determines, in its respective sole discretion, that (i) the question is beyond the scope outlined above, (ii) answering any Inquiry would not be in the best interests of the Trust and/or the Certificateholders or would be in violation of applicable law, the Servicing Standard, this Agreement or the applicable Loan Documents, (iii) answering any Inquiry would or is reasonably expected to result in a waiver of an attorney-client privilege or the disclosure of attorney work product or answering such inquiry is otherwise not advisable or (iv) (A) answering any Inquiry would materially increase the duties of, or result in significant additional cost or expense to, the Certificate Administrator, the Master Servicer or the Special Servicer, as applicable, and (B) the Certificate Administrator, the Master Servicer or the Special Servicer, as applicable, determines in accordance with the Servicing Standard (or in good faith, in the case of the Certificate Administrator) that the performance of such duties or the payment of such costs and expenses is beyond the scope of its duties in its capacity as Certificate Administrator, Master Servicer or Special Servicer, as applicable, under this Agreement, it shall not be required to answer such Inquiry and, in the case of the Certificate Administrator, the Master Servicer or the Special Servicer, shall promptly notify the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such Inquiry on the Rating Agency Q&A Forum and Document Request Tool together with a statement that such Inquiry was not answered. Answers posted on the Rating Agency Q&A Forum and Document Request Tool will be attributable only to the respondent, and shall not be deemed to be answers from any of the Depositor, the Initial Purchasers, the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee or any of their respective Affiliates and no such party shall have any responsibility or liability for the content of any such information. The 17g-5 Information Provider shall not be required to post to the 17g-5 Information Provider’s Website any Inquiry or answer thereto that the 17g-5 Information Provider determines, in its sole discretion, is administrative or ministerial in nature. The Rating Agency Q&A Forum and Document Request Tool will not reflect questions, answers and other communications between the 17g-5 Information Provider and any Person which are not submitted via the 17g-5 Information Provider’s Website.

 

In connection with providing access to the Certificate Administrator’s Website and the 17g-5 Information Provider’s Website, the Certificate Administrator and/or the 17g-5 Information Provider may require registration and the acceptance of a disclaimer. The Certificate Administrator and the 17g-5 Information Provider, as the case may be, shall not be liable for the dissemination of information in accordance with the terms of this Agreement, make no representations or warranties as to the accuracy or completeness of such information being made available, and assume no responsibility for such information; provided that it is acknowledged and agreed that the 17g-5 Information Provider shall not be charged with knowledge of any of the contents of such information solely by virtue of its compliance with its obligations to post such information to the 17g-5 Information Provider’s Website. The 17g-5 

 

 

     -276-

     

    

 

Information Provider shall not be liable for its failure to make any information available to the NRSROs unless such information was delivered to the 17g-5 Information Provider at the email address set forth herein in an electronic format readable and uploadable (that is not locked or corrupted) on the 17g-5 Information Provider’s system, with a subject heading of “Benchmark 2020-IG3 Mortgage Trust, Series 2020-IG3” and sufficient detail to indicate that such information is required to be posted on the 17g-5 Information Provider’s Website; provided that, if such information is not in electronic format readable and uploadable (that is not locked or corrupted), then the 17g-5 Information Provider shall immediately notify the applicable delivering party thereof, whereupon such party shall promptly deliver the subject information in such format.

 

The 17g-5 Information Provider shall not be responsible or have any liability for any act, omission or delay attributable to the failure of any other party to this Agreement to timely deliver information to be posted on the 17g-5 Information Provider’s Website or for any errors or defects in the information supplied by any such party.

 

The 17g-5 Information Provider’s obligations in respect of Rule 17g-5 or any other law or regulation related thereto shall be limited to the specific obligations contained in this Agreement and the 17g-5 Information Provider makes no representations or warranties as to the compliance of the Depositor with Rule 17g-5 or any other law or regulation related thereto.

 

With respect to each Non-Serviced Mortgage Loan, each of the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee shall provide to the 17g-5 Information Provider for posting on the 17g-5 Information Provider’s Website, promptly upon receipt from a Non-Serviced Mortgage Loan Service Provider, all reports, statements, documents, notices and other information it receives in respect of such Non-Serviced Mortgage Loan that such party would otherwise have been required to be submitted to the 17g-5 Information Provider under this Agreement for posting had such Non-Serviced Mortgage Loan been a Serviced Mortgage Loan. The 17g-5 Information Provider shall post on the 17g-5 Information Provider’s Website all such information it receives in accordance with this Agreement.

 

Upon delivery by the Depositor to the 17g-5 Information Provider (in an electronic format mutually agreed upon by the Depositor and the 17g-5 Information Provider) of information designated by the Depositor as having been previously made available to NRSROs by the Depositor (the “Pre-Closing 17g-5 Information”), the 17g-5 Information Provider shall make such Pre-Closing 17g-5 Information available only to the Depositor and to NRSROs via the 17g-5 Information Provider’s Website pursuant this Section 3.14(b). The Depositor shall not be entitled to direct the 17g-5 Information Provider to provide access to the Pre-Closing 17g-5 Information or any other information on the 17g-5 Information Provider’s Website to any designee or other third party.

 

(e)        Each of the Master Servicer and the Special Servicer may, in accordance with such reasonable rules and procedures as it may adopt, also deliver, produce or otherwise make available through its website or otherwise, any additional information identified in Section 3.14(d) of this Agreement relating to the Mortgage Loans or Whole Loans, the Mortgaged Properties or the related Borrowers, for review by the Depositor, the Initial Purchasers and any other Persons who deliver an Investor Certification in accordance with this  

 

     -277-

     

    

 

Section 3.14, the related Serviced Companion Loan Noteholder (if any), the Directing Holder and the Rating Agencies (collectively, the “Disclosure Parties”) (only to the extent such additional information is simultaneously or previously delivered to the 17g-5 Information Provider in accordance with the provisions of Section 3.14(d) of this Agreement, who shall post such additional information on the 17g-5 Information Provider’s Website in accordance with the provisions of Section 3.14(d) of this Agreement), in each case, except to the extent doing so is prohibited by this Agreement, applicable law or by the related Loan Documents. Each of the Master Servicer and the Special Servicer shall be entitled to (i) indicate the source of such information and affix thereto any disclaimer it deems appropriate in its discretion and/or (ii) require that the recipient of such information (A) except for the Depositor, enter into an Investor Certification or other confidentiality agreement acceptable to the Master Servicer or the Special Servicer, as the case may be, and (B) acknowledge that the Master Servicer or the Special Servicer may contemporaneously provide such information to any other Disclosure Party. In addition, to the extent access to such information is provided via the Master Servicer’s or the Special Servicer’s website, the Master Servicer and the Special Servicer may require registration and the acceptance of a reasonable and customary disclaimer and/or an additional or alternative agreement as to the confidential nature of such information. In connection with providing access to or copies of the information described in this Section 3.14(e) to current or prospective Certificateholders the form of confidentiality agreement used by the Master Servicer or the Special Servicer, as applicable, shall be: (i) in the case of a Certificateholder (or a licensed or registered investment advisor acting on behalf of such Certificateholder), an Investor Certification executed by the requesting Person indicating that such Person is a Holder of Certificates and will keep such information confidential (except that such Certificateholder may provide such information (x) to its auditors, legal counsel and regulators and (y) to any other Person that holds or is contemplating the purchase of any Certificate or interest therein (provided that such other Person confirms in writing such ownership interest or prospective ownership interest and agrees to keep such information confidential)); and (ii) in the case of a prospective purchaser of Certificates or interests therein (or a licensed or registered investment advisor acting on behalf of such prospective purchaser), an Investor Certification indicating that such Person is a prospective purchaser of a Certificate or an interest therein and is requesting the information for use in evaluating a possible investment in Certificates and will otherwise keep such information confidential with no further dissemination (except that such Certificateholder may provide such information to its auditors, legal counsel and regulators). In the case of a licensed or registered investment advisor acting on behalf of a current or prospective Certificateholder, the Investor Certification shall be executed and delivered by both the investment advisor and such current or prospective Certificateholder.

 

Neither the Master Servicer nor the Special Servicer shall be liable for its dissemination of information in accordance with this Agreement or by others in violation of the terms of this Agreement. Neither the Master Servicer nor the Special Servicer shall be responsible or have any liability for the completeness or accuracy of the information delivered, produced or otherwise made available pursuant to this Section 3.14 unless (i) the Master Servicer or Special Servicer, as applicable, is the original source for such information and (ii) such failure to deliver complete and accurate information is by reason of such party’s willful misconduct, bad faith, fraud and/or negligence.

 

 

     -278-

     

    

 

In connection with the delivery by the Master Servicer or the Special Servicer, as applicable, to the 17g-5 Information Provider of any information, report, notice or document for posting to the 17g-5 Information Provider’s Website, the 17g-5 Information Provider shall notify the Master Servicer or the Special Servicer, as applicable, of when such information, report, notice or document has been posted to the 17g-5 Information Provider’s Website. The Master Servicer or the Special Servicer, as applicable, may, but is not obligated to, send such information report, notice or other document to the applicable Rating Agency or Rating Agencies following the earlier of (a) receipt of notification from the 17g-5 Information Provider that such information, report, notice or other document has been posted to the Rule 17g-5 Information Provider’s Website and (b) 12:00 p.m. on the first Business Day following the date the Master Servicer or the Special Servicer, as applicable, has provided such information, report, notice or other document to the 17g-5 Information Provider.

 

(f)         The Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee shall be permitted (but shall not be required) to orally communicate with the Rating Agencies regarding any Mortgage Loan, Serviced Whole Loan, any Certificateholder, any Serviced Companion Loan Noteholder, any Mortgaged Property or any REO Property; provided that such party summarizes the information provided to the Rating Agencies in such communication and provides the 17g-5 Information Provider and the related Other 17g-5 Information Provider (if any) with such summary in accordance with the procedures set forth in Section 3.14(d) of this Agreement the same day such communication takes place; provided that the summary of such oral communications shall not attribute which Rating Agency the communication was with. The 17g-5 Information Provider shall post such summary on the 17g-5 Information Provider’s Website in accordance with the procedures set forth in Section 3.14(d) of this Agreement.

 

(g)        None of the foregoing restrictions in this Section 3.14 or otherwise in this Agreement shall prohibit or restrict oral or written communications, or providing information, between the Master Servicer or the Special Servicer, on the one hand, and any Rating Agency or NRSRO, on the other hand, with regard to (i) such Rating Agency’s or NRSRO’s review of the ratings it assigns to the Master Servicer or the Special Servicer, as applicable, (ii) such Rating Agency’s or NRSRO’s approval of the Master Servicer or the Special Servicer, as applicable, as a commercial mortgage master, special or primary servicer or (iii) such Rating Agency’s or NRSRO’s evaluation of the Master Servicer’s or the Special Servicer’s, as applicable, servicing operations in general; provided that the Master Servicer or the Special Servicer, as applicable, shall not provide any information relating to the Certificates or the Mortgage Loans to any Rating Agency or NRSRO in connection with such review and evaluation by such Rating Agency or NRSRO unless (x) Borrower, property and other deal specific identifiers are redacted; (y) such information has already been provided to the 17g-5 Information Provider and has been uploaded on to the 17g-5 Information Provider’s Website or the Master Servicer or Special Servicer, as applicable, has in fact provided such information to such Rating Agency in accordance with Section 3.14(e); or (z) the Rating Agency confirms in writing that it does not intend to use such information in undertaking credit rating surveillance with respect to the Certificates; provided, however, that the Rating Agencies may use information delivered under this clause (z) for any purpose to the extent it is publicly available (unless the availability results from a breach of this Agreement or any other confidentiality agreement to which such Rating Agency is subject) or comprised of information collected by the applicable Rating Agency from 

 

 

     -279-

     

    

 

the 17g-5 Information Provider’s Website (or another 17g-5 information provider’s website that they have access to) other than pursuant to this Section 3.14(g).

 

(h)        The costs and expenses of compliance with this Section 3.14 by the Depositor, the Master Servicer, the Special Servicer, the Trustee and any other party hereto shall not be Additional Trust Fund Expenses.

 

Section 3.15     Title and Management of REO Properties and REO Accounts. (a) If title to any Mortgaged Property (other than with respect to a Non-Serviced Mortgage Loan) is acquired for the benefit of Certificateholders (and, in the case of the Serviced Whole Loans, the related Serviced Companion Loan Noteholders) in foreclosure, by deed in lieu of foreclosure or upon abandonment or reclamation from bankruptcy, the deed or certificate of sale shall be taken in the name of the Trust where permitted by applicable law or regulation and consistent with customary servicing procedures, and otherwise in the name of the Trustee, or its nominee (which shall not include the Master Servicer), or a separate Trustee or co-Trustee, on behalf of the Trust Fund (and, in the case of the Serviced Whole Loans, the related Serviced Companion Loan Noteholders). The Special Servicer, on behalf of the Trust Fund (and, in the case of the Serviced Whole Loans, the related Serviced Companion Loan Noteholders), shall dispose of any Serviced REO Property prior to the close of the third calendar year following the year in which the Trust Fund acquires ownership of such Serviced REO Property for purposes of Section 860G(a)(8) of the Code, unless (i) the Special Servicer on behalf of the Lower-Tier REMIC has applied for an extension of such period pursuant to Sections 856(e)(3) and 860G(a)(8)(A) of the Code, in which case the Special Servicer shall sell such Serviced REO Property within the applicable extension period or if the Special Servicer has applied for extension as provided in this clause (i) but such request has not yet been granted or denied, the additional time specified in such request, or (ii) the Special Servicer seeks and subsequently receives an Opinion of Counsel (which opinion shall be an expense of the Trust Fund and, in the case of a Serviced Whole Loan, such expenses shall be allocated in accordance with the allocation provisions set forth in the related Intercreditor Agreement), addressed to the Special Servicer, the Certificate Administrator and the Trustee, to the effect that the holding by the Trust Fund of such Serviced REO Property for an additional specified period will not cause such Serviced REO Property to fail to qualify as “foreclosure property” within the meaning of Section 860G(a)(8) of the Code (determined without regard to the exception applicable for purposes of Section 860D(a) of the Code) at any time that any Certificate is outstanding, in which event such period shall be extended by such additional specified period subject to any conditions set forth in such Opinion of Counsel. The Special Servicer, on behalf of the Trust Fund (and, in the case of the Serviced Whole Loans, the related Serviced Companion Loan Noteholders), shall dispose of any Serviced REO Property held by the Trust Fund prior to the last day of such period (taking into account extensions) by which such Serviced REO Property is required to be disposed of pursuant to the provisions of the immediately preceding sentence in a manner provided under Section 3.16 hereof. In the case of the Trust Fund’s beneficial interest in any REO Property acquired by the Other Trustee pursuant to an Other Pooling and Servicing Agreement, the Special Servicer shall coordinate with the Other Special Servicer with respect to any REO extension on behalf of the Trust Fund. The Special Servicer shall manage, conserve, protect and operate each Serviced REO Property for the Certificateholders (and, in the case of the Serviced Whole Loans, the related Serviced Companion Loan Noteholders) solely for the purpose of its prompt disposition and sale in a manner which does not cause such Serviced REO  

 

     -280-

     

    

 

Property to fail to qualify as “foreclosure property” within the meaning of Section 860G(a)(8) of the Code (determined without regard to the exception applicable for purposes of Section 860D(a) of the Code) and such that income from the operation or sale of such property does not result in receipt by the Trust Fund of any income from non-permitted assets as described in Section 860F(a)(2)(B) of the Code with respect to such property.

 

(b)        The Special Servicer shall have full power and authority, subject only to the Servicing Standard and the specific requirements and prohibitions of this Agreement, to do any and all things in connection with any Serviced REO Property as are consistent with the manner in which the Special Servicer manages and operates similar property owned or managed by the Special Servicer or any of its Affiliates, all on such terms and for such period as the Special Servicer deems to be in the best interests of Certificateholders and, in the case of the Serviced Whole Loans, the related Serviced Companion Loan Noteholders and, in connection therewith, the Special Servicer shall agree to the payment of management fees that are consistent with general market standards. Consistent with the foregoing, the Special Servicer shall cause or permit to be earned with respect to such Serviced REO Property any “net income from foreclosure property,” within the meaning of Section 860G(c) of the Code, which is subject to tax under the REMIC Provisions, only if it has determined, and has so advised the Trustee and the Certificate Administrator in writing, that the earning of such income on a net after-tax basis could reasonably be expected to result in a greater recovery on behalf of Certificateholders and the RR Interest Owner (and, in the case of the Serviced Whole Loans, the related Serviced Companion Loan Noteholders) than an alternative method of operation or rental of such Serviced REO Property that would not be subject to such a tax.

 

The Special Servicer shall segregate and hold all revenues received by it with respect to any Serviced REO Property separate and apart from its own funds and general assets and shall establish and maintain with respect to any Serviced REO Property a segregated custodial account (each, an “REO Account”), for the benefit of the Certificateholders and the RR Interest Owner, each of which shall be an Eligible Account and shall be entitled “Midland Loan Services, a Division of PNC Bank, National Association, as Special Servicer, on behalf of Wells Fargo Bank, National Association, as Trustee, for the benefit of the Holders of Benchmark 2020-IG3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-IG3 REO Account.” With respect to a Serviced REO Property securing a Serviced Whole Loan, the Special Servicer shall establish an REO Account solely with respect to such property (each such account, a “Serviced Whole Loan REO Account”), each of which shall be an Eligible Account and shall be entitled “Midland Loan Services, a Division of PNC Bank, National Association, as Special Servicer, on behalf of Wells Fargo Bank, National Association, as Trustee, for the benefit of the Holders of Benchmark 2020-IG3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-IG3 and the related Serviced Companion Loan Noteholders REO Account,” to be held for the benefit of the Certificateholders, the RR Interest Owner and the related Serviced Companion Loan Noteholders. The Special Servicer shall be entitled to withdraw for its account any interest or investment income earned on funds deposited in an REO Account or a Serviced Whole Loan REO Account to the extent provided in Section 3.07(b) of this Agreement. The Special Servicer shall deposit or cause to be deposited REO Proceeds in the REO Account or the applicable Serviced Whole Loan REO Account within two Business Days after receipt of such properly identified and available REO Proceeds, and shall withdraw therefrom funds necessary for the proper operation, management and maintenance of such

 

 

     -281-

     

    

 

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.

 

 

     -282-

     

    

 

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

 

 

     -283-

     

    

 

related revenues (net of such costs and expenses) to the Special Servicer as soon as practicable, but in no event later than 30 days following the receipt thereof by such Independent Contractor;

 

(3)   none of the provisions of this Section 3.15(b) relating to any such contract or to actions taken through any such Independent Contractor shall be deemed to relieve the Special Servicer of any of its duties and obligations to the Trust Fund, the Trustee on behalf of the Certificateholders and, in the case of a Serviced Whole Loan, the related Companion Loan Noteholders, with respect to the operation and management of any such Serviced REO Property; and

 

(4)   the Special Servicer shall be obligated with respect thereto to the same extent as if it alone were performing all duties and obligations in connection with the operation and management of such Serviced REO Property.

 

The Special Servicer shall be entitled to enter into any agreement with any Independent Contractor performing services for it related to its duties and obligations hereunder for indemnification of the Special Servicer by such Independent Contractor, and nothing in this Agreement shall be deemed to limit or modify such indemnification.

 

(c)        Promptly following any acquisition by the Special Servicer of a Serviced REO Property on behalf of the Trust Fund, the Special Servicer shall notify the Master Servicer thereof, and, upon delivery of such notice, the Special Servicer shall obtain an Updated Valuation thereof, but only if any Updated Valuation with respect thereto is more than 9 months old and the Special Servicer has no actual knowledge of any material adverse change in circumstances that, consistent with the Servicing Standard, would call into question the validity of such Updated Valuation, in order to determine the fair market value of such Serviced REO Property and shall notify the Depositor and the Master Servicer and with respect to a Serviced Whole Loan, the holder of the related Companion Loan, if any, and of the results of such Updated Valuation. Any such Updated Appraisal shall be conducted in accordance with Appraisal Institute standards and the cost thereof shall be an expense of the Trust Fund and allocated to Classes of Principal Balance Certificates (other than any Loan-Specific Certificates unrelated to any such expense) and the Class RR Certificates (in the same manner as Realized Losses and VRR Realized Losses as set forth in Section 4.01(l) of this Agreement). In the case of any Serviced Whole Loan such expenses shall be allocated in accordance with the allocation provisions set forth in the related Intercreditor Agreement. The Special Servicer shall obtain a new Updated Valuation or a letter update every 9 months thereafter until the Serviced REO Property is sold.

 

(d)        When and as necessary, the Special Servicer shall send to the Certificate Administrator a statement prepared by the Special Servicer setting forth the amount of net income or net loss, as determined for federal income tax purposes, resulting from the operation and management of a trade or business on, the furnishing or rendering of a non-customary service to the tenants of, or the receipt of any other amount not constituting Rents from Real Property in respect of, any Serviced REO Property in accordance with Sections 3.15(a) and 3.15(b) of this Agreement.

 

 

     -284-

     

    

 

(e)        Upon the disposition of any Serviced REO Property in accordance with this Section 3.15, the Special Servicer shall calculate the Gain-on-Sale Proceeds allocable to a Mortgage Loan or the applicable Serviced Whole Loan, if any, realized in connection with such sale. In the case of each of the BX Industrial Portfolio Whole Loan, the Tower 333 Whole Loan and the 825 South Hill Whole Loan, the Special Servicer shall calculate the Gain-on-Sale Proceeds, if any, realized in connection with such sale that are allocable to the related Mortgage Loan, the related Trust Subordinate Companion Loan and the related Serviced Companion Loans in accordance with the terms of the related Intercreditor Agreement.

 

Section 3.16     Sale of Specially Serviced Loans and REO Properties. (a) The parties hereto may sell or purchase, or permit the sale or purchase of, a Serviced Mortgage Loan and any related Serviced Companion Loan only on the terms and subject to the conditions set forth in this Section 3.16 or as otherwise expressly provided in or contemplated by Section 2.03(d) and Section 9.01 of this Agreement or in an applicable Intercreditor Agreement. The Special Servicer may only sell a Serviced Subordinate Companion Loan together with the related Mortgage Loan if it has received consent of the holder of the related Subordinate Companion Loan.

 

(b)        If the Special Servicer determines in accordance with the Servicing Standard that it would be in the best interests of the Certificateholders (including the holders of the Loan-Specific Certificates) and the RR Interest Owner or, in the case of a Serviced Whole Loan, the Certificateholders, the RR Interest Owner and the related Pari Passu Companion Loan Noteholders (as a collective whole as if such Certificateholders and, if applicable, Serviced Companion Loan Noteholders constituted a single lender (and with respect to any Serviced Whole Loan with a related Serviced Subordinate Companion Loan, taking into account the subordinate nature of such Serviced Subordinate Companion Loan)) to attempt to sell a Defaulted Loan (other than any Non-Serviced Mortgage Loan, but including the Trust Subordinate Companion Loans, if applicable) and any related Pari Passu Companion Loan, the Special Servicer shall use reasonable efforts to solicit offers for each such Defaulted Loan on behalf of the Certificateholders, the RR Interest Owner and, if applicable, the related Serviced Pari Passu Companion Loan Noteholders in such manner as will be reasonably likely to realize a fair price. In the case of a Non-Serviced Mortgage Loan, to the extent that such Non-Serviced Mortgage Loan is not sold together with the related Non-Serviced Companion Loan by the Other Special Servicer for the related Non-Serviced Whole Loan and, if permitted under the related Intercreditor Agreement, the Special Servicer shall be entitled to sell (with the consent of the Directing Holder (if no Control Termination Event is continuing) and after consulting with the applicable Risk Retention Consultation Parties pursuant to Section 6.07) such Non-Serviced Mortgage Loan if it determines in accordance with the Servicing Standard that such action would be in the best interests of the Certificateholders and the RR Interest Owner (and shall be entitled to a Liquidation Fee in connection with such sale). Subject to the qualifications described in this Section 3.16, the Special Servicer shall accept the first cash offer received from any Person that constitutes a fair price for such Defaulted Loan. Subject to Section 3.16(k), if the Special Servicer receives more than one cash offer that constitutes a fair price for such Defaulted Loan during the period designated by the Special Servicer for receipt of offers, the Special Servicer shall accept the highest price.

 

 

     -285-

     

    

 

The Special Servicer shall give the Trustee, the Certificate Administrator, the Master Servicer and (other than in respect of any applicable Excluded Loan) the Directing Holder and each Risk Retention Consultation Party not less than ten (10) Business Days’ prior written notice of its intention to sell any such Defaulted Loan, and notwithstanding anything to the contrary herein, neither the Trustee, in its individual capacity, nor any of its Affiliates may make an offer for or purchase any such Defaulted Loan pursuant to this Agreement.

 

(c)        Whether any cash offer constitutes a fair price for such Defaulted Loan, as the case may be, shall be determined by the Special Servicer, if the highest offeror is a Person other than an Interested Person, and by the Trustee, if the highest offeror is an Interested Person; provided that no offer from an Interested Person shall constitute a fair price unless (i) the offer is the highest offer received, and (ii) if the offer is less than the applicable Purchase Price, at least two other offers are received from independent third parties. In determining whether any offer received from an Interested Person represents a fair price for any such Defaulted Loan, the Trustee shall be supplied with and shall rely on the most recent Appraisal or Updated Appraisal conducted in accordance with this Agreement within the preceding 9-month period or in the absence of any such Appraisal, on a narrative appraisal prepared by an Independent MAI appraiser selected by (i) the Special Servicer if the Special Servicer or an Affiliate of the Special Servicer is not making an offer with respect to such Defaulted Loan or (ii) by the Master Servicer if the Special Servicer is making such an offer unless the Master Servicer and Special Servicer are Affiliates. The cost of any such Updated Appraisal or narrative appraisal shall be covered by, and shall be reimbursable as, a Servicing Advance. In addition, the Trustee shall be permitted to retain, at the expense of the related Interested Person, an independent third party expert in real estate or commercial mortgage loan matters with at least 5 years’ experience in valuing or investing in loans similar to the subject Mortgage Loan or Serviced Whole Loan, as the case may be, that has been selected with reasonable care by the trustee to determine such fair price and will be permitted to conclusively rely on the opinion of such third party’s determination. Any costs and fees of the Trustee in connection with an offer by an Interested Person and the Trustee’s duties therewith shall be paid in advance of any such determination by such Interested Person.

 

In determining whether any offer from a Person other than an Interested Person constitutes a fair price for any such Defaulted Loan, the Special Servicer shall take into account (in addition to the results of any Appraisal, Updated Appraisal or narrative appraisal that it may have obtained pursuant to this Agreement within the prior 9 months), and in determining whether any offer from an Interested Person constitutes a fair price for any such Defaulted Loan, any appraiser shall be instructed to take into account, as applicable, among other factors, the period and amount of the Delinquency on such Defaulted Loan, the period and amount of the occupancy level and physical condition of the related Mortgaged Property, the state of the local economy in the area where the Mortgaged Property is located, the expected recovery from such Defaulted Loan if the Special Servicer were to pursue a workout strategy, and the time and expense associated with a purchaser’s foreclosing on the related Mortgaged Property.

 

In addition, the Special Servicer shall refer to all other relevant information obtained by it or otherwise contained in the Mortgage File; provided that the Special Servicer shall take account of any change in circumstances regarding the related Mortgaged Property known to the Special Servicer that has occurred subsequent to, and that would, in the Special

 

 

     -286-

     

    

 

Servicer’s reasonable judgment, materially affect the value of the related Mortgaged Property reflected in the most recent related Appraisal. Furthermore, the Special Servicer may consider available objective third party information obtained from generally available sources, as well as information obtained from vendors providing real estate services to the Special Servicer, concerning the market for distressed real estate loans and the real estate market for the subject property type in the area where the related Mortgaged Property is located. The Special Servicer may, to the extent it is reasonable to do so in accordance with the Servicing Standard, conclusively rely on any opinions or reports of qualified Independent experts in real estate or commercial mortgage loan matters with at least five years’ experience in valuing or investing in loans similar to the subject Specially Serviced Loan, selected with reasonable care by the Special Servicer, in making such determination. All reasonable costs and expenses incurred by the Special Servicer pursuant to this Section 3.16(c) shall constitute, and be reimbursable as, Servicing Advances. The other parties to this Agreement shall cooperate with all reasonable requests for information made by the Special Servicer in order to allow the Special Servicer to perform its duties pursuant to this Section 3.16(c).

 

The Purchase Price (which, in connection with the administration of a Defaulted Loan related to a Serviced Whole Loan, shall be construed and calculated as if the loans in such Serviced Whole Loan together constitute a single Mortgage Loan thereunder) for any such Defaulted Loan shall in all cases be deemed a fair price.

 

(d)        Subject to subsection (c) above, the Special Servicer shall act on behalf of the Trustee (for the benefit of the Certificateholders and, in the case of a Serviced Whole Loan, the related Serviced Companion Loan Noteholders) in negotiating and taking any other action necessary or appropriate in connection with the sale of any such Defaulted Loan, and the applicable collection of all amounts payable in connection therewith. In connection therewith, the Special Servicer may charge for its own account prospective offerors, and may retain, fees that approximate the Special Servicer’s actual costs in the preparation and delivery of information pertaining to such sales or exchanging offers without obligation to deposit such amounts into the REO Account the Collection Account or, in the case of any Serviced Whole Loan, the applicable Serviced Whole Loan Collection Account. Any sale of such Defaulted Loan shall be final and without recourse to the Trustee or the Trust Fund (except such recourse to the Trust Fund imposed by those representations and warranties typically given in such transactions, any prorations applied thereto and any customary closing matters), and if such sale is consummated in accordance with the terms of this Agreement, none of the Special Servicer, the Master Servicer, the Depositor, the Certificate Administrator or the Trustee shall have any liability to any Certificateholder or Companion Loan Noteholder with respect to the purchase price therefor accepted by the Special Servicer or the Trustee.

 

(e)        Any sale of such Defaulted Loan shall be for cash only.

 

(f)         The parties hereto may sell or purchase, or permit the sale or purchase of, a Serviced REO Property only on the terms and subject to the conditions set forth in this Section 3.16 or as otherwise expressly provided in an applicable Intercreditor Agreement.

 

(g)        The Special Servicer shall use reasonable efforts to solicit offers for each Serviced REO Property on behalf of the Certificateholders and the RR Interest Owner and, in the case of a Serviced Whole Loan, the related Serviced Companion Loan Noteholders in such

 

 

     -287-

     

    

 

manner as will be reasonably likely to realize a fair price within the time period provided for by Section 3.15(a) of this Agreement. The Special Servicer (with the consent of the Directing Holder) shall accept the first cash offer received from any Person that constitutes a fair price for such Serviced REO Property. Subject to Section 3.16(k), if the Special Servicer receives more than one cash offer that constitutes a fair price for such Serviced REO Property during the period designated by the Special Servicer for receipt of offers, the Special Servicer shall accept the highest price. If the Special Servicer determines, in its good faith and reasonable judgment, that it will be unable to realize a fair price for any Serviced REO Property within the time constraints imposed by Section 3.15(a) of this Agreement, then the Special Servicer (with the consent of the Directing Holder) shall dispose of such Serviced REO Property upon such terms and conditions as the Special Servicer shall deem necessary and desirable to maximize the recovery thereon under the circumstances and, in connection therewith, shall accept the highest outstanding cash offer, regardless of from whom received.

 

The Special Servicer shall give the Trustee, the Certificate Administrator, the Master Servicer and the Directing Holder, not less than ten Business Days’ prior written notice of its intention to sell any Serviced REO Property, and notwithstanding anything to the contrary herein, neither the Trustee, in its individual capacity, nor any of its Affiliates may make an offer for or purchase any Serviced REO Property pursuant to this Agreement.

 

(h)        Whether any cash offer constitutes a fair price for any Serviced REO Property, as the case may be, shall be determined by the Special Servicer, if the highest offeror is a Person other than an Interested Person, and by the Trustee, if the highest offeror is an Interested Person; provided that no offer from an Interested Person shall constitute a fair price unless it is the highest offer received. In determining whether any offer received from an Interested Person represents a fair price for any such Serviced REO Property, the Trustee shall be supplied with and shall rely on the most recent appraisal or Updated Appraisal conducted in accordance with this Agreement within the preceding 9-month period or in the absence of any such appraisal, on a narrative appraisal prepared by an Independent MAI appraiser selected by the Special Servicer if the Special Servicer or an Affiliate of the Special Servicer is not making an offer with respect to a Serviced REO Property (or by the Master Servicer if the Special Servicer is making such an offer). The cost of any such Updated Appraisal or narrative appraisal and any related costs and fees of the Trustee shall be covered by, and shall be reimbursable as, a Servicing Advance. In determining whether any offer from a Person other than an Interested Person constitutes a fair price for any such Serviced REO Property, the Special Servicer shall take into account (in addition to the results of any appraisal, updated appraisal or narrative appraisal that it may have obtained pursuant to this Agreement within the prior 9 months), and in determining whether any offer from an Interested Person constitutes a fair price for any such Serviced REO Property, any appraiser shall be instructed to take into account, as applicable, among other factors, the period and amount of the occupancy level and physical condition of the Mortgaged Property or Serviced REO Property, the state of the local economy and the obligation to dispose of any Serviced REO Property within the time period specified in Section 3.15(a) of this Agreement. The Purchase Price (which, in connection with the administration of a Serviced REO Property related to a Serviced Whole Loan, shall be construed and calculated as if the loans in such Serviced Whole Loan together constitute a single Mortgage Loan thereunder) for any Serviced REO Property shall in all cases be deemed a fair price. In addition, the Trustee shall be permitted to retain, at the expense of the related Interested Person, an independent third party to

 

 

     -288-

     

    

 

determine such fair price and will be permitted to conclusively rely on the opinion of such third party’s determination. Any costs and fees of the Trustee in connection with an offer by an Interested Person and the Trustee’s duties therewith shall be paid in advance of any such determination by such Interested Person.

 

(i)         Subject to subsections (g) and (h) above, the Special Servicer shall act on behalf of the Trustee (for the benefit of the Certificateholders and, in the case of a Serviced Whole Loan, the related Serviced Companion Loan Noteholders) in negotiating and taking any other action necessary or appropriate in connection with the sale of any Serviced REO Property, and the applicable collection of all amounts payable in connection therewith. In connection therewith, the Special Servicer may charge for its own account prospective offerors, and may retain, fees that approximate the Special Servicer’s actual costs in the preparation and delivery of information pertaining to such sales or exchanging offers without obligation to deposit such amounts into the Collection Account or, in the case of any Serviced Whole Loan, the applicable Serviced Whole Loan Collection Account. Any sale of a Serviced REO Property shall be final and without recourse to the Trustee or the Trust Fund (except such recourse to the Trust Fund imposed by those representations and warranties typically given in such transactions, any prorations applied thereto and any customary closing matters), and if such sale is consummated in accordance with the terms of this Agreement, none of the Special Servicer, the Master Servicer, the Depositor or the Trustee shall have any liability to any Certificateholder or Serviced Companion Loan Noteholder with respect to the purchase price therefor accepted by the Special Servicer or the Trustee.

 

(j)         Any sale of a Serviced REO Property shall be for cash only.

 

(k)        Notwithstanding any of the foregoing paragraphs of this Section 3.16, the Special Servicer shall not be obligated to accept the highest cash offer if the Special Servicer determines (in consultation with the Directing Holder (other than with respect to any applicable Excluded Loan or unless a Consultation Termination Event exists), each Risk Retention Consultation Party (other than with respect to any applicable Excluded Loan) and, in the case of a Serviced Whole Loan or an REO Property related to a Serviced Whole Loan, the related Companion Loan Noteholder(s)), in accordance with the Servicing Standard, that rejection of such offer would be in the best interests of the Certificateholders, the RR Interest Owner and, in the case of a sale of a Serviced Whole Loan or an REO Property related to a Serviced Whole Loan, the related Companion Loan Noteholders (as a collective whole as if such Certificateholders, the RR Interest Owner and, if applicable, Serviced Companion Loan Noteholders constituted a single lender and with respect to any Serviced Whole Loan with a related Subordinate Companion Loan, taking into account the subordinate nature of such Subordinate Companion Loan) and, with respect to a Whole Loan with a Trust Subordinate Companion Loan, taking into account the subordinate nature of such Trust Subordinate Companion Loan, and the Special Servicer may accept a lower cash offer (from any Person other than itself or its Affiliate) if it determines, in its reasonable and good faith judgment, that acceptance of such offer would be in the best interests of the Certificateholders and the RR Interest Owner (for example, if the prospective buyer making the lower offer is more likely to perform its obligations or the terms offered by the prospective buyer making the lower offer are more favorable) and, in the case of a Serviced Whole Loan, the related Serviced Companion Loan Noteholders (as a collective whole as if such Certificateholders and RR Interest Owner

 

 

     -289-

     

    

 

and, if applicable, Serviced Companion Loan Noteholders constituted a single lender) (and with respect to any Serviced Whole Loan with a related Subordinate Companion Loan, taking into account the subordinate nature of such Subordinate Companion Loan).

 

(l)         With respect to each defaulted Serviced Companion Loan, the Special Servicer shall sell such defaulted Serviced Companion Loan (or, in the case of the BX Industrial Portfolio Whole Loan, the Tower 333 Whole Loan or the 825 South Hill Whole Loan, as applicable, the related Trust Subordinate Companion Loan) together with the related Mortgage Loan pursuant to the terms of the related Intercreditor Agreement and this Agreement as if such Mortgage Loan and Serviced Companion Loans (or, in the case of the BX Industrial Portfolio Whole Loan, the Tower 333 Whole Loan or the 825 South Hill Whole Loan, as applicable, the related Trust Subordinate Companion Loan) were one whole loan on behalf of the Certificateholders and the related Serviced Companion Loan Noteholders. The Special Servicer shall provide notice and other information required under the related Intercreditor Agreement to the applicable Other Special Servicer as soon as practicable following its decision to attempt to sell, and prior to commencement or marketing of, any Serviced Companion Loan. With respect to Serviced Whole Loans, the Special Servicer shall be required to obtain the consent of any holder of a related Serviced Companion Loan (or, in the case of the BX Industrial Portfolio Whole Loan, the Tower 333 Whole Loan or the 825 South Hill Whole Loan, as applicable, the related Trust Subordinate Companion Loan) prior to a sale of such Serviced Whole Loan, unless (i) such holder is the related Borrower or an Affiliate or agent of the related Borrower or (ii) the Special Servicer delivers to such holders of the related Serviced Companion Loans (or, in the case of the BX Industrial Portfolio Whole Loan, the Tower 333 Whole Loan or the 825 South Hill Whole Loan, as applicable, the related Trust Subordinate Companion Loan): (A) at least fifteen (15) Business Days’ prior written notice of any decision to attempt to sell the related Serviced Whole Loan; (B) at least ten (10) days prior to the proposed sale date, a copy of each bid package (together with any material amendments to such bid packages) received by the Special Servicer in connection with any such proposed sale; (C) at least ten (10) days prior to the proposed sale date, a copy of the most recent appraisal for such Serviced Whole Loan, and any documents in the servicing file reasonably requested by the holders of the applicable Serviced Companion Loans (or, in the case of the BX Industrial Portfolio Whole Loan, the Tower 333 Whole Loan or the 825 South Hill Whole Loan, as applicable, the related Trust Subordinate Companion Loan) that are material to the sale price of such Serviced Whole Loan; and (D) until the sale is completed, and a reasonable period of time (but not less time than is afforded to other offerors, the Directing Holder and the Risk Retention Consultation Parties) prior to the proposed sale date, all information and other documents being provided to other offerors and all leases or other documents that are approved by the Special Servicer in connection with the proposed sale. The holders of the Serviced Companion Loans (or, in the case of the BX Industrial Portfolio Whole Loan, the Tower 333 Whole Loan or the 825 South Hill Whole Loan, as applicable, the related Trust Subordinate Companion Loan) (or, in any case, their respective representatives) shall be permitted to submit an offer at any sale of such related Serviced Whole Loan; however, the related Borrower and its agents and Affiliates shall not be permitted to submit an offer at such sale.

 

(m)       With respect to any Servicing Shift Mortgage Loan, if the related Servicing Shift Mortgage Loan becomes a Defaulted Loan, the Special Servicer (or, on or after the related Servicing Shift Securitization Date, the Other Special Servicer under the Other

 

 

     -290-

     

    

 

Pooling and Servicing Agreement related to such Servicing Shift Mortgage Loan) will be required to sell such Servicing Shift Mortgage Loan together with the related Companion Loan(s) as notes evidencing one whole loan, in accordance with the provisions of the related Intercreditor Agreement and this Agreement or the related Other Pooling and Servicing Agreement, as the case may be.

 

Section 3.17     Additional Obligations of the Master Servicer and the Special Servicer; Inspections. (a) The Master Servicer (at its own expense) (or, with respect to Specially Serviced Loans and Serviced REO Properties, the Special Servicer) shall inspect or cause to be inspected each Mortgaged Property securing a Serviced Mortgage Loan that it is servicing at such times and in such manner as is consistent with the Servicing Standard, but in any event shall inspect each Mortgaged Property with a Stated Principal Balance (or in the case of a Mortgage Loan secured by more than one Mortgaged Property, having an Allocated Loan Amount) of (A) $2,000,000 or more at least once every 12 months (commencing in 2021) and (B) less than $2,000,000 at least once every 24 months (commencing in 2021), (or, in each case, at such decreased frequency as each Rating Agency shall have provided a Rating Agency Confirmation relating to the Certificates and Serviced Companion Loan Securities, if any); provided that if a physical inspection has been performed by the Special Servicer in the previous twelve (12) months and the Master Servicer has no knowledge of a material change in the Mortgaged Property since such physical inspection, the Master Servicer will not be required to perform or cause to be performed, such physical inspection; provided, further, that if any scheduled payment becomes more than sixty (60) days delinquent on the related Mortgage Loan, the Special Servicer shall inspect or cause to be inspected the related Mortgaged Property as soon as practicable after such Mortgage Loan becomes a Specially Serviced Loan and annually thereafter for so long as such Mortgage Loan remains a Specially Serviced Loan. The reasonable cost of each such inspection performed in accordance with the Servicing Standard by the Special Servicer shall be paid by the Master Servicer as a Servicing Advance. With respect to a Serviced Whole Loan, the costs described in the preceding sentence above that relate to the applicable Serviced Whole Loan shall be paid out of amounts on deposit in the Serviced Whole Loan Collection Account related to such Serviced Whole Loan (allocated in accordance with the expense allocation provision of the related Intercreditor Agreement). If funds in the applicable Serviced Whole Loan Collection Account relating to a Serviced Whole Loan are insufficient, then any deficiency shall be paid from amounts on deposit in the Collection Account; provided that the Master Servicer shall, after receiving payment from amounts on deposit in the Collection Account, if any, (i) promptly notify the related Companion Loan Noteholder and (ii) use commercially reasonable efforts to exercise on behalf of the Trust any rights under the related Intercreditor Agreement to obtain reimbursement for a pro rata portion of such amount allocable to the related Companion Loans from the related Companion Loan Noteholders. With respect to each of the BX Industrial Portfolio Whole Loan, the Tower 333 Whole Loan and the 825 South Hill Whole Loan, the costs will be allocated according to the related Intercreditor Agreement. The Master Servicer or the Special Servicer, as applicable, shall prepare a written report of the inspection describing, among other things, the condition of and any damage to the Mortgaged Property securing a Mortgage Loan that it is servicing and specifying the existence of any material vacancies in such Mortgaged Property, any sale, transfer or abandonment of such Mortgaged Property of which it has actual knowledge, any material adverse change in the condition of the Mortgaged Property, or any visible material waste committed on applicable Mortgaged Property. The Master Servicer or Special Servicer, as applicable, shall send such 

 

 

     -291-

     

    

 

reports to the 17g-5 Information Provider (who shall promptly post such reports to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement), the related Other 17g-5 Information Provider (if any) and, upon request, to the Initial Purchasers within 20 days of completion and receipt (by the Master Servicer or Special Servicer, as applicable, or, if earlier, any sub-servicer on their behalf) of the inspection report, each inspection report.

 

(b)        With respect to each Serviced Mortgage Loan and any related Companion Loan, the Master Servicer (or the Special Servicer, in the case of a Specially Serviced Loan) shall exercise the Trustee’s rights, in accordance with the Servicing Standard, with respect to the Manager under the related Loan Documents and Management Agreement, if any.

 

(c)        The Master Servicer shall deliver all Compensating Interest Payments (other than the portion of any Compensating Interest Payment allocated to the Trust Subordinate Companion Loans or a Serviced Pari Passu Companion Loan) to the Certificate Administrator for deposit in the Lower-Tier Distribution Account on each Master Servicer Remittance Date, without any right of reimbursement therefor. The Master Servicer shall deliver all Compensating Interest Payments with respect to the Trust Subordinate Companion Loans to the Certificate Administrator for deposit in the related Trust Subordinate Companion Loan REMIC Distribution Account on each Master Servicer Remittance Date, without any right of reimbursement therefor. The Master Servicer shall deliver the portion of any Compensating Interest Payment allocated to a Serviced Pari Passu Companion Loan to the holder of the Serviced Companion Loan on each Master Servicer Remittance Date, without any right of reimbursement therefor.

 

(d)        The Master Servicer shall, as to each Serviced Mortgage Loan and any related Serviced Companion Loan that is secured by the interest of the related Borrower under a ground lease (or, with respect to a leasehold interest that is a space lease or an air rights lease, such space lease or air rights lease), promptly (and in any event within 60 days) after the Closing Date notify the related ground lessor of the transfer of such Mortgage Loan or Serviced Whole Loan to the Trust pursuant to this Agreement and inform such ground lessor that any notices of default under the related ground lease (or, with respect to a leasehold interest that is a space lease or an air rights lease, the related space lease or air rights lease) should thereafter be forwarded to the Master Servicer.

 

(e)        The Master Servicer shall, to the extent consistent with the Servicing Standard and permitted by the related Loan Documents, not apply any funds with respect to a Mortgage Loan or Serviced Whole Loan (whether arising in the form of a holdback, earnout reserve, cash trap or other similar feature) to the prepayment of the related Mortgage Loan or Serviced Whole Loan prior to an event of default or reasonably foreseeable event of default with respect to such Mortgage Loan or Serviced Whole Loan. Prior to an event of default or reasonably foreseeable event of default any such amounts described in the immediately preceding sentence shall be held by the Master Servicer as additional collateral for the related Mortgage Loan or Serviced Whole Loan.

 

Section 3.18     Authenticating Agent.  The Certificate Administrator may appoint an Authenticating Agent to execute and to authenticate Certificates. The Authenticating Agent must be acceptable to the Depositor and must be a corporation organized and doing business under the laws of the United States of America or any state, having a principal office and place of business in a state and city acceptable to the Depositor, having a combined capital and surplus 

 

 

     -292-

     

    

 

of at least $15,000,000, authorized under such laws to do a trust business and subject to supervision or examination by federal or state authorities. The Certificate Administrator shall serve as the initial Authenticating Agent.

 

Any corporation into which the Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Authenticating Agent shall be party, or any corporation succeeding to the corporate agency business of the Authenticating Agent, shall be the Authenticating Agent without the execution or filing of any paper or any further act on the part of the Certificate Administrator or the Authenticating Agent.

 

The Authenticating Agent may at any time resign by giving at least 30 days’ advance written notice of resignation to the Certificate Administrator, the Trustee, the Depositor and the Master Servicer. The Certificate Administrator may at any time terminate the agency of the Authenticating Agent by giving written notice of termination to the Authenticating Agent, the Depositor and the Master Servicer. Upon receiving a notice of resignation or upon such a termination, or in case at any time the Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section 3.18, the Certificate Administrator may appoint a successor Authenticating Agent, which shall be acceptable to the Depositor, and shall mail notice of such appointment to all Certificateholders. Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers, duties and responsibilities of its predecessor hereunder, with like effect as if originally named as Authenticating Agent herein. No successor Authenticating Agent shall be appointed unless eligible under the provisions of this Section 3.18.

 

The Authenticating Agent shall have no responsibility or liability for any action taken by it as such at the direction of the Certificate Administrator. Any compensation paid to the Authenticating Agent shall be an unreimbursable expense of the Certificate Administrator, as applicable.

 

Section 3.19     Appointment of Custodians. The Certificate Administrator shall be the initial Custodian hereunder. The Certificate Administrator may appoint one or more additional Custodians to hold all or a portion of the Mortgage Files on behalf of the Trustee and otherwise perform the duties set forth in Article II, by entering into a Custodial Agreement with any Custodian who is not the Depositor. The Certificate Administrator agrees to comply with the terms of each Custodial Agreement and to enforce the terms and provisions thereof against the Custodian for the benefit of the Certificateholders. The Certificate Administrator shall not be liable for any act or omission of the Custodian under the Custodial Agreement. Each Custodian shall be a depository institution subject to supervision by federal or state authority, shall have a combined capital and surplus of at least $10,000,000, shall have a long-term debt rating of at least “Baa2” from Moody’s, “BBB” from Fitch and “A (low)” by DBRS Morningstar. Each Custodial Agreement may be amended only as provided in Section 12.08 of this Agreement. Any compensation paid to the Custodian shall be an unreimbursable expense of the Certificate Administrator. If the Custodian is an entity other than the Certificate Administrator, the Custodian shall maintain a fidelity bond in the form and amount that are customary for securitizations similar to the securitization evidenced by this Agreement. The Custodian shall be deemed to have complied with this provision if one of its Affiliates has such fidelity bond coverage and, by the terms of such fidelity bond, the coverage afforded thereunder extends to the 

 

 

     -293-

     

    

 

Custodian. In addition, the Custodian shall keep in force during the term of this Agreement a policy or policies of insurance covering loss occasioned by the errors and omissions of its officers and employees in connection with its obligations hereunder in the form and amount that are customary for securitizations similar to the securitization evidenced by this Agreement. All fidelity bonds and policies of errors and omissions insurance obtained under this Section 3.19 shall be issued by a Qualified Insurer.

 

Section 3.20     Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve Accounts. The Master Servicer shall administer each Lock-Box Account, Cash Collateral Account, Escrow Account and Reserve Account in accordance with the related Mortgage or Loan Agreement, Cash Collateral Account Agreement or Lock-Box Agreement, if any relating to the Serviced Mortgage Loans and any related Serviced Companion Loans it is servicing.

 

Section 3.21     Servicing Advances. (a) The Master Servicer (or, to the extent provided in Section 3.21(c) of this Agreement, the Trustee) to the extent specifically provided for in this Agreement, shall make any Servicing Advances as and to the extent otherwise required pursuant to the terms hereof with respect to the Serviced Mortgage Loans and any related Serviced Companion Loans that it is servicing. For purposes of distributions to Certificateholders and compensation to the Master Servicer, the Special Servicer or the Trustee, Servicing Advances shall not be considered to increase the Stated Principal Balance of any such Mortgage Loan or Serviced Whole Loan, notwithstanding that the terms of such Mortgage Loan or Serviced Whole Loans so provide. Notwithstanding anything in this Agreement to the contrary, the Special Servicer shall have no obligation to make any Servicing Advances under this Agreement, but may make a Servicing Advance on an urgent or emergency basis in its discretion.

 

(b)        Notwithstanding anything in this Agreement to the contrary, the Special Servicer shall give the Master Servicer not less than five Business Days’ written notice with respect to any Servicing Advance to be made on any Specially Serviced Loan, before the date on which the Master Servicer is required to make such Servicing Advance with respect to such Specially Serviced Loan or Serviced REO Loan; provided that the Special Servicer shall be required to provide the Master Servicer with only two Business Days’ written notice in respect of Servicing Advances required to be made on an urgent or emergency basis (which may include, without limitation, Servicing Advances required to make tax or insurance payments). If the Master Servicer or the Trustee makes a Servicing Advance with respect to any Serviced Whole Loan then it shall provide written notice to the related Other Servicer, Other Special Servicer and Other Trustee of the amount of such Servicing Advance with respect to such Serviced Whole Loan as part of its monthly report following the making of such Servicing Advance.

 

(c)        The Master Servicer shall notify the Trustee and the Certificate Administrator in writing promptly upon, and in any event within one Business Day after, becoming aware that it will be unable to make any Servicing Advance required to be made pursuant to the terms hereof, and in connection therewith, shall set forth in such notice the amount of such Servicing Advance, the Person to whom it is to be paid, and the circumstances and purpose of such Servicing Advance, and shall set forth therein information and instructions for the payment of such Servicing Advance, and, on the date specified in such notice for the payment of such Servicing Advance, or, if the date for payment has passed or if no such date is

 

 

     -294-

     

    

 

specified, then within five Business Days following such notice, the Trustee, subject to the provisions of Section 3.21(d) of this Agreement, shall pay the amount of such Servicing Advance in accordance with such information and instructions.

 

(d)        The Special Servicer shall promptly furnish any party required to make Servicing Advances hereunder with any information in its possession regarding the Specially Serviced Loans and REO Properties as such party required to make Servicing Advances may reasonably request for purposes of making recoverability determinations. Notwithstanding anything to the contrary in this Agreement, the Special Servicer shall have no obligation to make an affirmative determination that any Advance is, or would be, a Nonrecoverable Advance, and in the absence of a determination by the Special Servicer that such an Advance is a Nonrecoverable Advance, then all such decisions shall remain with the Master Servicer or Trustee, as applicable.

 

Notwithstanding anything herein to the contrary, no Servicing Advance shall be required hereunder if the Person otherwise required to make such Servicing Advance determines that such Servicing Advance would, if made, constitute a Nonrecoverable Servicing Advance. In addition, neither the Master Servicer nor the Trustee shall make any Servicing Advance to the extent that it has received written notice that the Special Servicer has determined that such Servicing Advance would, if made, constitute a Nonrecoverable Servicing Advance. In making such recoverability determination, such Person will be entitled to (i) give due regard to the existence of any Nonrecoverable Advance or Workout-Delayed Reimbursement Amount with respect to other Mortgage Loans, the recovery of which, at the time of such consideration, is being deferred or delayed by the Master Servicer or the Trustee, as applicable, in light of the fact that proceeds on the related Mortgage Loan (or the related Serviced Whole Loan, as applicable) are a source of recovery not only for the Servicing Advance under consideration, but also as a potential source of recovery of such Nonrecoverable Advance or Workout-Delayed Reimbursement Amount which is being or may be deferred or delayed, (ii) consider (among other things) the obligations of the Borrower under the terms of the related Mortgage Loan (or the related Serviced Whole Loan, as applicable) as it may have been modified, (iii) consider (among other things) the related Mortgaged Properties in their “as is” or then current conditions and occupancies, as modified by such party’s assumptions (consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer) regarding the possibility and effects of future adverse changes with respect to such Mortgaged Properties, (iv) estimate and consider (consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer) (among other things) future expenses, (v) estimate and consider (among other things) the timing of recoveries and (vi) consider any non-recoverability determination of the Other Servicer or Other Trustee under the Other Pooling and Servicing Agreement relating to a P&I Advance for a Non-Serviced Companion Loan.

 

The Master Servicer, the Special Servicer and the Trustee, as applicable, shall consider Unliquidated Advances in respect of prior Servicing Advances for purposes of nonrecoverability determinations as if such Unliquidated Advances were unreimbursed Servicing Advances. If an Appraisal of the related Mortgaged Property shall not have been obtained within the prior 9-month period (and the Master Servicer and the Trustee shall each request any such appraisal from the Special Servicer prior to ordering an Appraisal pursuant to this sentence) or if such an Appraisal shall have been obtained but as a result of unforeseen occurrences, such

 

 

     -295-

     

    

 

Appraisal does not, in the good faith determination of the Master Servicer, the Special Servicer or the Trustee, reflect current market conditions, and the Master Servicer or the Trustee, as applicable, and the Special Servicer cannot agree on the appropriate downward adjustment to such Appraisal, the Master Servicer, the Special Servicer or the Trustee, as the case may be, may, subject to its reasonable and good faith determination that such Appraisal will demonstrate the nonrecoverability of the related Advance, obtain an Appraisal for such purpose at the expense of the Trust Fund (and, in the case of any Serviced Whole Loan, such expense shall be allocated in accordance with the allocation provisions of the related Intercreditor Agreement).

 

Any determination by the Master Servicer, Special Servicer or the Trustee that the Master Servicer or Trustee, as the case may be, has made a Servicing Advance that is a Nonrecoverable Servicing Advance or any determination by the Master Servicer, the Special Servicer or the Trustee that any proposed Servicing Advance, if made, would constitute a Nonrecoverable Servicing Advance shall be evidenced in the case of the Master Servicer or the Special Servicer by a certificate of a Servicing Officer delivered to the other, to the Trustee, the Directing Holder (but only if no Consultation Termination Event is continuing), the Certificate Administrator, any related Companion Loan Noteholder(s) and the Depositor and, in the case of the Trustee, by a certificate of a Responsible Officer of the Trustee, delivered to the Depositor, the Directing Holder (but only if no Consultation Termination Event is continuing), the Certificate Administrator, any related Companion Loan Noteholder(s), the Master Servicer and the Special Servicer, which in each case sets forth such nonrecoverability determination and the considerations of the Master Servicer, the Special Servicer or the Trustee, as applicable, forming the basis of such determination (such certificate accompanied by, to the extent available, income and expense statements, rent rolls, occupancy status, property inspections and other information used by the Master Servicer, the Special Servicer or the Trustee, as applicable, to make such determination, together with any existing Appraisal or any Updated Appraisal); provided that the Special Servicer may, at its option, make a determination in accordance with the Servicing Standard, that any Servicing Advance previously made or proposed to be made is nonrecoverable and shall deliver to the Master Servicer, the Certificate Administrator, the Directing Holder (but only with respect to a Specially Serviced Loan and if no Consultation Termination Event is continuing), the Trustee, the related Serviced Companion Loan Noteholder (if any) and the 17g-5 Information Provider (who shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement), notice of such determination. Any such determination may be relied upon by and shall be binding on the Master Servicer and the Trustee. For the avoidance of doubt, any nonrecoverability determination with respect to the Trust Subordinate Companion Loans will be made based on the subordinate nature of the Trust Subordinate Companion Loans. Notwithstanding the foregoing, the Special Servicer shall have no obligation to make an affirmative determination that any Advance is, or would be, a Nonrecoverable Advance, and in the absence of a determination by the Special Servicer that such an Advance is a Nonrecoverable Advance, then all such decisions shall remain with the Master Servicer or the Trustee, as applicable. If the Special Servicer makes a determination that only a portion, and not all, of any previously made or proposed Servicing Advance is a Nonrecoverable Servicing Advance, the Master Servicer and the Trustee shall each have the right to make its own subsequent determination that any remaining portion of any such previously made or proposed Servicing Advance is a Nonrecoverable Servicing Advance.

 

 

     -296-

     

    

 

Any such Person may update or change its recoverability determinations at any time (but not reverse any other Person’s determination or prohibit any such other authorized Person from making a determination, that a Servicing Advance is a Nonrecoverable Advance) and (consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer) may obtain, at the expense of the Trust (and, in the case of a Serviced Whole Loan, such expense shall be allocated in accordance with the allocation provisions of the related Intercreditor Agreement), any analysis, Appraisals or market value estimates or other information for such purposes. Absent bad faith, any such determination as to the recoverability of any Servicing Advance shall be conclusive and binding on the Certificateholders and the Serviced Companion Loan Noteholders.

 

The Trustee, in determining whether or not a Servicing Advance previously made is, or a proposed Servicing Advance, if made, would be, a Nonrecoverable Servicing Advance shall use its reasonable judgment.

 

With respect to the payment of insurance premiums and delinquent tax assessments, in the event that the Master Servicer determines that a Servicing Advance of such amounts would constitute a Nonrecoverable Advance, the Master Servicer shall deliver notice of such determination to the Trustee, the Certificate Administrator and the Special Servicer. Upon receipt of such notice, the Master Servicer (with respect to any Serviced Mortgage Loan and any related Serviced Companion Loan that is a Performing Loan) and the Special Servicer (with respect to any Specially Serviced Loan or REO Property) shall determine (with the reasonable assistance of the Master Servicer) whether the payment of such amount (i) is necessary to preserve the related Mortgaged Property and (ii) would be in the best interests of the Certificateholders and the RR Interest Owner and, in the case of any Serviced Companion Loans, the related Serviced Companion Loan Noteholders (as a collective whole as if such Certificateholders, RR Interest Owner and, if applicable, Serviced Companion Loan Noteholders constituted a single lender (and with respect to any Serviced Whole Loan with a related Subordinate Companion Loan, taking into account the subordinate nature of such Subordinate Companion Loan)). If the Master Servicer or the Special Servicer determines that the payment of such amount (i) is necessary to preserve the related Mortgaged Property and (ii) would be in the best interests of the Certificateholders and, in the case of any Serviced Companion Loan, the related Serviced Companion Loan Noteholder (and in the case of a Serviced Subordinate Companion Loan, taking into account the subordinate nature of such Subordinate Companion Loan), the Special Servicer (in the case of a determination by the Special Servicer) shall direct the Master Servicer in writing to make such payment and the Master Servicer shall make such payment, to the extent of available funds, from amounts in the Collection Account or, if a Serviced Whole Loan is involved, from amounts in the applicable Serviced Whole Loan Collection Account.

 

Notwithstanding anything to the contrary contained in this Section 3.21, the Master Servicer may elect (but shall not be required) to make a payment out of the Collection Account to pay for certain expenses specified in this sentence notwithstanding that the Master Servicer has determined that a Servicing Advance with respect to such expenditure would be a Nonrecoverable Servicing Advance (unless, with respect to Specially Serviced Loans or Serviced REO Loans, the Special Servicer has notified the Master Servicer to not make such expenditure), where making such expenditure would prevent (i) the related Mortgaged Property from being 

 

 

     -297-

     

    

 

uninsured or being sold at a tax sale or (ii) any event that would cause a loss of the priority of the lien of the related Mortgage, or the loss of any security for the related Mortgage Loan; provided that in each instance, the Master Servicer determines in accordance with the Servicing Standard (as evidenced by a certificate of a Servicing Officer delivered to the Trustee and the Certificate Administrator) that making such expenditure is in the best interests of the Certificateholders and, in the case of a Serviced Whole Loan, the related Serviced Companion Loan Noteholders (as a collective whole as if such Certificateholders and, if applicable, Serviced Companion Loan Noteholders constituted a single lender (and with respect to any Serviced Whole Loan with a related Subordinate Companion Loan, taking into account the subordinate nature of such Subordinate Companion Loan)). The Master Servicer may elect to obtain reimbursement of Nonrecoverable Servicing Advances from the Trust Fund in accordance with Section 3.06 of this Agreement.

 

(e)        The Master Servicer, the Special Servicer and/or the Trustee, as applicable, shall be entitled to the reimbursement of Servicing Advances made by any of them to the extent permitted pursuant to Section 3.06 of this Agreement, if applicable, together with any related Advance Interest Amount in respect of such Servicing Advances, and the Master Servicer, the Special Servicer and the Trustee each hereby covenants and agrees to promptly seek and effect the reimbursement of such Servicing Advances from the related Borrowers to the extent permitted by applicable law and the related Loan Documents.

 

The parties acknowledge that, pursuant to the applicable Other Pooling and Servicing Agreement, the applicable Other Servicer is obligated to make Servicing Advances with respect to the related Non-Serviced Mortgage Loan. The Other Servicer, the Other Special Servicer (to the extent it has made an advance), the Other Trustee or fiscal agent or other Persons making advances under the applicable Other Pooling and Servicing Agreement shall be entitled to reimbursement in accordance with Section 3.06(b) of this Agreement for the pro rata portion (based on Stated Principal Balance) of the related Mortgage Loan (after amounts allocated to the related Subordinate Companion Loan, if any) with respect to any Servicing Advance that is nonrecoverable (with, in each case, any pro rata portion of accrued and unpaid interest thereon provided for under the Other Pooling and Servicing Agreement) in the manner set forth in the Other Pooling and Servicing Agreement and the related Intercreditor Agreement, as applicable.

 

With respect to any Serviced Whole Loan, if the Master Servicer, the Special Servicer or Trustee, as applicable, determines that a proposed Servicing Advance with respect to such Serviced Whole Loan, if made, or any outstanding Servicing Advance with respect to any such Mortgage Loan previously made, would be, or is, as applicable, a Nonrecoverable Advance, the Master Servicer or Trustee, as applicable, shall provide the Other Servicer, Other Special Servicer and the Other Trustee under each related Other Pooling and Servicing Agreement with written notice of such determination, together with supporting evidence for such determination within two (2) Business Days after such determination or such longer time period permitted by the applicable Intercreditor Agreement.

 

 

     -298-

     

    

 

Section 3.22     Appointment and Replacement of Special Servicer. (a) Midland Loan Services, a Division of PNC Bank, National Association is hereby appointed as the initial Special Servicer to service each Specially Serviced Loan and related REO Property.

 

(b)        For so long as no Control Termination Event is continuing, the Directing Holder shall be entitled to terminate the rights (subject to Section 3.05, Section 3.12 and Section 6.03(a) of this Agreement) and obligations of the Special Servicer under this Agreement, with or without cause, and appoint a successor Special Servicer pursuant to Section 7.02 of this Agreement, upon ten (10) Business Days’ notice to the Depositor, the Special Servicer, the Master Servicer, the Paying Agent, the Certificate Administrator and the Trustee; provided that, with respect to any Serviced Whole Loan, the related Directing Holder’s right to terminate the rights and obligations of the Special Servicer under this Agreement with respect to such Serviced Whole Loan shall be subject to the limitations set forth in the related Intercreditor Agreement; provided, further, that with respect to any Servicing Shift Whole Loan, the limitations on termination without cause set forth in clause (b) shall not apply to the related Loan-Specific Directing Holder’s right to terminate the Special Servicer’s rights and obligations under this Agreement without cause with respect to such Servicing Shift Whole Loan pursuant to the terms of the related Intercreditor Agreement. The approval of the Certificateholders of a Qualified Replacement Special Servicer shall not be construed to preclude the Directing Holder from appointing a replacement special servicer, provided that such replacement may not be the removed Special Servicer or its Affiliate. Notwithstanding anything to the contrary contained in this Agreement or the related Intercreditor Agreements, the BX Industrial Portfolio Loan-Specific Directing Holder solely with respect to the BX Industrial Portfolio Whole Loan and the Tower 333 Loan-Specific Directing Holder solely with respect to the Tower 333 Whole Loan shall be deemed to have requested the appointment of Situs Holdings, LLC as the Special Servicer for the BX Industrial Portfolio Whole Loan and the Tower 333 Whole Loan, respectively, and such appointment shall, without obtaining a Rating Agency Confirmation from each Rating Agency and at no expense to the Trust, automatically take effect so long as within sixty (60) days of the Closing Date, (a) Situs Holdings, LLC shall have delivered to the parties hereto a written notice assuming the obligations of the Special Servicer for the BX Industrial Portfolio Whole Loan and the Tower 333 Whole Loan under this Agreement, and (b) as of the date of such written notice, Situs Holdings, LLC is a Qualified Replacement Special Servicer. For the avoidance of doubt, the requirements of Section 3.22(e) of this Agreement shall not apply to the appointment of Situs Holdings, LLC contemplated in the preceding sentence.

 

(c)        [Reserved].

 

(d)        If a Control Termination Event that relates to any Mortgage Loan (other than the BX Industrial Portfolio Mortgage Loan, the Tower 333 Mortgage Loan or the 825 South Hill Mortgage Loan) is continuing and upon (a) the written direction of Holders of Pooled Principal Balance Certificates and the Class RR Certificates evidencing not less than 25% of the Pooled Voting Rights (taking into account the application of any Appraisal Reduction Amounts to notionally reduce the Certificate Balances of the Pooled Principal Balance Certificates and the Class RR Certificates pursuant to Section 4.08 of this Agreement) of the Pooled Principal Balance Certificates and the Class RR Certificates requesting a vote to replace the Special Servicer (other than with respect to any Servicing Shift Whole Loan, the BX Industrial Portfolio Whole Loan, the Tower 333 Whole Loan or the 825 South Hill Whole Loan) with a new special

 

 

     -299-

     

    

 

servicer designated in such written direction, (b) payment by such Holders to the Certificate Administrator of the reasonable fees and expenses (including any legal fees and expenses and any Rating Agency fees and expenses) to be incurred by the Certificate Administrator in connection with administering such vote and (c) delivery by such holders to the Certificate Administrator and the Trustee of a Rating Agency Confirmation from each Rating Agency and a comparable confirmation from each NRSRO that has been engaged to rate any securities backed, in whole or in part, by a Pari Passu Companion Loan with respect to the Certificates and, if such successor Special Servicer shall also specially service a Serviced Whole Loan, any related Serviced Companion Loan Securities, the Certificate Administrator shall promptly provide written notice to all Certificateholders of such request by posting such notice on the Certificate Administrator’s Website, and by mail (or through the DTC system, as applicable), and conduct the solicitation of votes of all Certificates in such regard. Subsequently, if a Control Termination Event is continuing, upon the written direction of (i) Holders of Pooled Principal Balance Certificates and the Class RR Certificates evidencing at least 66-2/3% of a Pooled Quorum of Certificates or (ii) Holders of Pooled Principal Balance Certificates and the Class RR Certificates evidencing more than 50% of the aggregate Pooled Voting Rights of each Class of Pooled Non-Reduced Certificates on an aggregate basis, the Trustee shall (x) terminate all of the rights and obligations of the Special Servicer (other than with respect to the BX Industrial Portfolio Whole Loan, the Tower 333 Whole Loan or the 825 South Hill Whole Loan) under this Agreement and appoint the successor Special Servicer designated by such Certificateholders (other than with respect to any Servicing Shift Whole Loan), provided that such termination is subject to the terminated Special Servicer’s rights to indemnification, payment of outstanding fees and other compensation, reimbursement of advances and other rights set forth in this Agreement which survive termination and (y) promptly notify such outgoing Special Servicer of the effective date of such termination; provided that if such written direction is not provided within 180 days of the notice from the Certificate Administrator of the request for a vote to terminate and replace the Special Servicer, then such written direction shall have no force and effect. The reasonable fees and out-of-pocket costs associated with administering such vote shall be an Additional Trust Fund Expense. The Certificate Administrator shall include on each Distribution Date Statement a statement that each Certificateholder, the RR Interest Owner and Certificate Owner may access notices on the Certificate Administrator’s Website and each Certificateholder, the RR Interest Owner and Certificate Owner may register to receive email notifications when such notices are posted on the Certificate Administrator’s Website; provided that the Certificate Administrator shall be entitled to reimbursement from the requesting Certificateholders or the RR Interest Owner for the reasonable expenses of posting such notices. Notwithstanding the foregoing, the Certificateholders’ direction to replace the Special Servicer shall not apply to any Serviced AB Whole Loan unless a related Control Appraisal Period is continuing with respect to such Serviced AB Whole Loan under the related Intercreditor Agreement. The related Serviced Subordinate Companion Loan Noteholder shall have the right, other than during the continuance of such related Control Appraisal Period to replace the Special Servicer solely with respect to such Serviced AB Whole Loan. In addition, at no time will the Holders of Certificates be permitted to replace the Special Servicer without cause with respect to (a) the BX Industrial Portfolio Whole Loan, other than the Holders of the BX Industrial Portfolio Control Eligible Certificates when the BX Industrial Portfolio Controlling Class Representative is the Directing Holder of the BX Industrial Portfolio Whole Loan; (b) the Tower 333 Whole Loan, other than the Holders of the Tower 333 Control Eligible Certificates when the Tower 333 Controlling Class Representative is the Directing Holder of the Tower 333 Whole Loan; and (c) the 825

 

 

     -300-

     

    

 

South Hill Whole Loan, other than the Holders of the 825 South Hill Control Eligible Certificates when the 825 South Hill Controlling Class Representative is the Directing Holder of the 825 South Hill Whole Loan.

 

After the occurrence and during the continuance of a BX Industrial Portfolio Note B Holder Control Appraisal Period, upon (i) the written direction of holders of Principal Balance Certificates evidencing not less than 25% of the Pooled Voting Rights (taking into account the application of any Appraisal Reduction Amounts to notionally reduce the Certificate Balances of the Pooled Principal Balance Certificates) requesting a vote to replace the Special Servicer with a new special servicer, (ii) payment by such holders to the Certificate Administrator of the reasonable fees and expenses (including any legal fees and expenses and any Rating Agency fees and expenses) to be incurred by the Certificate Administrator in connection with administering such vote (which fees and expenses will not be additional trust fund expenses), and (iii) delivery by such holders to the Certificate Administrator and the Trustee of Rating Agency Confirmation from each Rating Agency (such Rating Agency Confirmation will be obtained at the expense of those holders of certificates requesting such vote), the Certificate Administrator will be required to promptly post notice of such request on the Certificate Administrator’s website and concurrently provide written notice of such request by mail and conduct the solicitation of votes of all Certificates in such regard, which such vote must occur within 180 days of the posting of such notice. Upon the written direction of (i) Holders of Principal Balance Certificates evidencing at least 66-2/3% of a Pooled Quorum or (ii) holders of Principal Balance Certificates evidencing more than 50% of the aggregate Voting Rights of each Class of Non-Reduced Certificates on an aggregate basis, the Trustee will be required to terminate all of the rights and obligations of the Special Servicer with respect to the BX Industrial Portfolio Whole Loan pursuant to Section 7.01 and appoint the successor Special Servicer (which must be a Qualified Replacement Special Servicer) designated by such Certificateholders, subject to indemnification, right to outstanding fees, reimbursement of Advances and other rights set forth in the this Agreement, which survive such termination.

 

After the occurrence and during the continuance of a Tower 333 Note B Holder Control Appraisal Period, upon (i) the written direction of holders of Principal Balance Certificates evidencing not less than 25% of the Pooled Voting Rights (taking into account the application of any Appraisal Reduction Amounts to notionally reduce the Certificate Balances of the Pooled Principal Balance Certificates) requesting a vote to replace the Special Servicer with a new special servicer, (ii) payment by such holders to the Certificate Administrator of the reasonable fees and expenses (including any legal fees and expenses and any Rating Agency fees and expenses) to be incurred by the Certificate Administrator in connection with administering such vote (which fees and expenses will not be additional trust fund expenses), and (iii) delivery by such holders to the Certificate Administrator and the Trustee of Rating Agency Confirmation from each Rating Agency (such Rating Agency Confirmation will be obtained at the expense of those holders of certificates requesting such vote), the Certificate Administrator will be required to promptly post notice of such request on the Certificate Administrator’s website and concurrently provide written notice of such request by mail and conduct the solicitation of votes of all Certificates in such regard, which such vote must occur within 180 days of the posting of such notice. Upon the written direction of (i) Holders of Principal Balance Certificates evidencing at least 66-2/3% of a Pooled Quorum or (ii) holders of Principal Balance Certificates evidencing more than 50% of the aggregate Voting Rights of each Class of Non-Reduced

 

 

     -301-

     

    

 

Certificates on an aggregate basis, the Trustee will be required to terminate all of the rights and obligations of the Special Servicer with respect to the Tower 333 Whole Loan pursuant to Section 7.01 and appoint the successor Special Servicer (which must be a Qualified Replacement Special Servicer) designated by such Certificateholders, subject to indemnification, right to outstanding fees, reimbursement of Advances and other rights set forth in the this Agreement, which survive such termination.

 

After the occurrence and during the continuance of a 825 South Hill Control Appraisal Period, upon (i) the written direction of holders of Principal Balance Certificates evidencing not less than 25% of the Pooled Voting Rights (taking into account the application of any Appraisal Reduction Amounts to notionally reduce the Certificate Balances of the Pooled Principal Balance Certificates) requesting a vote to replace the Special Servicer with a new special servicer, (ii) payment by such holders to the Certificate Administrator of the reasonable fees and expenses (including any legal fees and expenses and any Rating Agency fees and expenses) to be incurred by the Certificate Administrator in connection with administering such vote (which fees and expenses will not be additional trust fund expenses), and (iii) delivery by such holders to the Certificate Administrator and the Trustee of Rating Agency Confirmation from each Rating Agency (such Rating Agency Confirmation will be obtained at the expense of those holders of certificates requesting such vote), the Certificate Administrator will be required to promptly post notice of such request on the Certificate Administrator’s website and concurrently provide written notice of such request by mail and conduct the solicitation of votes of all Certificates in such regard, which such vote must occur within 180 days of the posting of such notice. Upon the written direction of (i) Holders of Principal Balance Certificates evidencing at least 66-2/3% of a Pooled Quorum or (ii) holders of Principal Balance Certificates evidencing more than 50% of the aggregate Voting Rights of each Class of Non-Reduced Certificates on an aggregate basis, the Trustee will be required to terminate all of the rights and obligations of the Special Servicer with respect to the 825 South Hill Whole Loan pursuant to Section 7.01 and appoint the successor Special Servicer (which must be a Qualified Replacement Special Servicer) designated by such Certificateholders, subject to indemnification, right to outstanding fees, reimbursement of Advances and other rights set forth in the this Agreement, which survive such termination.

 

(e)        The Trustee shall, promptly after receiving any removal notice pursuant to Section 3.22(b) of this Agreement or direction to terminate pursuant to Section 3.22(c) or Section 3.22(d) of this Agreement, so notify the Certificate Administrator, the related Serviced Companion Loan Noteholder (if any) and the 17g-5 Information Provider (who shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement). The termination of the Special Servicer and appointment of a successor Special Servicer pursuant to this Section 3.22 shall not be effective until (i) the Trustee receives from each Rating Agency a Rating Agency Confirmation and, if such successor Special Servicer shall also specially service a Serviced Whole Loan, a Serviced Companion Loan Rating Agency Confirmation, (ii) the successor special servicer has assumed all of its responsibilities, duties and liabilities hereunder pursuant to a writing reasonably satisfactory to the Trustee, (iii) receipt by the Trustee of an Opinion of Counsel to the effect that (x) the designation of such replacement to serve as Special Servicer is in compliance with this Agreement, (y) such replacement will be bound by the terms of this Agreement and (z) this Agreement will be enforceable against such replacement in accordance with its terms, (iv) the replacement Special Servicer certifies that such

 

 

     -302-

     

    

 

replacement special servicer satisfies all related qualifications set forth in the Intercreditor Agreement relating to such Serviced Companion Loan and (v) receipt by the Certificate Administrator (with a confirmation of such receipt delivered to the Trustee) of notice and information required to be delivered by the successor Special Servicer under Section 10.03 of this Agreement. Any successor Special Servicer shall make the representations and warranties provided for in Section 2.04(b) of this Agreement mutatis mutandis. Further, such successor Special Servicer shall be a Person that (i) satisfies all of the eligibility requirements applicable to the special servicer contained in this Agreement, (ii) (A) has been appointed as a special servicer on a transaction-level basis on the closing date of a commercial mortgage-backed securities transaction and, as of the date of such determination, is the special servicer of such securitization, with respect to which Moody’s rated one or more classes of certificates and one or more classes of such certificates are still outstanding and rated by Moody’s, and (B) is not a special servicer that has been cited by Moody’s as having servicing concerns as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in a transaction serviced by the applicable servicer prior to the time of determination, (iii) currently has a special servicer rating of at least “CSS3” from Fitch, and (iv) is currently acting as a servicer or special servicer, as applicable, on a transaction-level basis on a CMBS transaction currently rated by DBRS Morningstar that currently has securities outstanding and for which DBRS Morningstar has not cited servicing concerns of the replacement servicer or special servicer, as applicable, as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities rated by DBRS Morningstar in a commercial mortgage-backed securitization transaction rated by DBRS Morningstar and serviced by the applicable replacement servicer or special servicer, as applicable, prior to the time of determination. In addition, any replacement Special Servicer that will service any Serviced Whole Loan shall meet any requirements specified in the related Intercreditor Agreement or, if applicable, the related Other Pooling and Servicing Agreement.

 

The existing Special Servicer shall be deemed to have been removed simultaneously with such designated Person’s becoming the Special Servicer hereunder; provided that the Special Servicer removed pursuant to this Section shall be entitled to receive, and shall have received, all amounts accrued or owing to it under this Agreement on or prior to the effective date of such resignation and it shall continue to be entitled to any rights that accrued prior to the date of such resignation (including the right to receive all fees, expenses and other amounts accrued or owing to it under this Agreement, plus the right to receive any Workout Fee specified in Section 3.12(c) of this Agreement if the Special Servicer is terminated and any indemnification rights that the Special Servicer is entitled to pursuant to Section 6.03(a) of this Agreement) notwithstanding any such removal. Such removed Special Servicer shall cooperate with the Trustee and the replacement Special Servicer in effecting the termination of the resigning Special Servicer’s responsibilities and rights hereunder, including without limitation the transfer within two Business Days to the successor Special Servicer for administration by it of all cash amounts that are thereafter received with respect to the Mortgage Loans and, if applicable, Whole Loans.

 

(f)         The appointment of any such successor Special Servicer shall not relieve the Master Servicer or the Trustee of their respective obligations to make Advances as set forth herein; provided that none of the Trustee, the Master Servicer or the previous special servicer

 

 

     -303-

     

    

 

shall be liable for any actions or any inaction of such successor Special Servicer. Any termination fee payable to the terminated Special Servicer (and it is acknowledged that there is no such fee payable in the event of a termination for breach of this Agreement) shall be paid by the Certificateholders or the Directing Holder, as applicable, so terminating the Special Servicer and shall not in any event be an expense of the Trust Fund or any Serviced Companion Loan Noteholder (unless such Serviced Companion Loan Noteholder is the Directing Holder).

 

(g)        If a replacement special servicer is appointed with respect to a Serviced Whole Loan or any related Serviced REO Property in accordance with this Section 3.22 such that there are multiple parties acting as Special Servicer hereunder, then, unless the context clearly requires otherwise: (i) when used in the context of imposing duties and obligations on the Special Servicer hereunder or the performance of such duties and obligations, the term “Special Servicer” shall mean the applicable Serviced Whole Loan Special Servicer, insofar as such duties and obligations relate to the subject Serviced Whole Loan or any related Serviced REO Property, and shall mean the General Special Servicer (as defined below in clause (h)), in all other cases (provided that in Section 3.14 and Article VII of this Agreement, the term “Special Servicer” shall mean each of the Serviced Whole Loan Special Servicers and the General Special Servicer); (ii) when used in the context of identifying the recipient of any information, funds, documents, instruments and/or other items, the term “Special Servicer” shall mean the applicable Serviced Whole Loan Special Servicer, insofar as such information, funds, documents, instruments and/or other items relate to the subject Serviced Whole Loan or any related Serviced REO Property, and shall mean the General Special Servicer, in all other cases; (iii) when used in the context of granting the Special Servicer the right to purchase Defaulted Loans pursuant to Section 3.16 of this Agreement, the term “Special Servicer” shall mean the General Special Servicer only; (iv) when used in the context of granting the Special Servicer the right to purchase all of the Mortgage Loans and all other property held by the Trust Fund pursuant to Section 9.01 of this Agreement, the term “Special Servicer” shall mean the General Special Servicer only; (v) when used in the context of the Special Servicer being replaced pursuant to this Section 3.22 by the applicable Directing Holder, the term “Special Servicer” shall mean the General Special Servicer or the Serviced Whole Loan Special Servicer, if applicable; (vi) when used in the context of granting the Special Servicer any protections, limitations on liability, immunities and/or indemnities hereunder, the term “Special Servicer” shall mean each of the Serviced Whole Loan Special Servicers and the General Special Servicer; and (vii) when used in the context of requiring indemnification from, imposing liability on, or exercising any remedies against, the Special Servicer for any breach of a representation, warranty or covenant hereunder or for any negligence, bad faith or willful misconduct in the performance of duties and obligations hereunder or any negligent disregard of such duties and obligations or otherwise holding the Special Servicer responsible for any of the foregoing, the term “Special Servicer” shall mean the applicable Serviced Whole Loan Special Servicer or the General Special Servicer, as applicable.

 

(h)        References in this Section 3.22 to “General Special Servicer” mean the Person performing the duties and obligations of special servicer with respect to the Mortgage Pool (exclusive of any Whole Loan or related REO Property as to which a different Serviced Whole Loan Special Servicer has been appointed with respect thereto).

 

 

     -304-

     

    

 

(i)         No penalty or fee shall be payable to the terminated Special Servicer with respect to any termination pursuant to this Section 3.22. All costs and expenses of any such termination made without cause shall be paid by the Controlling Class Certificateholders.

 

(j)         Notwithstanding anything to the contrary contained in this Section 3.22, with respect to any Excluded Special Servicer Loan, if any, the Special Servicer shall resign with respect to such Excluded Special Servicer Loan.

 

In the event the Special Servicer is required to resign as Special Servicer with respect to any Excluded Special Servicer Loan because it obtains knowledge that it is a Borrower Party other than during the continuance of a Consultation Termination Event, then (i) if the Excluded Special Servicer Loan is not also an Excluded Loan applicable to the Directing Holder, then the Directing Holder shall appoint (and replace with or without cause) the Excluded Special Servicer, as successor to the resigning Special Servicer, in accordance with this Agreement for the Excluded Special Servicer Loan, (ii) if the Excluded Special Servicer Loan is also an Excluded Loan applicable to the Directing Holder, then the largest Controlling Class Certificateholder (by Certificate Balance) that is not an Excluded Controlling Class Holder shall appoint (and replace with or without cause) the Excluded Special Servicer for the Excluded Special Servicer Loan, and (iii) if there is no Controlling Class Certificateholder that is not an Excluded Controlling Class Holder, then the resigning Special Servicer shall use reasonable efforts to appoint the Excluded Special Servicer for the Excluded Special Servicer Loan.

 

In the event the Special Servicer is required to resign as Special Servicer with respect to any Excluded Special Servicer Loan because it obtains knowledge that it is a Borrower Party and either (i) a Consultation Termination Event is continuing or (ii) there is no Controlling Class Certificateholder that is not an Excluded Controlling Class Holder, then the resigning Special Servicer shall use reasonable efforts to appoint the Excluded Special Servicer for the Excluded Special Servicer Loan. The Special Servicer shall not have any liability with respect to the actions or inactions of the applicable Excluded Special Servicer or with respect to the identity of the applicable Excluded Special Servicer.

 

If at any time the Special Servicer that had acted as the Special Servicer for an Excluded Special Servicer Loan prior to it becoming an Excluded Special Servicer Loan is no longer a Borrower Party (including, without limitation, as a result of the related Mortgaged Property becoming REO Property) with respect to an Excluded Special Servicer Loan, (1) the related Excluded Special Servicer shall resign, (2) the related Mortgage Loan shall no longer be an Excluded Special Servicer Loan, (3) such Special Servicer shall become the Special Servicer again for such related Mortgage Loan and (4) such original Special Servicer shall be entitled to all special servicing compensation with respect to such Mortgage Loan earned during such time on and after such Mortgage Loan is no longer an Excluded Special Servicer Loan.

 

The Excluded Special Servicer shall perform all of the obligations of the Special Servicer for the related Excluded Special Servicer Loan and will be entitled to all special servicing compensation with respect to such Excluded Special Servicer Loan earned during such time as the related Mortgage Loan is an Excluded Special Servicer Loan (provided that the Special Servicer shall remain entitled to all other special servicing compensation with respect all Mortgage Loans and Serviced Whole Loans that are not Excluded Special Servicer Loans during such time).

 

 

     -305-

     

    

 

If a Servicing Officer or Special Servicing Officer, as applicable, of the Master Servicer, a related Excluded Special Servicer, or the Special Servicer, as applicable, has actual knowledge that a Mortgage Loan is no longer an Excluded Loan, an Excluded Controlling Class Loan or an Excluded Special Servicer Loan, as applicable, the Master Servicer, the related Excluded Special Servicer or Special Servicer, as applicable, shall provide prompt written notice thereof to each of the other parties to this Agreement.

 

(k)        No removal or replacement of the Special Servicer as contemplated by this Agreement shall become effective until (i) a successor Special Servicer shall have assumed the resigning or terminated Special Servicer’s responsibilities, duties, liabilities and obligations hereunder, (ii) the Certificate Administrator shall have filed any required Form 8-K pursuant to Section 10.09, (iii) any other information required under Section 10.03 or Section 10.09 has been delivered to any applicable Other Depositor with respect to any related Companion Loan, and (iv) as to any resignation, removal, succession, merger or consolidation of the Special Servicer that would constitute a Reportable Event, upon at least 4 Business Days prior notice of the anticipated effective date of such event, the Certificate Administrator and the Depositor shall cooperate in a timely manner with the Special Servicer or any other Person pursuing such resignation, removal, succession, merger or consolidation, as applicable, in connection with the Depositor’s or the Certificate Administrator’s obligation to file any related required Form 8-K relating to this Trust on the anticipated effective date of such event.

 

Section 3.23     Transfer of Servicing Between the Master Servicer and the Special Servicer; Record Keeping; Asset Status Report. (a) Upon the occurrence of any event specified in the definition of Specially Serviced Loan with respect to any Serviced Mortgage Loan and any related Serviced Companion Loan of which the Master Servicer may have notice, the Master Servicer shall promptly give notice thereof to the Special Servicer, the Certificate Administrator, the Trustee, the related Mortgage Loan Seller, if no Consultation Termination Event is continuing, the Directing Holder and, if applicable, the related Serviced Companion Loan Noteholders and shall use efforts in accordance with the Servicing Standard to provide the Special Servicer with the Servicing File and all other information, documents (but excluding the original documents constituting the Mortgage File) and records (including records stored electronically) relating to such Mortgage Loan or Serviced Whole Loan, as applicable, and reasonably requested by the Special Servicer to enable it to assume its duties hereunder with respect thereto without acting through a sub-servicer. The Master Servicer shall use efforts in accordance with the Servicing Standard to comply with the preceding sentence within five Business Days of the date it has notice of the occurrence of any event specified in the definition of Specially Serviced Loan and in any event shall continue to act as Master Servicer and administrator of such Mortgage Loan or Serviced Whole Loan, until the Special Servicer has commenced the servicing of such Mortgage Loan or Serviced Whole Loan, which shall occur upon the receipt by the Special Servicer of the information, documents and records referred to in the preceding sentence. With respect to each Mortgage Loan or Serviced Whole Loan that becomes a Specially Serviced Loan, the Master Servicer shall instruct the related Borrower to continue to remit all payments in respect of such Mortgage Loan or Serviced Whole Loan to the Master Servicer. The Master Servicer shall forward any notices it would otherwise send to the Borrower of a Specially Serviced Loan to the Special Servicer, who shall send such notice to the related Borrower.

 

     -306-

     

    

 

Upon determining that a Specially Serviced Loan has become a Corrected Mortgage Loan, the Special Servicer shall immediately give notice thereof to the Master Servicer, and upon giving such notice, such Mortgage Loan or Serviced Whole Loan shall cease to be a Specially Serviced Loan in accordance with the first proviso of the definition of Specially Serviced Loan, the Special Servicer’s obligation to service such Mortgage Loan or Serviced Whole Loan shall terminate and the obligations of the Master Servicer to service and administer such Mortgage Loan or Serviced Whole Loan as a Mortgage Loan or Serviced Whole Loan that is a Performing Loan shall resume.

 

(b)        In servicing any Specially Serviced Loan, the Special Servicer shall provide to the Custodian originals of documents included within the definition of “Mortgage File” for inclusion in the related Mortgage File (to the extent such documents are in the possession of the Special Servicer) and copies of any additional related Mortgage Loan information, including correspondence with the related Borrower, and the Special Servicer shall promptly provide copies of all of the foregoing to the Master Servicer as well as copies of any analysis or internal review prepared by or for the benefit of the Special Servicer.

 

(c)        Not later than two Business Days preceding each date on which the Master Servicer is required to furnish a report under Section 3.13(a) of this Agreement to the Certificate Administrator, the Special Servicer shall deliver to the Certificate Administrator, with a copy to the Trustee and the Master Servicer, a written statement describing, on a loan by loan basis, (i) the amount of all payments received on each Specially Serviced Loan, including Principal Prepayments, on each Specially Serviced Loan, the amount of Net Insurance Proceeds and Net Liquidation Proceeds received with respect to each Specially Serviced Loan, and with respect to REO Properties, the amount of net income or net loss, as determined from management of a trade or business on, the furnishing or rendering of a non-customary service to the tenants of, or the receipt of any rental income that does not constitute Rents from Real Property with respect to the Serviced REO Property relating to each applicable Specially Serviced Loan, in each case in accordance with Section 3.15 of this Agreement (it being understood and agreed that to the extent this information is provided in accordance with Section 3.13(g) of this Agreement, this Section 3.23(c) shall be deemed to be satisfied) and (ii) such additional information relating to the Specially Serviced Loans as the Master Servicer, the Certificate Administrator or the Trustee reasonably request, to enable it to perform its duties under this Agreement. Such statement and information shall be furnished to the Master Servicer in writing and/or in such electronic media as is acceptable to the Master Servicer.

 

(d)        Notwithstanding the provisions of the preceding Section 3.23(c), the Master Servicer shall maintain ongoing payment records with respect to each of the Specially Serviced Loans relating to a Mortgage Loan that it is servicing and shall provide the Special Servicer with any information reasonably required by the Special Servicer to perform its duties under this Agreement. The Special Servicer shall provide the Master Servicer with any information reasonably required by the Master Servicer to perform its duties under this Agreement.

 

(e)        No later than 45 days after a Serviced Mortgage Loan or Trust Subordinate Companion Loan and, if applicable, any related Serviced Companion Loan becomes a Specially Serviced Loan (the “Initial Delivery Date”), the Special Servicer shall deliver a report (the “Asset Status Report”) with respect to such Mortgage Loan, Serviced Whole Loan or

 

 

     -307-

     

    

 

Trust Subordinate Companion Loan and the related Mortgaged Property. Subsequent to the issuance of a Final Asset Status Report, the Special Servicer shall prepare one or more additional Asset Status Reports with respect to such Specially Serviced Loan (each such report a “Subsequent Asset Status Report”) to the extent that during the course of the resolution of such Specially Serviced Loan material changes in the strategy reflected in the initial Final Asset Status Report (or subsequent Final Asset Status Reports) are necessary to reflect the then current circumstances and recommendation as to how the Specially Serviced Loan might be returned to performing status or otherwise liquidated in accordance with the Servicing Standard. The Special Servicer shall deliver each Asset Status Report to the Master Servicer, the Directing Holder (but (i) only if no Consultation Termination Event is continuing and (ii) not with respect to any applicable Excluded Loan), each Risk Retention Consultation Party (but not with respect to any applicable Excluded Loan), the BX Industrial Portfolio Risk Retention Consultation Party (but only in the case of an Asset Status Report relating to the BX Industrial Portfolio Whole Loan), the Tower 333 Risk Retention Consultation Party (but only in the case of an Asset Status Report relating to the Tower 333 Whole Loan), the 825 South Hill Risk Retention Consultation Party (but only in the case of an Asset Status Report relating to the 825 South Hill Whole Loan), the BX Industrial Portfolio Controlling Class Representative (but only in the case of an Asset Status Report relating to the BX Industrial Portfolio Whole Loan, and only for so long as no BX Industrial Portfolio Note B Control Appraisal Period has occurred and is continuing), the Tower 333 Controlling Class Representative (but only in the case of an Asset Status Report relating to the Tower 333 Whole Loan, and only for so long as no Tower 333 Note B Control Appraisal Period has occurred and is continuing), the 825 South Hill Controlling Class Representative (but only in the case of an Asset Status Report relating to the 825 South Hill Whole Loan, and only for so long as no 825 South Hill Control Appraisal Period has occurred and is continuing), with respect to any related Serviced Companion Loan, to the extent the related Serviced Companion Loan has been included in a securitization transaction, to the master servicer of such securitization into which the related Serviced Companion Loan has been sold or to the holder of the related Serviced Companion Loan, the 17g-5 Information Provider (who shall promptly post such report to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement), each related Serviced Companion Loan Noteholder, and upon request, the Underwriters and the Initial Purchasers; provided that the Special Servicer shall not be required to deliver an Asset Status Report to the Directing Holder if the Special Servicer and the Directing Holder are the same entity. A summary of each Final Asset Status Report shall be provided to the Certificate Administrator and the Trustee. Such Asset Status Report shall set forth the following information to the extent reasonably determinable:

 

(i)     summary of the status of such Specially Serviced Loan and any negotiations with the related Borrower;

 

(ii)    a discussion of the legal and environmental considerations reasonably known to the Special Servicer, consistent with the Servicing Standard, that are applicable to the exercise of remedies as aforesaid and to the enforcement of any related guaranties or other collateral for the related Mortgage Loan or Serviced Whole Loan and whether outside legal counsel has been retained;

 

(iii)   the most current rent roll and income or operating statement available for the related Mortgaged Property;

 

 

     -308-

     

    

 

(iv)   (A) the Special Servicer’s recommendations on how such Specially Serviced Loan might be returned to performing status (including the modification of a monetary term, and any workout, restructure or debt forgiveness) and returned to the Master Servicer for regular servicing or foreclosed or otherwise realized upon (including any proposed sale of a Defaulted Loan or Serviced REO Property), (B) a description of any such proposed or taken actions, and (C) the alternative courses of action that were or are being considered by the Special Servicer in connection with the proposed or taken actions;

 

(v)    the status of any foreclosure actions or other proceedings undertaken with respect to the Specially Serviced Loan, any proposed workouts and the status of any negotiations with respect to such workouts, and an assessment of the likelihood of additional defaults under the related Mortgage Loan or Serviced Whole Loan;

 

(vi)   a description of any amendment, modification or waiver of a material term of any ground lease (or, with respect to a leasehold interest that is a space lease or an air rights lease, any such space lease or air rights lease) or franchise agreement;

 

(vii)  the decision that the Special Servicer made, or intends or proposes to make, including a narrative analysis setting forth the Special Servicer’s rationale for its proposed decision, including its rejection of the alternatives;

 

(viii) an analysis of whether or not taking such proposed action is reasonably likely to produce a greater recovery on a present value basis than not taking such action, setting forth (x) the basis on which the Special Servicer made such determination and (y) the net present value calculation (including the applicable Calculation Rate used) and all related assumptions;

 

(ix)   the appraised value of the related Mortgaged Property (and a copy of the last obtained Appraisal of such Mortgaged Property) together with a description of any adjustments to the valuation of such Mortgaged Property made by the Special Servicer together with an explanation of those adjustments; and

 

(x)    such other information as the Special Servicer deems relevant in light of the Servicing Standard.

 

As provided in Section 3.12(d), if any Servicing Shift Whole Loan becomes a Specially Serviced Loan prior to the related Servicing Shift Securitization Date, the Special Servicer shall service and administer such Servicing Shift Whole Loan and related REO Property in the same manner as any other Specially Serviced Loan or Serviced REO Property, shall be entitled to all Special Servicing Compensation earned with respect to such Serviced Whole Loan and shall have all the rights and obligations with respect to such Serviced Whole Loan as Special Servicer of such Serviced Whole Loan.

 

With respect to any Mortgage Loan other than an applicable Excluded Loan, for so long as no Control Termination Event is continuing, if within 10 Business Days of receiving an Asset Status Report, the Directing Holder does not disapprove such Asset Status Report in writing, the Directing Holder will be deemed to have approved such Asset Status Report and the Special Servicer shall implement the recommended action as outlined in such Asset Status

 

 

     -309-

     

    

 

Report; provided that such Special Servicer may not take any action that is contrary to applicable law, this Agreement, the Servicing Standard (taking into consideration the best interests of all the Certificateholders and the RR Interest Owner and, with respect to any Serviced Whole Loan, the related Serviced Companion Loan Noteholders (as a collective whole as if such Certificateholders and, if applicable, Serviced Companion Loan Noteholders constituted a single lender) (and with respect to any Serviced Whole Loan with a related Subordinate Companion Loan, taking into account the subordinate nature of such Subordinate Companion Loan)), the terms of the applicable Loan Documents or any related Intercreditor Agreement. For so long as no Control Termination Event is continuing, if the Directing Holder disapproves such Asset Status Report within such 10 Business Day period, the Special Servicer will revise such Asset Status Report and deliver to the Directing Holder (in the case of (a) the BX Industrial Portfolio Whole Loan, only during the continuance of a BX Industrial Portfolio Note B Control Appraisal Period, (b) the Tower 333 Whole Loan, only during the continuance of a Tower 333 Note B Control Appraisal Period and (c) the 825 South Hill Whole Loan, only during the continuance of a 825 South Hill Control Appraisal Period), the Master Servicer, the 17g-5 Information Provider (who shall promptly post such report to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement) and each related Serviced Companion Loan Noteholder, a new Asset Status Report as soon as practicable, but in no event later than 30 days after such disapproval. The Special Servicer shall revise such Asset Status Report as described above in this Section 3.23(e) until the Directing Holder fails to disapprove such revised Asset Status Report in writing within 10 Business Days of receiving such revised Asset Status Report or until the Special Servicer makes a determination consistent with the Servicing Standard, that such objection is not in the best interests of all the Certificateholders and the RR Interest Owner and, with respect to any Serviced Whole Loan, the best interests of the Certificateholders, the RR Interest Owner and the related Serviced Companion Loan Noteholders (as a collective whole as if such Certificateholders and, if applicable, Serviced Companion Loan Noteholders constituted a single lender and with respect to any Serviced Whole Loan with a related Subordinate Companion Loan, taking into account the subordinate nature of such Subordinate Companion Loan)). In any event, for so long as no Control Termination Event is continuing, if the Directing Holder does not approve an Asset Status Report within 60 Business Days from the first submission of an Asset Status Report, the Special Servicer shall follow the Directing Holder’s direction, if such direction is consistent with the Servicing Standard; provided, however, that if the Directing Holder’s direction would cause the Special Servicer to violate the Servicing Standard, the Special Servicer may act upon the most recently submitted form of Asset Status Report if consistent with the Servicing Standard. The procedures described in this paragraph are collectively referred to as the “Directing Holder Asset Status Report Review Process”.

 

The Special Servicer may, from time to time, modify any Asset Status Report it has previously delivered and implement such report, provided such report shall have been prepared, reviewed and not rejected pursuant to the terms of this Section, and in particular, shall modify and resubmit such Asset Status Report to the Directing Holder (with a copy to the Trustee and the Certificate Administrator) if (i) the estimated sales proceeds, foreclosure proceeds, workout or restructure terms or anticipated debt forgiveness varies materially from the amount on which the original report was based or (ii) the related Borrower becomes the subject of bankruptcy proceedings. Notwithstanding the foregoing, the Special Servicer (i) may, following the occurrence of an extraordinary event with respect to the related Mortgaged Property, take any action set forth in such Asset Status Report before the expiration of a 10

 

 

     -310-

     

    

 

Business Day period if the Special Servicer has reasonably determined that failure to take such action would materially and adversely affect the interests of the Certificateholders and, with respect to any Serviced Whole Loan, the related Serviced Companion Loan Noteholders (as a collective whole as if such Certificateholders and, if applicable, Serviced Companion Loan Noteholders constituted a single lender (and with respect to any Serviced Whole Loan with a related Subordinate Companion Loan, taking into account the subordinate nature of such Subordinate Companion Loan)), and it has made a reasonable effort to contact the Directing Holder and, if any Serviced Whole Loan is involved, the related Serviced Companion Loan Noteholders and (ii) in any case, shall determine whether such affirmative disapproval is not in the best interests of all the Certificateholders and the RR Interest Owner (taken as a collective whole) (or, with respect to a Serviced Whole Loan, the best interest of the Certificateholders, the RR Interest Owner and the holders of the related Companion Loan, as a collective whole (taking into account the pari passu or subordinate nature of such Companion Loan)) and, with respect to any Serviced Whole Loan, the related Serviced Companion Loan Noteholders (as a collective whole as if such Certificateholders and, if applicable, Serviced Companion Loan Noteholders constituted a single lender (and with respect to any Serviced Whole Loan with a related Subordinate Companion Loan, taking into account the subordinate nature of such Subordinate Companion Loan)) pursuant to the Servicing Standard, and, upon making such determination, shall implement the recommended action outlined in the Asset Status Report. The Asset Status Report is not intended to replace or satisfy any specific consent or approval right which the Directing Holder may have. Any Asset Status Report delivered with respect to an Excluded Controlling Class Loan shall be sent via email (or such other electronic means mutually acceptable to the parties) in one or more separate files labeled by the Special Servicer “Excluded Information” followed by the applicable loan number and loan name to cmbsexcludedinformation@wellsfargo.com.

 

The Special Servicer shall have the authority to meet with the Borrower for any Specially Serviced Loan and take such actions consistent with the Servicing Standard and the related Asset Status Report. The Special Servicer shall not take any action inconsistent with the related Asset Status Report, unless such action would be required in order to act in accordance with the Servicing Standard, this Agreement, applicable law or the related Loan Documents.

 

During the continuance of a Control Termination Event and at any time with respect to an Excluded Loan applicable to the Directing Holder, the Directing Holder shall have no right to consent to any Asset Status Report under this Section 3.23. During the continuance of a Control Termination Event but other than during the continuance of a Consultation Termination Event, the Directing Holder (except with respect to any applicable Excluded Loan) shall be entitled to consult with the Special Servicer (in person or remotely via electronic, telephonic or other mutually agreeable communication). During the continuance of a Consultation Termination Event (and at any time with respect to any applicable Excluded Loan), the Directing Holder (other than in its capacity as a Certificateholder) shall have no right to receive any Asset Status Report or otherwise consult with the Special Servicer with respect to Asset Status Reports. The Special Servicer may choose to revise the Asset Status Report as it deems reasonably necessary in accordance with the Servicing Standard to take into account any input and/or recommendations of the Directing Holder during the applicable periods described above, but is under no obligation to follow any particular recommendation of the Directing Holder. The Special Servicer shall implement the Final Asset Status Report.

 

 

     -311-

     

    

 

Notwithstanding the foregoing, with respect to each Serviced AB Whole Loan, other than during continuance of a related Control Appraisal Period, the related Loan-Specific Directing Holder, rather than the Pooled Trust Directing Holder, will have certain approval rights over any related Asset Status Report.

 

In addition, with respect to a Serviced Whole Loan, such Asset Status Reports are subject to any non-binding consultation rights, if any, that the holders of the related Pari Passu Companion Loans have pursuant to the related Intercreditor Agreement.

 

If the Directing Holder does not propose alternative courses of action within ten (10) Business Days after receipt of such Asset Status Report, the Special Servicer shall implement the Asset Status Report as proposed by the Special Servicer.

 

(f)         No direction, advice, consent, approval or disapproval of the Directing Holder or a Risk Retention Consultation Party shall (a) require, permit or cause the Special Servicer to violate the terms of a Specially Serviced Loan, any related Intercreditor Agreement, applicable law or any provision of this Agreement, including, but not limited to, Section 3.09, Section 3.16, Section 3.18 and Section 3.25 and the Special Servicer’s obligation to act in accordance with the Servicing Standard and to maintain the REMIC status of the Lower-Tier REMIC, the Trust Subordinate Companion Loan REMICs and the Upper-Tier REMIC, or (b) result in the imposition of a “prohibited transaction” or “contribution” tax under the REMIC Provisions, or (c) expose the Master Servicer, the Special Servicer, the Depositor, the Trust Fund, the Certificate Administrator, the Paying Agent, the Trustee or their respective officers, directors, employees or agents to any claim, suit or liability or (d) materially expand the scope of the Special Servicer’s, Certificate Administrator’s, Trustee’s or the Master Servicer’s responsibilities under this Agreement. The Special Servicer shall not be required to follow any direction of the Directing Holder described in this paragraph.

 

As provided in Section 3.12(d), if any Servicing Shift Whole Loan becomes a Specially Serviced Loan prior to the related Servicing Shift Securitization Date, the Special Servicer shall service and administer such Servicing Shift Whole Loan and related REO Property in the same manner as any other Specially Serviced Loan or Serviced REO Property, shall be entitled to all Special Servicing Compensation earned with respect to such Serviced Whole Loan and shall have all the rights and obligations with respect to such Serviced Whole Loan as Special Servicer of such Serviced Whole Loan.

 

No direction, advice, consent, approval or disapproval of the Directing Holder or a Risk Retention Consultation Party shall (a) require, permit or cause the Special Servicer to violate the terms of a Specially Serviced Loan, any related Intercreditor Agreement, applicable law or any provision of this Agreement, including, but not limited to, Section 3.09, Section 3.16, Section 3.18 and Section 3.25 and the Special Servicer’s obligation to act in accordance with the Servicing Standard and to maintain the REMIC status of the Lower-Tier REMIC, the Upper-Tier REMIC and the Trust Subordinate Companion Loan REMICs and the grantor trust status of the Grantor Trust, or (b) result in the imposition of a “prohibited transaction” or “contribution” tax under the REMIC Provisions, or (c) expose the Master Servicer, the Special Servicer, the Depositor, the Trust Fund, the Certificate Administrator, the Paying Agent, the Trustee or their respective officers, directors, employees or agents to any claim, suit or liability or (d) materially expand the scope of the Special Servicer’s, Certificate Administrator’s, Trustee’s or the Master

 

 

     -312-

     

    

 

Servicer’s responsibilities under this Agreement. The Special Servicer shall not be required to follow any direction of the Directing Holder described in this paragraph.

 

(g)        [Reserved].

 

Section 3.24     Special Instructions for the Master Servicer and/or Special Servicer. (a) Prior to taking any action with respect to a Mortgage Loan or a Serviced Whole Loan secured by Mortgaged Properties located in a “one-action” state, the Master Servicer or Special Servicer, as applicable, shall consult with legal counsel, the fees and expenses of which shall be an expense of the Trust Fund (and, in the case of any Serviced Whole Loan, such expense shall be allocated in accordance with the allocation provisions of the related Intercreditor Agreement).

 

(b)        The Master Servicer shall send written notice to each Borrower (other than with respect to a Non-Serviced Mortgage Loan) and the related Manager and clearing bank relating to a Serviced Mortgage Loan that it is servicing that, if applicable, it and/or the Trustee has been appointed as the “Designee” of the “Lender” under any related Lock-Box Agreement.

 

(c)        Without limiting the obligations of the Master Servicer hereunder with respect to the enforcement of a Borrower’s obligations under the related Loan Documents, the Master Servicer agrees that it shall, in accordance with the Servicing Standard, enforce the provisions of the Loan Documents relating to the Serviced Mortgage Loan that it is servicing with respect to the collection of Prepayment Premiums and Yield Maintenance Charges.

 

(d)        If a Rating Agency shall charge a fee in connection with providing a Rating Agency Confirmation, the Master Servicer shall require the related Borrower (other than with respect to a Non-Serviced Mortgage Loan) to pay such fee to the extent not inconsistent with the applicable Loan Documents. If such fee remains unpaid, such fee shall be an expense of the Trust Fund (allocated as an Additional Trust Fund Expense in the same manner as Realized Losses as set forth in Section 4.01(l) of this Agreement) and, (1) in the case of a Serviced Pari Passu Whole Loan with a Serviced Pari Passu Companion Loan (but not a Subordinate Companion Loan), allocated in accordance with the allocation provisions of the related Intercreditor Agreement, the costs of which may be advanced as a Servicing Advance.

 

(e)        The Master Servicer shall, in accordance with the Servicing Standard, use commercially reasonable efforts to exercise on behalf of the Trust any right of the Trust to recover any amounts owed by the Serviced Companion Loan Noteholders to the Trust Fund pursuant to the related Intercreditor Agreement (but in the case of any Serviced Subordinate Companion Loan, subject to Section 1.02). The cost of such enforcement on behalf of the Trust shall be paid and reimbursable as a Servicing Advance.

 

(f)         With respect to a Serviced Mortgage Loan and any related Serviced Companion Loan with a Stated Principal Balance equal to or greater than the lesser of 5% of the Stated Principal Balance of all Mortgage Loans held by the Trust Fund and $35,000,000, or with respect to any Mortgage Loan that is one of the ten largest Mortgage Loans based on Stated Principal Balance, to the extent not inconsistent with the related Mortgage Loan or Serviced Whole Loan, the Master Servicer shall not consent to a change of franchise affiliation with respect to a Mortgaged Property (other than a Mortgaged Property securing a Non-Serviced

 

 

     -313-

     

    

 

Mortgage Loan) serviced hereunder or the property manager with respect to a Mortgaged Property (other than a Mortgaged Property securing a Non-Serviced Mortgage Loan) serviced hereunder unless the Master Servicer obtains a Rating Agency Confirmation relating to the Certificates and Serviced Companion Loan Securities, if any.

 

Section 3.25     Certain Rights and Obligations of the Master Servicer and/or the Special Servicer. (a) Notwithstanding any other provision of this Agreement, neither the Master Servicer nor the Special Servicer shall be required to take or refrain from taking any action pursuant to instructions from the Directing Holder or a Non-Controlling Note Holder, or due to any failure to approve an action by the Directing Holder, or due to any objection by the Directing Holder or a Non-Controlling Note Holder that would (i) cause any one of them to violate applicable law, the terms of any Loan Documents, any Intercreditor Agreement, this Agreement, including the Servicing Standard, or the REMIC Provisions of the Code, (ii) expose the Master Servicer, the Special Servicer, the Depositor, the Paying Agent, a Mortgage Loan Seller, the Trust Fund, the Trustee, the Certificate Administrator (in any of its capacities), or the Custodian or their respective Affiliates, officers, directors, employees or agents to any claim, suit or liability, (iii) materially expand the scope of the Master Servicer’s or the Special Servicer’s responsibilities, or (iv) cause the Master Servicer or the Special Servicer to act, or fail to act, in a manner that is not in the best interests of the Certificateholders and the RR Interest Owner.

 

(b)        Upon request, the Master Servicer and the Special Servicer, as applicable, shall discuss with the Directing Holder (for so long as no Consultation Termination Event is continuing and other than with respect to any applicable Excluded Loan), on a monthly basis, the performance of any Mortgage Loan or Serviced Whole Loan that is a Specially Serviced Loan, which is delinquent, has been placed on a “Watch List” or has been identified by the Master Servicer or the Special Servicer as exhibiting deteriorating performance.

 

Section 3.26     Modification, Waiver, Amendment and Consents. (a) Subject to Sections 3.25, Section 3.26(f) and 3.27, and, if applicable, each Intercreditor Agreement, (i) with respect to any Performing Loan and actions that do not involve Special Servicer Major Decisions or Special Servicer Non-Major Decisions, the Master Servicer, or (ii) with respect to (A) any Specially Serviced Loan and (B) Special Servicer Major Decisions or Special Servicer Non-Major Decisions irrespective of whether the related Mortgage Loan is a Performing Loan, the Special Servicer, in each case subject to (x) the rights of the Directing Holder and (y) with respect to a Serviced Whole Loan with a Subordinate Companion Loan, the rights of the holder of the related Subordinate Companion Loans and the Risk Retention Consultation Parties (to the extent the Risk Retention Consultation Parties have consultation rights pursuant to Section 6.07 of this Agreement), may modify, waive, amend, consent or take such other action with respect to any term of any Serviced Mortgage Loan and any related Serviced Companion Loan if such modification, waiver, amendment, consent or other action (A) is consistent with the Servicing Standard and (B) would not constitute a “significant modification” of such Mortgage Loan or Serviced Whole Loan pursuant to Treasury Regulations Section 1.860G-2(b) and would not otherwise cause an Adverse REMIC Event. Each of the Master Servicer and the Special Servicer may conclusively rely on an Opinion of Counsel in meeting this requirement. In order to meet the foregoing requirements, in the case of a release of real property collateral securing a Mortgage Loan, the Master Servicer or Special Servicer, as applicable, shall observe the REMIC requirements of the Code with respect to a required payment of principal if the loan-to-value

 

 

     -314-

     

    

 

ratio immediately after the release exceeds 125% with respect to the related real property collateral. In connection with (i) the release of a Mortgaged Property or any portion of a Mortgaged Property from the lien of the related Mortgage or (ii) the taking of a Mortgaged Property or any portion of a Mortgaged Property by exercise of the power of eminent domain or condemnation, if the Loan Documents require the Master Servicer or the Special Servicer, as applicable, to calculate (or to approve the calculation of the related Borrower of) the loan-to-value ratio of the remaining Mortgaged Property or Mortgaged Properties or the fair market value of the real property constituting the remaining Mortgaged Property or Mortgaged Properties, for purposes of REMIC qualification of the related Mortgage Loan or Serviced Whole Loan, then such calculation shall exclude the value of any personal property and going concern value, if any. If, following any such release or taking, the loan-to-value ratio as so calculated is greater than 125%, the Master Servicer or Special Servicer, as applicable, shall require payment of principal by a “qualified amount” as determined under Revenue Procedure 2010-30 or successor provisions, unless the related Borrower provides an Opinion of Counsel that if such amount is not paid the related Mortgage Loan will not fail to be a Qualified Mortgage.

 

If a Borrower satisfies the requirements set forth in the definition of “COVID Modification”, the Master Servicer may enter into a COVID Modification with the related Borrower. Notwithstanding anything set forth in the definition of Major Decision, neither a COVID Modification nor the entering into of any COVID Modification Agreement by the Master Servicer shall be a Major Decision. In exchange for a fee as described below, the Master Servicer shall be responsible for processing any COVID Modification and any related COVID Modification Agreement for any COVID Modified Loan.

 

The Borrowers may request payment forbearance because of COVID-19 related financial hardship. The Master Servicer shall be allowed to grant a forbearance on a Mortgage Loan related to the global COVID-19 emergency if (i) prior to the 2021 calendar year, the period of forbearance granted, when added to any prior periods of forbearance granted before or after the Trust acquired such Mortgage Loan (whether or not such prior grants of forbearance were specifically covered by Revenue Procedure 2020-26), does not exceed six months (or such longer period of time as may be allowed by future guidance that is binding on federal income tax authorities) and such forbearance is specifically covered by Revenue Procedure 2020-26, (ii) such forbearance is permitted under another provision of this Agreement and the requirements under such provision are satisfied, or (iii) an Opinion of Counsel is delivered to the effect that such forbearance will not result in an Adverse REMIC Event.

 

Any fees or other charges charged by the Master Servicer in connection with processing any COVID Modification or related COVID Modification Agreement with respect to any COVID Modified Loan (in the aggregate with any other COVID Modification or COVID Modification Agreement with respect to such COVID Modified Loan) shall not exceed an amount equal to $30,000 (plus reasonable and customary attorney’s fees and expenses, out of pocket third party fees and expenses and filing fees) and shall only be borne by the related Borrower, not the Trust.

 

Upon receiving a request for any matter that constitutes a Special Servicer Non-Major Decision or a Special Servicer Major Decision with respect to a Serviced Mortgage Loan that is not a Specially Serviced Loan, the Master Servicer shall forward such request to the

 

 

     -315-

     

    

 

Special Servicer and, unless the Master Servicer and the Special Servicer mutually agree that the Master Servicer will process such request, the Special Servicer will be required to process such request and the Master Servicer will have no further obligation with respect to such request or the Special Servicer Non-Major Decision or Special Servicer Major Decision other than providing the Special Servicer with any reasonably requested information or documentation. In addition, the Master Servicer shall provide the Special Servicer with any notice that it receives relating to a default by the borrower under a ground lease where the collateral for the Mortgage Loan is the ground lease, and the Special Servicer will determine in accordance with the Servicing Standard whether to cure any borrower defaults relating to ground leases.

 

Notwithstanding the foregoing, the Master Servicer and the Special Servicer may mutually agree that the Master Servicer will process any of the foregoing matters that are Special Servicer Major Decisions or Special Servicer Non-Major Decisions with respect to any Performing Loan. If the Master Servicer and the Special Servicer mutually agree that the Master Servicer will process any Special Servicer Major Decision or Special Servicer Non-Major Decision with respect to a Performing Loan, the Master Servicer shall obtain the consent (or deemed consent) of the Special Servicer as provided in Section 3.26(m).

 

(b)        Neither the Master Servicer nor the Special Servicer may extend the Maturity Date of any Mortgage Loan, Serviced Whole Loan or Specially Serviced Loan beyond the date that is the date occurring later than the earlier of (A)(i) seven years prior to the Rated Final Distribution Date, (ii) solely with respect to the BX Industrial Portfolio Whole Loan, seven years prior to the rated final distribution date for the BX Industrial Portfolio Loan-Specific Certificates, (iii) solely with respect to the Tower 333 Whole Loan, seven years prior to the rated final distribution date for the Tower 333 Loan-Specific Certificates or (iv) solely with respect to the 825 South Hill Whole Loan, seven years prior to the rated final distribution date for the 825 South Hill Loan-Specific Certificates and (B) in the case of a Mortgage Loan, Serviced Whole Loan or Specially Serviced Loan secured solely or primarily by the related Borrower’s interest in a ground lease (or, with respect to a leasehold interest where the related Borrower is the lessee and that is a space lease or an air rights lease, such space lease or air rights lease), the date that is 20 years prior to the expiration date of such ground lease (or, with respect to a leasehold interest where the related Borrower is the lessee and that is a space lease or an air rights lease, such space lease or air rights lease) (or 10 years prior to the expiration date of such lease if the Master Servicer or the Special Servicer, as applicable gives due consideration to the remaining term of such ground lease (or, with respect to a leasehold interest where the Borrower is the lessee and that is a space lease or an air rights lease, such space lease or air rights lease) and such extension is in the best interest of the Certificateholders and the RR Interest Owner and, with respect to a Serviced Whole Loan, the related Serviced Companion Loan Noteholder (as a collective whole as if such Certificateholders, RR Interest Owner and (with respect to a Serviced Whole Loan) Serviced Companion Loan Noteholder constituted a single lender (and with respect to any Serviced Whole Loan with a related Subordinate Companion Loan, taking into account the subordinate nature of such Subordinate Companion Loan)) and, (A) if no Control Termination Event is continuing, with the consent of the Directing Holder and (B) to the extent such extension constitutes a Major Decision, after consultation with each Risk Retention Consultation Party pursuant to Section 6.07).

 

 

     -316-

     

    

 

(c)        Neither the Master Servicer nor the Special Servicer shall permit any Borrower to add or substitute any collateral for an outstanding Serviced Mortgage Loan and any related Serviced Companion Loan, which collateral constitutes real property, unless the Master Servicer or the Special Servicer, as applicable, shall have obtained a Rating Agency Confirmation relating to the Certificates and Serviced Companion Loan Securities, if any.

 

(d)        Any payment of interest, which is deferred pursuant to any modification, waiver or amendment permitted hereunder, shall not, for purposes hereof, including, without limitation, calculating monthly distributions to Certificateholders or, if applicable, Serviced Companion Loan Noteholders, be added to the unpaid principal balance of the related Mortgage Loan or Serviced Whole Loan, notwithstanding that the terms of such Mortgage Loan or Serviced Whole Loan or such modification, waiver or amendment so permit.

 

(e)        Except for waivers of Penalty Charges and waivers of notice periods, all material modifications, waivers and amendments of the Serviced Mortgage Loans and any related Serviced Companion Loans in accordance with this Section 3.26 or Section 3.27 of this Agreement (with respect to Serviced Whole Loans) shall be in writing.

 

(f)         The Master Servicer or the Special Servicer, as applicable, shall notify the Trustee, the Certificate Administrator, each Risk Retention Consultation Party, the Directing Holder (other than if a Consultation Termination Event is continuing), the Depositor, the related Serviced Companion Loan Noteholder (if any) and the 17g-5 Information Provider (who shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement), in writing, of any modification, waiver, material consent or amendment of any term of any Serviced Mortgage Loan and any related Serviced Companion Loan and the date thereof, and shall deliver to the Custodian for deposit in the related Mortgage File, an original counterpart of the agreement relating to such modification, waiver, material consent or amendment, promptly (and in any event within 10 Business Days) following the execution thereof.

 

(g)        The Master Servicer or the Special Servicer may (subject to the Servicing Standard), as a condition to granting any request by a Borrower for consent, modification, waiver or indulgence or any other matter or thing, the granting of which is within its discretion pursuant to the terms of the instruments evidencing or securing the related Mortgage Loan or Serviced Whole Loan and is permitted by the terms of this Agreement and applicable law, require that such Borrower pay to it (i) as additional servicing compensation, a reasonable and customary fee for the additional services performed in connection with such request (provided that the charging of such fee would not constitute a “significant modification” of the related Mortgage Loan or Serviced Whole Loan within the meaning of Treasury Regulations Section 1.860G-2(b)), and (ii) any related costs and expenses incurred by it. In no event shall the Master Servicer or the Special Servicer be entitled to payment for such fees or expenses unless such payment is collected from the related Borrower.

 

(h)        Notwithstanding the foregoing, the Master Servicer shall not permit the substitution of any Mortgaged Property pursuant to the defeasance provisions of any Mortgage Loan or Serviced Whole Loan (or any portion thereof), if any, unless such defeasance complies with Treasury Regulations Section 1.860G-2(a)(8) and satisfies the conditions set forth in Section 3.09(f) of this Agreement.

 

 

     -317-

     

    

 

(i)         Notwithstanding anything herein or in the related Loan Documents to the contrary, the Master Servicer may permit the substitution of direct, non-callable “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, or any other securities that comply with Treasury Regulations Section 1.860G-2(a)(8)(ii) (including U.S. government agency securities if such securities are eligible defeasance collateral under then current guidelines of the Rating Agencies) for any Mortgaged Property pursuant to the defeasance provisions of any Serviced Mortgage Loan and any related Serviced Companion Loan (or any portion thereof) in lieu of the defeasance collateral specified in the related Loan Documents; provided that, the Master Servicer reasonably determines that allowing their use would not cause a default or event of default under the related Loan Documents to become reasonably foreseeable and the Master Servicer receives an Opinion of Counsel (at the expense of the Borrower to the extent permitted under the Loan Documents) to the effect that such use would not be and would not constitute a “significant modification” of such Mortgage Loan or Serviced Whole Loan pursuant to Treasury Regulations Section 1.860G-2(b) and would not otherwise cause an Adverse REMIC Event and provided that the requirements set forth in Section 3.09(f) of this Agreement are satisfied.

 

Notwithstanding the foregoing, with respect to all of the Mortgage Loans acquired by GACC that are subject to defeasance, GACC has transferred to a third party or has retained on behalf of itself or an Affiliate the right to establish or designate the successor borrower and/or to purchase or cause to be purchased the related defeasance collateral (any such right or obligation, the “Retained Defeasance Rights and Obligations”). In the event the Master Servicer receives notice of a defeasance request with respect to a Mortgage Loan for which GACC is the related Mortgage Loan Seller, which such Mortgage Loan provides for Retained Defeasance Rights and Obligations in the related Mortgage Loan documents, the Master Servicer shall provide, within five (5) Business Days of receipt of such notice, written notice of such defeasance request to GACC in the case of any such Mortgage Loan for which GACC is the related Mortgage Loan Seller. Until such time as GACC provides the Master Servicer with written notice to the contrary, the notice of a defeasance of a Mortgage Loan with Retained Defeasance Rights and Obligations as to which GACC is the related Mortgage Loan Seller shall be delivered to German American Capital Corporation, 60 Wall Street, New York, New York 10005, Attention: Lainie Kaye with copies via email to cmbs.requests@db.com. With respect to any Mortgage Loan originated or acquired by GACC that is subject to defeasance, if the successor borrower is not designated or formed by GACC or any Affiliate or successor thereto, the successor borrower shall be reasonably acceptable to the Master Servicer in accordance with the Servicing Standard.

 

(j)         If required under the related Loan Documents or if otherwise consistent with the Servicing Standard, the Master Servicer shall establish and maintain one or more accounts, which may be sub-accounts of the Collection Account (the “Defeasance Accounts”), into which all payments received by the Master Servicer from any defeasance collateral substituted for any Mortgaged Property shall be deposited and retained, and shall administer such Defeasance Accounts in accordance with the Loan Documents. Each Defeasance Account shall at all times be an Eligible Account. Notwithstanding the foregoing, in no event shall the Master Servicer permit such amounts to be maintained in the Defeasance Account for a period in excess of 12 months, unless such amounts are reinvested by the Master Servicer in “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, or any other securities that comply with Treasury Regulations Section 1.860G-2(a)(8)(ii). To the

 

 

     -318-

     

    

 

extent not required or permitted to be placed in a separate account, the Master Servicer shall deposit all payments received by it from defeasance collateral substituted for any Mortgaged Property into the Collection Account or, if a Serviced Whole Loan is involved, the Serviced Whole Loan Collection Account and treat any such payments as payments made on the Mortgage Loan or Serviced Whole Loan, as applicable, in advance of its Due Date in accordance with clause (a) of the definition of Principal Distribution Amount, and not as a prepayment of the related Mortgage Loan or Serviced Whole Loan. Notwithstanding anything herein to the contrary, in no event shall the Master Servicer permit such amounts to be maintained in the Collection Account or, if a Serviced Whole Loan is involved, the Serviced Whole Loan Collection Account for a period in excess of 365 days.

 

(k)        Any right to take any action, grant or withhold any consent or otherwise exercise any right, election or remedy afforded the Directing Holder under this Agreement may, unless otherwise expressly provided herein to the contrary, be affirmatively waived by the Directing Holder by written notice given to the Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer, as applicable. Upon delivery of any such notice of waiver given by the Directing Holder, any time period (exclusive or otherwise) afforded the Directing Holder to exercise any such right, make any such election or grant or withhold any such consent shall thereupon be deemed to have expired with the same force and effect as if the specific time period set forth in this Agreement applicable thereto had itself expired. If the Master Servicer or Special Servicer determines that a refusal to consent by the Directing Holder or any advice from the Directing Holder would cause the Master Servicer or Special Servicer, as applicable, to violate applicable law, the terms of the applicable Loan Documents, any related Intercreditor Agreements, the REMIC Provisions or the terms of this Agreement, including without limitation, the Servicing Standard, the Master Servicer or Special Servicer shall disregard such refusal to consent or advice and notify the Directing Holder, the Trustee, the Certificate Administrator, the related Serviced Companion Loan Noteholder (if any) and the 17g-5 Information Provider (who shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement) of its determination, including a reasonably detailed explanation of the basis therefor.

 

(l)         Any modification, waiver or amendment of, or consents or approvals relating to, a Mortgage Loan or Serviced Whole Loan that is a Specially Serviced Loan or Serviced REO Loan (i) shall be performed by the Special Servicer and not the Master Servicer, (ii) to the extent provided in this Agreement and/or the applicable Intercreditor Agreement, shall be subject to the consent of the related Directing Holder and (iii) shall be structured so as to be consistent with the allocation and payment priorities in the related Loan Documents and Intercreditor Agreement, if any, such that neither the Trust as holder of the Mortgage Loan nor a holder of any related Serviced Companion Loan gains a priority over the other such holder that is not reflected in the related Loan Documents and Intercreditor Agreement. Neither the Master Servicer nor the Special Servicer shall enter into, or structure (including, without limitation, by way of the application of credits, discounts, forgiveness or otherwise), any modification, waiver, amendment, work-out, consent or approval with respect to any Mortgage Loan in a manner that would be inconsistent with the allocation and payment priorities set forth in Section 1.02(e) hereof or in the related Intercreditor Agreement.

 

 

     -319-

     

    

 

(m)       In addition, with respect to a Performing Loan (other than a Non-Serviced Mortgage Loan), the Master Servicer, prior to taking action with respect to any Special Servicer Major Decision or Special Servicer Non-Major Decision (or making a determination not to take action with respect to a Special Servicer Major Decision or Special Servicer Non-Major Decision), shall refer the request to the Special Servicer, which shall process the request directly or, if mutually agreed to by the Special Servicer and the Master Servicer, the Master Servicer shall (subject to the consent of the Special Servicer) process such request. If the Master Servicer processes such request and is recommending approval of such request, the Master Servicer shall prepare and submit its written recommendation and analysis to the Special Servicer with all information in the Master Servicer’s possession or reasonably available to the Master Servicer that the Special Servicer may reasonably request in order to withhold or grant its consent, and in all cases the Special Servicer shall be entitled (subject to the consultation rights of the Risk Retention Consultation Parties or the consent or consultation rights of the Directing Holder pursuant to Section 6.07) to approve or disapprove any modification, waiver or amendment that constitutes a Special Servicer Major Decision or Special Servicer Non-Major Decision. When the Special Servicer’s consent is required hereunder, such consent shall be deemed given 15 Business Days, or such longer time period pursuant to the terms of the related Intercreditor Agreement but not less than five (5) Business Days after the time period set forth therein for Directing Holder approval, (or in connection with an Acceptable Insurance Default, 90 days) after receipt (unless earlier objected to) by the Special Servicer from the Master Servicer of the Master Servicer’s written analysis and recommendation with respect to such proposed Special Servicer Major Decision or Special Servicer Non-Major Decision together with such other information reasonably requested by the Special Servicer and reasonably available to the Master Servicer. Other than during the continuance of a Control Termination Event, neither the Master Servicer (with respect to any Major Decision processed by the Master Servicer) nor the Special Servicer (with respect to any Major Decision processed by the Special Servicer) will be permitted to take any action constituting a Major Decision, as to which the Directing Holder has objected in writing within 10 Business Days (or, in connection with an Acceptable Insurance Default, 30 days) after receipt by the Directing Holder of the Master Servicer’s and/or Special Servicer’s, as applicable, written analysis and recommendation together with such other information reasonably requested by the Directing Holder; provided that if such written objection has not been received by the Master Servicer or Special Servicer, as applicable, within such 10-Business Day (or 30-day) period, the Directing Holder will be deemed to have approved such action.

 

(n)        The Master Servicer shall provide the Special Servicer with any notice that it receives relating to a default by the borrower under a ground lease where the collateral for the Mortgage Loan includes the ground lease, and the Special Servicer will determine in accordance with the Servicing Standard whether to cure any borrower defaults relating to ground leases.

 

(o)        With respect to any Borrower request or other action on a non-Specially Serviced Loan that is not a Major Decision or a Special Servicer Non-Major Decision, the Master Servicer shall not be required to obtain the consent of or consult with the Special Servicer or the Directing Holder.

 

 

     -320-

     

    

 

Section 3.27     Certain Intercreditor Matters Relating to the Whole Loans. (a) With respect to Serviced Whole Loans, except for those duties to be performed by, and notices to be furnished by, the Trustee under this Agreement, the Master Servicer or the Special Servicer, as applicable, shall perform such duties and furnish such notices, reports and information on behalf of the Trust Fund as may be the obligation of the Trust, or the obligation of the master servicer or the special servicer, as applicable, following securitization, under the related Intercreditor Agreement.

 

(b)        The Master Servicer shall maintain a register (the “Serviced Companion Loan Noteholder Register”) on which the Master Servicer shall record the names and addresses of the Serviced Companion Loan Noteholders and wire transfer instructions for such Serviced Companion Loan Noteholders from time to time, to the extent such information is provided in writing to the Master Servicer by a Serviced Companion Loan Noteholder. Each Serviced Companion Loan Noteholder has agreed to inform the Master Servicer of its name, address, taxpayer identification number and wiring instructions (to the extent the foregoing information is not already contained in the related Intercreditor Agreement) and of any transfer thereof (together with any instruments of transfer). The name and address of each initial Serviced Companion Loan Noteholder as of the Closing Date is set forth on Schedule VII hereto. The Master Servicer shall be entitled to conclusively rely upon the information delivered by any Serviced Companion Loan Noteholder until it receives notice of transfer or of any change in information.

 

In no event shall the Master Servicer be obligated to pay any party the amounts payable to a Serviced Companion Loan Noteholder hereunder other than the Person listed as the applicable Serviced Companion Loan Noteholder on the Serviced Companion Loan Noteholder Register. In the event that a Serviced Companion Loan Noteholder transfers the related Serviced Companion Loan without notice to the Master Servicer, the Master Servicer shall have no liability whatsoever for any misdirected payment on such Serviced Companion Loan and shall have no obligation to recover and redirect such payment.

 

The Master Servicer shall promptly provide the names and addresses of any Serviced Companion Loan Noteholder to any party hereto, any related Companion Loan Noteholder or any successor thereto upon written request, and any such party or successor may, without further investigation, conclusively rely upon such information. The Master Servicer shall have no liability to any Person for the provision of any such names and addresses.

 

(c)        The Directing Holder shall not owe any fiduciary duty to the Trustee, any Master Servicer, any Special Servicer, any Certificateholder (including the Directing Holder, if applicable) or any noteholder of a Serviced Whole Loan. The Directing Holder will not have any liability to the Certificateholders (including the Directing Holder, if applicable) or any other noteholder of a Serviced Whole Loan, as applicable, for any action taken, or for refraining from the taking of any action or the giving of any consent, pursuant to this Agreement, or for errors in judgment.

 

(d)        With respect to any Serviced Whole Loan, the Directing Holder shall be entitled to exercise the consent rights, cure rights and purchase rights, as applicable, to the extent set forth in the applicable Intercreditor Agreement, in accordance with the terms of the related Intercreditor Agreement and this Agreement.

 

 

     -321-

     

    

 

(e)        The Special Servicer (if any Serviced Companion Loan is a Specially Serviced Loan or has become a Serviced REO Loan) or the Master Servicer (otherwise), as applicable, shall take all actions relating to the servicing and/or administration of, and (subject to Section 3.13 and Section 3.17 of this Agreement and the following paragraph) the preparation and delivery of reports and other information with respect to, the Serviced Whole Loan related to any Serviced Companion Loan or any related Serviced REO Property required to be performed by the holder of the related Mortgage Loan or contemplated to be performed by a servicer, in any case pursuant to and as required by each related Intercreditor Agreement and/or any related mezzanine intercreditor agreement existing on the Closing Date and any related Intercreditor Agreement or mezzanine intercreditor agreement not existing on the Closing Date that is provided to the Master Servicer or Special Servicer, as applicable. In addition notwithstanding anything herein to the contrary, the following considerations shall apply with respect to the servicing of a Serviced Companion Loan:

 

(i)     none of the Master Servicer, the Special Servicer or the Trustee shall make any P&I Advance with respect to the Serviced Companion Loan; and

 

(ii)    the Master Servicer and the Special Servicer shall each consult with and obtain the consent of the related Serviced Companion Loan Noteholder(s) to the extent required by the related Intercreditor Agreement.

 

The Master Servicer or Special Servicer, as applicable, shall timely provide to each related Serviced Companion Loan Noteholder any reports or notices required to be delivered to such Serviced Companion Loan Noteholder pursuant to the related Intercreditor Agreement, and the Master Servicer or Special Servicer, as applicable, shall provide to the BX Industrial Portfolio Loan-Specific Directing Holder, the Tower 333 Loan-Specific Directing Holder or the 825 South Hill Loan-Specific Directing Holder, any reports or notices required to be delivered to the holder of the related Trust Subordinate Companion Loan pursuant to the related Intercreditor Agreement. The Special Servicer shall reasonably cooperate with the Master Servicer and the Master Servicer shall reasonably cooperate with the Special Servicer in preparing/delivering any such report or notice with respect to special servicing matters.

 

If any Serviced Companion Loan or any portion thereof or any particular payments thereon are included in a REMIC or a “grantor trust” (within the meaning of the Grantor Trust Provisions), then neither the Master Servicer nor the Special Servicer shall knowingly take any action that would result in the equivalent of an Adverse REMIC Event with respect to such REMIC or adversely affect the tax status of such grantor trust as a grantor trust.

 

The parties hereto acknowledge that a Serviced Companion Loan Noteholder shall not (1) owe any fiduciary duty to the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer or any Certificateholder or (2) have any liability to the Trustee or the Certificateholders for any action taken, or for refraining from the taking of any action pursuant to the related Intercreditor Agreement or the giving of any consent or for errors in judgment. Each Certificateholder, by its acceptance of a Certificate, shall be deemed to have confirmed its understanding that a Serviced Companion Loan Noteholder (i) may take or refrain from taking actions that favor its interests or the interests of its affiliates over the Certificateholders, (ii) may have special relationships and interests that conflict with the interests of the Certificateholders and shall be deemed to have agreed to take no action against a Serviced

 

 

     -322-

     

    

 

Companion Loan Noteholder or any of its officers, directors, employees, principals or agents as a result of such special relationships or conflicts and (iii) shall not be liable by reason of its having acted or refrained from acting solely in its interest or in the interest of its affiliates.

 

The parties hereto recognize and acknowledge the respective rights of each Serviced Companion Loan Noteholder under the related Intercreditor Agreement. Each of the rights of a Serviced Companion Loan Noteholder under or contemplated by this Section 3.27(e) may be exercisable by a designee thereof on its behalf; provided that the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee are provided with written notice by the related Serviced Companion Loan Noteholder of such designation (upon which such party may conclusively rely) and the contact details of the designee.

 

Notwithstanding anything herein or in the Intercreditor Agreement to the contrary, no direction or objection by the Serviced Companion Loan Noteholder may require or cause the Master Servicer or the Special Servicer, as applicable, to violate any provision of any Mortgage Loan, applicable law, this Agreement, any Intercreditor Agreement or the REMIC Provisions, including without limitation the Master Servicer’s or Special Servicer’s obligation to act in accordance with the Servicing Standard, or expose the Master Servicer, the Special Servicer, the Depositor, a Mortgage Loan Seller, the Paying Agent, the Trust Fund, the Certificate Administrator (in any of its capacities) or the Trustee to liability, or materially expand the scope of the Master Servicer’s or Special Servicer’s responsibilities hereunder.

 

Any reference to servicing any of the Mortgage Loans in accordance with any of the related Loan Documents (including the related Mortgage Note and Mortgage) shall also mean, in the case of a Serviced Whole Loan, in accordance with the related Intercreditor Agreement.

 

To the extent not otherwise expressly included herein, any provisions required to be included herein pursuant to any Intercreditor Agreement for a Serviced Whole Loan or a Non-Serviced Whole Loan are deemed incorporated herein by reference, and the parties hereto shall comply with those provisions as if set forth herein in full.

 

For purposes of exercising any rights that the Directing Holder of the Mortgage Note for any Mortgage Loan in a Serviced Whole Loan may have under the related Intercreditor Agreement, the Directing Holder shall be the designee of the Trust, as such noteholder, and the Trustee shall, upon request, take such actions as may be necessary under the related Intercreditor Agreement to effect such designation. The Certificate Administrator shall provide notice of the identity of the Directing Holder (to the extent the Certificate Administrator has received notice of a change in the identity of the Directing Holder), upon request, to the other parties to the related Intercreditor Agreement, to the extent the identity and contact information of such parties to such Intercreditor Agreement are actually known to the Certificate Administrator.

 

(f)         With respect to a Non-Serviced Mortgage Loan, the Master Servicer shall deliver information comparable to the above described information in Section 3.13(c) and Section 3.13(d) hereof to the same Persons as described above in Section 3.13(c) and Section 3.13(d) and according to the same time frames as described above in Section 3.13(c) and Section 3.13(d), to the extent such Master Servicer has timely received such information from the Other Servicer under the Other Pooling and Servicing Agreement.

 

 

     -323-

     

    

 

Promptly following the Closing Date or, as applicable, upon the receipt of notice by the Certificate Administrator of the related Servicing Shift Securitization Date, the Certificate Administrator shall, following its receipt of a completed Exhibit EE send written notice (which notice may be by email) substantially in the form of Exhibit EE hereto, accompanied by a copy of an executed version of this Agreement, with respect to each Non-Serviced Mortgage Loan to each applicable Other Depositor, Other Servicer, Other Special Servicer, Other Trustee, Other Operating Advisor and Other Asset Representations Reviewer stating that, as of the Closing Date, the Trustee is the holder of the applicable Non-Serviced Mortgage Loan and directing each such recipient to remit to the Master Servicer no later than one (1) Business Day after each Determination Date all amounts payable to, and to forward, deliver or otherwise make available, as the case may be, to the Master Servicer no later than one (1) Business Day after each Determination Date all reports, statements, documents, communications and other information that are to be forwarded, delivered or otherwise made available to, the holder of the applicable Non-Serviced Mortgage Loan under the related Intercreditor Agreement and Other Pooling and Servicing Agreement. Such notice shall also provide contact information for the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer, the Directing Holder, the 17g-5 Information Provider and the Rating Agencies.

 

With respect to a Non-Serviced Mortgage Loan, if the applicable Other Servicer, Other Special Servicer or Other Trustee shall be replaced in accordance with the terms of the related Other Pooling and Servicing Agreement, promptly upon notice thereof, the applicable party to this Agreement that receives such notice shall, upon request, acknowledge such successor as the successor to the Other Servicer, Other Special Servicer or Other Trustee, as the case may be.

 

With respect to a Non-Serviced Mortgage Loan, upon its receipt of written notice of the replacement of the Master Servicer, the Special Servicer or the Trustee, the Certificate Administrator shall give prompt written notice thereof to each related Other Servicer, Other Special Servicer, Other Trustee and Other Operating Advisor, together with relevant contact information of the successor Master Servicer, Special Servicer or Trustee, as applicable.

 

With respect to each Serviced Whole Loan, the Master Servicer or the Special Servicer, as applicable, shall provide each Companion Loan Noteholder and, if applicable, related Non-Directing Holder (or its designee or representative), within the same time frame and to the same extent it is required to provide such information and materials to the Certificateholders or the Directing Holder, as applicable (but without regard to whether or not the Directing Holder actually has lost any rights to receive such information as a result of a Consultation Termination Event), hereunder with (1) copies of each financial statement received by the Master Servicer pursuant to the terms of the related Loan Documents, (2) copies of any notice of default sent to the Borrower and (3) subject to the terms of the Loan Documents, copies of any other documents or information relating to the Serviced Whole Loan (including, without limitation, property inspection reports, loan servicing statements, Borrower requests and asset status reports) that the Master Servicer delivers to the related Directing Holder and copies of any other notice, information or report that it is required to provide to the Directing Holder pursuant to this Agreement with respect to any Major Decision or with respect to any “major decisions” or “major actions” as set forth in the related Intercreditor Agreement or the implementation of any recommended actions outlined in an Asset Status Report relating to such Serviced Whole Loan.

 

 

     -324-

     

    

 

Any copies to be furnished by the Master Servicer or the Special Servicer may be furnished by hard copy or electronic means.

 

(g)        With respect to each Whole Loan, if any Serviced Companion Loan becomes the subject of an “asset review” (or such analogous term defined in the related Other Pooling and Servicing Agreement) pursuant to the related Other Pooling and Servicing Agreement, the Master Servicer, the Special Servicer, the Trustee and the Custodian shall reasonably cooperate with the Other Asset Representations Reviewer or any other party to the Other Pooling and Servicing Agreement in connection with such asset review by providing the Other Asset Representations Reviewer or such other requesting party with any documents reasonably requested by the Other Asset Representations Reviewer or such other requesting party (not at its own expense or the expense of the Trust but at the expense of the related mortgage loan seller, such Other Asset Representations Reviewer or such other requesting party to the Other Pooling and Servicing Agreement), but only to the extent that (i) Other Asset Representations Reviewer or such other requesting party has not been able to obtain such documents from the related mortgage loan seller or any party to the related Other Pooling and Servicing Agreement, and (ii) such documents are in the possession of the Master Servicer, the Special Servicer, the Trustee or the Custodian, as the case may be. For the avoidance of doubt, none of the Master Servicer, the Special Servicer, the Trustee or the Custodian (i) shall have any further obligations with respect to any such asset review nor shall any such party be bound by the results of any such asset review, or (ii) shall be obligated to provide such documents if providing such documents, in its reasonable determination, would be a violation of this Agreement or any related Intercreditor Agreement.

 

(h)        To the extent that the Other Pooling and Servicing Agreement or Intercreditor Agreement relating to any Non-Serviced Whole Loan permits the holder of the related Non-Serviced Mortgage Loan to terminate the related Other Servicer or Other Special Servicer or appoint a sub-servicer or replacement therefor, the Trustee may, and at the written direction of the Holders of at least 25% of the aggregate Voting Rights of all Certificates (or the Depositor with respect to any such right arising from such Other Servicer’s or Other Special Servicer’s failure to comply with Exchange Act reporting obligations) upon five (5) Business Days’ notice, shall, exercise the right to terminate the related Other Servicer or Other Special Servicer or appoint a sub-servicer or replacement therefor, as applicable.

 

(i)         To the extent of any conflict between this Agreement and any Intercreditor Agreement, the terms of the Intercreditor Agreement shall control.

 

Section 3.28     Directing Holder Contact with the Master Servicer and the Special Servicer. Each of the Master Servicer and the Special Servicer shall, not more frequently than once per month, without charge, make a knowledgeable Servicing Officer via telephone available during normal business hours to verbally answer questions from the Directing Holder (for so long as no Consultation Termination Event is continuing) regarding the performance and servicing of the Mortgage Loans and/or REO Properties for which the Master Servicer or the Special Servicer, as the case may be, is responsible.

 

Section 3.29     Controlling Class Certificateholders, the Directing Holder and the Risk Retention Consultation Parties; Certain Rights and Powers of the Directing Holder and the Risk Retention Consultation Parties. (a) Each Certificateholder and Certificate Owner of a

 

 

     -325-

     

    

 

Control Eligible Certificate is hereby deemed to have agreed by virtue of its purchase of such Certificate (or beneficial ownership interest in such Certificate) to provide its name and address to the Certificate Registrar and to notify the Certificate Registrar of the transfer of any Control Eligible Certificate (or the beneficial ownership of any Control Eligible Certificate), the selection of a Directing Holder or the resignation or removal thereof. Any such Certificateholder (or Certificate Owner) or its designee at any time appointed Directing Holder is hereby deemed to have agreed by virtue of its purchase of a Control Eligible Certificate (or the beneficial ownership interest in a Control Eligible Certificate) to notify the Certificate Registrar when such Certificateholder (or Certificate Owner) or designee is appointed Directing Holder and when it is removed or resigns. Upon receipt of such notice, the Certificate Registrar shall notify the Special Servicer, the Master Servicer, the Certificate Administrator, the Depositor, the Trustee, each Serviced Companion Loan Noteholder of the identity of the Directing Holder, any resignation or removal thereof and/or any new Holder or Certificate Owner of a Control Eligible Certificate.

 

Upon the resignation or removal of the existing Directing Holder, any successor Directing Holder shall also execute and deliver a certification substantially in the form of Exhibit L-1G to this Agreement to the parties to this Agreement prior to being recognized as the new Directing Holder. Upon the resignation or removal of any existing Risk Retention Consultation Party, any successor Risk Retention Consultation Party shall execute and deliver a certification substantially in the form of Exhibit L-1H to this Agreement prior to being recognized as the new Risk Retention Consultation Party. The parties hereto shall be entitled to assume that the Risk Retention Consultation Party has not changed absent such notice.

 

In addition, upon the request of the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee or, for so long as no Consultation Termination Event is continuing, the Directing Holder, the Certificate Registrar shall promptly (but no later than five (5) Business Days after such request) provide to the requesting party the identity of the then-current Controlling Class and a list of the Holders of Certificates of the Controlling Class. However, if any Certificate of the Controlling Class is a Global Certificate, then the Certificate Administrator shall promptly (but in no event more than five (5) Business Days following such request) request from the Depository, with the assistance of the Trustee, the list of Depository Participants for the Controlling Class and make reasonable efforts to obtain a list of Certificate Owners from such Depository Participants, and the Certificate Administrator shall provide such list of Depository Participants and such list of Certificate Owners (to the extent the Certificate Administrator obtains such list of Certificate Owners), to the requesting party promptly upon receipt. The Certificate Administrator shall be entitled to conclusively rely on the list of Depository Participants for the Controlling Class provided by the Depository and the list of Certificate Owners provided by any Depository Participant and shall not have any liability for such reliance; provided that, if any Certificate of the Controlling Class is a Global Certificate and the Certificate Administrator has actual knowledge of the identity of the related Certificate Owners, then the Certificate Administrator shall include such Certificate Owner in the list provided to any requesting party pursuant to first sentence of this paragraph. The Master Servicer, the Special Servicer, the Trustee and the Directing Holder shall be entitled to conclusively rely on any such information so provided. Any expenses incurred in connection with obtaining such information shall be at the expense of the requesting party, except that if (i) such expenses arise in connection with an event as to which the Directing Holder has review,

 

 

     -326-

     

    

 

consent or consultation rights with respect to an action taken by, or report prepared by, the requesting party pursuant to this Agreement or the related Other Pooling and Servicing Agreement and (ii) the requesting party has not been notified of the identity of the Directing Holder or reasonably believes that the identity of the Directing Holder has changed, then such expenses shall be at the expense of the Trust.

 

To the extent the Master Servicer has actual knowledge of any change in the identity of a Holder (or Certificate Owners) of the Controlling Class, then the Master Servicer shall promptly notify the Trustee, the Certificate Administrator and the Special Servicer thereof, who may rely conclusively on such notice from the Master Servicer.

 

(b)        The Certificate Registrar shall be entitled to assume any Directing Holder under clause (b) of the definition of “Directing Holder” selected in accordance with this Agreement and notified to the Certificate Registrar thereof in writing, is the Directing Holder appointed by the Holder (or Certificate Owner) of each Class of Control Eligible Certificates, until the Certificate Registrar receives (i) written notice of a replacement Directing Holder from a majority of the Controlling Class Certificateholders by Certificate Balance, (ii) written notice from a majority of the Controlling Class Certificateholders, by Certificate Balance, that a Directing Holder is no longer designated, (iii) written notice from a Directing Holder of the resignation of such Directing Holder, or (iv) written notice that the Holder (or Certificate Owner) of a majority of the applicable Class of Control Eligible Certificates is no longer the Holder (or Certificate Owner) of a majority of the applicable Class of Control Eligible Certificates due to a transfer of those Certificates (or a beneficial ownership interest in those Certificates). Upon the resignation of a Directing Holder, the Certificate Administrator shall request the Controlling Class Certificateholders to select a new Directing Holder.

 

In the event either (y) the Certificate Registrar receives notice identified in any of clause (ii) through (iv) of the immediately preceding paragraph and no successor Directing Holder is then identified to the Certificate Registrar or (z) a party to this Agreement requests from the Certificate Administrator the identity of the Directing Holder and such identity is not known to the Certificate Administrator, then the Certificate Administrator shall promptly deliver a notice of such event (the “Initial Notice”) to all the Certificateholders via the Depository (and a copy of such Initial Notice shall be simultaneously sent to each of the Master Servicer, the Special Servicer and the Trustee), which notice shall include a request that the Controlling Class Certificateholder that believes it may own the largest aggregate Certificate Balance of the Controlling Class represent in writing to the Certificate Administrator that it owns the largest aggregate Certificate Balance of the Controlling Class (with evidence of its ownership) and provide its contact information. Upon receipt of such written representation (and any subsequent written representation), the Certificate Administrator shall deliver a notice (the “Subsequent Notice”) to all the Certificateholders via the Depository of such representation (and a copy of such Subsequent Notice shall be simultaneously sent to each of the Master Servicer, the Special Servicer and the Trustee) and so long as another party holding an equal or larger aggregate Certificate Balance of the Controlling Class does not provide a written representation within thirty (30) days from the date of delivery of the latest Subsequent Notice, the party making the original assertion shall become the Controlling Class Certificateholder until replaced by another party pursuant to the terms of this Agreement. Notwithstanding the foregoing, Controlling Class Certificateholder(s) providing notice that it (or they) are the Holders of a majority of the

 

 

     -327-

     

    

 

Controlling Class Certificateholders, by Certificate Balance, shall have the right to select the Directing Holder at any time without regard to such 30-day period, and a Directing Holder selected by the Holders of a majority of the Controlling Class Certificateholders, by Certificate Balance, shall be recognized as such immediately upon being selected in accordance with this Agreement whether or not such 30-day period has expired.

 

In the event that a Directing Holder is selected pursuant to this Section 3.29(b) or there is deemed to be no Directing Holder pursuant to this (b), the Certificate Registrar shall notify the Special Servicer, the Master Servicer, the Certificate Administrator, the Depositor and the Trustee of the identity of the new Directing Holder or the absence of a Directing Holder, as applicable.

 

At any time more than 50% of the Percentage Interest of the Controlling Class Certificateholders direct the Certificate Administrator in writing to hold an election for a Directing Holder, the Certificate Administrator shall hold such election as soon as practicable at the expense of such requesting Certificateholders.

 

(c)        The Master Servicer, Special Servicer and Trustee shall be entitled to request that the Certificate Administrator provide, and the Certificate Administrator shall promptly (but no later than five (5) Business Days after such request) provide (i) for so long as no Consultation Termination Event is continuing, the identity of the Directing Holder, including names and contact information and, to the extent reasonably available, a list of Controlling Class Certificateholders and (ii) confirmation as to whether a Control Termination Event or Consultation Termination Event has occurred in the 12 months preceding any such request or any other period specified in such request. In addition to the foregoing, (i) within two (2) Business Days of receiving notice of the selection of a new Directing Holder or the existence of a new Controlling Class Certificateholder, BX Industrial Portfolio Controlling Class Certificateholder, Tower 333 Controlling Class Certificateholder, 825 South Hill Controlling Class Certificateholder or (ii) within ten (10) days of the commencement or cessation of any Consultation Termination Event or Control Termination Event, the Certificate Administrator shall notify the Trustee, the Master Servicer and the Special Servicer and post notice on the Certificate Administrator’s Website. Any expenses incurred in connection with obtaining such information shall be at the expense of the requesting party, except that if (i) such expenses arise in connection with an event as to which the Directing Holder has review, consent or consultation rights with respect to an action taken by, or report prepared by, the requesting party pursuant to this Agreement or the related Other Pooling and Servicing Agreement and (ii) the requesting party has not been notified of the identity of the Directing Holder or reasonably believes that the identity of the Directing Holder has changed, then such expenses shall be at the expense of the Trust.

 

At any time that a party to this Agreement receives notice of the selection of a Directing Holder from the Certificate Registrar, the Certificate Administrator or a majority of the Controlling Class Certificateholders, a majority of the BX Industrial Portfolio Controlling Class Certificateholders, a majority of the Tower 333 Controlling Class Certificateholders or a majority of the 825 South Hill Controlling Class Certificateholders as applicable, by Certificate Balance, then such party to this Agreement shall be entitled to rely on the most recent notification with respect to the identity of the Controlling Class Certificateholder, the BX Industrial Portfolio Controlling Class Certificateholder, the Tower 333 Controlling Class

 

 

     -328-

     

    

 

Certificateholder or the 825 South Hill Controlling Class Certificateholder, as applicable, and the Directing Holder. The Special Servicer shall have no obligation to obtain the consent of or consult with any entity appointed as a successor Directing Holder until the Special Servicer receives written notice of such successor Directing Holder’s identity and contact information.

 

Additionally, once a successor Risk Retention Consultation Party has been selected, each of the Master Servicer, the Special Servicer, the Depositor, the Trustee, the Certificate Administrator and each other Certificateholder (or Certificate Owner, if applicable) shall be entitled to rely on such selection unless the VRR Interest Owners, the BX-VRR Interest Owner, the T333-VRR Interest Owner or the 825S-VRR Interest Owner entitled to appoint the Risk Retention Consultation Parties, by Certificate Balance, or such Risk Retention Consultation Party shall have notified the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator and each other VRR Interest Owner (except in the case of the BX-VRR Interest Owner, the T333-VRR Interest Owner and the 825S-VRR Interest Owner), in writing, of the selection of a new Risk Retention Consultation Party.

 

(d)        If to the extent the Certificate Administrator determines that a Class of Book-Entry Certificates is the Controlling Class, the Certificate Administrator shall notify the related Certificateholders of such Class (through the Depository) of such event.

 

(e)        Each Certificateholder or RR Interest Owner acknowledges and agrees, by its acceptance of its Certificates or RR Interest, that: (i) the Directing Holder may have special relationships and interests that conflict with those of Holders of one or more Classes of Certificates or the RR Interest or Companion Loan Noteholders; (ii) the Directing Holder may act solely in the interests of the Holders of the Controlling Class (or, in the case of a Whole Loan, in the interests of one or more Companion Loan Noteholders); (iii) the Directing Holder does not have any liability or duties to the Holders of any Class of Certificates other than the Controlling Class; (iv) the Directing Holder may take actions that favor the interests of the Directing Holder or one or more Classes of the Certificates including the Holders of the Controlling Class (or, in the case of a Whole Loan, one or more Companion Loan Noteholders) over the interests of the Holders of one or more Classes of Certificates and other Companion Loan Noteholders; and (v) the Directing Holder shall have no liability whatsoever to any Certificateholder, the RR Interest Owner, the Trust, any Companion Loan Noteholder any party hereto or any other Person (including any Borrower under a Mortgage Loan) for having so acted as set forth in clauses (e) through (e) of this paragraph, and no Certificateholder, RR Interest Owner or Companion Loan Noteholder may take any action whatsoever against the Directing Holder or any director, officer, employee, agent or principal thereof for having so acted.

 

Each Certificateholder or RR Interest Owner acknowledges and agrees, by its acceptance of its Certificates or the RR Interest, that: (i) a Risk Retention Consultation Party may have special relationships and interests that conflict with those of Holders of one or more Classes of Certificates or the RR Interest Owner other than the VRR Interest Owner related to such Risk Retention Consultation Party; (ii) the Risk Retention Consultation Parties may act solely in the interests of the applicable VRR Interest Owner; (iii) the Risk Retention Consultation Parties do not have any liability or duties to the Holders of any Class of Certificates or the RR Interest Owner other than the VRR Interest Owner related to such Risk Retention Consultation Party; (iv) the Risk Retention Consultation Parties may take actions that favor interests of the Holders of the Certificates or the RR Interest Owner, as applicable, over the interests of the Holders of one or

 

 

     -329-

     

    

 

more other Classes of Certificates or the RR Interest Owner, as applicable; and (v) the Risk Retention Consultation Parties shall have no liability whatsoever for having so acted as set forth in clauses (i) through (iv) above, and no Certificateholder or the RR Interest Owner (other than the VRR Interest Owner related to such Risk Retention Consultation Party) may take any action whatsoever against the applicable Risk Retention Consultation Parties or any director, officer, employee, agent or principal of the applicable Risk Retention Consultation Parties for having so acted.

 

(f)         The Certificate Registrar shall determine which Class of Certificates is the then-current Controlling Class within two (2) Business Days of a request from the Master Servicer, Special Servicer, Trustee, the Certificate Administrator or any Certificateholder and provide such information to the requesting party.

 

(g)        The Directing Holder shall not have any consent or consultation rights with respect to any Mortgage Loan determined to be an Excluded Loan as to either the Directing Holder or, except in the case of any Servicing Shift Mortgage Loan, the related Holder of the majority of the Controlling Class. Likewise, a Risk Retention Consultation Party shall not have any consultation rights with respect to any Mortgage Loan determined to be an Excluded Loan as to such Risk Retention Consultation Party. In the case of an Excluded Loan relating to the Directing Holder, in respect of the servicing of any such Excluded Loan, a Control Termination Event and Consultation Termination Event will be deemed to have occurred with respect to such Excluded Loan.

 

Section 3.30     Rating Agency Confirmation. (a) Notwithstanding the terms of any related Mortgage Loan documents or other provisions of this Agreement, if any action under any Mortgage Loan documents or this Agreement requires Rating Agency Confirmation as a condition precedent to such action, if the party (the “Requesting Party”) attempting and/or required to obtain such Rating Agency Confirmation from each Rating Agency has made a request to any Rating Agency for such Rating Agency Confirmation and, within 10 Business Days of the Rating Agency Confirmation request being posted to the 17g-5 Information Provider’s Website, such Rating Agency has not replied to such request or has responded in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation, then such Requesting Party shall be required to confirm (through direct communication and not by posting any confirmation on the 17g-5 Information Provider’s Website) that the applicable Rating Agency has received the Rating Agency Confirmation request, and, if it has not, promptly request the related Rating Agency Confirmation again (which may also be through direct communication). The circumstances described in the preceding sentence are referred to in this Agreement as a “RAC No-Response Scenario.” Once the Requesting Party has sent a request for a Rating Agency Confirmation to the 17g-5 Information Provider, such Requesting Party, may, but shall not be obligated to send such request directly to the Rating Agencies in accordance with the procedures set forth in Section 3.14.

 

If there is no response to such Rating Agency Confirmation request within 5 Business Days of such second request in a RAC No Response Scenario or if such Rating Agency has responded in a manner that indicates such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency Confirmation, then (x) with respect to any condition in any Mortgage Loan document requiring such Rating Agency Confirmation or with

 

 

     -330-

     

    

 

respect to any other matter under this Agreement relating to the servicing of the Mortgage Loans or the Trust Subordinate Companion Loans (other than as set forth in clause (y) below), the requirement to obtain a Rating Agency Confirmation shall be deemed not to apply (as if such requirement did not exist) with respect to such Rating Agency and the Master Servicer or the Special Servicer, as the case may be, may then take such action if the Master Servicer or the Special Servicer, as applicable, confirms its original determination (made prior to making such request) that taking the action with respect to which it requested the Rating Agency Confirmation would still be consistent with the Servicing Standard, (y) with respect to a replacement of the Master Servicer or Special Servicer, such condition shall be deemed not to apply (as if such requirement did not exist) if (i)(a) it has been appointed and currently serves as a master servicer or special servicer, as applicable, on a transaction-level basis on a CMBS transaction currently rated by Moody’s that currently has securities outstanding and (b) it is not a master servicer or special servicer, as applicable, that has been publicly cited by Moody’s as having servicing concerns as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a rating downgrade or withdrawal) of securities rated by Moody’s in a CMBS transaction serviced by the applicable replacement master servicer or special servicer prior to the time of determination, if Moody’s is the non-responding Rating Agency, (ii) the applicable replacement master servicer or special servicer is rated at least “CMS3” (in the case of the master servicer) or “CSS3” (in the case of the special servicer), if Fitch is the non-responding Rating Agency, and (iii) with respect to DBRS Morningstar, the replacement servicer or special servicer, as applicable, is currently acting as a servicer or special servicer, as applicable, on a transaction-level basis on a CMBS transaction currently rated by DBRS Morningstar that currently has securities outstanding and for which DBRS Morningstar has not cited servicing concerns of the replacement servicer or special servicer, as applicable, as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities rated by DBRS Morningstar in a commercial mortgage-backed securitization transaction rated by DBRS Morningstar and serviced by the applicable replacement servicer or special servicer, as applicable, prior to the time of determination.

 

Any Rating Agency Confirmation request made by the Master Servicer, Special Servicer, Certificate Administrator or Trustee, as applicable, pursuant to this Agreement, shall be made in writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material necessary for the Rating Agency to process such request. Such written Rating Agency Confirmation request shall be provided in electronic format to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post such request on the 17g-5 Information Provider’s Website in accordance with Section 3.14(d) of this Agreement.

 

Promptly following the Master Servicer’s or Special Servicer’s determination to take any action discussed in this Section 3.30(a) following any requirement to obtain a Rating Agency Confirmation being deemed not to apply (as if such requirement did not exist), the Master Servicer or Special Servicer, as the case may be, shall provide electronic written notice to the 17g-5 Information Provider of the action taken for the particular item at such time, and the 17g-5 Information Provider shall post such notice on the 17g-5 Information Provider’s Website in accordance with Section 3.14(d) of this Agreement.

 

 

     -331-

     

    

 

(b)        Notwithstanding anything to the contrary in this Section 3.30, for purposes of the provisions of any Loan Document relating to defeasance (including without limitation the type of collateral acceptable for use as defeasance collateral), release or substitution of any collateral, in the event of a RAC No-Response Scenario, any Rating Agency Confirmation requirement in the Loan Documents with respect to which the Master Servicer or Special Servicer would have been required to make the determination described in Section 3.30(a) (as a result of such RAC No-Response Scenario) shall be deemed not to apply regardless of any such determination by the Requesting Party (or, if the Requesting Party is the related Borrower, the Master Servicer (with respect to Performing Loans) or the Special Servicer (with respect to Specially Serviced Loans and Serviced REO Loans), as applicable); provided that the Requesting Party (or the Master Servicer or the Special Servicer, as applicable) shall in any event review the other conditions required under the related Loan Documents with respect to such defeasance, release or substitution and confirm to its satisfaction in accordance with the Servicing Standard that such conditions (other than the requirement for a Rating Agency Confirmation) have been satisfied.

 

(c)        For all other matters or actions not specifically discussed in Section 3.30(a) above, the applicable Requesting Party shall deliver a Rating Agency Confirmation from each Rating Agency.

 

(d)        Notwithstanding the terms of the related Loan Documents, the other provisions of this Agreement or the applicable Intercreditor Agreement, with respect to any Serviced Companion Loan as to which there exists Serviced Companion Loan Securities, if any action relating to the servicing and administration of the related Whole Loan or any related REO Property (the “Relevant Action”) requires delivery of a Rating Agency Confirmation as a condition precedent to such action pursuant to this Agreement, then, except as set forth below in this paragraph, such action shall also require delivery of a Serviced Companion Loan Rating Agency Confirmation as a condition precedent to such action from each related Serviced Companion Loan Rating Agency. Each Serviced Companion Loan Rating Agency Confirmation shall be sought by the Master Servicer or Special Servicer, as applicable, depending on whichever such party is seeking the corresponding Rating Agency Confirmation(s) in connection with the Relevant Action. The requirement to obtain a Serviced Companion Loan Rating Agency Confirmation with respect to any Serviced Companion Loan Securities will be subject to, will be permitted to be waived by the Master Servicer and the Special Servicer on, and will be deemed not to apply on, the same terms and conditions applicable to obtaining Rating Agency Confirmations, as set forth in this Agreement; provided that the Master Servicer or Special Servicer, as applicable, depending on which is seeking the subject Serviced Companion Loan Rating Agency Confirmation, shall forward to one or more of its counterparts (i.e., the Other Servicer or Other Special Servicer, as applicable), the Other 17g-5 Information Provider, or such other party or parties as are agreed to by the Master Servicer or the Special Servicer, as applicable, and the applicable parties for the related Other Securitization, at the expense of the Other Securitization to the extent not borne by the related Borrower, and in such format as the sender and recipient may reasonably agree, (i) the request for such Serviced Companion Loan Rating Agency Confirmation, (ii) all materials forwarded to the 17g-5 Information Provider under this Agreement in connection with seeking the Rating Agency Confirmation(s) for the applicable Relevant Action at approximately the same time that such materials are forwarded to the 17g-5 Information Provider and (iii) any other materials that the applicable Serviced

 

 

     -332-

     

    

 

Companion Loan Rating Agency may reasonably request in connection with such Serviced Companion Loan Rating Agency Confirmation promptly following receipt of such request from the Other Trustee.

 

The Certificate Administrator shall, promptly following receipt of written request from the Master Servicer or the Special Servicer, as applicable, provide to the Master Servicer or the Special Servicer, as applicable, the contact information for the Other Servicer, the Other Special Servicer, the Other Trustee and the Other 17g-5 Information Provider for the Other Securitization, solely to the extent in its possession.

 

Section 3.31     [Reserved].

 

Section 3.32     Delivery of Excluded Information to the Certificate Administrator.

 

(a)        Any Excluded Information that the Master Servicer or the Special Servicer identifies and delivers to the Certificate Administrator for posting to the Certificate Administrator’s Website shall be delivered to the Certificate Administrator via e-mail (or such other electronic means as is mutually acceptable to the parties) in one or more separate files labeled “Excluded Information” followed by the applicable loan name and loan file to cmbsexcludedinformation@wellsfargo.com. For the avoidance of doubt, any information that is not appropriately labeled and delivered in accordance with this Section 3.32 shall not be separately posted as Excluded Information on the Certificate Administrator’s Website, and any information appropriately labeled and delivered to the Certificate Administrator pursuant to this Section shall be posted on the Certificate Administrator’s Website under the “Excluded Information” section, as provided under Section 4.02(b). When so posted, Excluded Controlling Class Holders shall be prohibited from the access of Excluded Information with respect to any Excluded Controlling Class Loans on the Certificate Administrator’s Website (unless loan-by-loan segregation is later performed by the Certificate Administrator in which case such access shall only be prohibited with respect to the related Excluded Controlling Class Loan(s)). None of the Master Servicer or the Special Servicer shall have any obligations to separately label and deliver any Excluded Information in accordance with this Section 3.32 until such party has received notice with respect to the related Excluded Controlling Class Loan in the form of Exhibit L-1E to this Agreement. Nothing set forth in this Agreement shall prohibit the Directing Holder, any Controlling Class Certificateholder, any BX Industrial Portfolio Controlling Class Certificateholder, any Tower 333 Controlling Class Certificateholder or any 825 South Hill Controlling Class Certificateholder from receiving, requesting or reviewing any Excluded Information relating to any Excluded Controlling Class Loan with respect to which the Directing Holder or such Controlling Class Certificateholder is not a Borrower Party and, if such Excluded Information is not available on the Certificate Administrator’s Website, such Directing Holder or Controlling Class Certificateholder that is not a Borrower Party with respect to the related Excluded Controlling Class Loan shall be permitted to obtain such information upon reasonable request in accordance with Section 3.14(c) and the Master Servicer and the Special Servicer, as applicable, may require and rely on such certifications prior to releasing any such information.

 

Section 3.33     Certain Matters with Respect to Joint Mortgage Loans.

 

(a)        If a Mortgage Loan Seller of a Joint Mortgage Loan (a “Repurchasing Seller”) repurchases, or substitutes for, the Note(s) (a “Repurchased Note”) related to such Joint

 

 

     -333-

     

    

 

Mortgage Loan that it sold to the Depositor, but the other Mortgage Loan Seller of such Joint Mortgage Loan does not repurchase, or substitute for, the Note(s) related to such Joint Mortgage Loan that it sold to the Depositor, the provisions of this Section 3.33 shall apply prior to the adoption, pursuant to Section 12.08, of any amendment to this Agreement that provides otherwise. Each Mortgage Loan Seller of a Joint Mortgage Loan has agreed pursuant to the terms of the related Mortgage Loan Purchase Agreement that the terms set forth in this Section 3.33 with respect to the servicing and administration of such Joint Mortgage Loan shall apply if one or more of the Notes related to such Joint Mortgage Loan has been repurchased or, by way of substitution, otherwise removed from the Trust and at least one other Note related to such Joint Mortgage Loan is included in the Trust until such time as all of the Notes related to such Joint Mortgage Loan are no longer included in the Trust. For purposes of this Section 3.33 and Section 12.08 only, “Note” shall mean with respect to any Joint Mortgage Loan, each original promissory note and all allonges that collectively represents the Note with respect to such Joint Mortgage Loan and shall not be a collective reference to such promissory notes.

 

(b)        Custody of and record title under the Loan Documents with respect to the applicable Joint Mortgage Loan shall be held exclusively by the Trustee or the Custodian as provided under this Agreement, except that the Repurchasing Seller shall hold and retain title to its original Repurchased Note and any related endorsements thereof.

 

(i)  All of the Notes with respect to any Joint Mortgage Loan shall be of equal priority, and no portion of any Note shall have priority or preference over any other portion of the other Notes or security therefor. Payments from the related Borrower (including, without limitation, any late fees) or any other amounts received with respect to each Note shall be collected as provided in this Agreement by the Master Servicer and shall be applied upon receipt by the Master Servicer pro rata to each related Note based on its respective Repurchased Percentage Interest, subject to Section 3.33(b)(ii). Payments or any other amounts received with respect to the related Repurchased Note shall be held for the benefit of the applicable Repurchasing Seller and remitted (net of its pro rata share of any Master Servicing Fees, Special Servicing Fees and any other amounts due to the Master Servicer or the Special Servicer) to the applicable Repurchasing Seller or its designee by the Master Servicer on each Distribution Date pursuant to instructions provided by the applicable Repurchasing Seller and deposited and applied in accordance with this Agreement, subject to (ii). If any Joint Mortgage Loan to which this Section 3.33 applies becomes REO Loans, payments or any other amounts received with respect to any such Joint Mortgage Loan shall be collected and shall be applied upon receipt by the Master Servicer pro rata to each related Note based on its respective Repurchased Percentage Interest, subject to Section 3.33(b)(ii). Any Appraisal Reduction Amounts calculated with respect to any Joint Mortgage Loan subject to this Section 3.33 shall be allocated to each related Note pro rata based upon the respective Stated Principal Balances thereof.

 

(ii) If the Master Servicer or the Special Servicer, as applicable, receives an aggregate payment of less than the aggregate amount due under any such Joint Mortgage Loan at any particular time, the applicable Repurchasing Seller shall receive from the Master Servicer an amount equal to such Repurchasing Seller’s Repurchased Percentage Interest of such payment. All expenses, losses and shortfalls relating solely to such Joint

 

 

     -334-

     

    

 

Mortgage Loan including, without limitation, losses of principal or interest, Nonrecoverable Advances, interest on Advances, Special Servicing Fees, Workout Fees and Liquidation Fees (including any such fees related to the applicable Notes), shall be allocated between the holders of the related Notes pro rata based upon the respective Stated Principal Balances thereof. In no event shall any costs, expenses, fees or any other amounts related to any Mortgage Loan or Joint Mortgage Loan other than the applicable Joint Mortgage Loan be deducted from payments or any other amounts received with respect to such Joint Mortgage Loan and payable to the applicable Repurchasing Seller. For purposes of (i), this (ii) and Section 3.33(g), “Repurchased Percentage Interest” shall mean the percentage interest of the applicable Mortgage Loan Seller in the applicable Joint Mortgage Loan.

 

(iii)   A Joint Mortgage Loan to which this Section 3.33 applies shall be serviced for the benefit of the applicable Repurchasing Seller and the Certificateholders pursuant to the terms and conditions of this Agreement in accordance with the Servicing Standard and in accordance with the provisions herein as if (A) such Joint Mortgage Loan were a Serviced Loan Combination, (B) the related Note(s) not repurchased were (1) a Mortgage Loan serviced pursuant to this Agreement and (2) the only Mortgage Loan that is part of such Joint Mortgage Loan, and (C) the related Repurchased Note were a Serviced Companion Loan. No Repurchasing Seller shall be permitted to terminate the Master Servicer or the Special Servicer as servicer or special servicer, respectively, of the related Repurchased Note. All rights of the mortgagee under each such Joint Mortgage Loan shall be exercised by the Master Servicer or the Special Servicer, on behalf of the Trust to the extent of its interest therein and the applicable Repurchasing Seller in accordance with this Agreement.

 

(iv)   The related Repurchasing Seller shall be treated hereunder as if it were a Serviced Companion Loan Noteholder on a pari passu basis. Funds collected by the Master Servicer or the Special Servicer, as applicable, and applied to the applicable Notes shall be deposited and disbursed in accordance with the provisions hereof relating to Serviced Companion Loan Noteholders. Compensation shall be paid to the Master Servicer and the Special Servicer with respect to each Repurchased Note as provided in this Agreement as if each such Note were a Serviced Companion Loan. None of the Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer shall have any obligation to make P&I Advances with respect to any Repurchased Note or, if no related Note is part of the Trust, an Advance with respect to any Repurchased Note. Except as otherwise specified herein, the Master Servicer and the Special Servicer shall have no reporting requirement with respect to any Repurchased Note other than to deliver to the related Repurchasing Seller any document as is required to be delivered to a Serviced Companion Loan Noteholder hereunder.

 

(c)        If any non-repurchased Note relating to a Joint Mortgage Loan to which this Section 3.33 applies is considered a Specially Serviced Loan, then any related Repurchased Note shall also be a Specially Serviced Loan under this Agreement. The Special Servicer shall cause such related Repurchased Note to be specially serviced for the benefit of the applicable Repurchasing Seller in accordance with the terms and provisions set forth in this Agreement and

 

 

     -335-

     

    

 

shall be entitled to any Special Servicing Fee, Workout Fee or Liquidation Fee payable to the Special Servicer under this Agreement as with respect to a Serviced Companion Loan.

 

(d)        If (A) the Master Servicer shall pay any amount to any Repurchasing Seller pursuant to the terms hereof in the belief or expectation that a related payment has been made or will be received or collected in connection with either or both of the applicable Notes and (B) such related payment is not received or collected by the Master Servicer, then the applicable Repurchasing Seller shall promptly on demand by the Master Servicer return such amount to the Master Servicer. If the Master Servicer determines at any time that any amount received or collected by the Master Servicer in respect of any Joint Mortgage Loans to which this Section 3.33 applies must be returned to the related Borrower or paid to any other person or entity pursuant to any insolvency law or otherwise, notwithstanding any other provision of this Agreement, the Master Servicer shall not be required to distribute any portion thereof to the related Repurchasing Seller, and such Repurchasing Seller shall promptly on demand by the Master Servicer repay (which obligation shall survive the termination of this Agreement) any portion thereof that the Master Servicer shall have distributed to such Repurchasing Seller, together with interest thereon at such rate, if any, as the Master Servicer may pay to the related Borrower or such other person or entity with respect thereto.

 

(e)        Subject to this Agreement (including, without limitation, the consent and consultation rights of the Directing Holder), the Master Servicer or the Special Servicer, as applicable, on behalf of the holders of any of the Repurchased Notes, shall have the exclusive right and obligation to (i) administer, service and make all decisions and determinations regarding the related Joint Mortgage Loan and (ii) enforce the applicable Loan Documents as provided hereunder. Without limiting the generality of the preceding sentence, the Master Servicer or the Special Servicer, as applicable, may agree to any modification, waiver or amendment of any term of, forgive interest on and principal of, capitalize interest on, permit the release, addition or substitution of collateral securing, and/or permit the release of the related Borrower on or any guarantor of any Joint Mortgage Loan it is required to service and administer as contemplated by this Section 3.33, without the consent of the related Repurchasing Seller, subject, however, to the terms of this Agreement as they pertain to a Serviced Companion Loan.

 

(f)         In taking or refraining from taking any action permitted hereunder, the Master Servicer and the Special Servicer shall each be subject to the same degree of care with respect to the administration and servicing of the Joint Mortgage Loan to which this Section 3.33 applies as is consistent with this Agreement; and shall be liable to any Repurchasing Seller only to the same extent as set forth herein with respect to any holder of a Serviced Companion Loan.

 

(g)        If the Trustee, the Master Servicer or the Special Servicer has made an Advance with respect to any Repurchased Note which would otherwise be reimbursable to such advancing party under this Agreement, and such Advance is determined to be a Nonrecoverable Advance, the applicable Repurchasing Seller shall reimburse the Trust in an amount equal to such Repurchasing Seller’s Repurchased Percentage Interest of such Nonrecoverable Advance with interest thereon; provided that, if the Repurchasing Seller does not reimburse the Trustee, the Master Servicer or the Special Servicer, as applicable, the Master Servicer shall reimburse the Trustee, itself and/or the Special Servicer, as applicable, for such amounts from the Collection Account. Notwithstanding the foregoing, the applicable Repurchasing Seller shall not be obligated to reimburse the Trustee, the Master Servicer or the Special Servicer (and amounts

 

 

     -336-

     

    

 

due to the applicable Repurchasing Seller shall not be offset) for Advances or interest thereon or any amounts related to any Mortgage Loans or any other Joint Mortgage Loan other than such amounts relating to the applicable Repurchased Note. To the extent that the applicable Repurchasing Seller reimburses any such Nonrecoverable Advances and such amounts are subsequently recovered, the applicable Repurchasing Seller shall receive a reimbursement from such recovery based on its Repurchased Percentage Interest of such recovery. This reimbursement right shall not limit the Trustee’s, the Master Servicer’s or the Special Servicer’s rights to reimbursement under this Agreement. Notwithstanding anything to the contrary contained herein, the total liability of each Repurchasing Seller shall not exceed an amount equal to its Repurchased Percentage Interest of the amount to be reimbursed.

 

(h)        Each Repurchasing Seller shall have the right to assign the related Repurchased Note; provided that the assignee of the related Repurchased Note shall agree in writing to be bound by the terms of this Agreement.

 

(i)         The Master Servicer and the Special Servicer shall, in connection with their servicing and administrative duties under this Agreement, exercise efforts consistent with the Servicing Standard to execute and deliver, on behalf of each Repurchasing Seller as a holder of a pari passu interest in the applicable Joint Mortgage Loan, any and all financing statements, continuation statements and other documents and instruments necessary to maintain the lien created by any Mortgage or other security document related to the applicable Joint Mortgage Loan on the related Mortgaged Property and related collateral, any and all modifications, waivers, amendments or consents to or with respect to the related Joint Mortgage Loan documents, and any and all instruments of satisfaction or cancellation, or of full release or discharge, and all other comparable instruments with respect to the related Repurchased Note or related Repurchased Notes and the related Mortgaged Property all in accordance with, and subject to, the terms of this Agreement. Each Repurchasing Seller agrees to furnish, or cause to be furnished, to the Master Servicer and the Special Servicer any powers of attorney or other documents necessary or appropriate to enable the Master Servicer or the Special Servicer, as the case may be, to carry out its servicing and administrative duties under this Agreement related to the applicable Joint Mortgage Loan; provided, however, that such Repurchasing Seller shall not be liable, and shall be indemnified by the Master Servicer or the Special Servicer, as applicable, for any negligence with respect to, or misuse of, any such power of attorney by the Master Servicer or the Special Servicer, as the case may be; and further provided that the Master Servicer or the Special Servicer, without the written consent of the applicable Repurchasing Seller, shall not initiate any action in the name of such Repurchasing Seller without indicating its representative capacity or take any action with the intent to cause and that actually causes, such Repurchasing Seller to be registered to do business in any state.

 

(j)         Pursuant to the related Mortgage Loan Purchase Agreement, the applicable Repurchasing Seller is required to deliver to the Master Servicer or the Special Servicer, as applicable, the Loan Documents related to the applicable Repurchased Note, any requests for release and any court pleadings, requests for trustee’s sale or other documents necessary to the foreclosure or trustee’s sale in respect of the related Mortgaged Property or to any legal action or to enforce any other remedies or rights provided by the Note(s) or the Mortgage(s) or otherwise available at law or equity with respect to the related Repurchased Note.

 

Section 3.34     Trust Subordinate Companion Loans.

 

 

     -337-

     

    

 

(a)        With respect to the Trust Subordinate Companion Loans, references to actions being taken for the benefit of such Trust Subordinate Companion Loans or in the best interests of the holders of the Loan-Specific Certificates in this Agreement shall be deemed to be taken (and subject to the same considerations) also for the benefit of, or to be taken in the best interests of, the Holders of such Loan-Specific Certificates, as beneficial owners of such Trust Subordinate Companion Loans.

 

(b)        Any notices, reports or other information related to the Trust Subordinate Companion Loans required to be delivered by a party under this Agreement or the related Intercreditor Agreement to the holders of the Loan-Specific Certificates or the holders of such Trust Subordinate Companion Loans shall be delivered (in lieu of delivery to such holders) to the related Loan-Specific Directing Holder by such party within the same time periods as such notices, reports or other information are required to be delivered to the holders of such Trust Subordinate Companion Loans.

 

(c)        Any consents required to be obtained from the holder of any Trust Subordinate Companion Loan under this Agreement or the related Intercreditor Agreement or any obligation under this Agreement or the related Intercreditor Agreement of the Master Servicer or the Special Servicer or other party to this Agreement to consult with or obtain the consent of or follow the direction of the holder of such Trust Subordinate Companion Loan shall instead be deemed to require such Person to consult with, obtain the consent of or follow the direction of the related Loan-Specific Directing Holder.

 

(d)        With respect to either BX Industrial Portfolio Whole Loan, subject to the foregoing and applicable REMIC Provisions, the BX Industrial Portfolio Loan-Specific Directing Holder may direct the Master Servicer or the Special Servicer, on behalf of the Trustee and the holders of the BX Industrial Portfolio Loan-Specific Certificates to implement the holder of such Trust Subordinate Companion Loan’s exercise of any rights, to the extent that each such holder is entitled to such rights under the related Intercreditor Agreement. 

 

(e)        With respect to either Tower 333 Whole Loan, subject to the foregoing and applicable REMIC Provisions, the Tower 333 Loan-Specific Directing Holder may direct the Master Servicer or the Special Servicer, on behalf of the Trustee and the holders of the Tower 333 Loan-Specific Certificates to implement the holder of such Trust Subordinate Companion Loan’s exercise of any rights, to the extent that each such holder is entitled to such rights under the related Intercreditor Agreement.

 

(f)         With respect to either 825 South Hill Whole Loan, subject to the foregoing and applicable REMIC Provisions, the 825 South Hill Loan-Specific Directing Holder may direct the Master Servicer or the Special Servicer, on behalf of the Trustee and the holders of the 825 South Hill Loan-Specific Certificates to implement the holder of such Trust Subordinate Companion Loan’s exercise of any rights, to the extent that each such holder is entitled to such rights under the related Intercreditor Agreement.

 

(g)        Prior to the Special Servicer obtaining the consent of, or consulting with a Loan-Specific Directing Holder to the extent provided for under the related Intercreditor Agreement, such Loan-Specific Directing Holder shall have delivered to the Special Servicer an officer’s certificate in form and substance acceptable to the Special Servicer (with a copy to the

 

 

     -338-

     

    

 

Master Servicer), as applicable, stating such party is not the related Borrower or a Borrower Party Affiliate.

 

(h)        Notwithstanding Section 3.01(f), at any time the BX Industrial Portfolio Mortgage Loan, the Tower 333 Mortgage Loan or the 825 South Hill Mortgage Loan is not part of the Trust, the Master Servicer or Special Servicer shall have no obligation to service such Mortgage Loan and shall solely service the related Trust Subordinate Companion Loan until such Trust Subordinate Companion Loan is removed from the Trust pursuant to Section 3.34(i) and shall have no obligation to make any Advance with respect to the BX Industrial Portfolio Mortgage Loan, the Tower 333 Mortgage Loan or the 825 South Hill Mortgage Loan, as applicable.

 

(i)         Within five (5) Business Days following the removal of BX Industrial Portfolio Mortgage Loan, the Tower 333 Mortgage Loan or the 825 South Hill Mortgage Loan from the Trust as a result of a repurchase of such Mortgage Loan by the Mortgage Loan Seller, the Special Servicer shall provide written notice (an “Exchange Election Notice”) to the Certificate Administrator who shall upon receipt thereof notify the related Loan-Specific Directing Holder (by posting such Exchange Election Notice to the Certificate Administrator’s Website) that the Holders of all of the related Loan-Specific Certificates may unanimously elect to exchange their Certificates for such Trust Subordinate Companion Loan (an “Exchange”) by delivery of written notice (an “Acceptance Notice”) to the Depositor, Master Servicer, Special Servicer, Certificate Administrator and Trustee within 5 Business Days of receipt of the Exchange Election Notice. The Holders of such class of Certificates shall pay (from their own funds and not from amounts allocable from any portion of the Trust to such Class of Certificates) all costs and expenses of the Master Servicer, the Special Servicer, the Certificate Administrator and Trustee incurred in connection with the Exchange. The Exchange shall be subject to the reasonable procedures established by the Trustee and Certificate Registrar in connection with the Exchange and the related Trust Subordinate Companion Loan REMIC shall be terminated in accordance with Section 9.01.

 

Section
3.35     BX Industrial
Portfolio Loan-Specific Directing Holder.

 

(a)        If a BX Industrial Portfolio Note D Control Appraisal Period and a BX Industrial Portfolio Note C Control Appraisal Period have occurred and are continuing and prior to a BX Industrial Portfolio Note B Control Appraisal Period, the Certificateholder(s) holding more than fifty percent (50%) of the Certificate Balance of the BX Industrial Portfolio Controlling Class, shall have the right to appoint and replace (for any reason) the BX Industrial Portfolio Loan-Specific Directing Holder.

 

(b)        The BX Industrial Portfolio Loan-Specific Directing Holder shall not have any liability to the Holders of the Loan-Specific Certificates or any other Certificateholders for any action taken, or for refraining from the taking of any action or the giving of any consent or failure to give any consent in good faith pursuant to this Agreement or errors in judgment. By its acceptance of a BX Industrial Portfolio Loan-Specific Certificate or other Certificate, each holder of a BX Industrial Portfolio Loan-Specific Certificate or other Certificate will be deemed to have confirmed its agreement that such BX Industrial Portfolio Loan-Specific Directing Holder may take or refrain from taking actions, or give or refrain from giving any consents, that favor the interests of the appointing Certificateholder(s) over any other holder of such Class of

 

 

     -339-

     

    

 

Certificates or other Certificate, and that such BX Industrial Portfolio Loan-Specific Directing Holder may have special relationships and interests that conflict with the interests of other Holders of such Class of Certificates or any other Certificates, will be deemed to have agreed to take no action against such BX Industrial Portfolio Loan-Specific Directing Holder or any of its officers, directors, employees, principals or agents as a result of such special relationships or interests, and that any BX Industrial Portfolio Loan-Specific Directing Holder will not be deemed to have been grossly negligent or reckless, or to have acted in bad faith or engaged in willful misconduct or to have recklessly disregarded any exercise of its rights by reason of its having acted or refrained from acting, or having given any consent or having failed to give any consent, solely in the interests of the Holders of the Loan-Specific Certificates.

 

(c)        Each Holder of a BX Industrial Portfolio Loan-Specific Certificate is hereby deemed to have agreed by virtue of its purchase of such a Certificate to provide its name and address to the Certificate Administrator and to notify the Master Servicer, the Certificate Administrator and the Special Servicer of the transfer of any such Certificate, the selection of a BX Industrial Portfolio Loan-Specific Directing Holder or the resignation or removal thereof, by delivering a notice to each such Person substantially in the form of Exhibit NN, attached hereto (which notice shall include the contact information of the selected BX Industrial Portfolio Loan-Specific Directing Holder, if applicable) and the Master Servicer and the Special Servicer shall be entitled to conclusively rely on such notice. Notwithstanding the foregoing, any transfer of a BX-VRR Interest shall be subject to the transfer restrictions set forth in Section 5.01(i) and Section 5.02(m) of this Agreement.

 

(d)        With respect to the BX Industrial Portfolio Whole Loan, the BX Industrial Portfolio Loan-Specific Directing Holder shall be entitled, prior to the occurrence and continuance of a Trust Subordinate Companion Loan Control Termination Event, to exercise the rights of the “Controlling Noteholder”, as defined in and under the terms of, the BX Industrial Portfolio Intercreditor Agreement.

 

Section 3.36     Tower 333 Loan-Specific Directing Holder. 

 

(a)        If a Tower 333 Note C Control Appraisal Period has occurred and is continuing and prior to a Tower 333 Note B Control Appraisal Period, the Certificateholder(s) holding more than fifty percent (50%) of the Certificate Balance of the Tower 333 Controlling Class, shall have the right to appoint and replace (for any reason) the Tower 333 Loan-Specific Directing Holder.

 

(b)       The Tower 333 Loan-Specific Directing Holder shall not have any liability to the Holders of the Loan-Specific Certificates or any other Certificateholders for any action taken, or for refraining from the taking of any action or the giving of any consent or failure to give any consent in good faith pursuant to this Agreement or errors in judgment. By its acceptance of a Tower 333 Loan-Specific Certificate or other Certificate, each holder of a Tower 333 Loan-Specific Certificate or other Certificate will be deemed to have confirmed its agreement that such Tower 333 Loan-Specific Directing Holder may take or refrain from taking actions, or give or refrain from giving any consents, that favor the interests of the appointing Certificateholder(s) over any other holder of such Class of Certificates or other Certificate, and that such Tower 333 Loan-Specific Directing Holder may have special relationships and interests that conflict with the interests of other Holders of such Class of Certificates or any other

 

 

     -340-

     

    

 

Certificates, will be deemed to have agreed to take no action against such Tower 333 Loan-Specific Directing Holder or any of its officers, directors, employees, principals or agents as a result of such special relationships or interests, and that any Tower 333 Loan-Specific Directing Holder will not be deemed to have been grossly negligent or reckless, or to have acted in bad faith or engaged in willful misconduct or to have recklessly disregarded any exercise of its rights by reason of its having acted or refrained from acting, or having given any consent or having failed to give any consent, solely in the interests of the Holders of the Loan-Specific Certificates.

 

(c)        Each Holder of a Tower 333 Loan-Specific Certificate is hereby deemed to have agreed by virtue of its purchase of such a Certificate to provide its name and address to the Certificate Administrator and to notify the Master Servicer, the Certificate Administrator and the Special Servicer of the transfer of any such Certificate, the selection of a Tower 333 Loan-Specific Directing Holder or the resignation or removal thereof, by delivering a notice to each such Person substantially in the form of Exhibit NN, attached hereto (which notice shall include the contact information of the selected Tower 333 Loan-Specific Directing Holder, if applicable) and the Master Servicer and the Special Servicer shall be entitled to conclusively rely on such notice. Notwithstanding the foregoing, any transfer of a T333-VRR Interest shall be subject to the transfer restrictions set forth in Section 5.01(i) and Section 5.02(m) of this Agreement.

 

(d)        With respect to the Tower 333 Whole Loan, the Tower 333 Loan-Specific Directing Holder shall be entitled, prior to the occurrence and continuance of a Trust Subordinate Companion Loan Control Termination Event, to exercise the rights of the “Controlling Noteholder”, as defined in and under the terms of, the Tower 333 Intercreditor Agreement.

 

Section 3.37     825 South Hill Loan-Specific Directing Holder. 

 

(a)        If an AIG Lending Control Termination Event has occurred and prior to an 825 South Hill Control Appraisal Period, the Certificateholder(s) holding more than fifty percent (50%) of the Certificate Balance of the 825 South Hill Controlling Class, shall have the right to appoint and replace (for any reason) the 825 South Hill Loan-Specific Directing Holder.

 

(b)        The 825 South Hill Loan-Specific Directing Holder shall not have any liability to the Holders of the Loan-Specific Certificates or any other Certificateholders for any action taken, or for refraining from the taking of any action or the giving of any consent or failure to give any consent in good faith pursuant to this Agreement or errors in judgment. By its acceptance of a 825 South Hill Loan-Specific Certificate or other Certificate, each holder of a 825 South Hill Loan-Specific Certificate or other Certificate will be deemed to have confirmed its agreement that such 825 South Hill Loan-Specific Directing Holder may take or refrain from taking actions, or give or refrain from giving any consents, that favor the interests of the appointing Certificateholder(s) over any other holder of such Class of Certificates or other Certificate, and that such 825 South Hill Loan-Specific Directing Holder may have special relationships and interests that conflict with the interests of other Holders of such Class of Certificates or any other Certificates, will be deemed to have agreed to take no action against such 825 South Hill Loan-Specific Directing Holder or any of its officers, directors, employees, principals or agents as a result of such special relationships or interests, and that any 825 South Hill Loan-Specific Directing Holder will not be deemed to have been grossly negligent or reckless, or to have acted in bad faith or engaged in willful misconduct or to have recklessly disregarded any exercise of its rights by reason of its having acted or refrained from acting, or

 

 

     -341-

     

    

 

having given any consent or having failed to give any consent, solely in the interests of the Holders of the Loan-Specific Certificates.

 

(c)        Each Holder of a 825 South Hill Loan-Specific Certificate is hereby deemed to have agreed by virtue of its purchase of such a Certificate to provide its name and address to the Certificate Administrator and to notify the Master Servicer, the Certificate Administrator and the Special Servicer of the transfer of any such Certificate, the selection of a 825 South Hill Loan-Specific Directing Holder or the resignation or removal thereof, by delivering a notice to each such Person substantially in the form of Exhibit NN, attached hereto (which notice shall include the contact information of the selected 825 South Hill Loan-Specific Directing Holder, if applicable) and the Master Servicer and the Special Servicer shall be entitled to conclusively rely on such notice. Notwithstanding the foregoing, any transfer of a 825S-VRR Interest shall be subject to the transfer restrictions set forth in Section 5.01(i) and Section 5.02(m) of this Agreement.

 

(d)        With respect to the 825 South Hill Whole Loan, the 825 South Hill Loan-Specific Directing Holder shall be entitled, prior to the occurrence and continuance of a Trust Subordinate Companion Loan Control Termination Event, to exercise the rights of the “Controlling Noteholder”, as defined in and under the terms of, the 825 South Hill Intercreditor Agreement.

 

Article IV

DISTRIBUTIONS TO CERTIFICATEHOLDERS AND RR INTEREST OWNER

 

Section 4.01     Distributions. (a) REMIC-Related Deemed Deposits and Distributions. On each Distribution Date, amounts held in the Lower-Tier Distribution Account shall be withdrawn (to the extent of the Pooled Aggregate Available Funds, including or reduced by, to the extent required by Section 3.05(e) of this Agreement, the Withheld Amounts, plus any amount withdrawn from the Gain-on-Sale Reserve Account pursuant to Section 3.05(i) of this Agreement) in the case of all Classes of Lower-Tier Regular Interests (such amount, the “Lower-Tier Distribution Amount”). On each Distribution Date, distributions in respect of principal shall be deemed to have been made on each Class of Lower-Tier Regular Interests in an amount equal to the amount of principal actually distributed on its respective Corresponding Certificates as provided in Section 4.01(b) of this Agreement. As of any date, the principal balance of each Lower-Tier Regular Interest shall equal the Lower-Tier Principal Balance thereof. On each Distribution Date, distributions of interest made in respect of any Class of Pooled Regular Certificates on each Distribution Date pursuant to Section 4.01(b) or Section 9.01 of this Agreement shall be deemed to have first been distributed from the Lower-Tier REMIC to the Upper-Tier REMIC in respect of its Corresponding Lower-Tier Regular Interest set forth in the Preliminary Statement to this Agreement; provided that each Lower-Tier Regular Interest shall be deemed to have received distributions in respect of interest in an amount equal to the Interest Distribution Amount in respect of the Class X-A Strip Rate of its Corresponding Class X Component, as applicable, in each case to the extent actually distributed to the related Class of Corresponding Certificates as provided in Section 4.01(b) of this Agreement. In addition, on each Distribution Date, amounts held in the BX Industrial Portfolio Trust Subordinate Companion Loan REMIC Distribution Account shall be withdrawn (to the extent of the BX 

 

 

     -342-

     

    

 

Industrial Portfolio Available Funds, including or reduced by, to the extent required by Section 3.05(e) of this Agreement, the Withheld Amounts, plus any amount withdrawn from the BX Industrial Portfolio Gain-on-Sale Reserve Account pursuant to Section 3.05(i) of this Agreement) in the case of all Classes of BX Industrial Portfolio Trust Subordinate Companion Loan REMIC Regular Interests (such amount, the “BX Industrial Portfolio Trust Subordinate Companion Loan REMIC Distribution Amount”). In addition, on each Distribution Date, amounts held in the Tower 333 Trust Subordinate Companion Loan REMIC Distribution Account shall be withdrawn (to the extent of the Tower 333 Available Funds, including or reduced by, to the extent required by Section 3.05(e) of this Agreement, the Withheld Amounts, plus any amount withdrawn from the Tower 333 Gain-on-Sale Reserve Account pursuant to Section 3.05(i) of this Agreement) in the case of all Classes of Tower 333 Trust Subordinate Companion Loan REMIC Regular Interests (such amount, the “Tower 333 Trust Subordinate Companion Loan REMIC Distribution Amount”). In addition, on each Distribution Date, amounts held in the 825 South Hill Trust Subordinate Companion Loan REMIC Distribution Account shall be withdrawn (to the extent of the 825 South Hill Available Funds, including or reduced by, to the extent required by Section 3.05(e) of this Agreement, the Withheld Amounts, plus any amount withdrawn from the 825 South Hill Gain-on-Sale Reserve Account pursuant to Section 3.05(i) of this Agreement) in the case of all Classes of 825 South Hill Trust Subordinate Companion Loan REMIC Regular Interests (such amount, the “825 South Hill Trust Subordinate Companion Loan REMIC Distribution Amount” and, collectively with the BX Industrial Portfolio Trust Subordinate Companion Loan REMIC Distribution Amount and the Tower 333 Trust Subordinate Companion Loan REMIC Distribution Amount, the “Trust Subordinate Companion Loan REMIC Distribution Amount”). On each Distribution Date, distributions in respect of principal shall be deemed to have been made on each Class of Trust Subordinate Companion Loan REMIC Regular Interests in an amount equal to the amount of principal actually distributed on its respective Corresponding Certificates as provided in Section 4.01(c), Section 4.01(d) and Section 4.01(e) of this Agreement. As of any date, the principal balance of each Trust Subordinate Companion Loan REMIC Regular Interest shall equal the Trust Subordinate Companion Loan Principal Balance thereof. On each Distribution Date, distributions of interest made in respect of any Class of Loan- Specific Certificates on each Distribution Date pursuant to Section 4.01(c), Section 4.01(d) and Section 4.01(e) of this Agreement shall be deemed to have first been distributed from the related Trust Subordinate Companion Loan REMIC to the Upper-Tier REMIC in respect of its Corresponding Trust Subordinate Companion Loan REMIC Regular Interest set forth in the Preliminary Statement to this Agreement.

 

All distributions of reimbursements of Pooled Realized Losses or VRR Realized Losses, as applicable, and Additional Trust Fund Expenses made in respect of any Class of Principal Balance Certificates (other than Loan-Specific Certificates) or Class of Class VRR Upper-Tier Regular Interests on each Distribution Date pursuant to Section 4.01 of this Agreement shall be deemed to have first been distributed from the Lower-Tier REMIC to the Upper-Tier REMIC in respect of its Corresponding Lower-Tier Regular Interest set forth in the Preliminary Statement to this Agreement; provided that distributions of reimbursements of Pooled Realized Losses or VRR Realized Losses, as applicable, and Additional Trust Fund Expenses shall be made in sequential order of the priority set forth in Section 4.01(b) and Section 4.01(f) for principal distributions, up to the amount of Pooled Realized Losses or VRR Realized Losses, as applicable, and Additional Trust Fund Expenses previously allocated to a

 

 

     -343-

     

    

 

particular Lower-Tier Regular Interest corresponding to such Class of Certificates. In addition, all distributions of reimbursements of BX Industrial Portfolio Realized Losses, Tower 333 Realized Losses, 825 South Hill Realized Losses and Additional Trust Fund Expenses made in respect of any Class of Loan-Specific Certificates on each Distribution Date pursuant to Section 4.01 of this Agreement shall be deemed to have first been distributed from the related Trust Subordinate Companion Loan REMIC to the Upper-Tier REMIC in respect of its Corresponding Trust Subordinate Companion Loan REMIC Regular Interest set forth in the Preliminary Statement to this Agreement; provided that distributions of reimbursements of BX Industrial Portfolio Realized Losses, Tower 333 Realized Losses, 825 South Hill Realized Losses and Additional Trust Fund Expenses shall be made in sequential order of the priority set forth in Section 4.01(c), Section 4.01(d), Section 4.01(e), Section 4.01(g), Section 4.01(h) and Section 4.01(i) for principal distributions, up to the amount of BX Industrial Portfolio Realized Losses, Tower 333 Realized Losses, 825 South Hill Realized Losses and Additional Trust Fund Expenses previously allocated to a particular Trust Subordinate Companion Loan REMIC Regular Interest corresponding to such Class of Loan-Specific Certificates.

 

On each Distribution Date, the Certificate Administrator shall apply amounts related to each Prepayment Premium and Yield Maintenance Charge then on deposit (i) in the Lower-Tier Distribution Account and received during or prior to the related Collection Period to the Lower-Tier Regular Interests in proportion to the amount of principal deemed distributed to each Class of Lower-Tier Regular Interests on such Distribution Date and (ii) in the Trust Subordinate Companion Loan REMIC Distribution Account and received during or prior to the related Collection Period to the Trust Subordinate Companion Loan REMIC Regular Interests in proportion to the amount of principal deemed distributed to each Class of Trust Subordinate Companion Loan REMIC Regular Interests on such Distribution Date, in each case pursuant to this Section 4.01(a).

 

The Certificate Administrator shall be deemed to deposit the Lower-Tier Distribution Amount, the Trust Subordinate Companion Loan REMIC Distribution Amount and the amount of any Prepayment Premiums and any Yield Maintenance Charges distributed to the Upper-Tier REMIC pursuant to this Section 4.01(a) into the Upper-Tier Distribution Account. Any amount in respect of the Mortgage Pool that remains in the Lower-Tier Distribution Account or the related Trust Subordinate Companion Loan REMIC Distribution Account on each Distribution Date after the deemed distribution described in the preceding sentence shall be distributed to the Holders of the Class R Certificates (in respect of the Class LTR Interest, the Class LBX-R Interest, the Class LT333-R Interest, the Class L825S-R Interest, as applicable) (but only to the extent of such amount for such Distribution Date remaining in the Lower-Tier Distribution Account or the related Trust Subordinate Companion Loan REMIC Distribution Account, as applicable, if any).

 

(b)        Distributions of Pooled Available Funds. On each Distribution Date, the Certificate Administrator shall withdraw from the Upper-Tier Distribution Account the amounts deposited in the Upper-Tier Distribution Account to the extent of the Pooled Available Funds in respect of such Distribution Date pursuant to Section 4.01(a) of this Agreement, and distribute such amount to the Holders of the Non-VRR Certificates in the amounts and in the order of priority set forth below:

 

 

     -344-

     

    

 

(i)     First, to the Class A-2, Class A-3, Class A-4, Class A-SB and Class X-A Certificates, in respect of interest, up to an amount equal to, and pro rata in accordance with, the respective Interest Distribution Amount for those Classes;

 

(ii)    Second, to the Class A-2, Class A-3, Class A-4 and Class A-SB Certificates, in reduction of the Certificate Balances thereof, prior to the Crossover Date, in the following priority:

 

(A)       first, to the Class A-SB Certificates, in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution Amount for such Distribution Date, until the Certificate Balance of such Class is reduced to the Class A-SB Planned Principal Balance;

 

(B)       second, to the Class A-2 Certificates, in an amount up to the Principal Distribution Amount (or the portion thereof remaining after any distributions specified in subclause (A) above has been made on such Distribution Date), until the Certificate Balance of such Class is reduced to zero;

 

(C)       third, to the Class A-3 Certificates, in an amount up to the Principal Distribution Amount (or the portion thereof remaining after any distributions specified in subclauses (A) and (B) above have been made on such Distribution Date), until the Certificate Balance of such Class is reduced to zero;

 

(D)       fourth, to the Class A-4 Certificates, in an amount up to the Principal Distribution Amount (or the portion thereof remaining after any distributions specified in subclauses (A), (B) and (C) above have been made on such Distribution Date), until the Certificate Balance of such Class is reduced to zero;

 

(E)       fifth, to the Class A-SB Certificates, in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution Amount (or the portion of it remaining after distributions on the Class A-SB, Class A-2, Class A-3, and Class A-4 Certificates pursuant to (A), (B), (C) and (D) above in this clause (b)(ii)) for such Distribution Date, until the Certificate Balance of such Class is reduced to zero;

 

(iii)   Third, to the Class A-2, Class A-3, Class A-4 and Class A-SB Certificates, pro rata based upon, the aggregate unreimbursed Pooled Realized Losses previously allocated to those Classes of Certificates, first, (i) up to an amount equal to the unreimbursed Pooled Realized Losses previously allocated to such Class, and then, (ii) up to an amount equal to all accrued and unpaid interest on the amount set forth in clause (i) at the Pass-Through Rate for such Class compounded monthly from the date the related Pooled Realized Loss was allocated to such Class until the date such Pooled Realized Loss is reimbursed;

 

(iv)   Fourth, to the Class A-S Certificates in respect of interest, up to an amount equal to the Interest Distribution Amount of such Class;

 

 

     -345-

     

    

 

(v)    Fifth, to the Class A-S Certificates, in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution Amount less the portion of the Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance of such Class A-S is reduced to zero;

 

(vi)   Sixth, to the Class A-S Certificates, first, (i) up to an amount equal to the unreimbursed Pooled Realized Losses previously allocated to such Class, and then, (ii) up to an amount equal to all accrued and unpaid interest on the amount set forth in clause (i) at the Pass-Through Rate for such Class compounded monthly from the date the related Pooled Realized Loss was allocated to such Class until the date such Pooled Realized Loss is reimbursed;

 

(vii)  Seventh, to the Class B Certificates in respect of interest, up to an amount equal to the Interest Distribution Amount of such Class;

 

(viii) Eighth, to the Class B Certificates, in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution Amount less the portion of the Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance of such Class is reduced to zero;

 

(ix)   Ninth, to the Class B Certificates, first, (i) up to an amount equal to the unreimbursed Pooled Realized Losses previously allocated to such Class, and then, (ii) up to an amount equal to all accrued and unpaid interest on the amount set forth in clause (i) at the Pass-Through Rate for such Class compounded monthly from the date the related Pooled Realized Loss was allocated to such Class until the date such Pooled Realized Loss is reimbursed;

 

(x)    Tenth, to the Class C Certificates in respect of interest, up to an amount equal to the Interest Distribution Amount of such Class;

 

(xi)   Eleventh, to the Class C Certificates, in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution Amount less the portion of the Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance of such Class C is reduced to zero;

 

(xii)  Twelfth, to the Class C Certificates, first, (i) up to an amount equal to the unreimbursed Pooled Realized Losses previously allocated to such Class, and then, (ii) up to an amount equal to all accrued and unpaid interest on the amount set forth in clause (i) at the Pass-Through Rate for such Class compounded monthly from the date the related Pooled Realized Loss was allocated to such Class until the date such Pooled Realized Loss is reimbursed;

 

(xiii) Thirteenth, to the Class D Certificates in respect of interest, up to an amount equal to the Interest Distribution Amount of such Class;

 

(xiv) Fourteenth, to the Class D Certificates, in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution Amount less the portion of

 

 

     -346-

     

    

 

the Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance of such Class is reduced to zero;

 

(xv)  Fifteenth, to the Class D Certificates, first, (i) up to an amount equal to the unreimbursed Pooled Realized Losses previously allocated to such Class, and then, (ii) up to an amount equal to all accrued and unpaid interest on the amount set forth in clause (i) at the Pass-Through Rate for such Class compounded monthly from the date the related Pooled Realized Loss was allocated to such Class until the date such Pooled Realized Loss is reimbursed; and

 

(xvi) Sixteenth, to the Class R Certificates (in respect of the Class UTR Interest), any amounts of the Pooled Available Funds remaining in the Upper-Tier Distribution Account.

 

Notwithstanding the foregoing, on each Distribution Date occurring on and after the Crossover Date, regardless of the allocation of principal payments described in priority Second above, the Principal Distribution Amount for such Distribution Date will be distributed pursuant to Section 4.01(b)(ii) to the Class A-2, Class A-3, Class A-4 and Class A-SB Certificates, pro rata, based on their respective Certificate Balances, in reduction of their respective Certificate Balances, until the Certificate Balance of each such Class of Certificates is reduced to zero, and without regard to the Class A-SB Planned Principal Balance.

 

(c)        Distributions of BX Industrial Portfolio Available Funds. On each Distribution Date, the Certificate Administrator shall withdraw from the Upper-Tier Distribution Account the amounts deposited in the Upper-Tier Distribution Account to the extent of the BX Industrial Portfolio Available Funds in respect of such Distribution Date pursuant to Section 4.01(a) of this Agreement, and distribute such amount to the Holders of the BX Industrial Portfolio Non-VRR Certificates and the Class R Certificates in the amounts and in the order of priority set forth below:

 

(i)     first, to the Class BX-A Certificates, in respect of interest, up to an amount equal to the BX Industrial Portfolio Interest Distribution Amount of such Class;

 

(ii)    Second, to the Class BX-A Certificates, in reduction of the Certificate Balance thereof, an amount equal to the BX Industrial Portfolio Principal Distribution Amount, until the Certificate Balance of such Class is reduced to zero;

 

(iii)   Third, to the Class BX-A Certificates, first, (i) up to an amount equal to the unreimbursed BX Industrial Portfolio Non-VRR Realized Losses previously allocated to such Class, and then, (ii) up to an amount equal to all accrued and unpaid interest on the amount set forth in clause (i) at the Pass-Through Rate for such Class compounded monthly from the date the related BX Industrial Portfolio Non-VRR Realized Loss was allocated to such Class until the date such BX Industrial Portfolio Non-VRR Realized Loss is reimbursed;

 

(iv)   Fourth, to the Class BX-B Certificates, in respect of interest, up to an amount equal to the BX Industrial Portfolio Interest Distribution Amount of such Class;

 

 

     -347-

     

    

 

(v)    Fifth, to the Class BX-B Certificates, in reduction of the Certificate Balance thereof, an amount equal to the BX Industrial Portfolio Principal Distribution Amount less amounts of BX Industrial Portfolio Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance of such Class is reduced to zero;

 

(vi)   Sixth, to the Class BX-B Certificates, first, (i) up to an amount equal to the unreimbursed BX Industrial Portfolio Non-VRR Realized Losses previously allocated to such Class, and then, (ii) up to an amount equal to all accrued and unpaid interest on the amount set forth in clause (i) at the Pass-Through Rate for such Class compounded monthly from the date the related BX Industrial Portfolio Non-VRR Realized Loss was allocated to such Class until the date such BX Industrial Portfolio Non-VRR Realized Loss is reimbursed;

 

(vii)  Seventh, to the Class BX-C Certificates, in respect of interest, up to an amount equal to the BX Industrial Portfolio Interest Distribution Amount of such Class;

 

(viii) Eighth, to the Class BX-C Certificates, in reduction of the Certificate Balance thereof, an amount equal to the BX Industrial Portfolio Principal Distribution Amount less amounts of BX Industrial Portfolio Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance of such Class is reduced to zero;

 

(ix)   Ninth, to the Class BX-C Certificates, first, (i) up to an amount equal to the unreimbursed BX Industrial Portfolio Non-VRR Realized Losses previously allocated to such Class, and then, (ii) up to an amount equal to all accrued and unpaid interest on the amount set forth in clause (i) at the Pass-Through Rate for such Class compounded monthly from the date the related BX Industrial Portfolio Non-VRR Realized Loss was allocated to such Class until the date such BX Industrial Portfolio Non-VRR Realized Loss is reimbursed; and

 

(x)    Tenth, to the Class R Certificates (in respect of the LBX-R Interest), any amounts of BX Industrial Portfolio Available Funds remaining in the Upper-Tier Distribution Account.

 

(d)        Distributions of Tower 333 Available Funds. On each Distribution Date, the Certificate Administrator shall withdraw from the Upper-Tier Distribution Account the amounts deposited in the Upper-Tier Distribution Account to the extent of the Tower 333 Available Funds in respect of such Distribution Date pursuant to Section 4.01(a) of this Agreement, and distribute such amount to the Holders of the Tower 333 Non-VRR Certificates and the Class R Certificates in the amounts and in the order of priority set forth below:

 

(i)     first, to the Class T333-A Certificates, in respect of interest, up to an amount equal to the Tower 333 Interest Distribution Amount of such Class;

 

(ii)    Second, to the Class T333-A Certificates, in reduction of the Certificate Balance thereof, an amount equal to the Tower 333 Principal Distribution Amount, until the Certificate Balance of such Class is reduced to zero;

 

 

     -348-

     

    

 

(iii)   Third, to the Class T333-A Certificates, first, (i) up to an amount equal to the unreimbursed Tower 333 Non-VRR Realized Losses previously allocated to such Class, and then, (ii) up to an amount equal to all accrued and unpaid interest on the amount set forth in clause (i) at the Pass-Through Rate for such Class compounded monthly from the date the related Tower 333 Non-VRR Realized Loss was allocated to such Class until the date such Tower 333 Non-VRR Realized Loss is reimbursed;

 

(iv)   Fourth, to the Class T333-B Certificates, in respect of interest, up to an amount equal to the Tower 333 Interest Distribution Amount of such Class;

 

(v)    Fifth, to the Class T333-B Certificates, in reduction of the Certificate Balance thereof, an amount equal to the Tower 333 Principal Distribution Amount less amounts of Tower 333 Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance of such Class is reduced to zero;

 

(vi)   Sixth, to the Class T333-B Certificates, first, (i) up to an amount equal to the unreimbursed Tower 333 Non-VRR Realized Losses previously allocated to such Class, and then, (ii) up to an amount equal to all accrued and unpaid interest on the amount set forth in clause (i) at the Pass-Through Rate for such Class compounded monthly from the date the related Tower 333 Non-VRR Realized Loss was allocated to such Class until the date such Tower 333 Non-VRR Realized Loss is reimbursed;

 

(vii)  Seventh, to the Class T333-C Certificates, in respect of interest, up to an amount equal to the Tower 333 Interest Distribution Amount of such Class;

 

(viii) Eighth, to the Class T333-C Certificates, in reduction of the Certificate Balance thereof, an amount equal to the Tower 333 Principal Distribution Amount less amounts of Tower 333 Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance of such Class is reduced to zero;

 

(ix)   Ninth, to the Class T333-C Certificates, first, (i) up to an amount equal to the unreimbursed Tower 333 Non-VRR Realized Losses previously allocated to such Class, and then, (ii) up to an amount equal to all accrued and unpaid interest on the amount set forth in clause (i) at the Pass-Through Rate for such Class compounded monthly from the date the related Tower 333 Non-VRR Realized Loss was allocated to such Class until the date such Tower 333 Non-VRR Realized Loss is reimbursed;

 

(x)    Tenth, to the Class T333-D Certificates, in respect of interest, up to an amount equal to the Tower 333 Interest Distribution Amount of such Class;

 

(xi)   Eleventh, to the Class T333-D Certificates, in reduction of the Certificate Balance thereof, an amount equal to the Tower 333 Principal Distribution Amount less amounts of Tower 333 Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance of such Class is reduced to zero;

 

(xii)  Twelfth, to the Class T333-D Certificates, first, (i) up to an amount equal to the unreimbursed Tower 333 Non-VRR Realized Losses previously allocated to such Class, and then, (ii) up to an amount equal to all accrued and unpaid interest on the amount

 

 

     -349-

     

    

 

set forth in clause (i) at the Pass-Through Rate for such Class compounded monthly from the date the related Tower 333 Non-VRR Realized Loss was allocated to such Class until the date such Tower 333 Non-VRR Realized Loss is reimbursed; and

 

(xiii) Thirteenth, to the Class R Certificates (in respect of the LT333-R Interest), any amounts of Tower 333 Available Funds remaining in the Upper-Tier Distribution Account.

 

(e)        Distributions of 825 South Hill Available Funds. On each Distribution Date, the Certificate Administrator shall withdraw from the Upper-Tier Distribution Account the amounts deposited in the Upper-Tier Distribution Account to the extent of the 825 South Hill Available Funds in respect of such Distribution Date pursuant to Section 4.01(a) of this Agreement, and distribute such amount to the Holders of the 825 South Hill Non-VRR Certificates and the Class R Certificates in the amounts and in the order of priority set forth below:

 

(i)     first, to the Class 825S-A Certificates, in respect of interest, up to an amount equal to the 825 South Hill Interest Distribution Amount of such Class;

 

(ii)    Second, to the Class 825S-A Certificates, in reduction of the Certificate Balance thereof, an amount equal to the 825 South Hill Principal Distribution Amount, until the Certificate Balance of such Class is reduced to zero;

 

(iii)   Third, to the Class 825S-A Certificates, first, (i) up to an amount equal to the unreimbursed 825 South Hill Non-VRR Realized Losses previously allocated to such Class, and then, (ii) up to an amount equal to all accrued and unpaid interest on the amount set forth in clause (i) at the Pass-Through Rate for such Class compounded monthly from the date the related 825 South Hill Non-VRR Realized Loss was allocated to such Class until the date such 825 South Hill Non-VRR Realized Loss is reimbursed;

 

(iv)   Fourth, to the Class 825S-B Certificates, in respect of interest, up to an amount equal to the 825 South Hill Interest Distribution Amount of such Class;

 

(v)    Fifth, to the Class 825S-B Certificates, in reduction of the Certificate Balance thereof, an amount equal to the 825 South Hill Principal Distribution Amount less amounts of 825 South Hill Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance of such Class is reduced to zero;

 

(vi)   Sixth, to the Class 825S-B Certificates, first, (i) up to an amount equal to the unreimbursed 825 South Hill Non-VRR Realized Losses previously allocated to such Class, and then, (ii) up to an amount equal to all accrued and unpaid interest on the amount set forth in clause (i) at the Pass-Through Rate for such Class compounded monthly from the date the related 825 South Hill Non-VRR Realized Loss was allocated to such Class until the date such 825 South Hill Non-VRR Realized Loss is reimbursed;

 

(vii)  Seventh, to the Class 825S-C Certificates, in respect of interest, up to an amount equal to the 825 South Hill Interest Distribution Amount of such Class;

 

 

     -350-

     

    

 

(viii) Eighth, to the Class 825S-C Certificates, in reduction of the Certificate Balance thereof, an amount equal to the 825 South Hill Principal Distribution Amount less amounts of 825 South Hill Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance of such Class is reduced to zero;

 

(ix)   Ninth, to the Class 825S-C Certificates, first, (i) up to an amount equal to the unreimbursed 825 South Hill Non-VRR Realized Losses previously allocated to such Class, and then, (ii) up to an amount equal to all accrued and unpaid interest on the amount set forth in clause (i) at the Pass-Through Rate for such Class compounded monthly from the date the related 825 South Hill Non-VRR Realized Loss was allocated to such Class until the date such 825 South Hill Non-VRR Realized Loss is reimbursed;

 

(x)    Tenth, to the Class 825S-D Certificates, in respect of interest, up to an amount equal to the 825 South Hill Interest Distribution Amount of such Class;

 

(xi)   Eleventh, to the Class 825S-D Certificates, in reduction of the Certificate Balance thereof, an amount equal to the 825 South Hill Principal Distribution Amount less amounts of 825 South Hill Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance of such Class is reduced to zero;

 

(xii)  Twelfth, to the Class 825S-D Certificates, first, (i) up to an amount equal to the unreimbursed 825 South Hill Non-VRR Realized Losses previously allocated to such Class, and then, (ii) up to an amount equal to all accrued and unpaid interest on the amount set forth in clause (i) at the Pass-Through Rate for such Class compounded monthly from the date the related 825 South Hill Non-VRR Realized Loss was allocated to such Class until the date such 825 South Hill Non-VRR Realized Loss is reimbursed;

 

(xiii) Thirteenth, to the Class 825S-E Certificates, in respect of interest, up to an amount equal to the 825 South Hill Interest Distribution Amount of such Class;

 

(xiv) Fourteenth, to the Class 825S-E Certificates, in reduction of the Certificate Balance thereof, an amount equal to the 825 South Hill Principal Distribution Amount less amounts of 825 South Hill Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance of such Class is reduced to zero;

 

(xv)  Fifteenth, to the Class 825S-E Certificates, first, (i) up to an amount equal to the unreimbursed 825 South Hill Non-VRR Realized Losses previously allocated to such Class, and then, (ii) up to an amount equal to all accrued and unpaid interest on the amount set forth in clause (i) at the Pass-Through Rate for such Class compounded monthly from the date the related 825 South Hill Non-VRR Realized Loss was allocated to such Class until the date such 825 South Hill Non-VRR Realized Loss is reimbursed; and

 

(xvi) Sixteenth, to the Class R Certificates (in respect of the L825S-R Interest), any amounts of 825 South Hill Available Funds remaining in the Upper-Tier Distribution Account.

 

(f)         Distributions of VRR Available Funds. On each Distribution Date, the Certificate Administrator shall withdraw from the Upper-Tier Distribution Account the amounts

 

 

     -351-

     

    

 

on deposit therein, to the extent of the VRR Available Funds for such Distribution Date, and shall distribute such amounts to the Holders of the Class RR Certificates and the RR Interest Owner in accordance with this Section 4.01(f).

 

On each Distribution Date, the Certificate Administrator shall apply the then applicable VRR Available Funds for such Distribution Date to make distributions to the Holders of the Class RR Certificates and the RR Interest Owner for the following purposes and in the following order of priority:

 

(i)     first, to the RR Interest Owner and the Class RR Certificates, pro rata based on their respective VRR Interest Balances, in respect of interest, up to an amount equal to the VRR Interest Distribution Amount for such Distribution Date;

 

(ii)    second, to the RR Interest Owner and the Class RR Certificates, pro rata based on their respective VRR Interest Balances, in reduction of their respective VRR Interest Balances, up to an amount equal to the VRR Principal Distribution Amount for such Distribution Date until the outstanding VRR Interest Balance has been reduced to zero; and

 

(iii)   third, to reimburse (with interest) prior write-offs of the respective VRR Interest Balances of the RR Interest Owner and the Class RR Certificates, pro rata based on their respective VRR Interest Balances, up to an amount equal to the unreimbursed VRR Realized Losses previously allocated to the VRR Interest, plus interest in an amount equal to the VRR Realized Loss Interest Distribution Amount for such Distribution Date;

 

provided that, with respect to any Distribution Date, to the extent that VRR Available Funds for such Distribution Date exceeds the distributions to the Holders of the Class RR Certificates and the RR Interest on such Distribution Date pursuant to the immediately preceding clauses (i) through (iii), the Certificate Administrator shall distribute such excess to the Holders of the Class R Certificates.

 

(g)        Distributions of BX-VRR Available Funds. On each Distribution Date, the Certificate Administrator shall withdraw from the Upper-Tier Distribution Account the amounts on deposit therein, to the extent of the BX-VRR Available Funds for such Distribution Date, and shall distribute such amounts to the Holders of the BX-VRR Interest and the Class R Certificates in accordance with this Section 4.01(g).

 

On each Distribution Date, the Certificate Administrator shall apply the BX-VRR Available Funds for such Distribution Date to make distributions to the Holders of the BX-VRR Interest for the following purposes and in the following order of priority:

 

(i)     first, to the BX-VRR Interest, up to an amount equal to the BX-VRR Interest Distribution Amount for such Distribution Date;

 

(ii)    second, to the BX-VRR Interest, in reduction of its Certificate Balance, up to an amount equal to the BX-VRR Principal Distribution Amount for such Distribution Date, until the outstanding Certificate Balance of the BX-VRR Interest has been reduced to zero; and

 

 

     -352-

     

    

 

(iii)   third, to the BX-VRR Interest, up to an amount equal to the unreimbursed BX Industrial Portfolio BX-VRR Realized Losses previously allocated to the BX-VRR Interest, plus interest in an amount equal to the BX-VRR Realized Loss Interest Distribution Amount for such Distribution Date;

 

provided that, with respect to any Distribution Date, to the extent that the BX-VRR Available Funds for such Distribution Date exceeds the distributions to the Holders of the BX-VRR Interest on such Distribution Date pursuant to the immediately preceding clauses (i) through (iii), the Certificate Administrator shall distribute such excess to the Holders of the BX-VRR Interest.

 

(h)        Distributions of T333-VRR Available Funds. On each Distribution Date, the Certificate Administrator shall withdraw from the Upper-Tier Distribution Account the amounts on deposit therein, to the extent of the T333-VRR Available Funds for such Distribution Date, and shall distribute such amounts to the Holders of the T333-VRR Interest and the Class R Certificates in accordance with this Section 4.01(h).

 

On each Distribution Date, the Certificate Administrator shall apply the T333-VRR Available Funds for such Distribution Date to make distributions to the Holders of the T333-VRR Interest for the following purposes and in the following order of priority:

 

(i)     first, to the T333-VRR Interest, up to an amount equal to the T333-VRR Interest Distribution Amount for such Distribution Date;

 

(ii)    second, to the T333-VRR Interest, in reduction of its Certificate Balance, up to an amount equal to the T333-VRR Principal Distribution Amount for such Distribution Date, until the outstanding Certificate Balance of the T333-VRR Interest has been reduced to zero; and

 

(iii)   third, to the T333-VRR Interest, up to an amount equal to the unreimbursed Tower 333 T333-VRR Realized Losses previously allocated to the T333-VRR Interest plus interest in an amount equal to the T333-VRR Realized Loss Interest Distribution Amount for such Distribution Date;

 

provided that, with respect to any Distribution Date, to the extent that the T333-VRR Available Funds for such Distribution Date exceeds the distributions to the Holders of the T333-VRR Interest on such Distribution Date pursuant to the immediately preceding clauses (i) through (iii), the Certificate Administrator shall distribute such excess to the Holders of the T333-VRR Interest.

 

(i)         Distributions of 825S-VRR Available Funds. On each Distribution Date, the Certificate Administrator shall withdraw from the Upper-Tier Distribution Account the amounts on deposit therein, to the extent of the 825S-VRR Available Funds for such Distribution Date, and shall distribute such amounts to the Holders of the 825S-VRR Interest and the Class R Certificates in accordance with this Section 4.01(i).

 

On each Distribution Date, the Certificate Administrator shall apply the 825S-VRR Available Funds for such Distribution Date to make distributions to the Holders of the 825S-VRR Interest for the following purposes and in the following order of priority:

 

 

     -353-

     

    

 

(i)     first, to the 825S-VRR Interest, up to an amount equal to the 825S-VRR Interest Distribution Amount for such Distribution Date;

 

(ii)    second, to the 825S-VRR Interest, in reduction of its Certificate Balance, up to an amount equal to the 825S-VRR Principal Distribution Amount for such Distribution Date, until the outstanding Certificate Balance of the 825S-VRR Interest has been reduced to zero; and

 

(iii)   third, to the 825S-VRR Interest, up to an amount equal to the unreimbursed BX Industrial Portfolio 825S-VRR Realized Losses previously allocated to the 825S-VRR Interest, plus interest in an amount equal to the 825S-VRR Realized Loss Interest Distribution Amount for such Distribution Date;

 

provided that, with respect to any Distribution Date, to the extent that the 825S-VRR Available Funds for such Distribution Date exceeds the distributions to the Holders of the 825S-VRR Interest on such Distribution Date pursuant to the immediately preceding clauses (i) through (iii), the Certificate Administrator shall distribute such excess to the Holders of the 825S-VRR Interest.

 

(j)         Distributions of Prepayment Premiums and Yield Maintenance Charges. On each Distribution Date, following the distribution from the Lower-Tier Distribution Account in respect of the Lower-Tier Regular Interests pursuant to Section 4.01(a) of this Agreement, the Certificate Administrator shall make distributions of any Prepayment Premiums and Yield Maintenance Charges collected on the Mortgage Loans during the related Collection Period from amounts deposited in the Upper-Tier Distribution Account pursuant to Section 3.05(f) of this Agreement, as follows:

 

The Non-VRR Percentage of the Prepayment Premiums and Yield Maintenance Charges collected on the Mortgage Loans during the related Collection Period (such portion of such Prepayment Premiums and Yield Maintenance Charges, the “Non-VRR Prepayment Premiums and Yield Maintenance Charges”) shall be distributed to the Class A-2, Class A-3, Class A-4, Class A-SB, Class A-S, Class B, Class C and Class D Certificates in an amount equal to, in the case of each such Class, the product of (a) a fraction, not greater than one, the numerator of which is the amount distributed as principal to such Class on such Distribution Date, and whose denominator is the total amount distributed as principal to the Class A-2, Class A-3, Class A-4, Class A-SB, Class A-S, Class B, Class C and Class D Certificates on such Distribution Date, (b) the Base Interest Fraction for the related Principal Prepayment and such Class of Certificates and (c) the amount of such Non-VRR Prepayment Premiums and Yield Maintenance Charges.

 

Any Yield Maintenance Charges or Prepayment Premiums collected on the Mortgage Loans collected during the related Collection Period and remaining after such distributions described in the preceding paragraph shall be allocated and distributed to the Class X-A Certificates.

 

On any Distribution Date, any Prepayment Premiums and Yield Maintenance Charges collected in respect of the BX Industrial Portfolio Trust Subordinate Companion Loan during the related Collection Period shall be distributed by the Certificate Administrator in the

 

 

     -354-

     

    

 

following manner: (a) to the Holders of the Class BX-A, Class BX-B and Class BX-C Certificates in an amount equal to the product of (x) a fraction whose numerator is the amount of principal distributed to such Class of Loan-Specific Certificates on such Distribution Date and whose denominator is the total amount of principal distributed to the Holders of the Class BX-A, Class BX-B and Class BX-C Certificates on such Distribution Date, (y) the aggregate amount of Prepayment Premiums and Yield Maintenance Charges allocated to the BX Industrial Portfolio Trust Subordinate Companion Loan and (z) the BX Industrial Portfolio Non-VRR Percentage of such Prepayment Premiums and Yield Maintenance Premiums, and (b) to the BX-VRR Interest Owner, the BX-VRR Percentage of such Prepayment Premiums or Yield Maintenance Charges. If there is more than one Class of Loan-Specific Certificates entitled to distributions of principal on any particular Distribution Date on which Yield Maintenance Charges are distributable to such Classes, the aggregate amount of such Yield Maintenance Charges shall be allocated among all such Classes of Loan-Specific Certificates up to, and on a pro rata basis in accordance with, their respective entitlements in those Yield Maintenance Charges in accordance with the first sentence of this paragraph.

 

On any Distribution Date, any Prepayment Premiums and Yield Maintenance Charges collected in respect of the Tower 333 Trust Subordinate Companion Loan during the related Collection Period shall be distributed by the Certificate Administrator in the following manner: (a) to the Holders of the Class T333-A, Class T333-B, Class T333-C and Class T333-D Certificates in an amount equal to the product of (x) a fraction whose numerator is the amount of principal distributed to such Class of Loan-Specific Certificates on such Distribution Date and whose denominator is the total amount of principal distributed to the Holders of the Class T333-A, Class T333-B, Class T333-C and Class T333-D Certificates on such Distribution Date, (y) the aggregate amount of Prepayment Premiums and Yield Maintenance Charges allocated to the Tower 333 Trust Subordinate Companion Loan and (z) the Tower 333 Non-VRR Percentage of such Prepayment Premiums and Yield Maintenance Premiums, and (b) to the T333-VRR Interest Owner, the T333-VRR Percentage of such Prepayment Premiums or Yield Maintenance Charges. If there is more than one Class of Loan-Specific Certificates entitled to distributions of principal on any particular Distribution Date on which Yield Maintenance Charges are distributable to such Classes, the aggregate amount of such Yield Maintenance Charges shall be allocated among all such Classes of Loan-Specific Certificates up to, and on a pro rata basis in accordance with, their respective entitlements in those Yield Maintenance Charges in accordance with the first sentence of this paragraph.

 

On any Distribution Date, any Prepayment Premiums and Yield Maintenance Charges collected in respect of the 825 South Hill Trust Subordinate Companion Loan during the related Collection Period shall be distributed by the Certificate Administrator in the following manner: (a) to the Holders of the Class 825S-A, Class 825S-B, Class 825S-C, Class 825S-D and Class 825S-E Certificates in an amount equal to the product of (x) a fraction whose numerator is the amount of principal distributed to such Class of Loan-Specific Certificates on such Distribution Date and whose denominator is the total amount of principal distributed to the Holders of the Class 825S-A, Class 825S-B, Class 825S-C, Class 825S-D and Class 825S-E Certificates on such Distribution Date, (y) the aggregate amount of Prepayment Premiums and Yield Maintenance Charges allocated to the 825 South Hill Trust Subordinate Companion Loan and (z) the 825 South Hill Non-VRR Percentage of such Prepayment Premiums and Yield Maintenance Premiums, and (b) to the 825S-VRR Interest Owner, the 825S-VRR Percentage of

 

 

     -355-

     

    

 

such Prepayment Premiums or Yield Maintenance Charges. If there is more than one Class of Loan-Specific Certificates entitled to distributions of principal on any particular Distribution Date on which Yield Maintenance Charges are distributable to such Classes, the aggregate amount of such Yield Maintenance Charges shall be allocated among all such Classes of Loan-Specific Certificates up to, and on a pro rata basis in accordance with, their respective entitlements in those Yield Maintenance Charges in accordance with the first sentence of this paragraph.

 

On each Distribution Date, amounts on deposit in the Upper-Tier Distribution Account that represent the VRR Percentage of such Prepayment Premiums and Yield Maintenance Charges collected on the Mortgage Loans during the related Collection Period shall be distributed by the Certificate Administrator to the Holders of the Class RR Certificates and the RR Interest Owner, on a pro rata and pari passu basis.

 

(k)        Gain-on-Sale Accounts. On each Master Servicer Remittance Date, the Certificate Administrator shall determine if the Pooled Available Funds for such Distribution Date (determined without regard to the inclusion of any Gain-on-Sale Proceeds therein) would be sufficient to pay all interest and principal due and owing to reimburse all previously allocated Pooled Realized Losses reimbursable to the Holders of the Non-VRR Certificates on such Distribution Date pursuant to Section 4.01(b). If the Certificate Administrator determines that such Pooled Available Funds (as so determined) would not be sufficient to make such payments and reimbursements, then the Certificate Administrator shall withdraw from the Gain-on-Sale Reserve Account (or sub-account thereof) and shall deposit in the Lower-Tier Distribution Account on the applicable Master Servicer Remittance Date an amount (to be included in the Pooled Aggregate Available Funds for the related Distribution Date for allocation between the VRR Interest and the Non-VRR Certificates) equal to the lesser of (i) the amounts then on deposit in the Gain-on-Sale Reserve Account and (ii) the sum of (A) the amount of the applicable insufficiency and (B) the VRR Allocation Percentage of the amount described in the immediately preceding clause (A).

 

On each Master Servicer Remittance Date, the Certificate Administrator shall determine if the BX Industrial Portfolio Available Funds for such Distribution Date (determined without regard to the inclusion of any Gain-on-Sale Proceeds therein) would be sufficient to pay all interest and principal due and owing to reimburse all previously allocated BX Industrial Portfolio Realized Losses reimbursable to the Holders of the BX Industrial Portfolio Non-VRR Certificates on such Distribution Date pursuant to Section 4.01(c). If the Certificate Administrator determines that such BX Industrial Portfolio Available Funds (as so determined) would not be sufficient to make such payments and reimbursements, then the Certificate Administrator shall withdraw from the BX Industrial Portfolio Gain-on-Sale Reserve Account (or sub-account thereof) and shall deposit in the Lower-Tier Distribution Account on the applicable Master Servicer Remittance Date an amount (to be included in the BX Industrial Portfolio Available Funds for the related Distribution Date for allocation between the BX-VRR Interest and the BX Industrial Portfolio Non-VRR Certificates) equal to the lesser of (i) the amounts then on deposit in the BX Industrial Portfolio Gain-on-Sale Reserve Account and (ii) the sum of (A) the amount of the applicable insufficiency and (B) the BX-VRR Allocation Percentage of the amount described in the immediately preceding clause (A).

 

 

     -356-

     

    

 

On each Master Servicer Remittance Date, the Certificate Administrator shall determine if the Tower 333 Available Funds for such Distribution Date (determined without regard to the inclusion of any Gain-on-Sale Proceeds therein) would be sufficient to pay all interest and principal due and owing to reimburse all previously allocated Tower 333 Realized Losses reimbursable to the Holders of the Tower 333 Non-VRR Certificates on such Distribution Date pursuant to Section 4.01(d). If the Certificate Administrator determines that such Tower 333 Available Funds (as so determined) would not be sufficient to make such payments and reimbursements, then the Certificate Administrator shall withdraw from the Tower 333 Gain-on-Sale Reserve Account (or sub-account thereof) and shall deposit in the Lower-Tier Distribution Account on the applicable Master Servicer Remittance Date an amount (to be included in the Tower 333 Available Funds for the related Distribution Date for allocation between the T333-VRR Interest and the Tower 333 Non-VRR Certificates) equal to the lesser of (i) the amounts then on deposit in the Tower 333 Gain-on-Sale Reserve Account and (ii) the sum of (A) the amount of the applicable insufficiency and (B) the T333-VRR Allocation Percentage of the amount described in the immediately preceding clause (A).

 

On each Master Servicer Remittance Date, the Certificate Administrator shall determine if the 825 South Hill Available Funds for such Distribution Date (determined without regard to the inclusion of any Gain-on-Sale Proceeds therein) would be sufficient to pay all interest and principal due and owing to reimburse all previously allocated 825 South Hill Realized Losses reimbursable to the Holders of the 825 South Hill Non-VRR Certificates on such Distribution Date pursuant to Section 4.01(e). If the Certificate Administrator determines that such 825 South Hill Available Funds (as so determined) would not be sufficient to make such payments and reimbursements, then the Certificate Administrator shall withdraw from the 825 South Hill Gain-on-Sale Reserve Account (or sub-account thereof) and shall deposit in the Lower-Tier Distribution Account on the applicable Master Servicer Remittance Date an amount (to be included in the 825 South Hill Available Funds for the related Distribution Date for allocation between the 825S-VRR Interest and the 825 South Hill Non-VRR Certificates) equal to the lesser of (i) the amounts then on deposit in the 825 South Hill Gain-on-Sale Reserve Account and (ii) the sum of (A) the amount of the applicable insufficiency and (B) the 825S-VRR Allocation Percentage of the amount described in the immediately preceding clause (A).

 

Any amounts remaining in the Gain-on-Sale Reserve Account after such distributions on any Distribution Date that (A) are allocable to the Mortgage Loans shall be held and maintained in such account and applied to offset future Pooled Realized Losses and VRR Realized Losses, as applicable, and Additional Trust Fund Expenses from time to time; and (B) are allocable to the Serviced Companion Loans (other than the Trust Subordinate Companion Loans), shall be remitted within one Business Day after each such Distribution Date by the Certificate Administrator to the Master Servicer (which shall remit to the Serviced Companion Loan Noteholders in accordance with Section 3.05(h)). Any gains allocable to the BX Industrial Portfolio Trust Subordinate Companion Loan will be applied on the applicable Distribution Date to reimburse the BX Industrial Portfolio Loan-Specific Certificateholders for BX Industrial Portfolio Realized Losses and, to the extent not so applied, such gains will be held and applied to offset future BX Industrial Portfolio Realized Losses, if any. Any gains allocable to the Tower 333 Trust Subordinate Companion Loan will be applied on the applicable Distribution Date to reimburse the Tower 333 Loan-Specific Certificateholders for Tower 333 Realized Losses and, to the extent not so applied, such gains will be held and applied to offset future Tower 333

 

 

     -357-

     

    

 

Realized Losses, if any. Any gains allocable to the 825 South Hill Trust Subordinate Companion Loan will be applied on the applicable Distribution Date to reimburse the 825 South Hill Loan-Specific Certificateholders for 825 South Hill Realized Losses and, to the extent not so applied, such gains will be held and applied to offset future 825 South Hill Realized Losses, if any.

 

On each Distribution Date, immediately after giving effect to the operation of the first and fifth paragraphs of this Section 4.01(k), amounts held in the Gain-on-Sale Reserve Account (other than amounts allocable to any related Serviced Companion Loan or Trust Subordinate Companion Loan pursuant to the terms of any related Intercreditor Agreement) that exceed amounts reasonably required (as determined by the Certificate Administrator) to offset future Pooled Realized Losses and VRR Realized Losses, as applicable, and Additional Trust Fund Expenses, shall be distributed to the Holders of the Class R Certificates (in respect of the Class LTR Interest) and, upon termination of the Trust Fund, any amounts remaining in the Gain-on-Sale Reserve Account (other than amounts allocable to any related Serviced Companion Loan pursuant to the terms of any related Intercreditor Agreement) shall be distributed by the Certificate Administrator to the Class R Certificates (in respect of the Class LTR Interest). Amounts paid with respect to the Mortgage Loans from the Gain-on-Sale Reserve Account pursuant to the preceding clauses (i) and (ii) of the first paragraph of this Section 4.01(k) shall first be deemed to have been distributed to the Lower-Tier Regular Interests in reimbursement of Realized Losses and VRR Realized Losses, as applicable, and Additional Trust Fund Expenses previously allocated thereto in the same manner as provided in Section 4.01(a) of this Agreement. Amounts paid from the Gain-on-Sale Reserve Account will not reduce the Certificate Balances of any Class of Non-VRR Certificates, Class S Certificates or the Class RR Certificates receiving such distributions.

 

On each Distribution Date, the Certificate Administrator shall withdraw from the BX Industrial Portfolio Gain-on-Sale Reserve Account and deposit in the BX Industrial Portfolio Trust Subordinate Companion Loan REMIC Distribution Account, the amount, if any, on deposit in the BX Industrial Portfolio Gain-on-Sale Reserve Account (to be included in the BX Industrial Portfolio Available Funds for the related Distribution Date).

 

On each Distribution Date, the Certificate Administrator shall withdraw from the Tower 333 Gain-on-Sale Reserve Account and deposit in the Tower 333 Trust Subordinate Companion Loan REMIC Distribution Account, the amount, if any, on deposit in the Tower 333 Gain-on-Sale Reserve Account (to be included in the Tower 333 Available Funds for the related Distribution Date).

 

On each Distribution Date, the Certificate Administrator shall withdraw from the 825 South Hill Gain-on-Sale Reserve Account and deposit in the 825 South Hill Trust Subordinate Companion Loan REMIC Distribution Account, the amount, if any, on deposit in the 825 South Hill Gain-on-Sale Reserve Account (to be included in the 825 South Hill Available Funds for the related Distribution Date).

 

(l)         Realized Losses. On each Distribution Date, immediately following the distributions to be made on such date pursuant to Section 4.01(b), the Certificate Administrator shall calculate the amount, if any, of the Pooled Realized Loss and VRR Realized Loss for such Distribution Date. Any allocation of Realized Losses to any Class of Pooled Principal Balance Certificates and VRR Realized Losses to the VRR Interest shall be made by reducing the

 

 

     -358-

     

    

 

Certificate Balance or VRR Interest Balance, as applicable, thereof by the amount so allocated. On each Distribution Date, immediately following the distributions to be made on such date pursuant to Section 4.01(c), the Certificate Administrator shall calculate the amount, if any, of the BX Industrial Portfolio Non-VRR Realized Loss and BX Industrial Portfolio BX-VRR Realized Loss for such Distribution Date. Any allocation of BX Industrial Portfolio Non-VRR Realized Losses to any Class of related Loan-Specific Certificates and BX Industrial Portfolio BX-VRR Realized Losses to the BX-VRR Interest shall be made by reducing the Certificate Balance thereof by the amount so allocated. On each Distribution Date, immediately following the distributions to be made on such date pursuant to Section 4.01(d) the Certificate Administrator shall calculate the amount, if any, of the Tower 333 Non-VRR Realized Loss and Tower 333 T333-VRR Realized Loss for such Distribution Date. Any allocation of Tower 333 Non-VRR Realized Losses to any Class of related Loan-Specific Certificates and Tower 333 T333-VRR Realized Losses to the T333-VRR Interest shall be made by reducing the Certificate Balance thereof by the amount so allocated. On each Distribution Date, immediately following the distributions to be made on such date pursuant to Section 4.01(e) the Certificate Administrator shall calculate the amount, if any, of the 825 South Hill Non-VRR Realized Loss and 825 South Hill 825S-VRR Realized Loss for such Distribution Date. Any allocation of 825 South Hill Non-VRR Realized Losses to any Class of related Loan-Specific Certificates and 825 South Hill 825S-VRR Realized Losses to the 825S-VRR Interest shall be made by reducing the Certificate Balance thereof by the amount so allocated. The allocation of Pooled Realized Losses and VRR Realized Losses, BX Industrial Portfolio Non-VRR Realized Losses, BX Industrial Portfolio BX-VRR Realized Losses, Tower 333 Non-VRR Realized Losses, Tower 333 T333-VRR Realized Losses, 825 South Hill Non-VRR Realized Losses, 825 South Hill 825S-VRR Realized Losses,, shall constitute allocations of losses and other shortfalls experienced by the Trust Fund.

 

The Certificate Balances of each Class of Pooled Principal Balance Certificates will be reduced without distribution on any Distribution Date as a write-off to the extent of any Pooled Realized Losses allocated to such Class of Certificates with respect to such date. Any such write-offs will be applied to the Classes of Pooled Principal Balance Certificates in the following order, in each case until the Certificate Balance of such Class is reduced to zero: first, to the Class D Certificates; second, to the Class C Certificates; third, to the Class B Certificates, fourth, to the Class A-S Certificates; and finally, to the Class A-2, Class A-3, Class A-4 and Class A-SB Certificates, pro rata, based on their respective Certificate Balances. The Certificate Balances of each Class of BX Industrial Portfolio Non-VRR Certificates will be reduced without distribution on any Distribution Date as a write-off to the extent of any BX Industrial Portfolio Non-VRR Realized Losses allocated to such Class of BX Industrial Portfolio Non-VRR Certificates with respect to such date. Any such write-offs will be applied to the Classes of BX Industrial Portfolio Non-VRR Certificates in the following order, in each case until the Certificate Balance of such Class is reduced to zero: first, to the Class BX-C Certificates, second, to the Class BX-B Certificates, and finally, to the Class BX-A, in each case until the remaining Certificate Balances of such Classes of Certificates have been reduced to zero. The Certificate Balances of each Class of Tower 333 Non-VRR Certificates will be reduced without distribution on any Distribution Date as a write-off to the extent of any Tower 333 Non-VRR Realized Losses allocated to such Class of Tower 333 Non-VRR Certificates with respect to such date. Any such write-offs will be applied to the Classes of Tower 333 Non-VRR Certificates in the following order, in each case until the Certificate Balance of such Class is

 

 

     -359-

     

    

 

reduced to zero: first, to the Class T333-D Certificates, second, to the Class T333-C Certificates, third, to the Class T333-B Certificates, and finally, to the Class T333-A, in each case until the remaining Certificate Balances of such Classes of Certificates have been reduced to zero. The Certificate Balances of each Class of 825 South Hill Non-VRR Certificates will be reduced without distribution on any Distribution Date as a write-off to the extent of any 825 South Hill Non-VRR Realized Losses allocated to such Class of 825 South Hill Non-VRR Certificates with respect to such date. Any such write-offs will be applied to the Classes of 825 South Hill Non-VRR Certificates in the following order, in each case until the Certificate Balance of such Class is reduced to zero: first, to the Class 825S-E Certificates, second, to the Class 825S-D Certificates, third, to the Class 825S-C Certificates, fourth, to the Class 825S-B and finally, to the Class 825S-A, in each case until the remaining Certificate Balances of such Classes of Certificates have been reduced to zero.

 

Any Realized Losses so allocated to any Class of Certificates shall be allocated among the respective Certificates of such Class in proportion to the Percentage Interests evidenced thereby.

 

On each Distribution Date, any VRR Realized Loss for such Distribution Date shall be allocated to the VRR Interest; and, in connection therewith, the VRR Interest Balance will be reduced without distribution, as a write-off, to the extent of such VRR Realized Loss.

 

On each Distribution Date, any BX Industrial Portfolio BX-VRR Realized Loss for such Distribution Date shall be allocated to the BX-VRR Interest; and, in connection therewith, the BX-VRR Interest Balance will be reduced without distribution, as a write-off, to the extent of such BX Industrial Portfolio BX-VRR Realized Loss.

 

On each Distribution Date, any Tower 333 T333-VRR Realized Loss for such Distribution Date shall be allocated to the T333-VRR Interest; and, in connection therewith, the T333-VRR Interest Balance will be reduced without distribution, as a write-off, to the extent of such Tower 333 T333-VRR Realized Loss.

 

On each Distribution Date, any 825 South Hill 825S-VRR Realized Loss for such Distribution Date shall be allocated to the 825S-VRR Interest; and, in connection therewith, the 825S-VRR Interest Balance will be reduced without distribution, as a write-off, to the extent of such 825 South Hill 825S-VRR Realized Loss.

 

Distributions in reimbursement of Pooled Realized Losses or VRR Realized Losses, as applicable, previously allocated to the respective Classes of the Pooled Principal Balance Certificates and distributions in reimbursement of VRR Realized Losses previously allocated to the VRR Interest shall be made in the amounts and manner specified in Section 4.01(b) or Section 4.01(f), as applicable. Additional Trust Fund Expenses and shortfalls in Available Funds due to extraordinary expenses of the Trust Fund (including indemnification expenses), a reduction in the Mortgage Rate on a Mortgage Loan by a bankruptcy court pursuant to a plan of reorganization or pursuant to any of its equitable powers, or otherwise, shall be treated as and allocated in the same manner as Realized Losses and VRR Realized Losses. Reimbursement of previously allocated Pooled Realized Losses and VRR Realized Losses will not constitute distributions of principal for any purpose and will not result in an additional reduction in the Certificate Balance of the Class of Certificates or Class of Class RR Certificates

 

 

     -360-

     

    

 

in respect of which any such reimbursement is made. Distributions in reimbursement of BX Industrial Portfolio Non-VRR Realized Losses or BX Industrial Portfolio BX-VRR Realized Losses, as applicable, previously allocated to the respective Classes of the related Loan-Specific Certificates and distributions in reimbursement of BX Industrial Portfolio BX-VRR Realized Losses previously allocated to the BX-VRR Interest shall be made in the amounts and manner specified in Section 4.01(c) or Section 4.01(g), as applicable. Distributions in reimbursement of Tower 333 Non-VRR Realized Losses or Tower 333 T333-VRR Realized Losses, as applicable, previously allocated to the respective Classes of the related Loan-Specific Certificates and distributions in reimbursement of Tower 333 T333-VRR Realized Losses previously allocated to the T333-VRR Interest shall be made in the amounts and manner specified in Section 4.01(d) or Section 4.01(h), as applicable. Distributions in reimbursement of 825 South Hill Non-VRR Realized Losses or 825 South Hill 825S-VRR Realized Losses, as applicable, previously allocated to the respective Classes of the related Loan-Specific Certificates and distributions in reimbursement of 825 South Hill 825S-VRR Realized Losses previously allocated to the 825S-VRR Interest shall be made in the amounts and manner specified in Section 4.01(e) or Section 4.01(i), as applicable. Additional Trust Fund Expenses attributable to the BX Industrial Portfolio Trust Subordinate Companion Loan and shortfalls in BX Industrial Portfolio Available Funds due to extraordinary expenses of the Trust Fund (including indemnification expenses), a reduction in the Mortgage Rate on the BX Industrial Portfolio Mortgage Loan by a bankruptcy court pursuant to a plan of reorganization or pursuant to any of its equitable powers, or otherwise, shall be treated as and allocated in the same manner as BX Industrial Portfolio Non-VRR Realized Losses and BX Industrial Portfolio BX-VRR Realized Losses. Reimbursement of previously allocated BX Industrial Portfolio Non-VRR Realized Losses and BX Industrial Portfolio BX-VRR Realized Losses will not constitute distributions of principal for any purpose and will not result in an additional reduction in the Certificate Balance of the Class of BX Industrial Portfolio Non-VRR Certificates or BX-VRR Interest in respect of which any such reimbursement is made.

 

Additional Trust Fund Expenses attributable to the Tower 333 Trust Subordinate Companion Loan and shortfalls in Tower 333 Available Funds due to extraordinary expenses of the Trust Fund (including indemnification expenses), a reduction in the Mortgage Rate on the Tower 333 Mortgage Loan by a bankruptcy court pursuant to a plan of reorganization or pursuant to any of its equitable powers, or otherwise, shall be treated as and allocated in the same manner as Tower 333 Non-VRR Realized Losses and Tower 333 T333-VRR Realized Losses. Reimbursement of previously allocated Tower 333 Non-VRR Realized Losses and Tower 333 T333-VRR Realized Losses will not constitute distributions of principal for any purpose and will not result in an additional reduction in the Certificate Balance of the Class of Tower 333 Non-VRR Certificates or T333-VRR Interest in respect of which any such reimbursement is made.

 

Additional Trust Fund Expenses attributable to the 825 South Hill Trust Subordinate Companion Loan and shortfalls in 825 South Hill Available Funds due to extraordinary expenses of the Trust Fund (including indemnification expenses), a reduction in the Mortgage Rate on the 825 South Hill Mortgage Loan by a bankruptcy court pursuant to a plan of reorganization or pursuant to any of its equitable powers, or otherwise, shall be treated as and allocated in the same manner as 825 South Hill Non-VRR Realized Losses and 825 South Hill 825S-VRR Realized Losses. Reimbursement of previously allocated 825 South Hill Non-VRR Realized Losses and 825 South Hill 825S-VRR Realized Losses will not constitute

 

 

     -361-

     

    

 

distributions of principal for any purpose and will not result in an additional reduction in the Certificate Balance of the Class of 825 South Hill Non-VRR Certificates or 825S-VRR Interest in respect of which any such reimbursement is made.

 

If and to the extent any Nonrecoverable Advances (plus interest thereon) that were reimbursed from principal collections on the Mortgage Loans and previously resulted in a reduction of the Aggregate Principal Distribution Amount are subsequently recovered on the related Mortgage Loan, then (on the Distribution Date related to the Collection Period during which the recovery occurred): (i) the Non-VRR Percentage of the amount of such recovery will be added to the Certificate Balance(s) of the Class or Classes of Pooled Principal Balance Certificates that previously were allocated Realized Losses, in the same sequential order as distributions pursuant to Section 4.01(b), in each case up to the lesser of (A) the unallocated portion of the Non-VRR Percentage of the amount of such recovery and (B) the amount of the unreimbursed Realized Losses previously allocated to the subject Class of Certificates, and the Interest Shortfall with respect to each affected Class of Non-VRR Certificates for the next Distribution Date will be increased by the aggregate amount of interest that would have accrued through the then current Distribution Date if the restored write-down for the reimbursed Class of Pooled Principal Balance Certificates had never been written down; and (ii) the VRR Percentage of the amount of such recovery will be added to the VRR Interest Balance up to the lesser of (A) the VRR Percentage of the amount of such recovery and (B) the amount of the unreimbursed VRR Realized Losses previously allocated to the VRR Interest, and the interest payable on the VRR Interest will be deemed increased by the VRR Allocation Percentage of any contemporaneous increases in interest payable on the Non-VRR Certificates pursuant to clause (i) of this sentence. To the extent that the Certificate Balance or VRR Interest Balance of, and/or any interest payable on, any Class of Non-VRR Certificates or the VRR Interest is so increased, an identical increase shall be deemed made to the Lower-Tier Principal Balance of, and any interest payable on, the Corresponding Lower-Tier Regular Interest. If the Certificate Balance of any Class of Pooled Principal Balance Certificates or the VRR Interest Balance (or the Lower-Tier Principal Balance of any Lower-Tier Regular Interest) is so increased, the amount of unreimbursed Pooled Realized Losses or VRR Realized Losses, as applicable, of such Class of Certificates or the VRR Interest (or such Lower-Tier Regular Interest), as the case may be, shall be decreased by such amount, and any interest accrued on the amount of unreimbursed Realized Losses or VRR Realized Losses, as applicable, so decreased shall be deemed not to exist.

 

If and to the extent that any Nonrecoverable Advances (plus interest thereon) that were reimbursed from principal collections on the Trust Subordinate Companion Loan (including REO Loans) and previously resulted in a reduction of the BX Industrial Portfolio Aggregate Principal Distribution Amount are subsequently recovered on the related Trust Subordinate Companion Loan or REO Property, then (on the Distribution Date related to the Collection Period during which the recovery occurred): (i) the BX Industrial Portfolio Non-VRR Percentage of the amount of such recovery will be added to the Certificate Balance(s) of the Class or Classes of Loan-Specific Certificates that previously were allocated BX Industrial Portfolio Non-VRR Realized Losses, in the same sequential order as distributions pursuant to Section 4.01(c), in each case up to the lesser of (A) the unallocated portion of the BX Industrial Portfolio Non-VRR Percentage of the amount of such recovery and (B) the amount of the unreimbursed BX Industrial Portfolio Non-VRR Realized Losses previously allocated to the subject Class of Certificates, and the BX Industrial Portfolio Interest Shortfall with respect to

 

 

     -362-

     

    

 

each affected Class of Loan-Specific Certificates for the next Distribution Date will be increased by the amount of interest that would have accrued through the then current Distribution Date if the restored write-down for the reimbursed Class of Loan-Specific Certificates had never been written down; and (ii) the BX-VRR Percentage of the amount of such recovery will be added to the BX-VRR Interest Balance, up to the lesser of (A) the BX-VRR Percentage of the amount of such recovery and (B) the amount of unreimbursed BX Industrial Portfolio BX-VRR Realized Losses previously allocated to the BX-VRR Interest, and the interest payable on the BX-VRR Interest will be deemed increased by the BX-VRR Allocation Percentage of any contemporaneous increases in interest payable on the Loan-Specific Certificates pursuant to clause (i) of this sentence. To the extent that the Certificate Balance or BX-VRR Interest Balance of, and/or any interest payable on, any Class of Loan-Specific Certificates or the BX-VRR Interest is so increased, an identical increase shall be deemed made to the Lower-Tier Principal Balance of, and any interest payable on, the Corresponding Lower-Tier Regular Interest. If the Certificate Balance of any Class of Loan-Specific Certificates or the BX-VRR Interest Balance (or the Lower-Tier Principal Balance of any Lower-Tier Regular Interest) is so increased, the amount of unreimbursed BX Industrial Portfolio Non-VRR Realized Losses or BX Industrial Portfolio BX-VRR Realized Losses, as applicable, of such Class of Certificates or the BX-VRR Interest (or such Lower-Tier Regular Interest), as the case may be, shall be decreased by such amount, and any interest accrued on the amount of unreimbursed BX Industrial Portfolio Non-VRR Realized Losses or BX Industrial Portfolio BX-VRR Realized Losses, as applicable, so decreased shall be deemed not to exist.

 

If and to the extent that any Nonrecoverable Advances (plus interest thereon) that were reimbursed from principal collections on the Trust Subordinate Companion Loan (including REO Loans) and previously resulted in a reduction of the Tower 333 Aggregate Principal Distribution Amount are subsequently recovered on the related Trust Subordinate Companion Loan or REO Property, then (on the Distribution Date related to the Collection Period during which the recovery occurred): (i) the Tower 333 Non-VRR Percentage of the amount of such recovery will be added to the Certificate Balance(s) of the Class or Classes of Loan-Specific Certificates that previously were allocated Tower 333 Non-VRR Realized Losses, in the same sequential order as distributions pursuant to Section 4.01(d), in each case up to the lesser of (A) the unallocated portion of the Tower 333 Non-VRR Percentage of the amount of such recovery and (B) the amount of the unreimbursed Tower 333 Non-VRR Realized Losses previously allocated to the subject Class of Certificates, and the Tower 333 Interest Shortfall with respect to each affected Class of Loan-Specific Certificates for the next Distribution Date will be increased by the amount of interest that would have accrued through the then current Distribution Date if the restored write-down for the reimbursed Class of Loan-Specific Certificates had never been written down; and (ii) the T333-VRR Percentage of the amount of such recovery will be added to the T333-VRR Interest Balance, up to the lesser of (A) the T333-VRR Percentage of the amount of such recovery and (B) the amount of unreimbursed Tower 333 T333-VRR Realized Losses previously allocated to the T333-VRR Interest, and the interest payable on the T333-VRR Interest will be deemed increased by the T333-VRR Allocation Percentage of any contemporaneous increases in interest payable on the Loan-Specific Certificates pursuant to clause (i) of this sentence. To the extent that the Certificate Balance or T333-VRR Interest Balance of, and/or any interest payable on, any Class of Loan-Specific Certificates or the T333-VRR Interest is so increased, an identical increase shall be deemed made to the Lower-Tier Principal Balance of, and any interest payable on, the Corresponding 

 

 

     -363-

     

    

 

Lower-Tier Regular Interest. If the Certificate Balance of any Class of Loan-Specific Certificates or the T333-VRR Interest Balance (or the Lower-Tier Principal Balance of any Lower-Tier Regular Interest) is so increased, the amount of unreimbursed Tower 333 Non-VRR Realized Losses or Tower 333 T333-VRR Realized Losses, as applicable, of such Class of Certificates or the T333-VRR Interest (or such Lower-Tier Regular Interest), as the case may be, shall be decreased by such amount, and any interest accrued on the amount of unreimbursed Tower 333 Non-VRR Realized Losses or Tower 333 T333-VRR Realized Losses, as applicable, so decreased shall be deemed not to exist.

 

If and to the extent that any Nonrecoverable Advances (plus interest thereon) that were reimbursed from principal collections on the Trust Subordinate Companion Loan (including REO Loans) and previously resulted in a reduction of the 825 South Hill Aggregate Principal Distribution Amount are subsequently recovered on the related Trust Subordinate Companion Loan or REO Property, then (on the Distribution Date related to the Collection Period during which the recovery occurred): (i) the 825 South Hill Non-VRR Percentage of the amount of such recovery will be added to the Certificate Balance(s) of the Class or Classes of Loan-Specific Certificates that previously were allocated 825 South Hill Non-VRR Realized Losses, in the same sequential order as distributions pursuant to Section 4.01(e), in each case up to the lesser of (A) the unallocated portion of the 825 South Hill Non-VRR Percentage of the amount of such recovery and (B) the amount of the unreimbursed 825 South Hill Non-VRR Realized Losses previously allocated to the subject Class of Certificates, and the 825 South Hill Interest Shortfall with respect to each affected Class of Loan-Specific Certificates for the next Distribution Date will be increased by the amount of interest that would have accrued through the then current Distribution Date if the restored write-down for the reimbursed Class of Loan-Specific Certificates had never been written down; and (ii) the 825S-VRR Percentage of the amount of such recovery will be added to the 825S-VRR Interest Balance, up to the lesser of (A) the 825S-VRR Percentage of the amount of such recovery and (B) the amount of unreimbursed 825 South Hill 825S-VRR Realized Losses previously allocated to the 825S-VRR Interest, and the interest payable on the 825S-VRR Interest will be deemed increased by the 825S-VRR Allocation Percentage of any contemporaneous increases in interest payable on the Loan-Specific Certificates pursuant to clause (i) of this sentence. To the extent that the Certificate Balance or 825S-VRR Interest Balance of, and/or any interest payable on, any Class of Loan-Specific Certificates or the 825S-VRR Interest is so increased, an identical increase shall be deemed made to the Lower-Tier Principal Balance of, and any interest payable on, the Corresponding Lower-Tier Regular Interest. If the Certificate Balance of any Class of Loan-Specific Certificates or the 825S-VRR Interest Balance (or the Lower-Tier Principal Balance of any Lower-Tier Regular Interest) is so increased, the amount of unreimbursed 825 South Hill Non-VRR Realized Losses or 825 South Hill 825S-VRR Realized Losses, as applicable, of such Class of Certificates or the 825S-VRR Interest (or such Lower-Tier Regular Interest), as the case may be, shall be decreased by such amount, and any interest accrued on the amount of unreimbursed 825 South Hill Non-VRR Realized Losses or 825 South Hill 825S-VRR Realized Losses, as applicable, so decreased shall be deemed not to exist.

 

With respect to any Distribution Date, any Pooled Realized Losses or VRR Realized Losses, as applicable, allocated pursuant to this Agreement with respect to such Distribution Date shall reduce the Lower-Tier Principal Balances of the Lower-Tier Regular Interests as a write-off and shall be allocated among the Lower-Tier Regular Interests in the

 

 

     -364-

     

    

 

same priority as the Class of Corresponding Certificates. With respect to any Distribution Date, any BX Industrial Portfolio Non-VRR Realized Losses, BX Industrial Portfolio BX-VRR Realized Losses, Tower 333 Non-VRR Realized Losses, Tower 333 T333-VRR Realized Losses, 825 South Hill Non-VRR Realized Losses or 825 South Hill 825S-VRR Realized Losses, as applicable, allocated pursuant to this Agreement with respect to such Distribution Date shall reduce the principal balances of the related Trust Subordinate Companion Loan REMIC Regular Interests as a write-off and shall be allocated among the related Trust Subordinate Companion Loan REMIC Regular Interests in the same priority as the Class of Corresponding Certificates.

 

(m)       All amounts distributable to a Class of Certificates pursuant to this Section 4.01 on each Distribution Date shall be allocated pro rata among the outstanding Certificates in each such Class based on their respective Percentage Interests. Such distributions shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record Date, (i) by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

(n)        The Certificate Administrator shall, as soon as reasonably practicable within the month preceding the month in which the final distribution with respect to any Class of Certificates is expected to be made, mail to each Holder of such Class of Certificates on such date a notice to the effect that:

 

(A)       the Certificate Administrator reasonably expects based upon information previously provided to it that the final distribution with respect to such Class of Certificates will be made on such Distribution Date, but only upon presentation and surrender of such Certificates at the office of the Certificate Administrator therein specified, and

 

(B)       if such final distribution is made on such Distribution Date, no interest shall accrue on such Certificates from and after such Distribution Date;

 

provided that the Class R Certificates shall remain outstanding until no other Class of Certificates or Lower-Tier Regular Interests are outstanding.

 

Any funds not distributed to any Holder or Holders of such Classes of Certificates on such Distribution Date because of the failure of such Holder or Holders to tender their Certificates shall, on such date, be set aside and held for the benefit of the appropriate non-tendering Holder or Holders. If any Certificates as to which notice has been given pursuant to this Section 4.01(n) shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining non-tendering Holders to surrender their Certificates for cancellation to receive the

 

 

     -365-

     

    

 

final distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining non-tendering Holders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust and of contacting such Holders shall be paid out of such funds. Subject to applicable state escheatment laws, if within two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator hereunder and the transfer of such amounts to a successor Certificate Administrator and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or be payable to any Holder on any amount held hereunder or by the Certificate Administrator as a result of such Holder’s failure to surrender its Certificate(s) for final payment thereof in accordance with this Section 4.01(n). Any such amounts transferred to the Certificate Administrator may be invested in Permitted Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

(o)        The Non-VRR Percentage of the Excess Prepayment Interest Shortfalls allocated to the Mortgage Loans, if any, for each Distribution Date shall be allocated (and the Non-VRR Percentage of Compensating Interest Payments shall be deemed distributed) among the various Classes of Non-VRR Certificates, and the VRR Percentage of the Excess Prepayment Interest Shortfalls allocated to the Mortgage Loans, if any, for each Distribution Date shall be deemed allocated (and the VRR Percentage of Compensating Interest Payments shall be deemed distributed) to the VRR Interest and, in each case, correspondingly to the respective Class or Classes of Corresponding Lower-Tier Regular Interests, pro rata, based upon the Interest Accrual Amount distributable to each such Class of Certificates prior to reduction by such Excess Prepayment Interest Shortfalls. Compensating Interest Payments shall be deposited by the Master Servicer into the Collection Account on or prior to the Master Servicer Remittance Date.

 

(p)        On the final Master Servicer Remittance Date, the Master Servicer shall withdraw from the Collection Account and deliver to the Certificate Administrator who shall distribute to the Mortgage Loan Sellers, any Loss of Value Payments relating to the Mortgage Loans that it is servicing and that were transferred from the Loss of Value Reserve Fund to the Collection Account on the immediately preceding Master Servicer Remittance Date in accordance with Section 3.06(e)(v) of this Agreement.

 

(q)        On each Distribution Date, the Certificate Administrator shall withdraw from the Excess Interest Distribution Account any amounts on deposit therein that represent Excess Interest received with respect to each ARD Loan (other than the portion of such Excess Interest allocated to the related Trust Subordinate Companion Loan) during the related Collection Period shall be distributed (i) to the Holders of the Class S Certificates in an amount equal to the Non-VRR Percentage of such Excess Interest and (ii) to the VRR Interest Owners, pro rata, in an aggregate amount equal to the product of (A) the VRR Percentage, multiplied by (B) the amount of such Excess Interest. On each Distribution Date, the Certificate Administrator shall withdraw from the Excess Interest Distribution Account any amounts on deposit therein

 

 

     -366-

     

    

 

that represent Excess Interest received with respect to the Tower 333 Trust Subordinate Companion Loan during the related Collection Period shall be distributed to the T333-VRR Interest.

 

Section
4.02     Statements to Certificateholders; Reports by Certificate Administrator; Other Information
Available to the Holders and Others.  (a) On each Distribution Date, the Certificate Administrator shall prepare and
make available on the Certificate Administrator’s Website to each Certificateholder and the RR Interest Owner a
statement (substantially in the form set forth as Exhibit K to this Agreement and based on the information set forth
in (i) the CREFC® Investor Reporting Package (CREFC® IRP) prepared by the Master Servicer
(other than the CREFC® Special Servicer Loan File) and the other reports prepared by the Master Servicer,
Certificate Administrator and Special Servicer relating to such Distribution Date, including the CREFC®
Special Servicer Loan File, upon which information the Certificate Administrator may conclusively rely, in accordance with
CREFC® guidelines and (ii) the CREFC® Reconciliation of Funds Template prepared by the
Certificate Administrator) as to distributions made on such Distribution Date (each, a “Distribution Date
Statement”) setting forth (with respect to each Class of Certificates and the RR Interest) the following
information as it relates solely to the Pooled Certificates:

 

(i)     the Record Date, Interest Accrual Period, and Determination Date for such Distribution Date;

 

(ii)    the aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of Certificates with a Certificate Balance in reduction of the Certificate Balance of those Certificates and a reduction in the balance of the RR Interest;

 

(iii)   the aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of Certificates (other than the Class R and Class S Certificates) allocable to (A) the Interest Accrual Amount, (B) Interest Shortfalls and/or (C) the VRR Interest Distribution Amount;

 

(iv)   the aggregate amount of Advances made in respect of the Distribution Date and the amount of interest paid on Advances since the prior Distribution Date (including, to the extent material, the general use of funds advanced and general source of funds for reimbursements);

 

(v)    the aggregate amount of compensation, if any, paid to the Trustee, the Certificate Administrator and CREFC® and servicing compensation, if any, paid to the Master Servicer and the Special Servicer for the related Determination Date and any other fees or expenses accrued and paid from the Trust Fund;

 

(vi)   (A) the Aggregate Available Funds for the Distribution Date, (B) the total amount of all principal and/or interest distributions, as well as any other distributions (other than Yield Maintenance Charges), properly made on or in respect of any Class of Non-VRR Certificates and the VRR Interest with respect to such Distribution Date and (C) any other cash flows received on the Mortgage Loans and applied to pay fees and expenses (including the components of the Aggregate Available Funds, or such other cash flows);

 

 

     -367-

     

    

 

(vii)  the amount of the distribution on the Distribution Date to the holders of any Class of Non-VRR Certificates and the VRR Interest allocable to Prepayment Premiums and Yield Maintenance Charges;

 

(viii) the accrued Interest Accrual Amount in respect of each Class of Non-VRR Certificates and the VRR Interest for such Distribution Date;

 

(ix)   the Pass-Through Rate for each Class of Non-VRR Certificates and the VRR Interest for the Distribution Date and the next succeeding Distribution Date;

 

(x)    the Principal Distribution Amount for the Distribution Date;

 

(xi)   the aggregate Certificate Balance or aggregate Notional Amount, as the case may be, of each Class of Certificates (other than the Class S or Class R Certificates), immediately before and immediately after such Distribution Date, separately identifying any reduction in the aggregate Certificate Balance (or, if applicable, the aggregate Notional Amount) of each such Class as a result of the allocation of any Pooled Realized Losses, BX Industrial Portfolio Non-VRR Realized Losses, BX Industrial Portfolio BX-VRR Realized Losses, Tower 333 Non-VRR Realized Losses, Tower 333 T333-VRR Realized Losses, 825 South Hill Non-VRR Realized Losses, 825 South Hill 825S-VRR Realized Losses or VRR Realized Losses, as applicable, and/or Additional Trust Fund Expenses on such Distribution Date;

 

(xii)  the fraction, expressed as a decimal carried to at least eight places, the numerator of which is the then related Certificate Balance, and the denominator of which is the related initial aggregate Certificate Balance, for each Class of Non-VRR Certificates and the VRR Interest immediately following the Distribution Date;

 

(xiii) the amount of any Appraisal Reduction Amounts, Collateral Deficiency Amounts and Cumulative Appraisal Reduction Amounts allocated during the related Collection Period on a loan-by-loan basis; and the total Appraisal Reduction Amounts, Collateral Deficiency Amounts and Cumulative Appraisal Reduction Amounts as of such Distribution Date on a loan-by-loan basis;

 

(xiv) the number and related Stated Principal Balance of any Mortgage Loans modified, extended or waived on a loan-by-loan basis since the previous Determination Date (including a description of any material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the Collection Period or that have cumulatively become material over time);

 

(xv)  the amount of any remaining unpaid Interest Shortfalls for each Class of Non-VRR Certificates and the VRR Interest as of the Distribution Date;

 

(xvi) an loan-by-loan listing of each Mortgage Loan which was the subject of a Principal Prepayment (other than Liquidation Proceeds and Insurance Proceeds) during the related Collection Period and the amount of Principal Prepayment occurring, together with the aggregate amount of Principal Prepayments made during the related Collection Period;

 

     -368-

     

    

 

 

(xvii)   an loan-by-loan listing of each Mortgage Loan which was defeased since the previous Determination Date;

 

(xviii)  the amount of the distribution to the holders of each Class of Certificates or the RR Interest Owner on the Distribution Date attributable to reimbursement of Pooled Realized Losses, BX Industrial Portfolio Non-VRR Realized Losses, BX Industrial Portfolio BX-VRR Realized Losses, Tower 333 Non-VRR Realized Losses, Tower 333 T333-VRR Realized Losses, 825 South Hill Non-VRR Realized Losses, 825 South Hill 825S-VRR Realized Losses or VRR Realized Losses, as applicable;

 

(xix) as to any Mortgage Loan repurchased by a Mortgage Loan Seller or otherwise liquidated or disposed of during the related Collection Period, (A) the Loan Number of the related Mortgage Loan and (B) the amount of proceeds of any repurchase of a Mortgage Loan, Liquidation Proceeds and/or other amounts, if any, received thereon during the related Collection Period and the portion thereof included in the Aggregate Available Funds for such Distribution Date;

 

(xx)  the amount on deposit in each of the Interest Reserve Account, the Gain-on-Sale Reserve Account, the BX Industrial Portfolio Gain-on-Sale Reserve Account, the Tower 333 Gain-on-Sale Reserve Account and the 825 South Hill Gain-on-Sale Reserve Account before and after giving effect to the distribution made on such Distribution Date (and any material account activity since the prior Distribution Date);

 

(xxi) the then-current credit support levels for each Class of Certificates (other than the Class X, Class S and Class R Certificates);

 

(xxii)   the original and then-current ratings of each Class of Certificates (other than the Class S and Class R Certificates);

 

(xxiii)  with respect to any REO Loan as to which the related Mortgaged Property became an REO Property during the preceding calendar month, the city, state, property type, latest Debt Service Coverage Ratio and the current Stated Principal Balance;

 

(xxiv)  with respect to any REO Property included in the Trust Fund at the close of business on the related Determination Date (A) the Loan Number of the related Mortgage Loan and (B) the value of such REO Property based on the most recent Appraisal or valuation;

 

(xxv)   with respect to any Serviced REO Property sold or otherwise disposed of during the related Collection Period and for which a Final Recovery Determination has been made, (A) the Loan Number of the related Mortgage Loan, (B) the Realized Loss and VRR Realized Loss attributable to the related Mortgage Loan, (C) the amount of sale proceeds and other amounts, if any, received in respect of such Serviced REO Property during the related Collection Period and the portion thereof included in the Aggregate Available Funds for such Distribution Date, (D) the date of the Final Recovery Determination and (E) the balance of the Gain-on-Sale Reserve Account and the BX Industrial Portfolio Gain-on-Sale Reserve Account, the Tower 333 Gain-on-Sale Reserve Account and the 825 South Hill Gain-on-Sale Reserve Account for such Distribution Date;

 

 

     -369-

     

    

 

(xxvi)  the amount of the distribution on the Distribution Date to the holders of the Class S and Class R Certificates;

 

(xxvii) material breaches of Mortgage Loan representations and warranties or any covenants under this Agreement of which the Certificate Administrator has received or delivered written notice;

 

(xxviii) [Reserved];

 

(xxix)  the amount of Realized Losses and VRR Realized Losses, BX Industrial Portfolio Non-VRR Realized Losses and BX Industrial Portfolio BX-VRR Realized Losses, Tower 333 Non-VRR Realized Losses and Tower 333 T333-VRR Realized Losses, 825 South Hill Non-VRR Realized Losses and 825 South Hill 825S-VRR Realized Losses, Additional Trust Fund Expenses and Interest Shortfalls, if any, incurred with respect to the Mortgage Loans during the related Collection Period and in the aggregate for all prior Collection Periods (except to the extent reimbursed or paid);

 

(xxx)   an itemized listing of any Disclosable Special Servicer Fees received by the Special Servicer or any of its Affiliates during the related Collection Period;

 

(xxxi)  the identity of the Controlling Class;

 

(xxxii) the identity of the Directing Holder; and

 

(xxxiii) such other information as contemplated by Exhibit K to this Agreement.

 

In the case of information furnished pursuant to sub-clauses (ii), (iii), (v), (vii), (viii), (xv) and (xviii) above, the amounts shall be expressed as a dollar amount in the aggregate for all Certificates of each applicable Class and per $1,000 of original Certificate Balance or Notional Amount, as the case may be.

 

On each Distribution Date, the Certificate Administrator shall make available to each Holder of a Class R Certificate a copy of the reports made available to the other Certificateholders on such Distribution Date and a statement setting forth the amounts, if any, actually distributed with respect to the Class R Certificates on such Distribution Date. Such obligation of the Certificate Administrator shall be deemed to have been satisfied to the extent that it provided substantially comparable information pursuant to any requirements of the Code as from time to time in force.

 

The Certificate Administrator has not obtained and shall not be deemed to have obtained actual knowledge of any information only by virtue of its receipt and posting of such information to the Certificate Administrator’s Website or filing such information pursuant to this Agreement, including, but not limited to, filing via through the EDGAR system, unless the Certificate Administrator has an explicit obligation to review or prepare such information.

 

Within a reasonable period of time after the end of each calendar year, the Certificate Administrator shall furnish to each Person who at any time during the calendar year was a Certificateholder of record or the RR Interest Owner, a report summarizing on an annual

 

 

     -370-

     

    

 

basis (if appropriate) the items provided to Certificateholders pursuant to clauses (ii) and (iii) above as to the applicable Class, aggregated for such calendar year or applicable portion thereof during which such person was a Certificateholder, together with such other information that the Certificate Administrator deems necessary or desirable, or that a Certificateholder, the RR Interest Owner or Certificate Owner reasonably requests, to enable such Certificateholders and the RR Interest Owner to prepare their federal income tax returns. Such information shall include the amount of original issue discount accrued on each Class of Certificates held by Persons other than Holders exempted from the reporting requirements and information regarding the expenses of the Trust Fund. Such requirement shall be deemed to be satisfied to the extent such information is provided pursuant to applicable requirements of the Code from time to time in force.

 

On each Distribution Date, the Certificate Administrator shall deliver the related Distribution Date Statement to the Depositor in electronic format to dbinvestor@list.db.com (or to such other address as the Depositor shall specify by written notice to the Certificate Administrator).

 

(b)        The Certificate Administrator shall make available via the Certificate Administrator’s Website, to any Privileged Person (provided that the Offering Circular, the Distribution Date Statements and the Commission filings will be made available to the general public, and provided, further, that any Privileged Person that is a Borrower Party shall only be entitled to access documents made available to the general public) the following items, in each case to the extent received by the Certificate Administrator:

 

(i)       the following “deal documents”:

 

(A)        the Offering Circular;

 

(B)        this Agreement, each sub-servicing agreement delivered to the Certificate Administrator from and after the Closing Date (if any), the Mortgage Loan Purchase Agreements and any amendments and exhibits hereto or thereto; and

 

(C)        the CREFC® Loan Setup File delivered to the Certificate Administrator by the Master Servicer;

 

(ii)    [Reserved];

 

(iii)   the following “periodic reports”:

 

(A)       the Distribution Date Statements; and

 

(B)       the supplemental reports and the CREFC® data files identified as such in the definition of “CREFC® Investor Reporting Package (CREFC® IRP)” (other than the CREFC® Loan Setup File and the CREFC® Special Servicer Loan File), to the extent it has received or prepared such report or file;

 

 

     -371-

     

    

 

(iv)   the following “additional documents”:

 

(A)       the summary of any Final Asset Status Report delivered to the Certificate Administrator in electronic format;

 

(B)       any other Third Party Reports (or updates thereto) delivered to the Certificate Administrator in electronic format; and

 

(C)       the CREFC® Appraisal Reduction Template;

 

(v)    the following “special notices”:

 

(A)       any notice with respect to a release pursuant to Section 3.10(g);

 

(B)       all Special Notices;

 

(C)       notice of any waiver, modification or amendment of any term of any Mortgage Loan;

 

(D)       notice of final payment on the Certificates or the RR Interest;

 

(E)       all notices of the occurrence of any Servicer Termination Events (or any analogous servicer termination event under any Other Pooling and Servicing Agreement relating to any Non-Serviced Whole Loan) received by the Certificate Administrator;

 

(F)       notice of termination or resignation of the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee (and appointments of successors to the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee);

 

(G)       [Reserved];

 

(H)       any notice of any request by requisite percentage of Certificateholders for a vote to terminate the Special Servicer;

 

(I)        [Reserved];

 

(J)        [Reserved];

 

(K)       any and all Officer’s Certificates and other evidence delivered to or by the Certificate Administrator to support its or the Master Servicer’s, the Trustee’s or the Special Servicer’s, as the case may be, determination that any Advance was (or, if made, would be) a Nonrecoverable Advance;

 

(L)       any notice of the termination of the Trust;

 

 

     -372-

     

    

 

(M)      any notice of the occurrence or termination of a Control Termination Event, a BX Industrial Portfolio Control Appraisal Period, a Tower 333 Control Appraisal Period or a 825 South Hill Control Appraisal Period,;

 

(N)       any notice of the occurrence of a Consultation Termination Event;

 

(O)       [Reserved];

 

(P)       [Reserved];

 

(Q)       all of the annual compliance statements and annual assessments as to compliance delivered to the Certificate Administrator since the Closing Date pursuant to Section 10.11 and Section 10.12 of this Agreement;

 

(R)       all of the annual independent public accountants’ servicing reports caused to be delivered to the Certificate Administrator since the Closing Date pursuant to Section 10.13 of this Agreement; and

 

(S)       any notice or documents provided by 

the Depositor or the Master Servicer directing the Certificate Administrator to post to the “special notices” tab;

 

(vi)   the Investor Q&A Forum;

 

(vii)  solely to Certificateholders and Certificate Owners, the Investor Registry; and

 

(viii) the “U.S. Risk Retention Special Notices” tab on the Certificate Administrator’s Website, to which the Certificate Administrator shall post the disclosure required pursuant to 12 C.F.R. 244.4(c)(1)(ii) of the Risk Retention Rule;

 

provided that with respect to a Control Termination Event or a Consultation Termination Event deemed to exist due solely to the existence of an Excluded Loan, the Certificate Administrator shall only be required to make available such notice of the occurrence of a Control Termination Event or the notice of the occurrence of a Consultation Termination Event to the extent the Certificate Administrator has been notified of such Excluded Loan.

 

The Certificate Administrator shall, in addition to posting the applicable notices on the “U.S. Risk Retention Special Notices” tab described in clause (viii) above, provide email notification to any Privileged Person (other than Financial Market Publishers) that has registered to receive access to the Certificate Administrator’s Website that a notice has been posted to the “U.S. Risk Retention Special Notices” tab.

 

Notwithstanding the foregoing, all Excluded Information shall be made available under a separate tab or heading designated “Excluded Information” (and not under any of the tabs or headings described in items (i) through (vii) above) and made available to Privileged Persons other than Excluded Controlling Class Holders (unless loan-by-loan segregation is later performed by the Certificate Administrator in which case such access by an Excluded Controlling Class Holder shall only be prohibited with respect to the related Excluded

 

 

     -373-

     

    

 

Controlling Class Loans). The “U.S. Risk Retention Special Notices” tab shall be available to Privileged Persons (other than any Financial Market Publisher).

 

Any Person that is a Borrower Party shall only be entitled to access (a) the Distribution Date Statements, and the following items made available to the general public: the Offering Circular, this Agreement, the Mortgage Loan Purchase Agreements and the Commission filings on the Certificate Administrator’s Website, and (b) in the case of the Directing Holder, a Controlling Class Certificateholder, a BX Industrial Portfolio Controlling Class Certificateholder, a Tower 333 Controlling Class Certificateholder or a 825 South Hill Controlling Class Certificateholder, if any such Person becomes an Excluded Controlling Class Holder, upon delivery to the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee in physical form of an investor certification substantially in the forms of Exhibit L-1D and Exhibit L-1E and upon delivery to the Certificate Administrator in physical form of an investor certification substantially in the form of Exhibit L-1F, which shall include each of the CTSLink User ID’s associated with such Excluded Controlling Class Holder, all information (other than Excluded Information) available on the Certificate Administrator’s Website (unless loan-by-loan segregation is later performed by the Certificate Administrator in which case such access by an Excluded Controlling Class Holder shall only be prohibited with respect to the related Excluded Controlling Class Loans).

 

In the case of the Directing Holder, a Controlling Class Certificateholder, a BX Industrial Portfolio Controlling Class Certificateholder, a Tower 333 Controlling Class Certificateholder or a 825 South Hill Controlling Class Certificateholder that is not an Excluded Controlling Class Holder, upon delivery of an investor certification substantially in the form of Exhibit L-1B hereto, such Directing Holder, Controlling Class Certificateholder, a BX Industrial Portfolio Controlling Class Certificateholder, a Tower 333 Controlling Class Certificateholder or a 825 South Hill Controlling Class Certificateholder shall be entitled to access all information on the Certificate Administrator’s Website. The Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee may each rely on (i) an investor certification in the form of Exhibit L-1B hereto from the Directing Holder, a Controlling Class Certificateholder, a BX Industrial Portfolio Controlling Class Certificateholder, a Tower 333 Controlling Class Certificateholder or a 825 South Hill Controlling Class Certificateholder to the effect that such Person is not an Excluded Controlling Class Holder and (ii) an investor certification in the form of Exhibit L-1D hereto from the Directing Holder or a Controlling Class Certificateholder to the effect that such Person is an Excluded Controlling Class Holder with respect to one or more Excluded Controlling Class Loan(s). In the event the Directing Holder, a Controlling Class Certificateholder, a BX Industrial Portfolio Controlling Class Certificateholder, a Tower 333 Controlling Class Certificateholder or a 825 South Hill Controlling Class Certificateholder becomes an Excluded Controlling Class Holder, such party shall promptly notify each of the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee in writing substantially in the form of Exhibit L-1E that such party is an Excluded Controlling Class Holder and identify the Excluded Controlling Class Loan(s) and thereafter shall not be entitled to any Excluded Information related to such Excluded Controlling Class Loan(s) and made available on the Certificate Administrator’s Website. With respect to any Excluded Information, each of the Master Servicer and the Special Servicer shall mark or label such information as “Excluded Information” prior to delivery to the Certificate Administrator, and the Certificate Administrator shall segregate on the Certificate Administrator’s Website such Excluded Information (and may 

 

 

     -374-

     

    

 

be segregated on loan-by-loan basis) from information relating to other Mortgage Loans. Notwithstanding anything herein to the contrary, each of the Master Servicer, the Special Servicer and the Certificate Administrator shall be entitled to conclusively assume that the Directing Holder and all beneficial owners of the Certificates of the Controlling Class are not Excluded Controlling Class Holders except to the extent that the Master Servicer, the Special Servicer or the Certificate Administrator, as applicable, has received such notice from the Directing Holder, a Controlling Class Certificateholder, a BX Industrial Portfolio Controlling Class Certificateholder, a Tower 333 Controlling Class Certificateholder or a 825 South Hill Controlling Class Certificateholder that it has become an Excluded Controlling Class Holder. None of the Master Servicer, the Special Servicer or the Certificate Administrator shall be liable for any communication to the Directing Holder or Controlling Class Certificateholder or disclosure of Excluded Information if the Master Servicer, the Special Servicer or the Certificate Administrator, as applicable, did not receive prior written notice that the related Mortgage Loan is an Excluded Controlling Class Loan (including, in the case of a summary of an Asset Status Report or Final Asset Status Report delivered to the Certificate Administrator for posting to the Certificate Administrator’s Website and/or any failure to label any such information provided to the Certificate Administrator).

 

Each of the Master Servicer, the Special Servicer and the Certificate Administrator shall be entitled to conclusively rely on (i) any written notice from the Directing Holder, a Controlling Class Certificateholder, a BX Industrial Portfolio Controlling Class Certificateholder, a Tower 333 Controlling Class Certificateholder or a 825 South Hill Controlling Class Certificateholder that it is no longer an Excluded Controlling Class Holder and (ii) any certification delivered by the Directing Holder or a Controlling Class Certificateholder, as applicable, substantially in the form of Exhibit L1-B that such Person is no longer an Excluded Controlling Class Holder. To the extent the Directing Holder or a Controlling Class Certificateholder receives access pursuant to this Agreement to any Excluded Information on the Certificate Administrator’s Website or otherwise receives access to such Excluded Information, such Directing Holder or Controlling Class Certificateholder shall be deemed to have agreed that it (i) will not directly or indirectly provide any information related to the Excluded Controlling Class Loan to the related Borrower or to any Excluded Controlling Class Holder or (A) any employees or personnel of such Directing Holder or Controlling Class Certificateholder or any Affiliate involved in the management of any investment in the related Borrower or the related Mortgaged Property or (B) to its actual knowledge, any non-Affiliate that holds a direct or indirect ownership interest in the related Borrower, and (ii) will maintain sufficient internal controls and appropriate policies and procedures in place in order to comply with the obligations described in clause (i) above.

 

To the extent any of the Risk Retention Consultation Parties or a Holder of a Class RR Certificate, the RR Interest Owner, the BX-VRR Interest Owner, the T333-VRR Interest Owner or the 825S-VRR Interest Owner receives access pursuant to this Agreement to any information solely related to a Mortgage Loan with respect to which such party is a Borrower Party (which shall include any Asset Status Reports, Final Asset Status Reports (or summaries thereof), any inspection reports related to Specially Serviced Loans conducted by the Special Servicer or any Excluded Special Servicer and which may include any Appraisal Reduction Amount calculations, and any Officer’s Certificates delivered by the Trustee, the Master Servicer or the Special Servicer, supporting any determination that any Advance was (or,

 

 

     -375-

     

    

 

if made, would be) a Nonrecoverable Advance, but in each case other than information with respect to such Mortgage Loan that is aggregated with information of other Mortgage Loans at a pool level), on the Certificate Administrator’s Website or otherwise receives access to such information, such Risk Retention Consultation Party or Holder of a Class RR Certificate, the RR Interest Owner, the BX-VRR Interest Owner, the T333-VRR Interest Owner or the 825S-VRR Interest Owner shall be deemed to have agreed that it (i) will not directly or indirectly provide any such information to (A) the related Borrower Party, (B) any employees or personnel of such Risk Retention Consultation Party or Holder of a Class RR Certificate, the RR Interest Owner, the BX-VRR Interest Owner, the T333-VRR Interest Owner or the 825S-VRR Interest Owner or any of its Affiliates involved in the management of any investment in the related Borrower Party or the related Mortgaged Property or (C) to its actual knowledge, any non-Affiliate that holds a direct or indirect ownership interest in the related Borrower Party, and (ii) will maintain sufficient internal controls and appropriate policies and procedures in place in order to comply with the obligations described in clause (i) above. For the avoidance of doubt, for the purposes of this paragraph, any file or report contained in the CREFC® Investor Reporting Package (“CREFC® IRP”) (other than the CREFC® Special Servicer Loan File relating to any such Excluded Loan) shall be considered information that is aggregated with information of other Mortgage Loans at a pool level.

 

The Certificate Administrator makes no representations or warranties as to the accuracy or completeness of such information and assumes no responsibility therefor. In addition, the Certificate Administrator may disclaim responsibility for any information distributed or filed by the Certificate Administrator for which it is not the original source. The Certificate Administrator shall not be responsible for the accuracy or completeness of any information supplied to it by the Master Servicer or Special Servicer that is included in any reports, statements, materials or information prepared or provided by the Master Servicer or Special Servicer, as applicable, and the Certificate Administrator shall be entitled to conclusively rely upon the Master Servicer’s reports and the Special Servicer’s reports without any duty or obligation to recompute, verify or re-evaluate any of the amounts or other information stated therein. In connection with providing access to the Certificate Administrator’s Internet website, the Certificate Administrator may require registration and the acceptance of a disclaimer. The Certificate Administrator shall not be liable for the dissemination of information in accordance herewith. Notwithstanding anything herein to the contrary, the Certificate Administrator shall not be liable for any Excluded Information to the extent such information was included in any summary of an Asset Status Report or Final Asset Status Report delivered to the Certificate Administrator for posting to the Certificate Administrator’s Website and not properly identified as Excluded Information.

 

The Certificate Administrator shall have no liability for access by an Excluded Controlling Class Holder to the Certificate Administrator’s Website of any information with respect to which such Excluded Controlling Class Holder is prohibited from accessing pursuant to this Agreement if such Excluded Controlling Class Holder provided an Investor Certification but did not indicate it was a Borrower Party.

 

The provisions in this Section shall not limit the Master Servicer’s ability to make accessible certain information regarding the Mortgage Loans at a website maintained by the Master Servicer.

 

 

     -376-

     

    

 

(c)         
The Certificate Administrator shall make available, only to Privileged Persons, the Investor Q&A Forum. The “Investor
Q&A Forum” shall be a service available on the Certificate Administrator’s Website, where (i) Certificateholders,
the RR Interest Owner and Certificate Owners who are Privileged Persons may (A) submit questions to the Certificate Administrator
relating to the Distribution Date Statement and (B) submit questions to the Master Servicer or the Special Servicer, as applicable,
relating to the reports being made available pursuant to this Section 4.02(c) (collectively, “Inquiries”),
the Mortgage Loans or the Mortgaged Properties (other than a Non-Serviced Mortgage Loan), the Trust Subordinate Companion Loans
or related Mortgaged Properties, and (ii) Privileged Persons may view Inquiries that have been previously submitted and answered,
together with the answers thereto. Upon receipt of an Inquiry for the Master Servicer or the Special Servicer, the Certificate
Administrator shall forward the Inquiry to the Master Servicer or the Special Servicer, as applicable, (and in the case of an inquiry
relating to a Non-Serviced Mortgage Loan, to the applicable party under the Other Pooling and Servicing Agreement) in each case
within a commercially reasonable period following receipt thereof. Following receipt of an Inquiry, the Certificate Administrator,
the Master Servicer or the Special Servicer (other than with respect to the Non-Serviced Mortgage Loans or related Mortgaged Properties),
as applicable, unless it determines not to answer such Inquiry as provided below, shall reply to the Inquiry, which reply of the
Master Servicer or Special Servicer shall be sent by email to the Certificate Administrator. The Certificate Administrator shall
post (within a commercially reasonable period following preparation or receipt of such answer, as the case may be) such Inquiry
and the related answer to the Investor Q&A Forum. If the Certificate Administrator, the Master Servicer or the Special Servicer
determines, in its respective sole discretion, that (i) any Inquiry is beyond the scope outlined above, (ii) answering
any Inquiry would not be in the best interests of the Trust and/or the Certificateholders and/or the RR Interest Owner, (iii) answering
any Inquiry would be in violation of applicable law, this Agreement or the applicable Loan Documents, (iv) answering any Inquiry
would materially increase the duties of, or result in significant additional cost or expense to, the Certificate Administrator,
the Master Servicer or the Special Servicer, as applicable, (v) answering such inquiry would require the disclosure of Privileged
Information (subject to the Privileged Information Exception), (vi) answering such inquiry would or is reasonably expected to result
in a waiver of an attorney-client privilege or the disclosure of attorney work product, or (vii) answering any Inquiry is
otherwise not advisable for any reason, it shall not be required to answer such Inquiry and, in the case of the Master Servicer
or the Special Servicer, shall promptly notify the Certificate Administrator, and the Certificate Administrator shall not post
such Inquiry on the Investor Q&A Forum. In addition, no party shall post or otherwise disclose information known to such party
to be Privileged Information as part of its response to any Inquiry. The Certificate Administrator shall notify the Person who
submitted such Inquiry if the Inquiry will not be answered. The Certificate Administrator shall not be required to post to the
Investor Q&A Forum any Inquiry or answer thereto that the Certificate Administrator determines, in its sole discretion, is
administrative or ministerial in nature. The Investor Q&A Forum will not reflect questions, answers and other communications
between the Certificate Administrator or other Person which are not submitted via the Investor Q&A Forum. In addition, no party
is permitted to post or otherwise disclose direct communication with the Directing Holder or any Risk Retention Consultation Party
(in its capacity as Risk Retention Consultation Party) as part of its response to any questions. In the case of an Inquiry relating
to a Non-Serviced Mortgage Loan, the Certificate Administrator shall make reasonable efforts to obtain an answer from the related
non-serviced master servicer or the

 

     -377-

     

    

 

related non-serviced special servicer, as applicable; provided that the Certificate
Administrator shall not be responsible for the content of such answer or any delay or failure to obtain such answer.

 

(d)         
The Certificate Administrator shall make available to any Certificateholder and Certificate Owner, the Investor Registry.
The “Investor Registry” shall be a voluntary service available on the Certificate Administrator’s Website, where
Certificateholders, the RR Interest Owner and Certificate Owners can register and thereafter obtain contact information with respect
to any other Certificateholder, the RR Interest Owner or Certificate Owner that has so registered. Any person registering to use
the Investor Registry will be required to certify that (a) it is a Certificateholder, the RR Interest Owner or a Certificate
Owner and (b) it grants authorization to the Certificate Administrator to make its name and contact information available
on the Investor Registry for at least 45 days from the date of such certification to other registered Certificateholders, the RR
Interest Owner and registered Certificate Owners. Such Person shall then be asked to enter certain mandatory fields such as the
individual’s name, the company name and email address, as well as certain optional fields such as address, phone, and Class(es)
of Certificates owned. If any Certificateholder, the RR Interest Owner or Certificate Owner notifies the Certificate Administrator
that it wishes to be removed from the Investor Registry (which notice may not be within 45 days of its registration), the Certificate
Administrator shall promptly remove it from the Investor Registry. The Certificate Administrator will not be responsible for verifying
or validating any information submitted on the Investor Registry, or for monitoring or otherwise maintaining the accuracy of any
information thereon. The Certificate Administrator may require acceptance of a waiver and disclaimer for access to the Investor
Registry.

 

(e)          
The Master Servicer may at its sole cost and expense, but is not required to, make any of the reports or files it delivers
pursuant to this Agreement available on the Master Servicer’s website only with the use of a password, in which case the
Master Servicer shall provide such password to (i) the other parties to this Agreement, who by their acceptance of such password
shall be deemed to have agreed not to disclose such password to any other Person and (ii) each Certificateholder and prospective
Certificateholder who requests such password, provided that any such Certificateholder or prospective Certificateholder,
as the case may be, has delivered an Investor Certification to the Trustee, the Certificate Administrator and the Master Servicer.
In connection with providing access to the Master Servicer’s website, the Master Servicer may require registration and the
acceptance of a disclaimer and otherwise (subject to the preceding sentence) adopt reasonable rules and procedures, which may include,
to the extent the Master Servicer deems necessary or appropriate, conditioning access on execution of an agreement governing the
availability, use and disclosure of such information, and which may provide indemnification to the Master Servicer for any liability
or damage that may arise therefrom. The Master Servicer shall not be liable for dissemination of this information in accordance
with this Agreement, provided that such information otherwise meets the requirements set forth herein with respect to the
form and substance of such information or reports. The Master Servicer shall be entitled to attach to any report provided pursuant
to this subsection, any reasonable disclaimer with respect to information provided, or any assumptions required to be made by such
report. Notwithstanding anything herein to the contrary, the Master Servicer may, at its sole cost and expense, make available
by electronic media, bulletin board service or Internet website any reports or other information the Master Servicer is required
or

 

     -378-

     

    

 

permitted to provide to any Borrower with respect to such Borrower’s Mortgage Loan or Serviced Whole Loan to the extent
such action does not conflict with the terms of this Agreement, the terms of the related Loan Documents or applicable law. If the
Master Servicer is required to deliver any statement, report or other information under any provision of this Agreement, then,
the Master Servicer may satisfy such obligation by (x) physically delivering a paper copy of such statement, report or information,
(y) delivering such statement, report or information in a commonly used electronic format, or (z) making such statement,
report or information available on its website, unless this Agreement expressly specifies a particular method of delivery; provided
that all reports required to be delivered to the Certificate Administrator shall be delivered in accordance with clause (x) or
(y) or, upon request, clause (z).

 

(f)           
Subject to Section 3.13, the Special Servicer shall from time to time (and, in any event, as may be reasonably
requested by the Master Servicer) provide the Master Servicer with such information in its possession regarding the Specially Serviced
Loans and REO Properties as may be reasonably necessary for the Master Servicer to prepare each report and any supplemental
information to be provided by the Master Servicer to the Certificate Administrator. Neither the Certificate Administrator nor the
Depositor shall have any obligation to recompute, verify or recalculate the information provided thereto by the Master Servicer.
Unless the Certificate Administrator has actual knowledge that any report or file received from the Master Servicer contains erroneous
information, the Certificate Administrator is authorized to rely thereon in calculating and making distributions to Certificateholders
and allocating Realized Losses to the Certificates in accordance with Section 4.01 of this Agreement and preparing
the statements to Certificateholders required by Section 4.02(a) of this Agreement.

 

(g)          
As soon as reasonably practicable, upon the written request of and at the expense of any Certificateholder, the Certificate
Administrator shall provide the requesting Certificateholder with such information that is in the Certificate Administrator’s
possession or can reasonably be obtained by the Certificate Administrator as is requested by such Certificateholder, for purposes
of satisfying applicable reporting requirements under Rule 144A under the Securities Act. Neither the Certificate Registrar
nor the Certificate Administrator shall have any responsibility for the sufficiency under Rule 144A or any other securities
laws of any available information so furnished to any person including any prospective purchaser of a Certificate or any interest
therein, nor for the content or accuracy of any information so furnished which was prepared or delivered to them by another.

 

(h)          
The Certificate Administrator shall make available at its offices, during normal business hours, upon not less than two
Business Days prior notice, for review by any Privileged Person and any Serviced Companion Loan Noteholder that is a Privileged
Person (solely with respect to items (ii) and (iii), to the extent such information relates to the related Serviced Companion Loan),
originals or copies of documents relating to the Mortgage Loans and any related REO Properties to the extent in its possession,
including, without limitation, the following items (except to the extent prohibited by applicable law or under any of the related
Loan Documents):

 

(i)           
any and all notices and reports delivered to the Certificate Administrator with respect to any Mortgaged Property as to
which the environmental testing contemplated by Section 3.10(f) of this Agreement revealed that neither of the conditions
set forth in clauses (i) and (ii) thereof was satisfied;

 

     -379-

     

    

 

(ii)           
the most recent annual (or more frequent, if available) operating statements, rent rolls (to the extent such rent rolls
have been made available by the related Borrower) and/or lease summaries and retail sales information, if any, received from the
Master Servicer or the Special Servicer in respect to each Mortgaged Property;

 

(iii)         
the Mortgage File, including any and all modifications, waivers and amendments of the terms of a Mortgage Loan or Serviced
Whole Loan entered into by the Master Servicer and/or the Special Servicer and delivered to the Certificate Administrator; and

 

(iv)         
any other information that may be necessary to satisfy the requirements of subsection (d)(4)(i) of Rule 144A
under the Securities Act.

 

The Certificate Administrator
may require a Privileged Person to execute an Investor Certification prior to granting access to such information, which may be
in the form of a “click-through” confirmation. Copies of any and all of the foregoing items will be available from
the Certificate Administrator upon request. The Certificate Administrator will be permitted to require payment by the requesting
party (other than a Rating Agency) of a sum sufficient to cover the reasonable costs and expenses of making such information available
and providing any copies thereof. The Certificate Administrator’s obligation under this Section 4.02(h) to make
available any document is subject to the Certificate Administrator’s receipt of such document.

 

The Certificate Administrator
shall not be liable for providing or disseminating information in accordance with the terms of this Agreement.

 

(i)           
The Depositor hereby authorizes the Certificate Administrator to make available to any Financial Market Publisher or such
other vendor chosen by the Depositor that submits to the Certificate Administrator a certification substantially in the form of
Exhibit L-2 to this Agreement, all the Distribution Date Statements, CREFC® reports and supplemental
notices delivered or made available pursuant to this Section 4.02 to Privileged Persons.

 

Section 4.03         
Compliance with Withholding Requirements. Notwithstanding any other provision of this Agreement, the Paying Agent
shall comply with all federal withholding requirements with respect to payments to Certificateholders and other payees of interest,
original issue discount or other amounts that the Paying Agent reasonably believes are applicable under the Code. The consent of
Certificateholders or payees shall not be required for any such withholding. If the Paying Agent or its agent withholds any amount
from interest, original issue discount payments or other amounts or advances thereof to any Certificateholder or payee pursuant
to federal withholding requirements, the Paying Agent shall indicate the amount withheld to such Certificateholder or payee. Any
amount so withheld shall be treated as having been distributed to such Certificateholder for all purposes of this Agreement.

 

Section 4.04         
REMIC Compliance. (a) The parties intend that the Lower-Tier REMIC, the Upper-Tier REMIC and the Trust Subordinate
Companion Loan REMIC shall constitute, and that the affairs of the Lower-Tier REMIC, the Upper-Tier REMIC and the Trust Subordinate
Companion Loan REMIC shall be conducted so as to qualify it as, a “real estate mortgage investment conduit” as defined
in, and in accordance with, the REMIC Provisions at all times any Certificates are outstanding, and the provisions hereof shall
be interpreted

 

     -380-

     

    

 

consistently with this intention. In furtherance of such intention, the Certificate Administrator shall, to the
extent permitted by applicable law, act as agent, and is hereby appointed to act as agent, of each such REMIC and shall on behalf
of each such REMIC:

 

(i)           
make or cause to be made an election, on behalf of each of the Lower-Tier REMIC, the Upper-Tier REMIC and the Trust Subordinate
Companion Loan REMICs, to be treated as a REMIC on Form 1066 for its first taxable year, in accordance with the REMIC Provisions;

 

(ii)           
prepare and timely file, or cause to be prepared and timely filed, and cause the Trustee to sign (and the Trustee shall
sign), all required Tax Returns for the Lower-Tier REMIC, the Upper-Tier REMIC and the Trust Subordinate Companion Loan REMICs,
using a calendar year as the taxable year for each of such REMIC as required by the REMIC Provisions and other applicable federal,
state or local income tax laws;

 

(iii)         
prepare and forward, or cause to be prepared and forwarded, to the Certificateholders and the IRS and applicable state and
local tax authorities all information reports as and when required to be provided to them in accordance with the REMIC Provisions;

 

(iv)        
if the filing or distribution of any documents of an administrative nature not addressed in clauses (i) through (iii)
of this Section 4.04(a) is then required by the REMIC Provisions in order to maintain the status of the Lower-Tier
REMIC, the Upper-Tier REMIC and the Trust Subordinate Companion Loan REMICs as a REMIC or is otherwise required by the Code, prepare
and file or distribute, or cause to be prepared and signed and filed or distributed, such documents with or to such Persons when
and as required by the REMIC Provisions or the Code or comparable provisions of state and local law;

 

(v)          
within 30 days of the Closing Date, obtain a taxpayer identification number for each of the Lower-Tier REMIC, the Upper-Tier
REMIC and the Trust Subordinate Companion Loan REMICs on IRS Form SS-4 and (in the case of the Upper-Tier REMIC only), furnish
or cause to be furnished to the IRS, on Form 8811 or as otherwise may be required by the Code, the name, title and address of the
person that the Certificateholders may contact for tax information relating thereto (and the Certificate Administrator shall act
as the representative of the Upper-Tier REMIC for this purpose), together with such additional information as may be required by
such Form, and shall update such information at the time or times and in the manner required by the Code (and the Depositor agrees
within 10 Business Days of the Closing Date to provide any information reasonably requested by the Master Servicer, the Special
Servicer or the Certificate Administrator and necessary to make such filing); and

 

(vi)        
maintain such records relating to the Lower-Tier REMIC, the Upper-Tier REMIC and the Trust Subordinate Companion Loan REMICs
as may be necessary to prepare the foregoing returns, schedules, statements or information, such records, for federal income tax
purposes, to be maintained on a calendar year and on an accrual basis.

 

The Certificate Administrator
shall be designated as the “partnership representative” within the meaning of Section 6223 of the Code of each Trust
REMIC. Each

 

     -381-

     

    

 

Holder of a Percentage Interest in the Class R Certificates, by acceptance hereof, is deemed to have consented
to such designation and agrees to execute any documents required to give effect thereto, and any fees and expenses incurred by
the Certificate Administrator in connection with any audit or administrative or judicial proceeding shall be paid by the Trust
Fund.

 

The Certificate Administrator
shall not intentionally take any action or intentionally omit to take any action if, in taking or omitting to take such action,
the Certificate Administrator has actual knowledge that such action or omission (as the case may be) would cause the termination
of the REMIC status of the Lower-Tier REMIC, the Upper-Tier REMIC or the Trust Subordinate Companion Loan REMICs or the imposition
of tax on the Lower-Tier REMIC, the Upper-Tier REMIC or the Trust Subordinate Companion Loan REMICs (other than a tax on income
expressly permitted to be received by the terms of this Agreement). Notwithstanding any provision of this paragraph to the contrary,
the Certificate Administrator shall not be required to take any action that the Certificate Administrator in good faith believes
to be inconsistent with any other provision of this Agreement, nor shall the Certificate Administrator be deemed in violation of
this paragraph if it takes any action expressly required or authorized by any other provision of this Agreement, and the Certificate
Administrator shall have no responsibility or liability with respect to any act or omission of the Depositor, the Trustee, the
Master Servicer or the Special Servicer which does not enable the Certificate Administrator to comply with any of clauses (i)
through (vi) of the first paragraph of this Section 4.04(a) or which results in any action contemplated by clauses (i) or
(ii) of the next succeeding sentence. In this regard the Certificate Administrator shall (i) exercise reasonable care
not to allow the occurrence of any “prohibited transactions” within the meaning of Section 860F(a) of the
Code, unless the party seeking such action shall have delivered to the Certificate Administrator an Opinion of Counsel (at such
party’s expense) that such occurrence would not (A) result in a taxable gain, (B) otherwise subject the Lower-Tier
REMIC, the Upper-Tier REMIC or the Trust Subordinate Companion Loan REMICs to tax (other than a tax at the highest marginal corporate
tax rate on net income from foreclosure property), or (C) cause the Lower-Tier REMIC, the Upper-Tier REMIC or the Trust Subordinate
Companion Loan REMICs to fail to qualify as a REMIC; and (ii) exercise reasonable care not to allow the Trust Fund to receive
any contributions, or any income from the performance of services or from assets not permitted under the REMIC Provisions to be
held by a REMIC (provided that the receipt of any income expressly permitted or contemplated by the terms of this Agreement
shall not be deemed to violate this clause). None of the Master Servicer, the Special Servicer, the Trustee or the Depositor shall
be (i) permitted to take any action that the Certificate Administrator would not be permitted to take pursuant to the preceding
two sentences or (ii) responsible or liable (except in connection with taking any act or omission referred to in the two preceding
sentences or the following sentence) for any failure by the Certificate Administrator to comply with the provisions of this Section 4.04.
The Depositor, the Trustee, the Master Servicer and the Special Servicer shall cooperate in a timely manner with the Certificate
Administrator in supplying any information within the Depositor’s, the Trustee’s, the Master Servicer’s or the
Special Servicer’s control (other than any confidential information) that is reasonably necessary to enable the Certificate
Administrator to perform its duties under this Section 4.04.

 

The Certificate Administrator
shall be responsible for the preparation of IRS Form W-9, if requested. The Trustee shall be entitled to rely on any information
contained therein and is hereby directed to execute such IRS Form W-9; provided that the Certificate

 

     -382-

     

    

 

Administrator shall
be directed to execute such IRS Form W-9 (in lieu of the Trustee) if permitted by applicable Treasury Regulations.

 

The Certificate Administrator’s
authority under this Agreement includes the authority to make, and the Certificate Administrator is hereby directed to make, any
elections allowed under the Code (i) to avoid the application of Section 6221 of the Code (or successor provisions) to any REMIC
and (ii) to avoid payment by any Trust REMIC under Section 6226 of the Code (or successor provisions) of any tax, penalty, interest
or other amount imposed under the Code that would otherwise be imposed on any Holder of any Class R Certificate, past or present.
A Holder of any Class R Certificate agrees, by acquiring such interest, to any such elections and to the Certificate Administrator’s
designation as “partnership representative” of each REMIC under Section 6223 of the Code.

 

(b)         
The following assumptions are to be used for purposes of determining the anticipated payments of principal and interest
for calculating the original yield to maturity and original issue discount with respect to the Certificates: (i) each Mortgage
Loan will pay principal and interest in accordance with its terms and scheduled payments will be timely received on their Due Dates,
provided that the Mortgage Loans will prepay in accordance with the Prepayment Assumption; (ii) none of the Master
Servicer, the Special Servicer and the Certificateholder owning a majority of the Percentage Interests in the Controlling Class
will exercise the right described in Section 9.01 of this Agreement to cause early termination of the Trust Fund; and
(iii) no Mortgage Loan is repurchased by a Mortgage Loan Seller pursuant to the terms of the related Mortgage Loan Purchase
Agreement.

 

Section 4.05         
Imposition of Tax on the Trust Fund. If any tax, including interest, penalties or assessments, additional amounts
or additions to tax, is imposed on the Lower-Tier REMIC, the Trust Subordinate Companion Loan REMICs or the Upper-Tier REMIC, such
tax shall be charged against amounts otherwise distributable to the Holders of the Certificates; provided that any taxes
imposed on any net income from foreclosure property pursuant to Section 860G(d) of the Code or any similar tax imposed
by a state or local jurisdiction shall instead be treated as an expense of the related Serviced REO Property in determining Net
REO Proceeds with respect to the Serviced REO Property (and until such taxes are paid, the Special Servicer from time to time shall
withdraw from amounts in the REO Account (and, in the case of any Serviced Whole Loan, from amounts in the Serviced Whole Loan
REO Account) allocable to the Mortgage Loans and transfer to the Certificate Administrator amounts reasonably determined by the
Certificate Administrator to be necessary to pay such taxes, which the Certificate Administrator shall maintain in a separate,
non-interest-bearing account, and the Certificate Administrator shall send to the Special Servicer for deposit in the REO Account
(or, if applicable, the Serviced Whole Loan REO Account) the excess determined by the Certificate Administrator from time to time
of the amount in such account over the amount necessary to pay such taxes) and shall be paid therefrom; provided that any
such tax imposed on net income from foreclosure property that exceeds the amount in any such reserve shall be retained from Aggregate
Available Funds as provided in Section 3.06(a)(xii) or, in the case of any Serviced Whole Loan, in Section 3.06(b)(xiii),
and the next sentence. Except as provided in the preceding sentence, the Certificate Administrator is hereby authorized to and
shall retain or cause to be retained from Aggregate Available Funds sufficient funds to pay or provide for the payment of, and
to actually pay, such tax as is legally owed by the applicable Trust REMIC (but such

 

     -383-

     

    

 

authorization shall not prevent the Trustee
from contesting, at the expense of the Trust Fund or in the case of a Serviced Whole Loan with a Serviced Pari Passu Companion
Loan, on a pro rata basis as between the related Mortgage Loan and any related Serviced Pari Passu Companion Loan (based
on their respective outstanding principal balances)) any such tax in appropriate proceedings, and withholding payment of such tax,
if permitted by law, pending the outcome of such proceedings. The Certificate Administrator is hereby authorized to and shall segregate
or cause to be segregated, into a separate non-interest bearing account, (i) the net income allocable to the Mortgage Loans from
any “prohibited transaction” under Section 860F(a) of the Code or (ii) the amount of any contribution
to the Lower-Tier REMIC, the Trust Subordinate Companion Loan REMIC or the Upper-Tier REMIC after the Startup Day that is subject
to tax under Section 860G(d) of the Code and use such income or amount, to the extent necessary, to pay such tax (and
return the balance thereof, if any, to the Collection Account, the Lower-Tier Distribution Account or the Upper-Tier Distribution
Account). To the extent that any such tax is paid to the IRS, the Certificate Administrator shall retain an equal amount from future
amounts otherwise distributable to the Holders of the Class R Certificates, as the case may be, and shall distribute such
retained amounts to the Holders of Non-VRR Certificates and the VRR Interest Owners, the Holders of the Loan-Specific Certificates,
or the Trustee as Holder of the Lower-Tier Regular Interests, until they are fully reimbursed and then to the Holders of the Class R
Certificates. Neither the Master Servicer, the Special Servicer, the Certificate Administrator, nor the Trustee shall be responsible
for any taxes imposed on the Lower-Tier REMIC, the Trust Subordinate Companion Loan REMIC or the Upper-Tier REMIC except to the
extent such tax is attributable to a breach of a representation or warranty or the negligence or willful misconduct of the Master
Servicer, the Special Servicer, the Certificate Administrator or the Trustee or an act or omission of the Master Servicer, the
Special Servicer, the Certificate Administrator or the Trustee in contravention of this Agreement, provided, further,
that such breach, act or omission could result in liability under Section 6.03 of this Agreement, in the case of the
Master Servicer, Section 4.04 of this Agreement, in the case of the Trustee or Section 4.04 of this Agreement,
in the case of the Certificate Administrator in accordance with the standard of liability set forth in those sections. Notwithstanding
anything in this Agreement to the contrary, in each such case, the Master Servicer or the Special Servicer shall not be responsible
for the Trustee’s or the Certificate Administrator’s breaches, acts or omissions, the Trustee shall not be responsible
for the breaches, acts or omissions of the Certificate Administrator, the Master Servicer or the Special Servicer and the Certificate
Administrator shall not be responsible for the breaches, acts or omissions of the Trustee, the Master Servicer or the Special Servicer.

 

Section 4.06         
Remittances. On the Master Servicer Remittance Date immediately preceding each Distribution Date, the Master Servicer
with respect to the Mortgage Loans and the Trust Subordinate Companion Loans that it is servicing shall:

 

(i)           
remit to the Certificate Administrator for deposit in the Lower-Tier Distribution Account (with respect to the Mortgage
Loans) and the Trust Subordinate Companion Loan REMIC Distribution Accounts (with respect to the Trust Subordinate Companion Loans)
an amount equal to Prepayment Premiums and Yield Maintenance Charges, and, for deposit in accordance with Section 3.05(i)
of this Agreement, Gain-on-Sale Proceeds, in each case received by the Master Servicer in its Collection Period preceding such
Distribution Date;

 

     -384-

     

    

 

(ii)          
remit to the Certificate Administrator for deposit in (a) the Lower-Tier Distribution Account an amount equal to the
aggregate of the Pooled Aggregate Available Funds for such Distribution Date; (b) the BX Industrial Portfolio Trust Subordinate
Companion Loan REMIC Distribution Account and amount equal to the aggregate of the BX Industrial Portfolio Available Funds for
such Distribution Date; (c) the Tower 333 Trust Subordinate Companion Loan REMIC Distribution Account and amount equal to the aggregate
of the Tower 333 Available Funds for such Distribution Date; and (d) the 825 South Hill Trust Subordinate Companion Loan REMIC
Distribution Account and amount equal to the aggregate of the 825 South Hill Available Funds for such Distribution Date;

 

(iii)         
remit to the Certificate Administrator for deposit in the Excess Interest Distribution Account an amount equal to the Excess
Interest for the benefit of the Holders of the Excess Interest Certificates and the RR Interest Owner received by the Master Servicer
in the Collection Period preceding such Distribution Date; and

 

(iv)          
remit to CREFC® the CREFC® Intellectual Property Royalty License Fee.

 

Section 4.07         
P&I Advances. (a)  On or before 3:00 p.m. (New York City time) on each Master Servicer Remittance
Date, the Master Servicer shall in the case of all Mortgage Loans and the Trust Subordinate Companion Loans either (i) remit to
the Certificate Administrator for deposit into the (A) Lower-Tier Distribution Account from its own funds an amount equal
to the aggregate amount of P&I Advances, if any, with respect to the Mortgage Loans to be made in respect of the related Distribution
Date or (B) Trust Subordinate Companion Loan REMIC Distribution Accounts from its own funds an amount equal to the aggregate amount
of P&I Advances, if any, with respect to the Trust Subordinate Companion Loans to be made in respect of the related Distribution
Date, (ii) apply amounts held in the Collection Account or the applicable Serviced Whole Loan Collection Account for future distribution
to Certificateholders in subsequent months in discharge of any such obligation to make P&I Advances; provided that such
amounts in the applicable Serviced Whole Loan Collection Account shall only be applied up to the related Mortgage Loan’s
pro rata share of the amounts held therein on such date, or (iii) make P&I Advances in the form of any combination of (i) and
(ii) aggregating the total amount of P&I Advances to be made by the Master Servicer, except that the portion of such P&I
Advance equal to the CREFC® Intellectual Property Royalty License Fee for each such Mortgage Loan or Trust Subordinate Companion
Loan shall not be remitted to the Certificate Administrator but shall instead be remitted to CREFC®. Any amounts held in the
Collection Account or any Serviced Whole Loan Collection Account, as applicable, for future distribution and so used to make P&I
Advances shall be appropriately reflected in the Master Servicer’s records and replaced by the Master Servicer by deposit
in the Collection Account or the applicable Serviced Whole Loan Collection Account, as applicable, on or before the next succeeding
P&I Advance Determination Date (to the extent not previously replaced through either (x) the deposit of Late Collections of
the delinquent principal and/or interest in respect of which such P&I Advances were made or (y) the deposit of Periodic Payments
collected prior to the expiration of any applicable grace period that ends after the P&I Advance Determination Date in respect
of which such P&I Advances were made). The Master Servicer shall notify the Trustee and the Certificate Administrator of (i)
the aggregate amount of P&I Advances for a Distribution Date and (ii) the amount of any Nonrecoverable P&I Advances for
such Distribution Date, on or before the P&I Advance Determination Date. If the Master Servicer fails to make a

 

     -385-

     

    

 

required P&I
Advance by 3:00 p.m. (New York City time) on any Master Servicer Remittance Date, then the Trustee shall make such P&I Advance
pursuant to Section 7.06 of this Agreement by 12:00 noon (New York City time) on the related Distribution Date, in
each case unless the Master Servicer shall have cured such failure (and shall have provided written notice of such cure to the
Trustee) by 11:00 a.m. (New York City time) on such Distribution Date or the Trustee determines that such P&I Advance, if made,
would be a Nonrecoverable Advance. Neither the Master Servicer nor the Trustee shall be required to make principal or interest
advances with respect to any delinquent payment amounts due on any Companion Loan (other than the Trust Subordinate Companion Loans).
If the Master Servicer or the Trustee makes a P&I Advance with respect to any Mortgage Loan that is part of a Whole Loan with
a related Serviced Companion Loan or Non-Serviced Companion Loan, then it shall provide written notice to the related Other Servicer,
Other Special Servicer and Other Trustee of the amount of such P&I Advance with respect to such Mortgage Loan within two (2)
Business Days of making such P&I Advance.

 

(b)           
Subject to Section 4.07(c) and 4.07(d) below, the aggregate amount of P&I Advances to be made by
the Master Servicer with respect to any Distribution Date shall equal the aggregate of: (i) the Periodic Payments (other than any
Balloon Payment) (net of related Servicing Fees (other than, in the case of any Non-Serviced Mortgage Loan, the servicing fee rate
pursuant to the applicable Other Pooling and Servicing Agreement)) that were due on the Mortgage Loans, the Trust Subordinate Companion
Loans and any REO Loan (including any portion of a REO Loan related to the Trust Subordinate Companion Loans, other than any portion
of an REO Loan related to any other Companion Loan) during the related Collection Period and delinquent as of the P&I Advance
Determination Date (or not advanced by any Sub Servicer on behalf of the Master Servicer) and (ii) with respect to each Mortgage
Loan or Trust Subordinate Companion Loan delinquent in respect of its Balloon Payment as of the Master Servicer Remittance Date
(including any REO Loan (including any portion of a REO Loan related to the Trust Subordinate Companion Loans, other than any portion
of an REO Loan related to any other Companion Loan) as to which the related Balloon Payment would have been past due), an amount
equal to the Assumed Scheduled Payment, the BX Industrial Portfolio Assumed Scheduled Payment, the Tower 333 Assumed Scheduled
Payment or the 825 South Hill Assumed Scheduled Payment, as applicable, therefor. Subject to subsection (c) below, the obligation
of the Master Servicer to make such P&I Advances, with respect to the Mortgage Loans that it is servicing, is mandatory, and
with respect to any applicable Mortgage Loan or REO Loan, shall continue until (but not including) the Distribution Date on which
Liquidation Proceeds or REO Proceeds, if any, are to be distributed. The Periodic Payment or Assumed Scheduled Payment shall be
reduced, for purposes of P&I Advances, by any modifications pursuant to Section 3.26 of this Agreement or otherwise
and by any reductions by a bankruptcy court pursuant to a plan of reorganization or pursuant to any of its equitable powers.

 

(c)          
Notwithstanding anything herein to the contrary, no P&I Advance shall be required hereunder if the Master Servicer,
the Special Servicer or the Trustee, as applicable, determines that such P&I Advance would, if made, constitute a Nonrecoverable
P&I Advance. In addition, neither the Master Servicer nor the Trustee shall make any P&I Advance to the extent that it
has received written notice that the Special Servicer has determined (if no Consultation Termination Event is continuing, in consultation
with the Directing Holder) that such P&I Advance would, if made, constitute a Nonrecoverable P&I Advance. In making such

 

     -386-

     

    

 

recoverability determination, the Master Servicer, the Special Servicer and the Trustee, as applicable, will be entitled to (i)
give due regard to the existence of any Nonrecoverable Advance or Workout-Delayed Reimbursement Amount with respect to other Mortgage
Loans, the recovery of which, at the time of such consideration, is being deferred or delayed by the Master Servicer or the Trustee,
as applicable, in light of the fact that proceeds on the related Mortgage Loan are a source of recovery not only for the P&I
Advance under consideration, but also as a potential source of recovery of such Nonrecoverable Advance or Workout-Delayed Reimbursement
Amount which is being or may be deferred or delayed, (ii) consider (among other things) the obligations of the Borrower under the
terms of the related Mortgage Loan (or the Whole Loan, as applicable) as it may have been modified, (iii) consider (among other
things) the related Mortgaged Properties in their “as is” or then current conditions and occupancies, as modified by
such party’s assumptions (consistent with the Servicing Standard in the case of the Master Servicer and the Special Servicer)
regarding the possibility and effects of future adverse change with respect to such Mortgaged Properties, (iv) estimate and consider
(consistent with the Servicing Standard in the case of the Master Servicer and the Special Servicer) (among other things) future
expenses, (v) estimate and consider (among other things) the timing of recoveries, (vi) in the case of a potential P&I Advance
with respect to the Trust Subordinate Companion Loans, consider the subordinate nature of the Trust Subordinate Companion Loans,
it being the intent that no P&I Advance with respect to the Trust Subordinate Companion Loans should be reimbursed from out
of general collections of principal on the Mortgage Pool.

 

The Master Servicer,
the Special Servicer and the Trustee, as applicable, shall consider Unliquidated Advances in respect of prior P&I Advances
for purposes of nonrecoverability determinations as if such Unliquidated Advances were unreimbursed P&I Advances. None of the
Master Servicer or Trustee shall make any P&I Advances with respect to delinquent amounts due on any Companion Loan. If an
Appraisal of the related Mortgaged Property shall not have been obtained within the prior 9-month period (and the Master Servicer
and the Trustee shall each request any such appraisal from the Special Servicer prior to ordering an Appraisal pursuant to this
sentence) or if such an Appraisal shall have been obtained but as a result of unforeseen occurrences, such Appraisal does not,
in the good faith determination of the Master Servicer, the Special Servicer or the Trustee, reflect current market conditions,
and the Master Servicer or the Trustee, as applicable, and the Special Servicer cannot agree on the appropriate downward adjustment
to such Appraisal, the Master Servicer, the Special Servicer or the Trustee, as the case may be, may, subject to its reasonable
and good faith determination that such Appraisal will demonstrate the nonrecoverability of the related Advance, obtain an Appraisal
for such purpose at the expense of the Trust Fund (subject, in the case of any Serviced Whole Loan, to the allocation provisions
of the related Intercreditor Agreement).

 

Any such determination
by the Master Servicer, Special Servicer or the Trustee that the Master Servicer or Trustee, as applicable, has made a Nonrecoverable
P&I Advance or that any proposed P&I Advance, if made, would constitute a Nonrecoverable P&I Advance shall be evidenced
by a certificate of a Servicing Officer delivered to the Trustee, the Certificate Administrator, the Special Servicer, any related
Serviced Pari Passu Companion Loan Noteholder(s), the Directing Holder (but only if no Consultation Termination Event is continuing)
and the Depositor and, in the case of the Trustee, by a certificate of a Responsible Officer of the Trustee, delivered to the Depositor,
the Directing Holder (but only if no Consultation Termination Event is continuing), the Certificate Administrator, the Master

 

     -387-

     

    

 

Servicer
and the Special Servicer, which in each case sets forth such nonrecoverability determination and the considerations of the Master
Servicer, Special Servicer or the Trustee, as applicable, forming the basis of such determination (such certificate accompanied
by, to the extent available, income and expense statements, rent rolls, occupancy status, property inspections and other information
used by the Master Servicer, Special Servicer or the Trustee, as applicable, to make such determination, together with any existing
Appraisal or any Updated Appraisal); provided that with respect to any Specially Serviced Loan, the Special Servicer may,
at its option, make a determination in accordance with the Servicing Standard, that any P&I Advance previously made or proposed
to be made is nonrecoverable and shall deliver to the Master Servicer, the Directing Holder (but only if no Consultation Termination
Event is continuing) (and, with respect to a Serviced Mortgage Loan, to any Other Servicer or Other Special Servicer under the
pooling and servicing agreement into which the related Companion Loan is deposited), the Certificate Administrator, the Trustee
and the 17g-5 Information Provider (who shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant
to Section 3.14(d) of this Agreement), notice of such determination, together with a certificate of a Servicing Officer
and the supporting information described above. Any such determination shall be conclusive and binding on the Master Servicer,
the Special Servicer and the Trustee.

 

Any such Person may update
or change its recoverability determinations at any time (but not reverse any other Person’s determination or prohibit any
such other authorized Person from making a determination, that a P&I Advance constitutes, or would constitute a Nonrecoverable
Advance) and (consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer) may obtain, at
the expense of the Trust Fund (subject, in the case of any Serviced Whole Loan, to the allocation provisions of the related Intercreditor
Agreement), any analysis, Appraisals or market value estimates or other information for such purposes. Absent bad faith, any such
determination as to the recoverability of any P&I Advance shall be conclusive and binding on the Certificateholders.

 

Notwithstanding the above,
(i) the Trustee shall be entitled to rely conclusively on and be bound by any determination by the Master Servicer or the
Special Servicer, as applicable, that a P&I Advance, if made, would be a Nonrecoverable P&I Advance and (ii) the Master
Servicer shall be entitled to rely conclusively on and be bound by any determination of the Special Servicer that a P&I Advance,
if made, would be a Nonrecoverable P&I Advance (but this statement shall not be construed to entitle the Special Servicer to
reverse any other authorized Person’s determination, or to prohibit any such other authorized Person from making a determination
that an advance constitutes, or would constitute a Nonrecoverable Advance). The Trustee, in determining whether or not a P&I
Advance previously made is, or a proposed P&I Advance, if made, would be, a Nonrecoverable P&I Advance shall use its good
faith business judgment. The Special Servicer shall promptly furnish the Master Servicer and the Trustee with any information in
its possession regarding the Specially Serviced Loans and REO Properties as each such party may reasonably request for purposes
of making recoverability determinations.

 

(d)         
In connection with the recovery of any P&I Advance out of the Collection Account pursuant to Section 3.06(a)
of this Agreement or any Serviced Whole Loan Collection Account pursuant to Section 3.06(b) of this Agreement, the
Master Servicer shall be entitled to pay itself or the Trustee, as the case may be (in reverse of such order with respect to any

 

     -388-

     

    

 

Mortgage Loan or REO Property) out of any amounts then on deposit in the Collection Account or the applicable Serviced Whole Loan
Collection Account (subject to the provisions of Section 3.06) (to the extent amounts therein relate to the Mortgage
Loans, taking into account the related Intercreditor Agreement), interest at the Reimbursement Rate in effect from time to time,
accrued on the amount of such P&I Advance from the date made to but not including the date of reimbursement with respect to
the Mortgage Loan or Trust Subordinate Companion Loan that the Master Servicer is servicing; provided, however, that
no interest will accrue on any P&I Advance (i) made with respect to a Mortgage Loan or Trust Subordinate Companion Loan until
after the related Due Date has passed and any applicable grace period has expired or (ii) if the related Periodic Payment is received
after the Determination Date but on or prior to the Business Day immediately prior to the related Distribution Date. The Master
Servicer shall reimburse itself or the Trustee, as the case may be, for any outstanding P&I Advance as soon as practicably
possible after funds available for such purpose are deposited in the Collection Account or the applicable Serviced Whole Loan Collection
Account with respect to the Mortgage Loan or Trust Subordinate Companion Loan that the Master Servicer is servicing.

 

Notwithstanding anything
to the contrary contained in Section 4.06 of this Agreement, (i) neither the Master Servicer nor the Trustee shall
make an advance for Excess Interest, Yield Maintenance Charges or Penalty Charges and (ii) if the Master Servicer receives notice
of an Appraisal Reduction Event and the related Appraisal Reduction Amount, the interest portion of any P&I Advance with respect
to a Serviced Mortgage Loan or Trust Subordinate Companion Loan, as applicable, as to which there has been an Appraisal Reduction
Amount will be an amount equal to the product of (x) the amount required to be advanced without giving effect to the Appraisal
Reduction Amount and (y) a fraction, the numerator of which is the Stated Principal Balance of such Mortgage Loan or Trust Subordinate
Companion Loan, as applicable, as of the immediately preceding Determination Date less any Appraisal Reduction Amount applicable
to such Mortgage Loan or Trust Subordinate Companion Loan, as applicable, and the denominator of which is the Stated Principal
Balance of such Mortgage Loan or Trust Subordinate Companion Loan as of such Determination Date. All P&I Advances for any Mortgage
Loans or Trust Subordinate Companion Loan that have been modified shall be calculated on the basis of their terms as modified.
With respect to any Non-Serviced Mortgage Loan, if the Master Servicer or the Trustee, as applicable, does not receive notice of
an Appraisal Reduction Event and the related Appraisal Reduction Amount from the related Other Servicer, then the Master Servicer
or the Trustee, as applicable, shall have no obligation to proportionately reduce the interest portion of any P&I Advance required
to be made by the Master Servicer or the Trustee, as applicable. With respect to any Non-Serviced Companion Loan that has already
been securitized prior to the Closing Date, the Certificate Administrator, on behalf of the Trust, shall notify each Other Servicer
and each Other Trustee of a Non-Serviced Mortgage Loan that (a) such Non-Serviced Mortgage Loan has been included in this Trust
and (b) upon (i) the existence of an Appraisal Reduction Event and/or (ii) the related calculation of any Appraisal Reduction Amount
(or receipt of notice of any such calculation), such Other Servicer shall provide the Master Servicer (who shall promptly provide
to the Special Servicer (who shall promptly forward, prior to a Consultation Termination Event, to the Directing Holder)) and the
Trustee with prompt notice of the existence of any such Appraisal Reduction Event and/or any such Appraisal Reduction Amount once
calculated. With respect to any Serviced Companion Loan, the Master Servicer shall notify the related Other Servicer and Other
Trustee of the existence of an Appraisal Reduction Event and any related Appraisal Reduction Amount. The

 

 

     -389-

     

    

 

Master Servicer shall
be deemed to have delivered notice of any such Appraisal Reduction Event and any related Appraisal Reduction Amount if the Master
Servicer includes such event and/or amount in its monthly servicer statements provided to the other servicer.

 

The portion of any Insurance
Proceeds and Net Liquidation Proceeds in respect of a Mortgage Loan, Trust Subordinate Companion Loan or any REO Loan allocable
to principal shall equal the total amount of such proceeds minus (i) any portion thereof payable to the Master Servicer, the Special
Servicer, the Certificate Administrator or the Trustee pursuant to this Agreement and (ii) a portion thereof equal to the interest
component of the Periodic Payment(s), as accrued at the related Net Mortgage Rate from the date as to which interest was last paid
by the Borrower up to but not including the Due Date in the Collection Period in which such proceeds are received; provided
that, if the interest portion(s) of one or more P&I Advances with respect of such Mortgage Loan, Trust Subordinate Companion
Loan or REO Loan, as applicable, were reduced as a result of an Appraisal Reduction Event, the amount of the Net Liquidation Proceeds
to be applied to interest shall be reduced by the aggregate amount of such reductions and the portion of such Net Liquidation Proceeds
to be applied to principal shall be increased by such amount, and if the amount of the Net Liquidation Proceeds to be applied to
principal has been applied to pay the principal of such Mortgage Loan, Trust Subordinate Companion Loan or REO Loan in full, any
remaining Net Liquidation Proceeds shall then be applied to pay any remaining accrued and unpaid interest of such Mortgage Loan,
Trust Subordinate Companion Loan or REO Loan.

 

(e)          
With respect to any Non-Serviced Mortgage Loan, the Master Servicer, the Special Servicer and the Trustee will each be permitted
to make its determination that the Master Servicer or the Trustee has made a P&I Advance on such Mortgage Loan that is a Nonrecoverable
P&I Advance or that any proposed P&I Advance, if made, would constitute a Nonrecoverable P&I Advance with respect to
such Mortgage Loan in accordance with Section 4.07(a) independently of any determination made by the Other Servicer
(or any master servicer with respect to a commercial mortgage securitization holding another Non-Serviced Companion Loan related
to such Non-Serviced Mortgage Loan, if any) under the Other Pooling and Servicing Agreement (or any pooling and servicing agreement
with respect to a commercial mortgage securitization holding another Non-Serviced Companion Loan related to such Non-Serviced Mortgage
Loan, if any). If the Master Servicer, the Special Servicer or the Trustee, as applicable, determines that a proposed P&I Advance
with respect to any Non-Serviced Mortgage Loan, if made, or any outstanding P&I Advance with respect to any Non-Serviced Mortgage
Loan previously made, would be, or is, as applicable, a Nonrecoverable Advance, the Master Servicer, the Special Servicer or the
Trustee, as applicable, shall provide the Other Servicer (and any master servicer with respect to a commercial mortgage securitization
holding another Non-Serviced Companion Loan related to such Non-Serviced Mortgage Loan, if any), the Other Special Servicer and
Other Trustee with written notice of such determination, promptly and in any event within two (2) Business Days after such determination
or such longer time period permitted by the applicable Intercreditor Agreement. If the Master Servicer receives written notice
from an Other Servicer (relating to the Other Pooling and Servicing Agreement that governs the servicing and administration of
the related Non-Serviced Whole Loan) that it has determined, with respect to the related Non-Serviced Companion Loan, that any
proposed advance of principal and/or interest with respect to the related Non-Serviced Companion Loan would be, or any outstanding
advance of principal and interest is, a nonrecoverable advance of

 

     -390-

     

    

 

principal and/or interest, such determination shall not be binding
on the Certificateholders, the Master Servicer or the Trustee; provided that, with respect to each Non-Serviced Whole Loan,
each of the Master Servicer and the Trustee shall be entitled to conclusively rely on any such nonrecoverability determination.

 

If the Master Servicer
receives notice from a Rating Agency that it is no longer approved as a master servicer for commercial mortgage securitizations,
it shall promptly notify the Trustee, any Other Trustee, any Other Servicer and any other trustee or master servicer with respect
to each commercial mortgage securitization that holds a Non-Serviced Companion Loan related to a Non-Serviced Mortgage Loan, if
any.

 

(f)          
With respect to any Serviced Whole Loan that has a Serviced Companion Loan, the Master Servicer, the Special Servicer and
the Trustee will be permitted to make its determination that the Master Servicer or the Trustee has made a P&I Advance on the
related Mortgage Loan that is a Nonrecoverable P&I Advance or that any proposed P&I Advance, if made, would constitute
a Nonrecoverable P&I Advance with respect to such Mortgage Loan in accordance with Section 4.07(a) independently
of any determination made in respect of the related Serviced Companion Loan, by the master servicer under the related Other Pooling
and Servicing Agreement. If the Master Servicer, the Special Servicer or the Trustee, as applicable, determines that a proposed
P&I Advance with respect to such Serviced Whole Loan, if made, or any outstanding P&I Advance with respect to any such
Mortgage Loan previously made, would be, or is, as applicable, a Nonrecoverable Advance or if the Master Servicer, the Special
Servicer or the Trustee, as applicable, subsequently determines that a proposed Servicing Advance would be a Nonrecoverable Advance
or an outstanding Servicing Advance is or would be a Nonrecoverable Advance, the Master Servicer or Trustee, as applicable, shall
provide the Other Servicer, Other Special Servicer and the Other Trustee under each related Other Pooling and Servicing Agreement
with written notice of such determination, promptly and in any event within two (2) Business Days after such determination or such
longer time period permitted by the applicable Intercreditor Agreement. If the Master Servicer receives written notice from any
master servicer under any such Other Pooling and Servicing Agreement that such master servicer has determined, with respect to
the related Serviced Companion Loan, that any proposed advance of principal and/or interest with respect to such Serviced Companion
Loan would be, or any outstanding advance of principal and interest is, a nonrecoverable advance of principal and/or interest,
such determination shall not be binding on the Certificateholders, the Master Servicer or the Trustee; provided that, with
respect to each Non-Serviced Whole Loan, each of the Master Servicer and the Trustee shall be entitled to conclusively rely on
any such nonrecoverability determination.

 

(g)         
If the applicable Master Servicer receives notice from a Rating Agency that it is no longer approved as a master servicer
for commercial mortgage securitizations, it shall promptly notify the Trustee, any Other Trustee, any Other Servicer and any other
trustee or master servicer with respect to each commercial mortgage securitization that holds a Serviced Pari Passu Companion Loan
related to any Serviced Whole Loan, if any.

 

(h)         
The Master Servicer or the Trustee, as applicable, shall be entitled to the reimbursement of P&I Advances it makes to
the extent permitted pursuant to Section 3.06 of this Agreement together with any related Advance Interest Amount in
respect of such P&I Advances to the extent permitted pursuant to Section 3.06 of this Agreement and the Master
Servicer and

 

     -391-

     

    

 

the Special Servicer each hereby covenants and agrees to promptly seek and effect the reimbursement of such Advances
from the related Borrowers to the extent permitted by applicable law and the related Mortgage Loan (or Trust Subordinate Companion
Loan) and this Agreement.

 

Section 4.08         
Appraisal Reductions; Collateral Deficiency Amounts. (a) For purposes of (x) determining the Pooled Non-Reduced
Certificates, the Controlling Class and whether a Control Termination Event has occurred and is continuing, and (y) determining
the Voting Rights of the related Classes for purposes of removal of the Special Servicer, the VRR Percentage of the Appraisal Reduction
Amounts allocated to the Mortgage Loans will be allocated to the VRR Interest to notionally reduce (to not less than zero) the
Certificate Balance of the Class RR Certificates. The Non-VRR Percentage of the Appraisal Reduction Amounts allocated to the Mortgage
Loans will be allocated to each Class of Pooled Principal Balance Certificates in reverse sequential order to notionally reduce
the related Certificate Balances until the Certificate Balance of each such Class of Certificates is reduced to zero (i.e.,
first, to the Class D Certificates, second, to the Class C Certificates, third, to the Class B
Certificates, fourth, to the Class A-S Certificates, and fifth, to the Class A-2, Class A-3, Class
A-4 and Class A-SB Certificates, pro rata, based on their Certificate Balances).

 

As a result of calculating
one or more Appraisal Reduction Amounts that is allocated to the Trust Subordinate Companion Loans, the amount of any required
P&I Advance with respect to such Trust Subordinate Companion Loan shall be reduced, which will have the effect of reducing
the amount of interest available to the Loan-Specific Certificates (other than the BX-VRR Interest, the T333-VRR Interest and the
825S-VRR Interest) then-outstanding in reverse sequential order.

 

As of the first Determination
Date following a Serviced Mortgage Loan becoming an AB Modified Loan, the Master Servicer shall calculate whether a Collateral
Deficiency Amount exists with respect to such AB Modified Loan, taking into account the most recent Appraisal obtained by the Special
Servicer with respect to such Mortgage Loan or Trust Subordinate Companion Loan, as applicable, and all other information relevant
to a Collateral Deficiency Amount determination. Upon obtaining knowledge or receipt of notice by the Master Servicer that a Non-Serviced
Mortgage Loan has become an AB Modified Loan, the Master Servicer shall (i) promptly request from the related Other Servicer, Other
Special Servicer and Other Trustee the most recent appraisal with respect to such AB Modified Loan, in addition to all other information
reasonably required by the Master Servicer to calculate whether a Collateral Deficiency Amount exists with respect to such AB Modified
Loan, and (ii) as of the first Determination Date following receipt by the Master Servicer of the appraisal and any other information
set forth in the immediately preceding clause (i) that the Master Servicer reasonably expects to receive, calculate whether a Collateral
Deficiency Amount exists with respect to such AB Modified Loan, taking into account the most recent appraisal obtained by the Other
Special Servicer with respect to such Non-Serviced Mortgage Loan, and all other information relevant to a Collateral Deficiency
Amount determination. Upon obtaining knowledge or receipt of notice by any other party to this Agreement that a Non-Serviced Mortgage
Loan has become an AB Modified Loan, such party shall promptly notify the Master Servicer thereof. The Special Servicer, upon reasonable
prior written request, shall provide the Master Servicer with information in its possession (or that is reasonably obtainable at
no additional expense) that is

 

     -392-

     

    

 

reasonably required to calculate or recalculate any Collateral Deficiency Amount. Upon reasonable
prior written request, the Special Servicer shall use reasonable efforts to assist the Master Servicer in obtaining information
reasonably required to calculate or recalculate any Collateral Deficiency Amount with respect to a Non-Serviced Mortgage Loan in
the event that the Master Servicer is unsuccessful in obtaining such information from the related Other Servicer, Other Special
Servicer or Other Trustee. None of the Special Servicer, the Trustee or the Certificate Administrator shall calculate or verify
any Collateral Deficiency Amount.

 

For purposes of determining
the Pooled Non-Reduced Certificates, the Controlling Class and the occurrence of a Control Termination Event, the VRR Percentage
of any Appraisal Reduction Amounts shall be allocated to the VRR Interest to notionally reduce (to not less than zero) the VRR
Interest Balance thereof, and the Non-VRR Percentage of any Appraisal Reduction Amounts will be allocated to each class of Pooled
Principal Balance Certificates in reverse sequential order to notionally reduce the Certificate Balance thereof until the related
Certificate Balance of each such class is reduced to zero.

 

For purposes of determining
the Non-Reduced Certificates, the BX Industrial Portfolio Controlling Class and the occurrence of a BX Industrial Portfolio Note
B Control Appraisal Period, a BX Industrial Portfolio Note C Control Appraisal Period and a BX Industrial Portfolio Note D Control
Appraisal Period, Appraisal Reduction Amounts allocated to the BX Industrial Portfolio Whole Loan will be allocated first between
the BX Industrial Portfolio Floating Rate Loan and the BX Industrial Portfolio Fixed Rate Loan, pro rata. Appraisal Reduction
Amounts allocated to the BX Industrial Portfolio Fixed Rate Loan will be notionally allocated, first, to the BX Industrial Portfolio
Non-Trust Junior Subordinate Companion Loan Note D, then to the BX Industrial Portfolio Non-Trust Junior Subordinate Companion
Loan Note C, then to the BX Industrial Portfolio Trust Subordinate Companion Loan and then, pro rata, among the notes comprising
the BX Industrial Portfolio Mortgage Loan and the BX Industrial Portfolio Pari Passu Companion Loans. The BX Industrial Portfolio
Non-VRR Percentage of the Appraisal Reduction Amounts allocated to the BX Industrial Portfolio Trust Subordinate Companion Loan
will be allocated to each class of related Loan-Specific Certificates in reverse sequential order to notionally reduce the Certificate
Balance thereof until the related Certificate Balance of each such class is reduced to zero (i.e., first, to the
Class BX-C Certificates, second, to the Class BX-B Certificates, and finally, to the Class BX-A Certificates). The
BX-VRR Percentage of the Appraisal Reduction Amounts allocated the BX Industrial Portfolio Trust Subordinate Companion Loan will
be allocated to the BX-VRR Interest to notionally reduce (to not less than zero) the Certificate Balance of the BX-VRR Interest.
In addition, for purposes of determining the BX Industrial Portfolio Controlling Class and the occurrence of a BX Industrial Portfolio
Control Appraisal Period, BX Industrial Portfolio Non-VRR Percentage of Collateral Deficiency Amounts allocated to the BX Industrial
Portfolio Trust Subordinate Companion Loan will be allocated to each class of BX Industrial Portfolio Control Eligible Certificates
in reverse sequential order to notionally reduce the Certificate Balance thereof until the related Certificate Balance of each
such class is reduced to zero (i.e., first, to the Class BX-C Certificates, second, to the Class BX-B Certificates,
and finally, to the Class BX-A Certificates). For the avoidance of doubt, for purposes of determining the BX Industrial
Portfolio Controlling Class and the occurrence of a BX Industrial Portfolio Note B Control Appraisal Period, any Class of BX Industrial
Portfolio Control Eligible Certificates will be allocated both applicable Appraisal

 

     -393-

     

    

 

Reduction Amounts and applicable Collateral
Deficiency Amounts, as described in this paragraph.

 

For purposes of determining
the Non-Reduced Certificates, the Tower 333 Controlling Class and the occurrence of a Tower 333 Note B Control Appraisal Period
and Tower 333 Note C Control Appraisal Period, Appraisal Reduction Amounts allocated to the Tower 333 Whole Loan will be allocated
first to the Tower 333 Non-Trust Junior Subordinate Companion Loan, then to the Tower 333 Trust Subordinate Companion Loan and
then, pro rata, among the notes comprising the Tower 333 Mortgage Loan and the Tower 333 Pari Passu Companion Loans. The
Tower 333 Non-VRR Percentage of the Appraisal Reduction Amounts allocated to the Tower 333 Trust Subordinate Companion Loan will
be allocated to each class of related Loan-Specific Certificates in reverse sequential order to notionally reduce the Certificate
Balance thereof until the related Certificate Balance of each such class is reduced to zero (i.e., first, to the
Class T333-D Certificates, second, to the Class T333-C Certificates, third, to the Class T333-B Certificates, and
finally, to the Class T333-A Certificates). The T333-VRR Percentage of the Appraisal Reduction Amounts allocated the Tower
333 Trust Subordinate Companion Loan will be allocated to the T333-VRR Interest to notionally reduce (to not less than zero) the
Certificate Balance of the T333-VRR Interest. In addition, for purposes of determining the Tower 333 Controlling Class and the
occurrence of a Tower 333 Control Appraisal Period, Tower 333 Non-VRR Percentage of Collateral Deficiency Amounts allocated to
the Tower 333 Trust Subordinate Companion Loan will be allocated to each class of Tower 333 Control Eligible Certificates in reverse
sequential order to notionally reduce the Certificate Balance thereof until the related Certificate Balance of each such class
is reduced to zero (i.e., first, to the Class T333-D Certificates, second, to the Class T333-C Certificates,
third, to the Class T333-B Certificates, and finally, to the Class T333-A Certificates). For the avoidance of doubt,
for purposes of determining the Tower 333 Controlling Class and the occurrence of a Tower 333 Note B Control Appraisal Period,
any Class of Tower 333 Control Eligible Certificates will be allocated both applicable Appraisal Reduction Amounts and applicable
Collateral Deficiency Amounts, as described in this paragraph.

 

For purposes of determining
the Non-Reduced Certificates, the 825 South Hill Controlling Class and the occurrence of a 825 South Hill Control Appraisal Period,
Appraisal Reduction Amounts allocated to the 825 South Hill Whole Loan will be allocated first between the 825 South Hill Mortgage
Loan and 825 South Hill Trust Subordinate Companion Loan (as a collective whole) and the 825 South Hill Non-Trust Companion Loans,
pro rata. Appraisal Reduction Amounts allocated to the 825 South Hill Mortgage Loan and 825 South Hill Trust Subordinate
Companion Loan will be allocated, first to the 825 South Hill Trust Subordinate Companion Loan and then to the 825 South Hill Mortgage
Loan. The 825 South Hill Non-VRR Percentage of the Appraisal Reduction Amounts allocated to the 825 South Hill Trust Subordinate
Companion Loan will be allocated to each class of related Loan-Specific Certificates in reverse sequential order to notionally
reduce the Certificate Balance thereof until the related Certificate Balance of each such class is reduced to zero (i.e.,
first, to the Class 825S-E Certificates, second, to the Class 825S-D Certificates, third, to the Class 825S-C
Certificates, fourth, to the Class 825S-B and finally, to the Class 825S-A Certificates). The 825S-VRR Percentage
of the Appraisal Reduction Amounts allocated the 825 South Hill Trust Subordinate Companion Loan will be allocated to the 825S-VRR
Interest to notionally reduce (to not less than zero) the Certificate Balance of the 825S-VRR Interest. In addition, for purposes
of

 

     -394-

     

    

 

determining the 825 South Hill Controlling Class and the occurrence of a 825 South Hill Control Appraisal Period, 825 South
Hill Non-VRR Percentage of Collateral Deficiency Amounts allocated to the 825 South Hill Trust Subordinate Companion Loan will
be allocated to each class of 825 South Hill Control Eligible Certificates in reverse sequential order to notionally reduce the
Certificate Balance thereof until the related Certificate Balance of each such class is reduced to zero (i.e., first,
to the Class 825S-E Certificates, second, to the Class 825S-D Certificates, third, to the Class 825S-C Certificates,
fourth, to the Class 825S-B and finally, to the Class 825S-A Certificates). For the avoidance of doubt, for purposes
of determining the 825 South Hill Controlling Class and the occurrence of a 825 South Hill Control Appraisal Period, any Class
of 825 South Hill Control Eligible Certificates will be allocated both applicable Appraisal Reduction Amounts and applicable Collateral
Deficiency Amounts, as described in this paragraph.

 

For purposes of determining
the Controlling Class and whether a Control Termination Event has occurred and is continuing, Collateral Deficiency Amounts allocated
to an AB Modified Loan will be allocated by applying the Non-VRR Percentage of the Collateral Deficiency Amounts to each Class
of Control Eligible Certificates in reverse sequential order to notionally reduce the related Certificate Balances until the Certificate
Balance of each such Class of Control Eligible Certificates is reduced to zero. For the avoidance of doubt, for purposes of determining
the Controlling Class or the occurrence of a Control Termination Event, any Class of Control Eligible Certificates shall be allocated
the Non-VRR Percentage of both applicable Appraisal Reduction Amounts and applicable Collateral Deficiency Amounts (the sum of
which shall constitute the applicable Cumulative Appraisal Reduction Amount), in accordance with this Section 4.08(a).

 

With respect to (i) any
Appraisal Reduction Amount calculated for the purposes of determining the Non-Reduced Certificates or determining the Voting Rights
of the related Classes for purposes of removal of the Special Servicer and (ii) any Appraisal Reduction Amount or Collateral
Deficiency Amount calculated for purposes of determining the Controlling Class or the occurrence of a Control Termination Event,
the appraised value of the related Mortgaged Property shall be determined on an “as is” basis.

 

The Master Servicer shall
promptly notify the Certificate Administrator and the Special Servicer of the amount of any Appraisal Reduction Amount (which notification
shall be made by delivery of the CREFC® Loan Periodic Update File in accordance with Section 3.13(a)),
any Collateral Deficiency Amount and any resulting Cumulative Appraisal Amount allocated to each Mortgage Loan, AB Modified Loan
or Serviced Whole Loan if any (which notification shall be satisfied through the delivery of such information included in the CREFC®
Appraisal Reduction Amount Template included in the CREFC® Investor Reporting Package (or such other form as agreed
to by the Certificate Administrator and the Master Servicer), which shall be delivered simultaneously with the CREFC®
Loan Periodic Update File in accordance with Section 3.13(a)). Based on information in its possession, the Certificate
Administrator shall determine from time to time which Class of Certificates is the Controlling Class. Promptly upon its determination
of a change in the Controlling Class, the Certificate Administrator shall notify the Master Servicer and the Special Servicer of
such event, including the identity and contact information of the new Controlling Class Certificateholder (the cost of obtaining
such information from the Depository being an expense of the Trust).

 

     -395-

     

    

 

(b)         
The Holders of the majority (by Certificate Balance) of any Class of Control Eligible Certificates, BX Industrial Portfolio
Control Eligible Certificates, Tower 333 Control Eligible Certificates or 825 South Hill Control Eligible Certificates whose aggregate
Certificate Balance, as notionally reduced by Appraisal Reduction Amounts or Collateral Deficiency Amounts allocated thereto, is
less than 25% of the initial Certificate Principal Balance of such Class (such Class, an “Appraised-Out Class”)
as a result of an allocation of an Appraisal Reduction Amount or Collateral Deficiency Amount in respect of such Class shall have
the right, at their sole expense, to require the Special Servicer to order a second Appraisal of any Mortgage Loan (or Serviced
Whole Loan) for which an Appraisal Reduction Event has occurred or as to which there exists a Collateral Deficiency Amount (such
Holders, the “Requesting Holders”), and use its reasonable efforts to obtain an Appraisal prepared on an “as-is”
basis by an MAI appraiser reasonably acceptable to the Special Servicer within 60 days from receipt of the Requesting Holders’
written request. Any Appraised-Out Class for which the Requesting Holders are challenging the Appraisal Reduction Amount or Collateral
Deficiency Amount determination shall not exercise any rights of the Controlling Class, the BX Industrial Portfolio Controlling
Class, the Tower 333 Controlling Class or the 825 South Hill Controlling Class, until such time, if any, as such Class is reinstated
as the Controlling Class, the BX Industrial Portfolio Controlling Class, the Tower 333 Controlling Class or the 825 South Hill
Controlling Class, as applicable, and the rights of the Controlling Class will be exercised by the next most senior Control Eligible
Certificates, BX Industrial Portfolio Control Eligible Certificates, Tower 333 Control Eligible Certificates or 825 South Hill
Control Eligible Certificates, respectively, if any, during such period. The rights of the BX Industrial Portfolio Controlling
Class, the Tower 333 Controlling Class or the 825 South Hill Controlling Class, as applicable, during each Appraisal Review Period
shall be exercised by the next most senior BX Industrial Portfolio Control Eligible Certificates, Tower 333 Control Eligible Certificates
or 825 South Hill Control Eligible Certificates, respectively, if any, and otherwise, by the Pooled Trust Directing Holder.

 

In addition, the Requesting
Holders of any Appraised-Out Class shall have the right, at their sole expense, to require the Special Servicer to order an additional
appraisal of any Serviced Mortgage Loan for which an Appraisal Reduction Event has occurred or as to which there exists a Collateral
Deficiency Amount if an event has occurred at or with regard to the related Mortgaged Property or Mortgaged Properties that would
have a material effect on its appraised value, and the Special Servicer shall use reasonable efforts to obtain an Appraisal prepared
on an “as-is” basis by an MAI appraiser reasonably acceptable to the Special Servicer within 60 days from receipt
of the Requesting Holders’ written request; provided that the Special Servicer shall not be required to obtain such
appraisal if it determines in accordance with the Servicing Standard that no events at or with regard to the related Mortgaged
Property or Mortgaged Properties have occurred that would have a material effect on the appraised value of the related Mortgaged
Property or Mortgaged Properties. The right of the holders of an Appraised-Out Class to require the Special Servicer to order an
additional appraisal as described in this paragraph shall be limited to no more frequently than once in any 9-month period with
respect to any Mortgage Loan.

 

Upon receipt of any such
second Appraisal, the Special Servicer shall send such Appraisal to the Master Servicer, and the Master Servicer shall recalculate
such Appraisal Reduction Amount or Collateral Deficiency Amount, as applicable, based upon such second

 

     -396-

     

    

 

Appraisal and receipt of
information reasonably requested by the Master Servicer from the Special Servicer, to the extent such information is in the possession
of, or reasonably obtainable at no additional expense by, the Special Servicer, and is reasonably necessary to make such recalculation.
If required by any such recalculation, the Appraised-Out Class shall be reinstated as the Controlling Class, the BX Industrial
Portfolio Controlling Class, the Tower 333 Controlling Class or the 825 South Hill Controlling Class.

 

Appraisals that are permitted
to be obtained by the Special Servicer at the request of holders of an Appraised-Out Class shall be in addition to any appraisals
that the Special Servicer may otherwise be required to obtain in accordance with the Servicing Standard or this Agreement without
regard to any appraisal requests made by any holder of an Appraised-Out Class.

 

(c)           
An appraisal for any Mortgage Loan that has not been brought current for at least three consecutive Periodic Payments (or
paid in full, liquidated, repurchased or otherwise disposed of) will be updated every 9 months for so long as an Appraisal Reduction
Event or Collateral Deficiency Amount exists.

 

(d)         
Notwithstanding the foregoing, within 60 days after an Appraisal Reduction Event (or in the case of an Appraisal Reduction
Event occurring by reason of clause (ii) of the definition thereof, within 30 days of such Appraisal Reduction Event) (i) with
respect to Serviced Mortgage Loans and any related Serviced Companion Loans having a Stated Principal Balance of $2,000,000 or
higher, the Special Servicer shall order and use efforts consistent with the Servicing Standard to obtain an Updated Appraisal
or (ii) with respect to Serviced Mortgage Loans and any related Serviced Companion Loans having a Stated Principal Balance of less
than $2,000,000, the Special Servicer, at its option, shall (A) provide a Small Loan Appraisal Estimate within the same time period
as an Appraisal would otherwise be required and such Small Loan Appraisal Estimate shall be used in lieu of an Updated Appraisal
to calculate the Appraisal Reduction Amount for such Mortgage Loans or applicable Serviced Whole Loans; or (B) order and use efforts
consistent with the Servicing Standard to obtain an Updated Appraisal.

 

(e)          
The Special Servicer, upon reasonable request, shall deliver to the Master Servicer any information in the Special Servicer’s
possession (or that is reasonably obtainable at no additional expense by the Special Servicer) reasonably required to determine,
calculate, redetermine or recalculate any Appraisal Reduction Amount.

 

On the first Determination
Date occurring at least 10 Business Days after the later of (i) date the Master Servicer receives from the Special Servicer the
related Updated Appraisal or the Special Servicer’s Small Loan Appraisal Estimate, as applicable, and (ii) the occurrence
of an Appraisal Reduction Event, the Master Servicer shall adjust the Appraisal Reduction Amount to take into account such Updated
Appraisal or Small Loan Appraisal Estimate, as applicable and any information reasonably requested by the Master Servicer from
the Special Servicer, to the extent such information is in the possession of the Special Servicer, necessary to calculate the Appraisal
Reduction Amount. Each Appraisal Reduction Amount shall also be adjusted to take into account any subsequent Small Loan Appraisal
Estimate or Updated Appraisal, as applicable, and any letter updates, as of the date of each such subsequent Small Loan Appraisal
Estimate, Updated Appraisal or letter update, as applicable, and receipt of information reasonably

 

     -397-

     

    

 

requested by the Master Servicer
from the Special Servicer, to the extent such information is in the possession of (or reasonably obtainable at no additional expense
by) the Special Servicer and is reasonably necessary to calculate the Appraisal Reduction Amount. Such report shall also be forwarded
by the Master Servicer, to the extent the related Serviced Companion Loan has been included in a securitization transaction, to
the master servicer of such securitization into which the related Serviced Companion Loan has been sold, or to the holder of any
related Serviced Companion Loan by the Master Servicer.

 

Section 4.09         
Grantor Trust Reporting. The Certificate Administrator shall maintain adequate books and records to account for the
separate entitlements of the Grantor Trust.

 

(a)          
The parties intend that the Grantor Trust shall be treated as a “grantor trust” under the Code, and the provisions
thereof shall be interpreted consistently with this intention. In furtherance of such intention, none of the Depositor, the Master
Servicer, the Special Servicer, the Trustee or the Certificate Administrator shall vary the assets of the Grantor Trust so as to
take advantage of market fluctuations or so as to improve the rate of return of the Grantor Trust Certificates, and shall otherwise
comply with Treasury Regulations Section 301.7701-4(c). Within 30 days of the Closing Date, the Certificate Administrator shall
obtain a taxpayer identification number for the Grantor Trust on IRS Form SS-4. The Certificate Administrator shall file or cause
to be filed with the IRS Form 1041 (or, if the Grantor Trust is a WHFIT, information will be provided on Form 1099) or such other
form as may be applicable and shall furnish or cause to be furnished to the Holders of the Grantor Trust Certificates and the RR
Interest Owner their allocable share of income and expense with respect to the Class S Grantor Trust Assets with the corresponding
alphabetic or alphanumeric designation and proceeds thereof, as such amounts are received or accrue, as applicable.

 

(b)         
The Grantor Trust will be treated as a WHFIT that is a WHMT. The Certificate Administrator shall report as required under
the WHFIT Regulations to the extent such information as is reasonably necessary to enable the Certificate Administrator to do so
is provided to the Certificate Administrator on a timely basis. The Certificate Administrator is hereby directed to assume that
DTC, “Embassy & Co.” and “Hare & Co.” are the only “middleman” as defined by the WHFIT
Regulations unless the Depositor provides the Certificate Administrator with the identities of other “middlemen” that
are Certificateholders. The Certificate Administrator shall be entitled to rely on the first sentence of this Section 4.09(c)(i),
and shall be entitled to indemnification in accordance with the terms of this Agreement in the event that the IRS makes a determination
that any such notice is incorrect.

 

(i)           
The Certificate Administrator, in its discretion, shall report required WHFIT information using either the cash or accrual
method, except to the extent the WHFIT Regulations specifically require a different method. The Certificate Administrator shall
be under no obligation to determine whether any Certificateholder uses the cash or accrual method. The Certificate Administrator
shall make available (via the Certificate Administrator’s Website) WHFIT information to Certificateholders annually. In addition,
the Certificate Administrator shall not be responsible or liable for providing subsequently amended, revised or updated information
to any Certificateholder, unless requested by the Certificateholder.

 

     -398-

     

    

 

(ii)          
The Certificate Administrator shall not be liable for failure to meet the reporting requirements of the WHFIT Regulations
nor for any penalties thereunder if such failure is due to: (i) the lack of reasonably necessary information being provided to
the Certificate Administrator or (ii) incomplete, inaccurate or untimely information being provided to the Certificate Administrator.
Each owner of a class of securities representing, in whole or in part, beneficial ownership of an interest in a WHFIT, by acceptance
of its interest in such class of securities, will be deemed to have agreed to provide the Certificate Administrator with information
regarding any sale of such securities, including the price, amount of proceeds and date of sale. Absent receipt of information
regarding any sale of Certificates, including the price, amount of proceeds and date of sale from the beneficial owner thereof
or the Depositor, the Certificate Administrator shall assume there is no secondary market trading of WHFIT interests.

 

(iii)         
To the extent required by the WHFIT Regulations, the Certificate Administrator shall use reasonable efforts to publish on
the Certificate Administrator’s Website the CUSIPs for the Certificates that represent ownership of a WHFIT. The CUSIPs so
published will represent the Rule 144A CUSIPs. The Certificate Administrator shall make reasonable good faith efforts to keep the
website accurate and updated to the extent CUSIPs have been received. Absent the receipt of a CUSIP, the Certificate Administrator
will use a reasonable identifier number in lieu of a CUSIP. The Certificate Administrator shall not be liable for investor reporting
delays that result from the receipt of inaccurate or untimely CUSIP information.

 

Section 4.10         
[Reserved].

 

Article V

THE CERTIFICATES

 

Section 5.01         
The Certificates. (a) The Certificates consist of the Class A-2 Certificates, the Class A-3 Certificates, the
Class A-4 Certificates, the Class A-SB Certificates, the Class A-S Certificates, the Class X-A Certificates, the Class B Certificates,
the Class C Certificates, the Class D Certificates, the Class S Certificates, the Class R Certificates, the Class RR Certificates,
the Class BX-A Certificates, the Class BX-B Certificates, the Class BX-C Certificates, the BX-VRR Interest, the Class T333-A Certificates,
the Class T333-B Certificates, the Class T333-C Certificates, the Class T333-D Certificates, the T333-VRR Interest, the Class 825S-A
Certificates, the Class 825S-B Certificates, the Class 825S-C Certificates, the Class 825S-D Certificates, the Class 825S-E Certificates
and the 825S-VRR Interest. The Class A-3 Certificates (the “Direct Sale Certificates”) will be sold directly
by the Depositor to JPMCB, subject to the satisfaction of certain terms and conditions set forth in an agreement between the Depositor
and JPMCB.

 

The Class A-2,
Class A-3, Class A-4, Class A-SB, Class A-S, Class X-A, Class B, Class C, Class D, Class R and the Class RR
Certificates will be substantially in the forms for such Class of Certificates as set forth next to such Classes in the Table
of Exhibits to this Agreement. The Certificates of each Class (other than the Class S and Class R Certificates) will be issuable
in registered form only, in minimum denominations of authorized Certificate Balance

 

     -399-

     

    

 

or Notional Amount, as applicable, as described
in the succeeding table, and multiples of $l in excess thereof (or such lesser amount if the Certificate Balance or Notional Amount,
as applicable, is not a multiple of $1). The Class RR Certificates will be issuable in one or more Individual Certificates, in
minimum denominations of authorized Certificate Balance as described in the succeeding table, and multiples of $l in excess thereof
(or such lesser amount if the Certificate Balance is not a multiple of $1). The Direct Sale Certificates will initially be issued
as Individual Certificates to JPMCB on the Closing Date. With respect to any Certificate or any beneficial interest in a Certificate,
the “Denomination” thereof shall be (i) the amount (A) set forth on the face thereof or (B) in the case
of any Global Certificate, set forth on a schedule attached thereto or, in the case of any beneficial interest in a Global Certificate,
the amount set forth on the books and records of the related Depository Participant or indirect participating brokerage firm, as
applicable, (ii) expressed in terms of Certificate Balance or Notional Amount, as applicable, and (iii) be in an authorized
denomination, as set forth below:

 

	Class	 	Minimum

    Denomination	 	Aggregate
    Denomination of
 all Certificates of Class
	A-2 	 	$	100,000	 	 	$	116,375,000	 
	A-3 	 	$	100,000	 	 	$	120,334,000	 
	A-4 	 	$	100,000	 	 	$	153,669,000	 
	A-SB 	 	$	100,000	 	 	$	14,257,000	 
	X-A 	 	$	1,000,000	 	 	$	483,075,000	 
	A-S 	 	$	100,000	 	 	$	78,440,000	 
	B 	 	$	100,000	 	 	$	59,375,000	 
	C 	 	$	100,000	 	 	$	22,230,000	 
	D 	 	$	100,000	 	 	$	13,371,030	 
	RR  	 	$	100,000	 	 	$	24,048,739	 
	BX-A 	 	$	100,000	 	 	$	21,576,000	 
	BX-B 	 	$	100,000	 	 	$	40,428,000	 
	BX-C 	 	$	100,000	 	 	$	6,966,000	 
	BX-VRR Interest 	 	$	100,000	 	 	$	3,630,000	 
	T333-A 	 	$	100,000	 	 	$	5,717,000	 
	T333-B 	 	$	100,000	 	 	$	25,892,000	 
	T333-C 	 	$	100,000	 	 	$	26,103,000	 
	T333-D 	 	$	100,000	 	 	$	5,232,000	 
	T333-VRR Interest 	 	$	100,000	 	 	$	3,313,000	 
	825S-A 	 	$	100,000	 	 	$	1,833,000	 
	825S-B 	 	$	100,000	 	 	$	7,953,000	 
	825S-C 	 	$	100,000	 	 	$	8,064,000	 
	825S-D 	 	$	100,000	 	 	$	8,838,000	 
	825S-E 	 	$	100,000	 	 	$	9,412,000	 
	825S-VRR Interest 	 	$	100,000	 	 	$	1,900,000	 

 

Each Certificate will
share ratably in all rights of the related Class.

 

The Class S and
Class R Certificates will each be issuable in one or more Individual Certificates in minimum denominations of 5% Percentage Interests
and integral multiples of a 1% Percentage Interest in excess thereof and together aggregating the entire 100% Percentage Interest
in each such Class.

 

     -400-

     

    

 

The Global Certificates
shall be issued as one or more certificates registered in the name of a nominee designated by the Depository, and Certificate Owners
shall hold interests in the Global Certificates through the book-entry facilities of the Depository in the minimum Denominations
and aggregate Denominations and Classes as set forth above.

 

The Global Certificates
shall in all respects be entitled to the same benefits under this Agreement as Individual Certificates authenticated and delivered
hereunder.

 

The Retained Certificates
shall each be issuable in one or more Individual Certificates at all times during the Transfer Restriction Period.

 

(b)          
Except insofar as pertains to any Individual Certificate, the Trust Fund, the Certificate Administrator, the Paying Agent
and the Trustee may for all purposes (including the making of payments due on the Global Certificates and the giving of notice
to Holders thereof) deal with the Depository as the authorized representative of the Certificate Owners with respect to the Global
Certificates for the purposes of exercising the rights of Certificateholders hereunder; provided that, for purposes of transmitting
communications pursuant to Section 5.05(a) of this Agreement, to the extent that the Depositor has provided the Certificate
Administrator with the names of Certificate Owners (even if such Certificateholders hold their Certificates through the Depository)
the Certificate Administrator shall provide such information to such Certificate Owners directly. The rights of Certificate Owners
with respect to Global Certificates shall be limited to those established by law and agreements between such Certificateholders
and the Depository and Depository Participants. Except as set forth in Section 5.01(e) below, Certificate Owners of
Global Certificates shall not be entitled to physical certificates for the Global Certificates as to which they are the Certificate
Owners. Requests and directions from, and votes of, the Depository as Holder of the Global Certificates shall not be deemed inconsistent
if they are made with respect to different Certificate Owners. Subject to the restrictions on transfer set forth in this Section 5.01
of this Agreement and Applicable Procedures, the holder of a beneficial interest in a Global Certificate may request that the Certificate
Administrator cause the Depository (or any Agent Member) to notify the Certificate Registrar and the Certificate Custodian in writing
of a request for transfer or exchange of such beneficial interest for an Individual Certificate or Certificates. Upon receipt of
such a request and payment by the related Certificate Owner of any attendant expenses, the Certificate Administrator shall cause
the issuance and delivery of such Individual Certificates. The Certificate Registrar may establish a reasonable record date in
connection with solicitations of consents from or voting by Certificateholders and give notice to the Depository of such record
date. Without the written consent of the Certificate Registrar, no Global Certificate may be transferred by the Depository except
to a successor Depository that agrees to hold the Global Certificates for the account of the Certificate Owners.

 

(c)         
Any of the Certificates may be issued with appropriate insertions, omissions, substitutions and variations, and may have
imprinted or otherwise reproduced thereon such legend or legends, not inconsistent with the provisions of this Agreement, as may
be required to comply with any law or with rules or regulations pursuant thereto, or with the rules of any securities market in
which the Certificates are admitted to trading, or to conform to general usage.

 

     -401-

     

    

 

(d)         
The Global Certificates (i) shall be delivered by the Certificate Registrar to the Depository or, pursuant to the Depository’s
instructions on behalf of the Depository to, and deposited with, the Certificate Custodian, and in either case shall be registered
in the name of Cede & Co. and (ii) shall bear a legend substantially to the following effect:

 

“Unless this certificate is presented
by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Certificate
Registrar for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede &
Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co.
or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.”

 

The Global Certificates
may be deposited with such other Depository as the Certificate Registrar may from time to time designate, and shall bear such legend
as may be appropriate.

 

(e)           
If (i) the Depository advises the Certificate Administrator in writing that the Depository is no longer willing or
able properly to discharge its responsibilities as Depository, and the Certificate Administrator and the Depositor are unable to
locate a qualified successor within 90 days of such notice or (ii) the Trustee has instituted or has been directed to institute
any judicial proceeding to enforce the rights of the Holders of such Class and the Trustee has been advised by counsel that in
connection with such proceeding it is necessary or appropriate for the Certificate Registrar to obtain possession of the Certificates
of such Class, the Certificate Administrator shall notify the affected Certificate Owner or Owners through the Depository of the
occurrence of such event and the availability of Individual Certificates to such Certificate Owners requesting them. Upon surrender
to the Certificate Administrator of Global Certificates by the Depository, accompanied by registration instructions from the Depository
for registration of transfer, the Certificate Administrator shall issue the Individual Certificates. Neither the Trustee, the Certificate
Administrator, the Certificate Registrar, the Master Servicer, the Special Servicer nor the Depositor shall be liable for any actions
taken by the Depository or its nominee, including, without limitation, any delay in delivery of such instructions. Upon the issuance
of Individual Certificates, the Trustee, the Certificate Administrator, the Certificate Registrar and the Master Servicer shall
recognize the Holders of Individual Certificates as Certificateholders hereunder.

 

(f)          
If the Trustee, its agents, the Certificate Administrator, its agents or the Master Servicer or Special Servicer have instituted
or have been directed to institute any judicial proceeding in a court to enforce the rights of the Certificateholders under the
Certificates, and the Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer have been advised by
counsel that in connection with such proceeding it is necessary or appropriate for the Trustee, the Certificate Administrator,
the Master Servicer or the Special Servicer to obtain possession of the Certificates, the Trustee, the Certificate Administrator,
the Master Servicer or the Special Servicer may in their sole discretion determine that the Certificates represented by

     -402-

     

    

 

the Global
Certificates shall no longer be represented by such Global Certificates. In such event, the Certificate Administrator or the Authenticating
Agent will execute and authenticate and the Certificate Registrar will deliver, in exchange for such Global Certificates, Individual
Certificates (and if the Certificate Administrator or the Certificate Custodian has in its possession Individual Certificates previously
executed, the Authenticating Agent will authenticate and the Certificate Registrar will deliver such Certificates) in a Denomination
equal to the aggregate Denomination of such Global Certificates.

 

(g)          
Each Certificate may be printed or in typewritten or similar form, and each Certificate shall, upon original issue, be executed
and authenticated by the Certificate Administrator or the Authenticating Agent and delivered to, or at the order of, the Depositor.
All Certificates shall be executed by manual or facsimile signature on behalf of the Certificate Administrator or Authenticating
Agent by an authorized officer or signatory. Certificates bearing the signature of an individual who was at any time the proper
officer or signatory of the Certificate Administrator or Authenticating Agent shall bind the Certificate Administrator or Authenticating
Agent, notwithstanding that such individual has ceased to hold such office or position prior to the delivery of such Certificates
or did not hold such office or position at the date of such Certificates. No Certificate shall be entitled to any benefit under
this Agreement, or be valid for any purpose, unless there appears on such Certificate a certificate of authentication in the form
set forth in Exhibit A-1 through Exhibit A-27 executed by the Authenticating Agent by manual signature, and
such certificate of authentication upon any Certificate shall be conclusive evidence, and the only evidence, that such Certificate
has been duly authenticated and delivered hereunder. All Certificates shall be dated the date of their authentication.

 

(h)         
If, in connection with any Distribution Date, the Certificate Administrator shall have reported the amount of an anticipated
distribution to the Depository based on the expected receipt of any monthly payment based on information set forth in any report
of the Master Servicer or the Special Servicer, or any other monthly payment, Balloon Payment or prepayment expected to be or which
is paid on the last two Business Days preceding such Distribution Date, and the related Borrower fails to make such payments at
such time, the Certificate Administrator shall use commercially reasonable efforts to cause the Depository to make the revised
distribution on a timely basis on such Distribution Date. The Trustee, the Certificate Administrator (in any of its capacities),
the Master Servicer and the Special Servicer shall not be liable or held responsible for any resulting delay (or claims by the
Depository resulting therefrom) in the making of such distribution to Certificateholders. Any out-of-pocket costs incurred by the
Certificate Administrator as a consequence of a Borrower failing to make such payments shall be reimbursable to the Certificate
Administrator as an expense of the Trust Fund.

 

(i)          
During the Transfer Restriction Period, each Retained Certificate shall only be held as Individual Certificates in the Retained
Interest Safekeeping Account by the Certificate Administrator (and each Retaining Party’s respective interest shall be tracked
in the form of an entry in the Certificate Administrator’s trust accounting system under the Retained Interest Safekeeping
Account), for the benefit of the Holder of the related Certificate. The Certificate Administrator shall hold such Retained Certificates
in safekeeping and shall release the same only upon receipt of (i) written instructions from the holder of the Retained Certificates
and the Retaining Sponsor, and in accordance with any authentication procedures as may be

     -403-

     

    

 

utilized by the Certificate Administrator
and in accordance with this Agreement, and (ii) any certifications or other requirements governing transfers of the Retained Certificate
required under Section 5.02(m). There shall be, and hereby is, established by the Certificate Administrator an account
which will be designated the “Retained Interest Safekeeping Account” and into which the Retained Certificates shall
be held and which shall be governed by and subject to this Agreement. In addition, on and after the date hereof, the Certificate
Administrator may establish any number of subaccounts to the Retained Interest Safekeeping Account for each Retaining Party. The
Retained Certificates to be delivered in physical form to the Certificate Administrator shall be delivered as set forth herein.
No amounts distributable to the Retained Certificates shall be remitted to the Retained Interest Safekeeping Account, but shall
be remitted directly to each Retaining Party in accordance with written instructions provided separately by each Retaining Party
to the Certificate Administrator. Under no circumstances by virtue of safekeeping the Retained Certificates shall the Certificate
Administrator be obligated to bring legal action or institute proceedings against any person on behalf of the Retaining Parties.
During the Transfer Restriction Period and for such longer time as the applicable Retaining Party may request, the Certificate
Administrator shall hold the Retained Certificates in definitive, fully registered form without interest coupons at the below location,
or any other location; provided that the Certificate Administrator has given notice to each of the Retaining Parties of
such new location:

 

Wells Fargo Bank NA

Attn: Security Control
and Transfer (SCAT) – MAC N9345-010

425 E. Hennepin Avenue

Minneapolis, MN 55414

 

The Certificate Administrator
shall make available to each VRR Retaining Party its respective account information as mutually agreed upon by the Certificate
Administrator and such VRR Retaining Party, and in accordance with the Certificate Administrator’s policies and procedures.
Any transfer of a Certificate evidencing the VRR Interest or any Certificate evidencing either the BX-VRR Interest, the T333-VRR
Interest or the 825S-VRR Interest shall be subject to this Article V. During the Transfer Restriction Period, unless
the Retaining Sponsor and the Depositor otherwise consent in writing, the Certificate Administrator shall not permit any Person
to copy (other than for internal purposes), and shall not itself provide to any Person copies of, the executed Certificates held
by it in the Retained Interest Safekeeping Account.

 

Section 5.02         
Registration, Transfer and Exchange of Certificates. (a) The Certificate Administrator shall keep or cause to be
kept at its offices books (the “Certificate Register”) for the registration, transfer and exchange of Certificates
(the Certificate Administrator, in such capacity, being the “Certificate Registrar”). The Depositor, the Trustee,
the Master Servicer and the Special Servicer shall have the right to inspect the Certificate Register or to obtain a copy thereof
at all reasonable times, and to rely conclusively upon a certificate of the Certificate Registrar as to the information set forth
in the Certificate Register. The names and addresses of all Certificateholders and the names and addresses of the transferees of
any Certificates shall be registered in the Certificate Register; provided that, in no event shall the Certificate Registrar
be required to maintain in the Certificate Register the names of the individual Participants holding beneficial interests in the
Trust Fund through the Depository.

 

     -404-

     

    

 

The Person in whose name any Certificate is so registered shall be deemed and treated as the
sole owner and Holder thereof for all purposes of this Agreement and the Depositor, Certificate Registrar, the Master Servicer,
Special Servicer, the Trustee, the Certificate Administrator, any Paying Agent and any agent of any of them shall not be affected
by any notice or knowledge to the contrary. An Individual Certificate is transferable or exchangeable only upon the surrender of
such Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed by the Holder or
his duly authorized attorney), subject to the requirements of Section 5.01(g) and Sections 5.02(c), (d),
(e), (f), (g), (h) and (i) of this Agreement. Upon request of the Certificate Administrator,
the Certificate Registrar shall provide the Certificate Administrator with the names, addresses and Percentage Interests of the
Holders. In its capacity as Certificate Registrar, the Certificate Administrator shall be responsible for, among other things,
holding each Certificate evidencing the VRR Interest as Individual Certificates on behalf of each Holder of such Certificates in
accordance with Section 5.01(i).

 

(b)         
Upon surrender for registration of transfer of any Individual Certificate, subject to the requirements of Sections 5.02(c),
(d), (e), (f), (g), (h) and (i) of this Agreement, the Certificate Administrator shall
execute and the Authenticating Agent shall duly authenticate in the name of the designated transferee or transferees, one or more
new Certificates in Denominations of a like aggregate Denomination as the Individual Certificate being surrendered. Such Certificates
shall be delivered by the Certificate Registrar in accordance with Section 5.02(e) of this Agreement. Each Certificate
surrendered for registration of transfer shall be canceled and subsequently destroyed by the Certificate Registrar. Each new Certificate
issued pursuant to this Section 5.02 shall be registered in the name of any Person as the transferring Holder may request,
subject to the provisions of Sections 5.01(g) and 5.02(c), (d), (e), (f), (g), (h)
and (i) of this Agreement.

 

(c)           
In addition to the provisions of Sections 5.01(g) and (j) and 5.02(d), (e), (f),
(g), (h) and (i) of this Agreement and the rules of the Depository, the exchange, transfer and registration
of transfer of the Offered Certificates that are Individual Certificates or beneficial interests in the Global Certificates shall
be subject to the following restrictions:

 

(i)           
Transfers between Holders of Individual Certificates. With respect to the transfer and registration of transfer of
an Individual Certificate representing an interest in a Class of the Offered Certificates to a transferee that takes delivery in
the form of an Individual Certificate (other than transfers of the Class S or Class R Certificates, which may be made only in accordance
with Section 5.02(i) of this Agreement, and transfers of any Class RR Certificate or any Certificate evidencing the
BX-VRR Interest, the T333-VRR Interest or the 825S-VRR Interest, which may only be made in accordance with Section 5.02(c)(iv)
of this Agreement and during the Transfer Restriction Period in accordance with Section 5.01(i)):

 

(A)         
Other than the initial transfer from the Initial Purchasers to an initial investor, the Certificate Registrar shall register
the transfer of such Individual Certificate (other than the Direct Sale Certificates when initially sold to JPMCB) if the requested
transfer is being made by a transferee who has provided the Certificate Registrar with an Investment Representation Letter substantially
in the form of Exhibit D-1 to this Agreement (an “Investment Representation

 

     -405-

     

    

 

Letter”), to the
effect that the transfer is being made to a Qualified Institutional Buyer in accordance with Rule 144A;

 

(B)         
Other than the initial transfer from the Initial Purchasers to an initial investor, the Certificate Registrar shall register
the transfer of such Individual Certificate pursuant to Regulation S after the expiration of the Restricted Period if (1) the
transferor has provided the Certificate Registrar with a Regulation S Transfer Certificate substantially in the form of Exhibit G
to this Agreement (a “Regulation S Transfer Certificate”), and (2) the transferee furnishes to the Certificate
Registrar an Investment Representation Letter; or

 

(C)         
Other than the initial transfer from the Initial Purchasers to an initial investor, the Certificate Registrar shall register
the transfer of such Individual Certificate if prior to the transfer such transferee furnishes to the Certificate Registrar (1) an
Investment Representation Letter to the effect that the transfer is being made to an Institutional Accredited Investor or to an
Affiliated Person in accordance with an applicable exemption under the Act, and (2) in the case of a transfer to an Affiliated
Person, an opinion of counsel acceptable to the Certificate Registrar that such transfer is in compliance with the Act;

 

and, in each case, the Certificate
Registrar shall register the transfer of such Individual Certificate only if prior to the transfer the transferee furnishes to
the Certificate Registrar a written undertaking by the transferor to reimburse the Trust Fund for any costs incurred by it in connection
with the proposed transfer. In addition, the Certificate Registrar may, as a condition of the registration of any such transfer,
require the transferor to furnish such other certificates, legal opinions or other information (at the transferor’s expense)
as the Certificate Registrar may reasonably require to confirm that the proposed transfer is being made pursuant to an exemption
from, or in a commercial mortgage-backed securitization transaction not subject to, the registration requirements of the Act and
other applicable laws.

 

(ii)          
Transfers within the Global Certificates. Notwithstanding any provision to the contrary herein, so long as a Global
Certificate remains outstanding and is held by or on behalf of the Depository, transfers within such Global Certificate shall only
be made in accordance with this Section 5.02(c)(ii).

 

(A)        
Rule 144A Global Certificate to Regulation S Global Certificate During the Restricted Period. If, during the
Restricted Period, a Certificate Owner of an interest in a Rule 144A Global Certificate wishes at any time to transfer its
beneficial interest in such Rule 144A Global Certificate to a Person who wishes to take delivery thereof in the form of a
beneficial interest in the related Regulation S Global Certificate, such Certificate Owner may, in addition to complying with all
applicable rules and procedures of the Depository and Clearstream or Euroclear applicable to transfers by their respective participants
(the “Applicable Procedures”), transfer or cause the transfer of such beneficial interest for an equivalent
beneficial interest in such Regulation S Global Certificate only upon compliance with the provisions of this Section 5.02(c)(ii)(A).
Upon receipt by the Certificate Registrar at the Corporate

 

     -406-

     

    

 

Trust Office of (1) written instructions given in accordance with
the Applicable Procedures from an Agent Member directing the Certificate Registrar to credit or cause to be credited to another
specified Agent Member’s account a beneficial interest in the Regulation S Global Certificate in an amount equal to the Denomination
of the beneficial interest in the Rule 144A Global Certificate to be transferred, (2) a written order given in accordance
with the Applicable Procedures containing information regarding the account of the Agent Member and the Euroclear or Clearstream
account, as the case may be, to be credited with, and the account of the Agent Member to be debited for, such beneficial interest,
and (3) a certificate in the form of Exhibit H to this Agreement given by the Certificate Owner of such interest,
the Certificate Registrar shall instruct the Depository or the Certificate Custodian, as applicable, to reduce the Denomination
of the Rule 144A Global Certificate by the Denomination of the beneficial interest in the Rule 144A Global Certificate
to be so transferred and, concurrently with such reduction, to increase the Denomination of the Regulation S Global Certificate
by the Denomination of the beneficial interest in the Rule 144A Global Certificate to be so transferred, and to credit or
cause to be credited to the account of the Person specified in such instructions (who shall be an Agent Member acting for or on
behalf of Euroclear or Clearstream, or both, as the ease may be) a beneficial interest in the Regulation S Global Certificate having
a Denomination equal to the amount by which the Denomination of the Rule 144A Global Certificate was reduced upon such transfer.

 

(B)          
Rule 144A Global Certificate to Regulation S Global Certificate After the Restricted Period. If, after the Restricted
Period, a Certificate Owner of an interest in a Rule 144A Global Certificate wishes at any time to transfer its beneficial
interest in such Rule 144A Global Certificate to a Person who wishes to take delivery thereof in the form of a beneficial
interest in the related Regulation S Global Certificate, such holder may, in addition to complying with all Applicable Procedures,
transfer or cause the transfer of such beneficial interest for an equivalent beneficial interest in such Regulation S Global Certificate
only upon compliance with the provisions of this Section 5.02(c)(ii)(B). Upon receipt by the Certificate Registrar
at the Corporate Trust Office of (1) written instructions given in accordance with the Applicable Procedures from an Agent
Member directing the Certificate Registrar to credit or cause to be credited to another specified Agent Member’s account
a beneficial interest in the Regulation S Global Certificate in an amount equal to the Denomination of the beneficial interest
in the Rule 144A Global Certificate to be transferred, (2) a written order given in accordance with the Applicable Procedures
containing information regarding the account of the Agent Member and, in the case of a transfer pursuant to and in accordance with
Regulation S, the Euroclear or Clearstream account, as the case may be, to be credited with, and the account of the Agent Member
to be debited for, such beneficial interest, and (3) a certificate in the form of Exhibit I to this Agreement
given by the Certificate Owner of such interest, the Certificate Registrar shall instruct the Depository or the Certificate Custodian,
as applicable, to reduce the Denomination of the Rule 144A Global Certificate by the aggregate Denomination of the beneficial
interest in the Rule 144A Global Certificate to be

     -407-

     

    

 

so transferred and, concurrently with such reduction, to increase the Denomination
of the Regulation S Global Certificate by the aggregate Denomination of the beneficial interest in the Rule 144A Global Certificate
to be so transferred, and to credit or cause to be credited to the account of the Person specified in such instructions a beneficial
interest in the Regulation S Global Certificate having a Denomination equal to the amount by which the Denomination of the Rule 144A
Global Certificate was reduced upon such transfer.

 

(C)          
Regulation S Global Certificate to Rule 144A Global Certificate. If the Certificate Owner of an interest in
a Regulation S Global Certificate wishes at any time to transfer its beneficial interest in such Regulation S Global Certificate
to a Person who wishes to take delivery thereof in the form of a beneficial interest in the related Rule 144A Global Certificate,
such Certificate Owner may, in addition to complying with all Applicable Procedures, transfer or cause the transfer of such beneficial
interest for an equivalent beneficial interest in such Rule 144A Global Certificate only upon compliance with the provisions
of this Section 5.02(c)(ii)(C). Upon receipt by the Certificate Registrar at the Corporate Trust Office of (1) written
instructions given in accordance with the Applicable Procedures from an Agent Member directing the Certificate Registrar to credit
or cause to be credited to another specified Agent Member’s account a beneficial interest in the Rule 144A Global Certificate
in an amount equal to the Denomination of the beneficial interest in the Regulation S Global Certificate to be transferred, (2) a
written order given in accordance with the Applicable Procedures containing information regarding the account of the Agent Member
to be credited with, and the account of the Agent Member or, if such account is held for Euroclear or Clearstream, the Euroclear
or Clearstream account, as the case may be, to be debited for, such beneficial interest, and (3) with respect to a transfer of
a beneficial interest in a Regulation S Global Certificate for a beneficial interest in the related Rule 144A Global Certificate
(i) during the Restricted Period, a certificate in the form of Exhibit J to this Agreement given by the holder
of such beneficial interest or (ii) after the Restricted Period, an Investment Representation Letter from the transferee to
the effect that such transferee is a Qualified Institutional Buyer, the Certificate Registrar shall instruct the Depository or
the Certificate Custodian, as applicable, to reduce the Denomination of the Regulation S Global Certificate by the aggregate Denomination
of the beneficial interest in the Regulation S Global Certificate to be transferred, and, concurrently with such reduction, to
increase the Denomination of the Rule 144A Global Certificate by the aggregate Denomination of the beneficial interest in
the Regulation S Global Certificate to be so transferred, and to credit or cause to be credited to the account of the Person specified
in such instructions a beneficial interest in such Rule 144A Global Certificate having a Denomination equal to the amount
by which the Denomination of the Regulation S Global Certificate was reduced upon such transfer.

 

     -408-

     

    

 

(iii)         
Transfers from the Global Certificates to Individual Certificates. Any and all transfers from a Global Certificate
to a transferee wishing to take delivery in the form of an Individual Certificate will require the transferee to take delivery
subject to the restrictions on the transfer of such Individual Certificate described in a legend set forth on the face of such
Certificate substantially in the form of Exhibit F to this Agreement (the “Securities Legend”),
and such transferee agrees that it will transfer such Individual Certificate only as provided therein and herein. No such transfer
shall be made and the Certificate Registrar shall not register any such transfer unless such transfer is made in accordance with
this Section 5.02(c)(iii).

 

(A)        
Transfers of a beneficial interest in a Global Certificate to an Institutional Accredited Investor will require delivery
in the form of an Individual Certificate and the Certificate Registrar shall register such transfer only upon compliance with the
provisions of Section 5.02(c)(i)(C) of this Agreement.

 

(B)         
Transfers of a beneficial interest in a Global Certificate to a Qualified Institutional Buyer or a Regulation S Investor
wishing to take delivery in the form of an Individual Certificate will be registered by the Certificate Registrar only upon compliance
with the provisions of Section 5.02(c)(i)(A) or (B) of this Agreement, respectively.

 

(C)         
Notwithstanding the foregoing, no transfer of a beneficial interest in a Regulation S Global Certificate to an Individual
Certificate pursuant to Subparagraph (B) above shall be made prior to the expiration of the Restricted Period.

 

Upon acceptance for exchange
or transfer of a beneficial interest in a Global Certificate for an Individual Certificate, as provided herein, the Certificate
Registrar shall endorse on the schedule affixed to the related Global Certificate (or on a continuation of such schedule affixed
to such Global Certificate and made a part thereof) an appropriate notation evidencing the date of such exchange or transfer and
a decrease in the Denomination of such Global Certificate equal to the Denomination of such Individual Certificate issued in exchange
therefor or upon transfer thereof. Unless determined otherwise by the Certificate Registrar and the Depositor in accordance with
applicable law, an Individual Certificate issued upon transfer of or exchange for a beneficial interest in the Global Certificate
shall bear the Securities Legend.

 

(iv)        
Transfers of Individual Certificates to the Global Certificates. If a Holder of an Individual Certificate wishes
at any time to transfer such Certificate to a Person who wishes to take delivery thereof in the form of a beneficial interest in
the related Regulation S Global Certificate or the related Rule 144A Global Certificate, such transfer may be effected only
in accordance with the Applicable Procedures and this Section 5.02(c)(iv) (other than with respect to any Retained
Certificate during the Transfer Restriction Period, which shall be held as an Individual Certificate pursuant to Section 5.01(i)).
Upon receipt by the Certificate Registrar at the Corporate Trust Office of (1) the Individual Certificate to be transferred with
an assignment and transfer pursuant to Section 5.05(a) of this Agreement, (2) written instructions given in accordance
with the Applicable Procedures from an Agent Member directing the Certificate Registrar to credit or cause to be credited

 

     -409-

     

    

 

to a
specified Agent Member’s account a beneficial interest in such Regulation S Global Certificate or such Rule 144A Global
Certificate, as the case may be, in an amount equal to the Denomination of the Individual Certificate to be so transferred, (3) a
written order given in accordance with the Applicable Procedures containing information regarding the account of the Agent Member
and, in the case of any transfer pursuant to Regulation S, the Euroclear or Clearstream account, as the case may be, to be credited
with such beneficial interest, and (4) (x) an Investment Representation Letter from the transferee and, if delivery is
to be taken in the form of a beneficial interest in the Regulation S Global Certificate, a Regulation S Transfer Certificate from
the transferor or (y) an Investment Representation Letter from the transferee to the effect that such transferee is a Qualified
Institutional Buyer if delivery is to be taken in the form of a beneficial interest in the Rule 144A Global Certificate, the
Certificate Registrar shall cancel such Individual Certificate, execute and deliver a new Individual Certificate for the Denomination
of the Individual Certificate not so transferred, registered in the name of the Holder or the Holder’s transferee (as instructed
by the Holder), and the Certificate Registrar shall instruct the Depository or the Certificate Custodian, as applicable, to increase
the Denomination of the Regulation S Global Certificate or the Rule 144A Global Certificate, as the case may be, by the Denomination
of the Individual Certificate to be so transferred, and to credit or cause to be credited to the account of the Person specified
in such instructions who, in the case of any increase in the Regulation S Global Certificate during the Restricted Period, shall
be an Agent Member acting for or on behalf of Euroclear or Clearstream, or both, as the case may be, a corresponding Denomination
of the Rule 144A Global Certificate or the Regulation S Global Certificate, as the case may be.

 

It is the intent of the foregoing
that under no circumstances may an Institutional Accredited Investor that is not a Qualified Institutional Buyer take delivery
in the form of a beneficial interest in a Global Certificate, other than the initial transfer from the Initial Purchasers to an
initial investor.

 

(v)          
All Transfers. An exchange of a beneficial interest in a Global Certificate for an Individual Certificate or Certificates,
an exchange of an Individual Certificate or Certificates for a beneficial interest in a Global Certificate and an exchange of an
Individual Certificate or Certificates for another Individual Certificate or Certificates (in each case, whether or not such exchange
is made in anticipation of subsequent transfer, and, in the case of the Global Certificates, so long as the Global Certificates
remain outstanding and are held by or on behalf of the Depository), may be made only in accordance with this Section 5.02
and in accordance with the rules of the Depository and Applicable Procedures (other than with respect to any Retained Certificate
during the Transfer Restriction Period, which shall be held as an Individual Certificate pursuant to Section 5.01(i)).

 

(d)          
If Certificates are issued upon the transfer, exchange or replacement of Certificates not bearing the Securities Legend,
the Certificates so issued shall not bear the Securities Legend. If Certificates are issued upon the transfer, exchange or replacement
of Certificates bearing the Securities Legend, or if a request is made to remove the Securities Legend on a Certificate, the Certificates
so issued shall bear the Securities Legend, or the Securities Legend shall not be removed, as the case may be, unless there is
delivered to the

 

     -410-

     

    

 

Certificate Registrar such satisfactory evidence, which may include an opinion of counsel (at the expense of the
party requesting the removal of such legend) familiar with United States securities laws, as may be reasonably required by
the Certificate Registrar, that neither the Securities Legend nor the restrictions on transfers set forth therein are required
to ensure that transfers of any Certificate comply with the provisions of Rule 144A, Rule 144 or Regulation S under
the Act, the Risk Retention Rule or that such Certificate is not a “restricted security” within the meaning of Rule 144
under the Act. Upon provision of such satisfactory evidence, the Certificate Registrar shall execute and deliver a Certificate
that does not bear the Securities Legend.

 

(e)          
Subject to the restrictions on transfer and exchange set forth in Section 5.01(h) and in this Section 5.02,
the Holder of any Individual Certificate may transfer or exchange the same in whole or in part (with a denomination equal to any
authorized denomination) by surrendering such Certificate at the office of the Certificate Administrator or at the office of any
transfer agent appointed as provided under this Agreement, together with an instrument of assignment or transfer (executed by the
Holder or its duly authorized attorney), in the case of transfer, and a written request for exchange, in the case of exchange.
Following a proper request for transfer or exchange, the Certificate Registrar shall, within five Business Days of such request
if made at such office of the Certificate Administrator or within ten Business Days if made at the office of a transfer agent (other
than the Certificate Registrar), execute and deliver at the office of the Certificate Administrator or at the office of such transfer
agent, as the case may be, to the transferee (in the case of transfer) or Holder (in the case of exchange) or send by first-class
mail (at the risk of the transferee in the case of transfer or Holder in the case of exchange) to such address as the transferee
or Holder, as applicable, may request, an Individual Certificate or Certificates, as the case may require, for a like aggregate
Denomination and in such Denomination or Denominations as may be requested. The presentation for transfer or exchange of any Individual
Certificate shall not be valid unless made at the office of the Certificate Administrator or at the office of a transfer agent
by the registered Holder in person, or by a duly authorized attorney-in-fact. The Certificate Registrar may decline to accept any
request for an exchange or registration of transfer of any Certificate during the period of 15 days preceding any Distribution
Date.

 

(f)          
An Individual Certificate (other than an Individual Certificate issued in exchange for a beneficial interest in a Global
Certificate pursuant to Section 5.01 of this Agreement) or a beneficial interest in a Global Certificate may only be
transferred to Eligible Investors, as described herein. In the event that a Responsible Officer of the Certificate Registrar has
actual knowledge that such an Individual Certificate or beneficial interest in a Global Certificate is being held by or for the
benefit of a Person who is not an Eligible Investor, or that such holding is unlawful under the laws of a relevant jurisdiction,
then the Certificate Registrar shall have the right to void such transfer, if permitted under applicable law, or to require the
investor to sell such Individual Certificate or beneficial interest in a Global Certificate to an Eligible Investor within fourteen
days after notice of such determination and each Certificateholder by its acceptance of a Certificate authorizes the Certificate
Registrar to take such action.

 

(g)          
Subject to the provisions of this Section 5.02 regarding transfer and exchange, transfers of the Global Certificates
shall be limited to transfers of such Global

 

     -411-

     

    

 

Certificates in whole, but not in part, to nominees of the Depository or to a successor
of the Depository or such successor’s nominee.

 

(h)         
No fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of
transfer or exchange referred to in this Section 5.02 other than for transfers to Institutional Accredited Investors,
as provided herein. In connection with any transfer to an Institutional Accredited Investor, the transferor shall reimburse the
Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s review of the documents and any
legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided herein) incurred by the Certificate
Registrar in connection with such transfer. The Certificate Registrar may require payment by each transferor of a sum sufficient
to cover any tax, expense or other governmental charge payable in connection with any such transfer.

 

(i)           
Subject to Section 5.02(e) of this Agreement, transfers of the Class S or Class R Certificates may be made
only in accordance with this Section 5.02(i). The Certificate Registrar shall register the transfer of a Class R
Certificate only if (x) the transferor has advised the Certificate Registrar in writing that such Certificate is being transferred
to a Qualified Institutional Buyer (y) prior to such transfer the transferee furnishes to the Certificate Registrar an Investment
Representation Letter. The Certificate Registrar shall register the transfer of a Class S Certificate only if (x) the transferor
has advised the Certificate Registrar in writing that such Certificate is being transferred to a Qualified Institutional Buyer
or an Affiliated Person or an Institutional Accredited Investor and (y) prior to such transfer the transferee furnishes to
the Certificate Registrar an Investment Representation Letter. In addition, the Certificate Registrar may as a condition of the
registration of any such transfer require the transferor to furnish such other certifications, legal opinions or other information
(at the transferor’s expense) as it may reasonably require to confirm that the proposed transfer is being made pursuant to
an exemption from, or in a transaction not subject to, the registration requirements of the Act and other applicable laws.

 

(j)          
No transfer, sale, pledge or other disposition of any Class of the Offered Certificates or interest therein shall be made
unless that transfer, sale, pledge or other disposition is exempt from the registration and/or qualification requirements of the
Act and any applicable state securities laws, or is otherwise made in accordance with the Act and such state securities laws. Neither
the Depositor, the Master Servicer, the Certificate Administrator, the Trustee nor the Certificate Registrar are obligated to register
or qualify the Offered Certificates under the Act or any other securities law or to take any action not otherwise required under
this Agreement to permit the transfer of such Offered Certificates without registration or qualification. Any Certificateholder
desiring to effect such a transfer shall, and does hereby agree to, indemnify the Depositor, the Master Servicer, the Certificate
Administrator, the Trustee and the Certificate Registrar, against any loss, liability or expense that may result if the transfer
is not so exempt or is not made in accordance with such federal and state laws.

 

(k)          
No transfer of any Class S, Class R, Class RR, Class BX-C, Class T333-D, Class 825S-C, Class 825S-D and Class 825S-E
Certificate or of the BX-VRR Interest, T333-VRR Interest, 825S-VRR Interest or RR Interest (each, a “Restricted Certificate”)
shall be made to (i) an employee benefit plan or other retirement arrangement, including an individual retirement account
or Keogh plan, which is subject to the fiduciary responsibility provisions of

 

     -412-

     

    

 

ERISA or to Section 4975 of the Code, or a governmental
plan, as defined in Section 3(32) of ERISA, or other plan subject to any federal, state or local law (“Similar Law”)
which is to a material extent similar to the foregoing provisions of ERISA or the Code (each, a “Plan”) or (ii)
any person acting on behalf of any such Plan or using the assets of any such Plan (including any entity whose underlying assets
include plan assets within the meaning of Labor Regulations Section 2510.3-101, as modified by Section 3(42) of ERISA), other than
(except with respect to the Class RR Certificates, the BX-VRR Interest, the T333-VRR Interest, the 825S-VRR Interest, the Class
S Certificates, the Class R Certificates or the RR Interest), an insurance company using the assets of its general account
under circumstances whereby such purchase and the subsequent holding of such Certificate by such insurance company would be exempt
from the “prohibited transaction” provisions of Sections 406 and 407 of ERISA and Code Section 4975 under
Sections I and III of PTCE 95-60, or, in the case of a plan subject to Similar Law, where the acquisition, holding and disposition
of such Restricted Certificate will not constitute or result in a non-exempt violation under Similar Law. Except in connection
with the transfer thereof by the Depositor or a Retaining Party (provided that, in the case of a Retaining Party, such exception
shall apply only with respect to the transfer thereof on the Closing Date), each prospective transferee of a Restricted Certificate
shall deliver to the Depositor, the Certificate Registrar and the Certificate Administrator, a transfer or representation letter,
substantially in the form of Exhibit D-2 to this Agreement, stating that the prospective transferee is not and will
not become a Person referred to in (i) or (ii) above. Neither the Certificate Administrator nor the Certificate Registrar
shall register a Class S, Class R or Class RR Certificate in any Person’s name unless such Person has provided the letter
referred to in clause (A) of the preceding sentence. The transferee of a beneficial interest in a Global Certificate
that is a Restricted Certificate shall be deemed to represent that it is not and will not become a Plan or a Person acting on behalf
of any Plan or using the assets of any Plan to acquire such interest other than (except with respect to the Class RR Certificates,
the RR Interest, the BX-VRR Interest, the T333-VRR Interest, the 825S-VRR Interest, Class S Certificates or Class R Certificates)
an insurance company using the assets of its general account under circumstances whereby the purchase and holding by such insurance
company would be exempt from the “prohibited transaction” provisions of Sections 406 and 407 of ERISA and Section 4975
of the Code under Sections I and III of PTCE 95-60, or, in the case of a plan subject to Similar Law, where the acquisition,
holding and disposition of such Restricted Certificate will not constitute a non-exempt violation under Similar Law. Any transfer
of a Restricted Certificate that would violate or result in a non-exempt prohibited transaction under ERISA or Section 4975
of the Code or Similar Law shall be deemed absolutely null and void ab initio.

 

Each purchaser of Certificates
that is a Plan subject to ERISA and/or Section 4975 of the Code (an “ERISA Plan”) or is acting on behalf of
or using the assets of an ERISA Plan will be deemed to have represented and warranted that (i) none of the Depositor, the Trust,
the Trustee, any Initial Purchaser, the Master Servicer, the Special Servicer, the Certificate Administrator or any of their respective
affiliated entities, has provided any investment advice within the meaning of Section 3(21) of ERISA (and regulations thereunder)
to the ERISA Plan, or to any fiduciary or other person making the decision to invest the assets of the ERISA Plan (“Fiduciary”),
in connection with its acquisition of Certificates, and (ii) the Fiduciary is exercising its own independent judgment in evaluating
the transaction.

 

     -413-

     

    

 

(l)           
Each Person who has or acquires any Ownership Interest shall be deemed by the acceptance or acquisition of such Ownership
Interest to have agreed to be bound by the following provisions and the rights of each Person acquiring any Ownership Interest
are expressly subject to the following provisions:

 

(i)           
Each Person acquiring or holding any Ownership Interest shall be a Permitted Transferee and shall not acquire or hold such
Ownership Interest as agent (including a broker, nominee or other middleman) on behalf of any Person that is not a Permitted Transferee.
Any such Person shall promptly notify the Certificate Registrar of any change or impending change in its status (or the status
of the beneficial owner of such Ownership Interest) as a Permitted Transferee. Any acquisition described in the first sentence
of this Section 5.02(l) by a Person who is not a Permitted Transferee or by a Person who is acting as an agent of a
Person who is not a Permitted Transferee shall be void and of no effect, and the immediately preceding owner who was a Permitted
Transferee shall be restored to registered and beneficial ownership of the Ownership Interest as fully as possible.

 

(ii)           
No Ownership Interest may be Transferred, and no such Transfer shall be registered in the Certificate Register, without
the express written consent of the Certificate Registrar, and the Certificate Registrar shall not recognize the Transfer, and such
proposed Transfer shall not be effective, without such consent with respect thereto. In connection with any proposed Transfer of
any Ownership Interest, the Certificate Registrar shall, as a condition to such consent, (x) require delivery to it in form
and substance satisfactory to it, and the proposed transferee shall deliver to the Certificate Registrar and to the proposed transferor
an affidavit in substantially the form attached as Exhibit C-1 (a “Transferee Affidavit”) of
the proposed transferee (A) that such proposed transferee is a Permitted Transferee and (B) stating that (i) the
proposed transferee historically has paid its debts as they have come due and intends to do so in the future, (ii) the proposed
transferee understands that, as the holder of an Ownership Interest, it may incur liabilities in excess of cash flows generated
by the residual interest, (iii) the proposed transferee intends to pay taxes associated with holding the Ownership Interest
as they become due, (iv) the proposed transferee will not transfer the Ownership Interest to any Person that does not provide
a Transferee Affidavit or as to which the proposed transferee has actual knowledge that such Person is not a Permitted Transferee
or is acting as an agent (including a broker, nominee or other middleman) for a Person that is not a Permitted Transferee, (v) the
proposed transferee will not cause income from the Class R Certificate to be attributable to a foreign permanent establishment
or fixed base, within the meaning of an applicable income tax treaty, of the proposed transferee or any other U.S. Person and (vi) the
proposed transferee expressly agrees to be bound by and to abide by the provisions of this Section 5.02(l) and (y) other
than in connection with the initial issuance of the Class R Certificates, require a statement from the proposed transferor
substantially in the form attached as Exhibit C-2 (the “Transferor Letter”), that the proposed transferor
has no actual knowledge that the proposed transferee is not a Permitted Transferee and has no actual knowledge or reason to know
that the proposed transferee’s statements in the Transferee Affidavit are false.

 

(iii)         
Notwithstanding the delivery of a Transferee Affidavit by a proposed transferee under clause (ii) above, if a Responsible
Officer of the Certificate Registrar has

 

     -414-

     

    

 

actual knowledge that the proposed transferee is not a Permitted Transferee, no Transfer
to such proposed transferee shall be effected and such proposed Transfer shall not be registered on the Certificate Register; provided
that the Certificate Registrar shall not be required to conduct any independent investigation to determine whether a proposed transferee
is a Permitted Transferee.

 

Neither the Certificate
Administrator nor the Certificate Registrar shall have any obligation or duty to monitor, determine or inquire as to compliance
with any restriction or transfer imposed under Article V of this Agreement or under applicable law with respect to
any transfer of any Certificate (including, without limitation, the Securities Legend), or any interest therein, other than to
require delivery of the certification(s) and/or opinions of counsel described in Article V applicable with respect
to changes in registration of record ownership of Certificates in the Certificate Register. The Certificate Administrator and the
Certificate Registrar shall have no liability for transfers, including transfers made through the book-entry facilities of the
Depository or between or among Depository Participants or Certificate Owners made in violation of applicable restrictions.

 

Upon written notice to
the Certificate Registrar, or upon the Certificate Registrar having actual knowledge, that there has occurred a Transfer to any
Person that is a Disqualified Organization or an agent thereof (including a broker, nominee, or middleman) in contravention of
the foregoing restrictions, and in any event not later than 60 days after a request for information from the transferor of
such Ownership Interest, or such agent, the Certificate Registrar and the Certificate Administrator agree to furnish to the IRS
and the transferor of such Ownership Interest or such agent such information necessary to the application of Section 860E(e) of
the Code as may be required by the Code, including, but not limited to, the present value of the total anticipated excess inclusions
with respect to such Class R Certificate (or portion thereof) for periods after such Transfer. At the election of the Certificate
Registrar and the Certificate Administrator, the Certificate Registrar and the Certificate Administrator may charge a reasonable
fee for computing and furnishing such information to the transferor or to such agent referred to above; provided that such
Persons shall in no event be excused from furnishing such information.

 

(m)        
At all times during the Transfer Restriction Period, if a Transfer of any Retained Certificate after the Closing Date is
to be made, then, upon receipt of: (i) a certification from such Certificateholder’s prospective Transferee substantially
in the form attached hereto as Exhibit C-3 or Exhibit C-5, as applicable, which such certification must
be countersigned by the Retaining Sponsor with a medallion stamp guarantee of the Retaining Sponsor, (ii) a certification from
the Certificateholder desiring to effect such transfer substantially in the form attached hereto as Exhibit C-4 or
Exhibit C-6, as applicable, which such certification must be countersigned by the Retaining Sponsor with a medallion stamp
guarantee of the Retaining Sponsor, (iii) a W-9 completed by the Transferee and (iv) wire instructions and contact information
of the Transferee, the Certificate Administrator (which may conclusively rely upon such certifications) shall instruct the Certificate
Registrar to register such Transfer.  Upon receipt of the Certificate Administrator’s instruction, the Certificate Registrar
shall, subject to Section 5.02(e), register the Transfer of the Retained Certificate and reflect such Retained Certificate
in the name of the prospective Transferee and shall deliver written confirmation substantially in the form of Exhibit MM
to this Agreement. The Certificate Registrar shall not

 

     -415-

     

    

 

register a Transfer of any Retained Certificate after the Closing Date during
the Transfer Restriction Period unless it is so instructed by the Certificate Administrator. After the termination of the Transfer
Restriction Period, if a transfer of a Retained Certificate is to be made and such Retained Certificate is in Retained Interest
Safekeeping Account, then upon receipt of: (i) a certification from such Certificateholder’s prospective Transferee substantially
in the form attached hereto as Exhibit C-3 or Exhibit C-5, which such certification must be countersigned
by the Retaining Sponsor with a medallion stamp guarantee of the Retaining Sponsor and (ii) a certification from the Certificateholder
desiring to effect such transfer substantially in the form attached hereto as Exhibit C-4 or Exhibit C-6, which
such certification must be countersigned by the Retaining Sponsor with a medallion stamp guarantee of the Retaining Sponsor, the
Certificate Administrator (which may conclusively rely upon such certifications) shall instruct the Certificate Registrar to register
such Transfer, and upon receipt of the Certificate Administrator’s instruction, the Certificate Registrar shall register
the Transfer of the Retained Certificate and reflect such Retained Certificate in the name of the prospective Transferee. After
the termination of the Transfer Restriction Period, if a transfer of a Retained Certificate is to be made and such Retained Certificate
is in the Retained Interest Safekeeping Account, the Certificate Registrar shall not register a Transfer of such Retained Certificate
unless it is so instructed by the Certificate Administrator. For the avoidance of doubt, in no event shall a Retained Certificate
be held as a Book-Entry Certificate during the Transfer Restriction Period. After the Transfer Restriction Period, a Retained Certificate
may be transferred subject to the restrictions on transfer set forth in this Article V. Any transfer of an interest
in a Retained Certificate that is not in compliance with this Section 5.02 shall be null and void ab initio
to the extent permitted under applicable law.

 

(n)          
No Person shall be permitted to own, directly or indirectly, any interest in the RR Interest other than (i) GSMC or one
of its Majority Owned Affiliates that is not a Non-Exempt Person or (ii) a Person that provides financing permitted under the Risk
Retention Rule (a “Permitted Lender”) to GSMC or such Majority Owned Affiliate; provided, further, that if such
financing is provided by the Permitted Lender in a repurchase transaction, GSMC or such Majority-Owned Affiliate of GSMC may transfer
its interest in the applicable RR Interest to the Permitted Lender so long as GSMC or such Majority-Owned Affiliate is obligated
to repurchase such interest in such RR Interest pursuant to the terms of the related financing documents. Each RR Interest Owner,
if it wishes to transfer the applicable RR Interest, shall notify the Certificate Administrator in writing of such transfer and
identify the new RR Interest Owner. The Certificate Administrator shall register the ownership of the applicable RR Interest on
a registry of ownership maintained by the Certificate Administrator. Any transfer of the RR Interest (including to a Majority Owned
Affiliate) shall be null and void ab initio to the extent permitted under applicable law unless all of the following is
provided to the Certificate Administrator (i) the transferor of the RR Interest has executed and delivered to the Certificate Administrator
a certification in the form of Exhibit C-6 hereto and (ii) the transferee of the RR Interest has executed and delivered
to the Certificate Administrator a certification in the form of Exhibit C-5 hereto, which certification shall include wiring
instructions and contact information for such transferee. Notwithstanding anything else in this Agreement to the contrary, no Person
shall have any rights hereunder with respect to the RR Interest unless (i) in the case of GSMC or its Majority Owned Affiliate,
such Person is identified in writing to the Certificate Administrator as being the applicable RR Interest Owner, or (ii) in the
case of any subsequent transferee, such Person is identified as being the applicable RR Interest Owner on the ownership registry.
The

 

 

     -416-

     

    

Certificate Administrator, the other parties to this Agreement and the Certificateholders shall be entitled to treat the applicable
RR Interest Owner (in the case of any subsequent RR Interest Owner, as recorded on such ownership registry) as the owner in fact
thereof for all purposes and shall not be bound to recognize any equitable or other claim to or interest in the RR Interest on
the part of any other Person. Any transfer of an interest in the RR Interest that is not in compliance with this Section 5.02(n)
shall be null and void ab initio to the extent permitted under applicable law.

 

Section 5.03         
Mutilated, Destroyed, Lost or Stolen Certificates. If (i) any mutilated Certificate is surrendered to the Certificate
Registrar, or the Certificate Registrar receives evidence to its satisfaction of the destruction, loss or theft of any Certificate,
and (ii) there is delivered to the Certificate Registrar such security or indemnity as may be required by it to save it and
the Certificate Administrator harmless, then, in the absence of actual knowledge by a Responsible Officer of the Certificate Registrar
that such Certificate has been acquired by a bona fide purchaser, the Certificate Administrator or the Authenticating Agent shall
execute and authenticate and the Certificate Registrar shall deliver, in exchange for or in lieu of any such mutilated, destroyed,
lost or stolen Certificate, a new Certificate of the same Class and of like tenor and Percentage Interest. Upon the issuance of
any new Certificate under this Section 5.03, the Certificate Registrar may require the payment of a sum sufficient
to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees
and expenses of the Certificate Registrar) connected therewith. Any replacement Certificate issued pursuant to this Section 5.03
shall constitute complete and indefeasible evidence of ownership of the corresponding interest in the Trust Fund, as if originally
issued, whether or not the lost, stolen or destroyed Certificate shall be found at any time.

 

Section 5.04         
Appointment of Paying Agent. The Certificate Administrator may appoint a paying agent (a “Paying Agent”)
for the purpose of making distributions to Certificateholders pursuant to Section 4.01 of this Agreement. The Certificate
Administrator shall cause such Paying Agent, if other than the Certificate Administrator, the Trustee or the Master Servicer, to
execute and deliver to the Master Servicer and the Trustee an instrument in which such Paying Agent shall agree with the Master
Servicer and the Trustee that such Paying Agent will hold all sums held by it for the payment to Certificateholders in trust for
the benefit of the Certificateholders entitled thereto until such sums have been paid to the Certificateholders or disposed of
as otherwise provided herein. The initial Paying Agent shall be the Certificate Administrator. Except for the Certificate Administrator,
as the initial Paying Agent, the Paying Agent shall at all times be an entity having a long-term unsecured debt rating of at least
“Baa2” by Moody’s, “A” from Fitch and “A (low)” by DBRS Morningstar (or, if not rated
by DBRS Morningstar, an equivalent (or higher) rating by any two other NRSROs), or shall be otherwise acceptable to each Rating
Agency, as confirmed by a receipt of a Rating Agency Confirmation.

 

Section 5.05         
Access to Certificateholders’ Names and Addresses; Special Notices. (a) If any Certifying Certificateholder
(for purposes of this Section 5.05, an “Applicant”) applies in writing to the Certificate Registrar,
and such application states that the Applicant desires to communicate with other Certificateholders with respect to its rights
under this Agreement, the Certificate Registrar shall, within ten (10) Business Days after the receipt of such request, afford
such Certificateholder (at such Certificateholder’s sole cost and expense)

 

     -417-

     

    

 

access during normal business hours to a current
list of the Certificateholders related to the Class of Certificates held by such Certificateholder.

 

Any Certificateholder
or Certificate Owner wishing to communicate with other Certificateholders and Certificate Owners regarding the exercise of its
rights under the terms of this Agreement (such party, a “Requesting Investor”) may deliver a written request
(a “Communication Request”) signed by an authorized representative of the Requesting Investor to the Certificate
Administrator. Any Communication Request shall contain the method other Certificateholders and Certificate Owners should use to
contact the Requesting Investor, and, if the Requesting Investors is not the registered holder of a Class of Certificates, then
the Communication Request must contain (i) a written certification from the Requesting Investor that it is a beneficial owner of
a class of certificates, (ii) the name of the transaction, Benchmark 2020-IG3 and (iii) one of the following forms of documentation
evidencing its beneficial ownership in such class of certificates: (A) a trade confirmation, (B) an account statement, (C) a medallion
stamp guaranteed letter from a broker or dealer stating the Requesting Investor is the beneficial owner, or (D) a document reasonably
acceptable to the Certificate Administrator that is similar to any of the documents identified in clauses (A) through (C). The
Certificate Administrator shall not be permitted to require any information other than the foregoing in verifying a Certificateholder’s
or Certificate Owner’s identity in connection with a Communication Request. Requesting Investors will be responsible for
their own expenses in making any Communication Request, but will not be required to bear any expenses of the Certificate Administrator.
Upon receipt of such request, the Certificate Administrator shall furnish or cause to be furnished to such Applicant a list of
the names and addresses of the Certificateholders as of the most recent Record Date.

 

(b)         
Every Certificateholder, by receiving and holding its Certificate, agrees with the Certificate Administrator and the Certificate
Registrar that the Certificate Administrator and the Certificate Registrar shall not be held accountable in any way by reason of
the disclosure of any information as to the names and addresses of the Certificateholders hereunder, regardless of the source from
which such information was derived.

 

(c)           
Upon the written request of any Certifying Certificateholder that (a) states that such Certificateholder desires the
Certificate Administrator to transmit a notice to all Certificateholders stating that such Certificateholder wishes to be contacted
by other Certificateholders, setting forth the relevant contact information and briefly stating the reason for the requested contact
and (b) provides a copy of the Special Notice which such Certificateholder proposes to transmit, the Certificate Administrator
shall deliver such Special Notice to all Certificateholders at their respective addresses appearing on the Certificate Register.
The costs and expenses of the Certificate Administrator associated with delivering with any such Special Notice shall be borne
by the party requesting such Special Notice. Every Certificateholder, by receiving and holding a Certificate, agrees that neither
the Certificate Administrator nor the Certificate Registrar shall be held accountable by reason of the disclosure of any such Special
Notice to Certificateholders, regardless of the information set forth in such Special Notice.

 

Section 5.06         
Actions of Certificateholders. (a) Any request, demand, authorization, direction, notice, consent, waiver or other
action provided by this Agreement to be given or taken by Certificateholders may be embodied in and evidenced by one or more instruments
of substantially similar tenor signed by such Certificateholders in person or by agent

 

     -418-

     

    

 

duly appointed in writing; and except as
herein otherwise expressly provided that, such action shall become effective when such instrument or instruments are delivered
to the Certificate Administrator and the Trustee and, when required, to the Master Servicer. Proof of execution of any such instrument
or of a writing appointing any such agent shall be sufficient for any purpose of this Agreement and conclusive in favor of the
Certificate Administrator, the Trustee and the Master Servicer, if made in the manner provided in this Section.

 

(b)          
The fact and date of the execution by any Certificateholder of any such instrument or writing may be proved in any reasonable
manner which the Certificate Administrator or the Trustee deems sufficient.

 

(c)          
Any request, demand, authorization, direction, notice, consent, waiver or other act by a Certificateholder shall bind every
Holder of every Certificate issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof, in respect
of anything done, or omitted to be done, by the Certificate Administrator or the Trustee or the Master Servicer in reliance thereon,
whether or not notation of such action is made upon such Certificate.

 

(d)          
The Certificate Administrator, the Trustee or Certificate Registrar may require such additional proof of any matter referred
to in this Section 5.06 as it shall deem necessary.

 

Section 5.07         
Rule 144A Information. The Certificate Administrator shall, upon request of any Certifying Certificateholder that
is a Holder of an Offered Certificate or any beneficial owner of such a Certificate, furnish to such Holder or beneficial owner
or a prospective purchaser designated by such Holder or beneficial owner who is a Qualified Institutional Buyer the information
required to be delivered under Rule 144A(d)(4) under the Act, to the extent such information has been provided to the Certificate
Administrator and has been identified as Rule 144A information (which shall include all information on the Certificate Administrator’s
Website and all information currently required to be made available to Certificateholders, as well as any other specifically identified
information herein).

 

Section 5.08         
Voting Procedures. With respect to any matters submitted to Certificateholders for a vote, the Certificate Administrator
shall administer such vote through the Depository with respect to Book-Entry Certificates and directly with registered Holders
by mail with respect to Individual Certificates. In each case, such vote shall be administered in accordance with the following
procedures, unless different procedures are otherwise described herein with respect to a specific vote:

 

(a)           
Any matter submitted to Certificateholders for a vote shall be announced in a notice prepared by the Certificate Administrator.
Such notice shall include the record date determined by the Certificate Administrator for purposes of the vote and a voting deadline
which shall be no less than thirty (30) days and no later than sixty (60) days after the date such notice is distributed. The notice
and related ballot shall be sent to Holders of Book-Entry Certificates through the Depository and by mail to the registered Holders
of Individual Certificates. In addition, the notice and related ballot shall be posted to the Certificate Administrator’s
Website. Notices delivered in this manner shall be considered delivered to all Holders regardless of whether any Holder actually
receives the notice and ballot.

 

     -419-

     

    

 

(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.

 

     -420-

     

    

 

Article VI

THE DEPOSITOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE DIRECTING HOLDER and THE RISK RETENTION CONSULTATION PARTies

 

Section 6.01         
Liability of the Depositor, the Master Servicer and the Special Servicer. The Depositor, the Master Servicer and
the Special Servicer each shall be liable in accordance herewith only to the extent of the obligations specifically imposed by
this Agreement.

 

Section 6.02         
Merger or Consolidation of the Master Servicer, the Special Servicer or the Depositor. Subject to the following paragraph,
each of the Master Servicer and the Special Servicer shall keep in full effect its existence, rights and good standing as a national
banking association under the laws of the United States of America, and shall not jeopardize its ability to do business in each
jurisdiction in which the Mortgaged Properties securing the Mortgage Loans that it is servicing are located or to protect the validity
and enforceability of this Agreement, the Certificates or any of such Mortgage Loans that it is servicing and to perform its respective
duties under this Agreement.

 

Each of the Master Servicer,
the Special Servicer or the Depositor may be merged or consolidated with or into any Person, or transfer all or substantially all
of its assets to any Person, in which case any Person into which the Master Servicer, the Special Servicer or the Depositor may
be merged or consolidated, or any Person resulting from any merger or consolidation to which the Master Servicer, the Special Servicer
or the Depositor is a party, or any Person succeeding to the business of the Master Servicer, the Special Servicer or the Depositor,
shall be the successor of the Master Servicer, the Special Servicer or the Depositor, as applicable, hereunder, and shall be deemed
to have assumed all of the liabilities of the Master Servicer, the Special Servicer or the Depositor, as applicable, hereunder,
if each of the Rating Agencies has provided a Rating Agency Confirmation relating to the Certificates and Serviced Companion Loan
Securities, if any; provided that none of the Master Servicer or the Special Servicer shall be required to obtain a Rating
Agency Confirmation from any Rating Agency if the Master Servicer or Special Servicer, as applicable, is merged into or consolidated
with a Qualified Affiliate or transfers all or substantially all of its assets to a Qualified Affiliate; provided, further,
if the Master Servicer or the Special Servicer enters into a merger and the Master Servicer or the Special Servicer, as applicable,
is the surviving entity under applicable law, the Master Servicer or the Special Servicer, as applicable, shall not, as a result
of the merger, be required to provide a Rating Agency Confirmation or obtain the consent of the Depositor. Notwithstanding the
foregoing, no Master Servicer or Special Servicer may remain the Master Servicer or the Special Servicer, as applicable, under
this Agreement after (x) being merged or consolidated with or into any Person that is a Prohibited Party, or (y) transferring
all or substantially all of its assets to any Person if such Person is a Prohibited Party, except to the extent (i) the Master
Servicer or the Special Servicer, as applicable, is the surviving entity of such merger, consolidation or transfer and has been
and continues to be in compliance with its Regulation AB reporting obligations hereunder or (ii) the Depositor consents to
such merger, consolidation or transfer, which consent shall not be unreasonably withheld.

 

Section 6.03         
Limitation on Liability of the Depositor, the Master Servicer, the Special Servicer and Others. (a) None of the Depositor,
the Master Servicer, the Special Servicer nor any Affiliates, partners, shareholders, directors, officers, employees, members,

 

     -421-

     

    

 

managers, representatives or agents (including sub-servicers) of the Depositor, the Master Servicer or the Special Servicer shall
be under any liability to the Trust Fund, the Certificateholders, the RR Interest Owner or any Serviced Companion Loan Noteholders,
any party hereto or any third party beneficiary for any action taken, or for refraining from the taking of any action, in good
faith pursuant to this Agreement (including actions taken or not taken at the direction of any Directing Holder), or for errors
in judgment; provided that this provision shall not protect the Depositor, the Master Servicer or the Special Servicer,
or any Affiliate, representative, member, manager, director, officer, employee or agent (including sub-servicers) of the Depositor,
the Master Servicer or the Special Servicer, against any breach of warranties or representations made herein, or against any liability
which would otherwise be imposed by reason of willful misconduct, bad faith, fraud or negligence (or in the case of the Master
Servicer or Special Servicer, by reason of any specific liability imposed hereunder for a breach of the Servicing Standard) in
the performance of duties or by reason of negligent disregard of obligations or duties hereunder. The Depositor, the Master Servicer,
the Special Servicer and any Affiliate, representative, member, manager, director, officer, employee or agent (including sub-servicers)
of the Depositor, the Master Servicer or the Special Servicer may rely in good faith on any document of any kind which, prima
facie, is properly executed and submitted by any appropriate Person respecting any matters arising hereunder. In addition,
in no event shall the Depositor be obligated to cause any party to perform or comply with the obligations to remit the CREFC®
Intellectual Property Royalty License Fee to CREFC®, to report any such CREFC® Intellectual Property
Royalty License Fee so paid or to make available any Distribution Date Statement to the general public (or in particular, CREFC®).

 

The Trust Fund and each
Serviced Companion Loan Noteholder shall be indemnified and held harmless by each of the Master Servicer and the Special Servicer
(severally and not jointly) for any loss, liability or expense (including legal fees and expenses) incurred in connection with
any claim, loss, penalty, fine, foreclosure, judgment or liability relating to this Agreement or the Certificates, incurred by
the Trust Fund or such Serviced Companion Loan Noteholder, as applicable, by reason of willful misconduct, bad faith, fraud or
negligence in the performance of duties hereunder, or by reason of negligent disregard of obligations and duties thereunder, on
the part of such indemnifying party.

 

The Depositor, the Master
Servicer, the Special Servicer and any Affiliates, directors, officers, employees, members, managers, representatives and agents
(including sub-servicers) of the Depositor, the Master Servicer and the Special Servicer shall be indemnified and held harmless
by the Trust Fund for any loss, liability or expense (including legal fees and expenses (including any such expenses incurred in
enforcing this indemnity)) incurred in connection with any claim, loss, penalty, fine, foreclosure, judgment, liability or legal
action relating to this Agreement or the Certificates, other than any loss, liability or expense (including legal fees and expenses
(including any such expenses incurred in enforcing this indemnity)) (i) incurred by such party by reason of willful misconduct,
bad faith, fraud or negligence in the performance of duties hereunder or by reason of negligent disregard of obligations and duties
thereunder or (ii) in the case of the Depositor and any of its Affiliates, directors, officers, representatives, members,
managers, employees and agents, incurred in connection with any violation by any of them of any state or federal securities law;
provided that such indemnified parties shall be paid out of the Collection Account in accordance with Section 3.06(a)
of this Agreement; provided, further, that if such matter relates directly to any Serviced Whole Loan,

 

     -422-

     

    

 

such indemnified
parties shall be paid first out of the applicable Serviced Whole Loan Collection Account (allocated in accordance with the
expense allocation provision of the related Intercreditor Agreement), and then, if funds therein are insufficient, out of
the Collection Account; provided that the Master Servicer shall, after receiving payment from amounts on deposit in the
Collection Account, if any, (i) promptly notify the related Companion Loan Noteholder and (ii) use commercially reasonable
efforts to exercise on behalf of the Trust any rights under the related Intercreditor Agreement to obtain reimbursement for a pro
rata portion of such amount allocable to the related Serviced Companion Loans from the related Companion Loan Noteholders.

 

(b)         
None of the Depositor, the Master Servicer or the Special Servicer shall be under any obligation to appear in, prosecute
or defend any legal action that (i) is not incidental to its respective duties under this Agreement or (ii) in its opinion, may
expose it to any expense or liability not recoverable from the Trust Fund; provided that each of the Depositor, the Master
Servicer or the Special Servicer may in its discretion undertake any such action that it may deem necessary or desirable in respect
to this Agreement and the rights and duties of the parties hereto and the interests of the Certificateholders, the RR Interest
Owner and holders of Serviced Companion Loan Securities, if applicable, hereunder. In such event, the legal expenses and costs
of such action and any liability resulting therefrom shall be expenses, costs and liabilities of the Trust Fund and the Depositor,
the Master Servicer and the Special Servicer shall be entitled to be reimbursed therefor from the Collection Account in accordance
with Section 3.06(a) of this Agreement no later than 60 days after submitting such expenses or costs for reimbursement,
provided that a failure to reimburse such parties within such 60 days will not affect or limit such parties’ rights
to receive reimbursement hereunder; provided, further, that in the case of any Serviced Whole Loan, such amounts
shall be allocated in accordance with the expense allocation provision of the related Intercreditor Agreement, and such parties
shall be entitled to be reimbursed first, from the applicable Serviced Whole Loan Collection Account and then, from
the Collection Account, all in accordance with Section 3.06(a) of this Agreement and the related Intercreditor Agreement.

 

(c)          
The terms of this Section 6.03 shall survive the termination of any party hereto or of this Agreement.

 

(d)          
For the avoidance of doubt, with respect to any indemnification provisions in this Agreement providing that the Trust Fund
or a party to this Agreement is required to indemnify another party to this Agreement for costs, fees and expenses, such costs,
fees and expenses shall include costs (including, but not limited to reasonable attorney’s fees and expenses) of the enforcement
of such indemnity.

 

Section 6.04         
Limitation on Resignation of the Master Servicer and the Special Servicer; Termination of the Master Servicer and the
Special Servicer. (a) Each of the Master Servicer and the Special Servicer may assign their respective rights and delegate
their respective duties and obligations under this Agreement in connection with the sale or transfer of a substantial portion of
their commercial mortgage servicing, asset management or commercial mortgage surveillance, portfolio, provided that: (i) the
purchaser or transferee accepting such assignment and delegation (A) shall be an established mortgage finance institution,
bank or mortgage servicing institution, organized and doing business under the laws of the United States of America, any state
of the United States of America or the District of Columbia, authorized

 

     -423-

     

    

 

under such laws to perform the duties of the Master Servicer
or Special Servicer or a Person resulting from a merger, consolidation or succession that is permitted under Section 6.02
of this Agreement, (B) shall be acceptable to each Rating Agency as confirmed in a Rating Agency Confirmation delivered to
the Trustee and the Certificate Administrator relating to the Certificates and Serviced Companion Loan Securities, if any, (C)
shall execute and deliver to the Trustee and the Certificate Administrator an agreement that contains an assumption by such Person
of the due and punctual performance and observance of each covenant and condition to be performed or observed by the Master Servicer
or Special Servicer, as applicable under this Agreement from and after the date of such agreement and (D) shall not be a Prohibited
Party; (ii) the Master Servicer or the Special Servicer shall not be released from its obligations under this Agreement that
arose prior to the effective date of such assignment and delegation under this Section 6.04; (iii) the rate at
which the Servicing Compensation or Special Servicing Compensation, as applicable (or any component thereof) is calculated shall
not exceed the rate then in effect and (iv) the resigning Master Servicer or Special Servicer, as applicable, shall be responsible
for the reasonable costs and expenses of each other party hereto and the Rating Agencies in connection with such transfer. Upon
acceptance of such assignment and delegation, the purchaser or transferee shall be the successor Master Servicer or Special Servicer,
as applicable, hereunder.

 

(b)         
Except as provided in Section 6.02 of this Agreement and this Section 6.04, the Master Servicer
and the Special Servicer shall not resign from its respective obligations and duties hereby imposed on it except (i) upon
determination that such duties hereunder are no longer permissible under applicable law, or (ii) in connection with the assignment
of rights and delegation of duties as set forth in Section 6.04(a). Any such determination described in clause (i)
above permitting the resignation of the Master Servicer or the Special Servicer, as applicable, shall be evidenced by an Opinion
of Counsel (obtained at the resigning Master Servicer’s or Special Servicer’s expense) to such effect delivered to
the Trustee and the Certificate Administrator.

 

(c)          
The Trustee shall be permitted to remove the Master Servicer or the Special Servicer upon a Master Servicer Termination
Event or Special Servicer Termination Event, as applicable. Without limiting the generality of the succeeding paragraph, no such
removal shall be effective unless and until (i) the Master Servicer or the Special Servicer has been paid any unpaid Servicing
Compensation or Special Servicing Compensation, as applicable, unreimbursed Advances (including Advance Interest Amounts thereon
to which it is entitled) and all other amounts to which the Master Servicer or the Special Servicer is entitled hereunder to the
extent such amounts accrue prior to such effective date and (ii) with respect to a resignation by the Master Servicer, the
successor Master Servicer has deposited into the Investment Accounts from which amounts were withdrawn to reimburse the terminated
Master Servicer, an amount equal to the amounts so withdrawn, to the extent such amounts would not have been permitted to be withdrawn
except pursuant to this paragraph, in which case the successor Master Servicer shall, immediately upon deposit, have the same right
of reimbursement or payment as the terminated Master Servicer had immediately prior to its termination without regard to the operation
of this paragraph.

 

(d)          
No resignation or removal of the Master Servicer or the Special Servicer as contemplated by the preceding paragraphs of
this Section 6.04 shall become effective until

 

     -424-

     

    

 

(i) the Trustee or a successor Master Servicer or Special Servicer
shall have assumed the resigning or terminated Master Servicer’s or Special Servicer’s responsibilities, duties, liabilities
and obligations hereunder, (ii) the Certificate Administrator shall have filed any required Form 8-K pursuant to Section 10.09,
(iii) any other information required under Section 10.03 or Section 10.09 has been delivered to any
applicable Other Depositor with respect to any related Companion Loan, and (iv) as to any resignation, removal, succession,
merger or consolidation of the Master Servicer or the Special Servicer that would constitute a Reportable Event, upon at least
4 Business Days prior notice of the anticipated effective date of such event, the Certificate Administrator and the Depositor shall
cooperate in a timely manner with the Master Servicer, the Special Servicer or any other Person pursuing such resignation, removal,
succession, merger or consolidation, as applicable, in connection with the Depositor’s or the Certificate Administrator’s
obligation to file any related required Form 8-K relating to this Trust on the anticipated effective date of such event. If no
successor Master Servicer or Special Servicer can be obtained to perform such obligations for the same compensation to which the
terminated Master Servicer or Special Servicer would have been entitled, additional amounts payable to such successor Master Servicer
or Special Servicer shall be treated as Realized Losses.

 

Section 6.05         
Rights of the Depositor and the Trustee in Respect of the Master Servicer and the Special Servicer. Solely with respect
to their performance of their respective duties under this Agreement, the Master Servicer and the Special Servicer shall afford
the Depositor, the Initial Purchasers, the Certificate Administrator, the Trustee and the Rating Agencies, upon reasonable notice,
during normal business hours access to all records maintained by it in respect of its rights and obligations hereunder and access
to its officers responsible for such obligations. Upon written request, the Master Servicer and/or the Special Servicer, as applicable,
shall furnish to the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee its most
recent publicly available financial statements (or, with respect to the Master Servicer, those of its ultimate parent) and such
other non-proprietary information as the Master Servicer or the Special Servicer, as the case may be, shall determine in its sole
and absolute discretion as it possesses, which is relevant to the performance of its duties hereunder and which it is not prohibited
by applicable law or contract from disclosing. The Depositor may, but is not obligated to, enforce the obligations of the Master
Servicer or the Special Servicer hereunder which are in default and may, but is not obligated to, perform, or cause a designee
to perform, any defaulted obligation of such Person hereunder or exercise any rights of such Person hereunder, provided
that the Master Servicer and the Special Servicer shall not be relieved of any of its obligations hereunder by virtue of such performance
by the Depositor or its designee. If the Depositor or its designee undertakes any such action, it will be reimbursed by the Trust
Fund from the Collection Accounts (or with respect to a Serviced Whole Loan, to the extent such reimbursement is allocable to such
Serviced Whole Loan Collection Account), as provided in Section 3.06 and Section 6.03(a) hereof to the
extent not recoverable from the Master Servicer or Special Servicer, as applicable. None of the Depositor, the Certificate Administrator,
the Trustee, the Master Servicer (solely with respect to any action or failure to act by the Special Servicer) or the Special Servicer
(solely with respect to any action or failure to act by the Master Servicer) shall have any responsibility or liability for any
action or failure to act by the Master Servicer or the Special Servicer and no such party is obligated to monitor or supervise
the performance of the Master Servicer or the Special Servicer under this Agreement or otherwise. Neither the Master Servicer nor
the Special Servicer shall be under any obligation to disclose confidential or proprietary information pursuant to this Section.

 

     -425-

     

    

 

Section 6.06         
The Master Servicer or Special Servicer as Owners of a Certificate. The Master Servicer or an Affiliate of the Master
Servicer, or the Special Servicer or an Affiliate of the Special Servicer, may become the Holder (or with respect to a Global Certificate,
Certificate Owner) of any Certificate with the same rights it would have if it were not the Master Servicer or the Special Servicer
or an Affiliate thereof. If, at any time during which the Master Servicer or the Special Servicer or an Affiliate of the Master
Servicer or the Special Servicer is the Holder or Certificate Owner of any Certificate, the Master Servicer or the Special Servicer
proposes to take action (including for this purpose, omitting to take action) that (i) is not expressly prohibited by the
terms hereof and would not, in the Master Servicer’s or the Special Servicer’s good faith judgment, violate the Servicing
Standard, and (ii) if taken, might nonetheless, in the Master Servicer’s or the Special Servicer’s good faith
judgment, be considered by other Persons to violate the Servicing Standard, the Master Servicer or the Special Servicer may, but
will not be required to, seek the approval of the Certificateholders to such action (or inaction) by delivering to the Certificate
Administrator a written notice that (i) states that it is delivered pursuant to this Section 6.06, (ii) identifies
the Percentage Interest in each Class of Certificates beneficially owned by the Master Servicer or the Special Servicer or an Affiliate
of the Master Servicer or the Special Servicer and (iii) describes in reasonable detail the action (or inaction) that the
Master Servicer or the Special Servicer proposes to take (or refrain from taking). The Certificate Administrator, upon receipt
of such notice, shall forward it to the Certificateholders (other than the Master Servicer and its Affiliates or the Special Servicer
and its Affiliates, as appropriate) together with such instructions for response as the Certificate Administrator shall reasonably
determine. If at any time Certificateholders holding a majority of the Voting Rights of all Certificateholders and, if no Control
Termination Event is continuing, the applicable Directing Holder (calculated without regard to the Certificates beneficially owned
by the Master Servicer or its Affiliates or the Special Servicer or its Affiliates, as applicable) shall have consented in writing
to the proposal described in the written notice, and if the Master Servicer or the Special Servicer shall act as proposed in the
written notice, such action shall be deemed to comply with the Servicing Standard. The Certificate Administrator shall be entitled
to reimbursement from the Master Servicer or the Special Servicer, as applicable, of the reasonable expenses of the Certificate
Administrator incurred pursuant to this paragraph. It is not the intent of the foregoing provision that the Master Servicer or
the Special Servicer be permitted to invoke the procedure set forth herein with respect to routine servicing matters arising hereunder,
except in the case of unusual circumstances.

 

Section 6.07         
The Directing Holder and the Risk Retention Consultation Parties. (a) For so long as no Control Termination Event
is continuing, the Directing Holder shall be entitled to advise (1) the Special Servicer with respect to all Specially Serviced
Loans (other than any applicable Excluded Loan), (2) the Special Servicer with respect to Performing Loans (other than any
applicable Excluded Loan or any Non-Serviced Mortgage Loan) with respect to Special Servicer Major Decisions, and (3) the
Master Servicer with respect to Performing Loans (other than any Excluded Loan applicable to the Directing Holder or Non-Serviced
Mortgage Loan) with respect to Master Servicer Major Decisions.

 

Notwithstanding anything
herein to the contrary, except as set forth in, and in any event subject to, this Section 6.07, with respect to any
Mortgage Loan (other than any Non-Serviced Mortgage Loan and any applicable Excluded Loan) or any Serviced Whole Loan, for so long
as no Control Termination Event is continuing, neither the Master Servicer nor the Special

 

     -426-

     

    

 

Servicer shall be permitted to take
any action that constitutes a Major Decision, and the Special Servicer shall not consent to the Master Servicer’s taking
any of the following actions that are Special Servicer Major Decisions, as to which the Directing Holder has objected in writing
within ten (10) Business Days (or, in connection with an Acceptable Insurance Default, 30 days) after receipt of a written report
by the Master Servicer or the Special Servicer, as applicable, describing in reasonable detail (i) the background and circumstances
requiring action of the Master Servicer or the Special Servicer, as applicable, (ii) the proposed course of action recommended,
and (iii) all information reasonably requested by the Directing Holder, and reasonably available to the Master Servicer or
the Special Servicer, as applicable, in order to grant or withhold such consent, which report may, if prepared by the Special Servicer,
in its sole discretion, take the form of an Asset Status Report (the “Major Decision Reporting Package”) (provided
that if such written objection has not been received by the Master Servicer or the Special Servicer, as applicable, within such
10-Business Day (or 30-day) period, then the Directing Holder will be deemed to have approved such action). Notwithstanding anything
to the contrary in this Agreement, if the Special Servicer or Master Servicer (if the Master Servicer is otherwise authorized by
this Agreement to take such action), as applicable, determines that immediate action, with respect to the matters described in
Section 6.07(a) (b) or (c) that requires the consent or consultation of the Directing Holder or a Risk Retention
Consultation Party, or any other matter requiring consent or consultation of the Directing Holder in this Agreement, is necessary
to protect the interests of the Certificateholders and, with respect to any Serviced Whole Loan, the related Serviced Companion
Loan Noteholders (as a collective whole as if such Certificateholders, the RR Interest Owner and, if applicable, Serviced Companion
Loan Noteholders constituted a single lender and with respect to any Serviced Whole Loan with a related Subordinate Companion Loan,
taking into account the subordinate nature of such Subordinate Companion Loan) and the Master Servicer or the Special Servicer,
as applicable, has made a reasonable effort to contact the Directing Holder or such Risk Retention Consultation party, as applicable,
the Master Servicer or the Special Servicer, as applicable, may take any such action without waiting for the Directing Holder’s
response.

 

If a Control Termination
Event is continuing, but for so long as no Consultation Termination Event has occurred and is not continuing, neither the Master
Servicer nor the Special Servicer, as applicable, shall be required to obtain the consent of the Directing Holder with respect
to any of the Major Decisions or Asset Status Reports, but shall consult with the Directing Holder in connection with any Major
Decision that it is processing or, in the case of the Special Servicer, any Asset Status Report (or any other matter for which
the consent of the Directing Holder would have been required or for which the Directing Holder would have the right to direct the
Master Servicer or the Special Servicer if a Control Termination Event had not occurred and was not continuing) and to consider
alternative actions recommended by the Directing Holder in respect of such Major Decision or Asset Status Report (or such other
matter). Such consultation will not be binding on the Master Servicer or the Special Servicer. In the event the Master Servicer
or the Special Servicer, as applicable, receives no response from the Directing Holder within 10 days following the Master Servicer’s
or the Special Servicer’s written request for input (which request shall include the related Major Decision Reporting Package)
on any required consultation, the Master Servicer or the Special Servicer, as applicable, shall not be obligated to consult with
the Directing Holder on the specific matter.

 

     -427-

     

    

 

(b)          
In addition, (i) for so long as no Consultation Termination Event is continuing, with respect to any Specially Serviced
Loan (other than any applicable Excluded Loan with respect to the applicable Risk Retention Consultation Party), and (ii) during
the continuance of a Consultation Termination Event, with respect to any Serviced Mortgage Loan (other than any applicable Excluded
Loan with respect to the applicable Risk Retention Consultation Party), upon request of a Risk Retention Consultation Party, the
Master Servicer and the Special Servicer shall consult with such Risk Retention Consultation Party on a non-binding basis in connection
with any Major Decision that it is processing (and such other matters that are subject to the non-binding consultation rights of
such Risk Retention Consultation Party pursuant to this Agreement) and to consider alternative actions recommended by such Risk
Retention Consultation Party in respect of such Major Decision (or any other matter requiring consultation with such Risk Retention
Consultation Party); provided that in the event the Master Servicer or Special Servicer, as applicable, receives no response
from a Risk Retention Consultation Party within 10 days following the later of (i) the Master Servicer’s or the Special Servicer’s,
as applicable, written request for input on any requested consultation and (ii) delivery of all such additional information in
the possession of the Master Servicer or the Special Servicer, as applicable, reasonably requested by such Risk Retention Consultation
Party related to the subject matter of such consultation, the Master Servicer or the Special Servicer, as applicable, shall not
be obligated to consult with such Risk Retention Consultation Party on the specific matter; provided, however, that
the failure of such Risk Retention Consultation Party to respond will not relieve the Master Servicer or the Special Servicer,
as applicable, from using reasonable efforts to consult with such Risk Retention Consultation Party on any future matters with
respect to the applicable Mortgage Loan or Serviced Whole Loan or any other Mortgage Loan. For the avoidance of doubt, (x) no Risk
Retention Consultation Party shall have any consultation rights with respect to any related Excluded Loan and (y) any consultation
with either Risk Retention Consultation Party under this Agreement shall occur only upon request of such Risk Retention Consultation
Party, and any such consultation shall be on a strictly non-binding basis and shall be subject to all limitations with respect
to the procedures and timing for such consultation set forth in this Section 6.07.

 

No Risk Retention Consultation
Party acting in its capacity as Risk Retention Consultation Party shall have liability to the Trust Fund, any party to this Agreement,
any Certificateholders or any other Person for any action taken, or for refraining from the taking of any action, or for errors
in judgment.

 

(c)          
Notwithstanding the foregoing, other than during the continuance of a BX Industrial Portfolio Control Appraisal Period and
if the BX Industrial Portfolio Whole Loan is a Specially Serviced Loan, a Tower 333 Control Appraisal Period and if the Tower 333
Whole Loan is a Specially Serviced Loan or a 825 South Hill Control Appraisal Period and if the 825 South Hill Whole Loan is a
Specially Serviced Loan, the BX Industrial Portfolio Risk Retention Consultation Party, the Tower 333 Risk Retention Consultation
Party or the 825 South Hill Risk Retention Consultation Party, as applicable, shall have the same rights as provided in Section 6.07(b)
above solely with respect to the BX Industrial Portfolio Risk Whole, the Tower 333 Whole Loan or the 825 South Hill Whole Loan,
as applicable. During the continuance of a BX Industrial Portfolio Control Appraisal Period, the BX Industrial Portfolio Risk Retention
Consultation Party will no longer have any consultation rights in respect of any Major Decisions with respect to the BX Industrial
Portfolio Whole Loan. During the continuance of a Tower 333

 

     -428-

     

    

 

Control Appraisal Period, the Tower 333 Risk Retention Consultation
Party will no longer have any consultation rights in respect of any Major Decisions with respect to the Tower 333 Whole Loan. During
the continuance of a 825 South Hill Control Appraisal Period, the 825 South Hill Risk Retention Consultation Party will no longer
have any consultation rights in respect of any Major Decisions with respect to the 825 South Hill Whole Loan.

 

(d)          
The failure of the Directing Holder or any Risk Retention Consultation Party to respond to any request for consent or consultation
will not relieve the Master Servicer or the Special Servicer from using reasonable efforts to seek the consent of or consult with,
as applicable, the Directing Holder or the Risk Retention Consultation Parties on any future matters with respect to the applicable
Mortgage Loan or Serviced Whole Loan or any other Mortgage Loan.

 

In addition, for so long
as no Control Termination Event is continuing, the Directing Holder may direct the Special Servicer to take, or to refrain from
taking, such other actions with respect to a Mortgage Loan as the Directing Holder may deem advisable or as to which provision
is otherwise made herein; provided that, notwithstanding anything herein to the contrary, no such direction from the Directing
Holder and no advice from any Risk Retention Consultation Party, and no objection contemplated by the preceding paragraph or this
paragraph, may require or cause the Master Servicer or the Special Servicer, as applicable, to violate any provision of any Mortgage
Loan, applicable law, this Agreement, any Intercreditor Agreement or the REMIC Provisions, including without limitation the Special
Servicer’s obligation to act in accordance with the Servicing Standard, or expose the Master Servicer, the Special Servicer,
the Paying Agent, the Trust Fund, the Certificate Administrator or the Trustee to liability, or materially expand the scope of
the Special Servicer’s responsibilities hereunder.

 

If the Special Servicer
or Master Servicer, as applicable, determines that a refusal to consent by the Directing Holder, or any advice from the Directing
Holder or the Risk Retention Consultation Parties, would otherwise cause the Special Servicer or Master Servicer, as applicable,
to violate the terms of any Mortgage Loan, any Intercreditor Agreement, applicable law, the REMIC Provisions or this Agreement,
including without limitation, the Servicing Standard, the Special Servicer or Master Servicer, as applicable, shall disregard such
refusal to consent or advice and notify the Directing Holder, the Risk Retention Consultation Parties, the Trustee, the related
Serviced Companion Loan Noteholder (if any) and the 17g-5 Information Provider (who shall promptly post such notice to the
17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement) of its determination, including
a reasonably detailed explanation of the basis therefor. The taking of, or refraining from taking, any action by the Master Servicer
or Special Servicer in accordance with the direction of or approval of the Directing Holder or any Risk Retention Consultation
Party that does not violate any law or the Servicing Standard or any other provisions of this Agreement or any Intercreditor Agreements
will not result in any liability on the part of the Master Servicer or the Special Servicer.

 

Notwithstanding anything
to the contrary contained in this Agreement, with respect to the Non-Serviced Mortgage Loans, at all times when no Consultation
Termination Event has occurred, the Directing Holder shall be entitled to the rights of the “Non-Directing Holder”
(or similar term) under the related Intercreditor Agreement.

 

     -429-

     

    

 

The Directing Holder
shall have no liability to the Trust Fund, any party to this Agreement, any Certificateholders, the RR Interest Owner or any other
Person for any action taken, or for refraining from the taking of any action, or for errors in judgment; provided that the
Directing Holder shall not be protected against any liability to a Controlling Class Certificateholder that would otherwise
be imposed by reason of willful misconduct, bad faith or negligence in the performance of duties or by reason of reckless disregard
of obligations or duties.

 

(e)           
Subject to the terms and conditions of this Section 6.07(a), (i) the Special Servicer shall process all requests
for any matter that constitutes a Major Decision with respect to any Specially Serviced Loan, (b) the Special Servicer shall process
all requests for any matter that constitutes a Special Servicer Major Decision or Special Servicer Non-Major Decision with respect
to any Performing Loan (other than a Non-Serviced Mortgage Loan) unless the Master Servicer and the Special Servicer have mutually
agreed to have the Master Servicer process such request in accordance with the terms and conditions reasonably agreed to by the
Master Servicer and Special Servicer, including the Special Servicer’s consent, (c) the Master Servicer shall process all
requests for any matter that constitutes a Master Servicer Major Decision with respect to any Performing Loan (other than a Non-Serviced
Mortgage Loan) and (d) the Master Servicer shall process all requests for any matter that constitutes a Special Servicer Major
Decision with respect to any Performing Loan (other than a Non-Serviced Mortgage Loan) if the Master Servicer and the Special Servicer
have mutually agreed to have the Master Servicer process such request in accordance with the terms and conditions reasonably agreed
to by the Master Servicer and Special Servicer, including the Special Servicer’s consent. Upon receiving a request for any
matter that constitutes a Special Servicer Major Decision or Special Servicer Non-Major Decision, unless the Master Servicer and
the Special Servicer mutually agree that the Master Servicer will process such request in accordance with the terms and conditions
reasonably agreed to by the Master Servicer and Special Servicer, including the Special Servicer’s consent, the Master Servicer
shall forward such request to the Special Servicer and the Special Servicer will be required to process such request and the Master
Servicer will have no further obligation with respect to such request or the related Special Servicer Major Decision.

 

With respect to any Borrower
request or other action on Performing Loans that is not a Major Decision or a Special Servicer Non-Major Decision, the Master Servicer
shall not be required to obtain the consent of or consult with the Special Servicer, the Directing Holder or the Risk Retention
Consultation Parties.

 

(f)           
Notwithstanding anything to the contrary contained herein (i) if a Control Termination Event is continuing, the Directing
Holder shall have no right to consent to any action taken or not taken by any party to this Agreement; (ii) if a Control Termination
Event is continuing but Consultation Termination Event has not occurred and is not continuing, the Directing Holder shall remain
entitled to receive any notices, reports or information to which it is entitled pursuant to this Agreement, and the Master Servicer,
Special Servicer and any other applicable party shall consult with the Directing Holder in connection with any action to be taken
or refrained from taking to the extent set forth herein; and (iii) if a Consultation Termination Event is continuing, the
Directing Holder shall have no consultation or consent rights hereunder and no right to receive any notices, reports or information
(other than notices, Voting Rights

 

     -430-

     

    

 

given to all Certificateholders and rights to receive reports or information required to be
delivered to all Certificateholders) or any other rights as Directing Holder.

 

With respect to the BX
Industrial Portfolio Whole Loan, for so long as no BX Industrial Portfolio Note B Control Appraisal Period is continuing, the Pooled
Trust Directing Holder shall not be entitled to exercise the above described rights, and those rights shall be held by the BX Industrial
Portfolio Controlling Class Representative in accordance with this Agreement and the related Intercreditor Agreement. During a
BX Industrial Portfolio Note B Control Appraisal Period, the Directing Holder for the BX Industrial Portfolio Whole Loan shall
be the Pooled Trust Directing Holder.

 

With respect to the Tower
333 Whole Loan, for so long as no Tower 333 Note B Control Appraisal Period is continuing, the Pooled Trust Directing Holder shall
not be entitled to exercise the above described rights, and those rights shall be held by the Tower 333 Controlling Class Representative
in accordance with this Agreement and the related Intercreditor Agreement. During a Tower 333 Note B Control Appraisal Period,
the Directing Holder for the Tower 333 Whole Loan shall be the Pooled Trust Directing Holder.

 

With respect to the 825
South Hill Whole Loan, for so long as no 825 South Hill Control Appraisal Period is continuing and an AIG Lending Control Termination
Event has not occurred, the Pooled Trust Directing Holder shall not be entitled to exercise the above described rights, and those
rights shall be held by the 825 South Hill Controlling Class Representative in accordance with this Agreement and the related Intercreditor
Agreement. During an 825 South Hill Control Appraisal Period and if an AIG Lending Control Termination Event has occurred, the
Directing Holder for the 825 South Hill Whole Loan shall be the Pooled Trust Directing Holder.

 

(g)         
The Master Servicer, the Special Servicer or the Trustee, may from time to time request that the Certificate Administrator
provide the name of the then-current Pooled Trust Directing Holder for any applicable Mortgage Loan or Serviced Whole Loan or the
BX Industrial Portfolio Controlling Class Representative or the Tower 333 Controlling Class Representative or the 825 South Hill
Controlling Class Representative. Upon such request, the Certificate Administrator shall promptly (but in no event more than five (5)
Business Days following such request) provide the name of the then-current Pooled Trust Directing Holder, the BX Industrial Portfolio
Controlling Class Representative, the Tower 333 Controlling Class Representative or the 825 South Hill Controlling Class Representative,
as applicable, to the Master Servicer, the Special Servicer or the Trustee, but only to the extent the Certificate Administrator
has actual knowledge of the identity of the then-current Pooled Trust Directing Holder, the BX Industrial Portfolio Controlling
Class Representative, the Tower 333 Controlling Class Representative or the 825 South Hill Controlling Class Representative, as
applicable; provided that if the Certificate Administrator does not have actual knowledge of the identity of the then-current
Pooled Trust Directing Holder, the BX Industrial Portfolio Controlling Class Representative, the Tower 333 Controlling Class Representative
or the 825 South Hill Controlling Class Representative, as applicable, then the Certificate Administrator shall promptly (but in
no event more than five (5) Business Days following such request) (i) determine which Class is the Controlling Class and (ii) request
from the Controlling Class Certificateholders, the BX Industrial Portfolio Controlling Class Certificateholders, the Tower 333
Controlling Class Certificateholders or the 825 South Hill Controlling Class Certificateholders, as applicable, the

 

     -431-

     

    

 

identity of
the Pooled Trust Directing Holder, the BX Industrial Portfolio Controlling Class Representative, the Tower 333 Controlling Class
Representative or the 825 South Hill Controlling Class Representative, as applicable. Any expenses incurred in connection with
obtaining such information shall be at the expense of the requesting party, except that if (i) such expenses arise in connection
with an event as to which the Pooled Trust Directing Holder, the BX Industrial Portfolio Controlling Class Representative, the
Tower 333 Controlling Class Representative or the 825 South Hill Controlling Class Representative, as applicable, has review, consent
or consultation rights with respect to an action taken by, or report prepared by, the requesting party pursuant to this Agreement
and (ii) the requesting party has not been notified of the identity of the Pooled Trust Directing Holder, the BX Industrial
Portfolio Controlling Class Representative, the Tower 333 Controlling Class Representative or the 825 South Hill Controlling Class
Representative, as applicable, or reasonably believes that the identity of the Pooled Trust Directing Holder, the BX Industrial
Portfolio Controlling Class Representative, the Tower 333 Controlling Class Representative or the 825 South Hill Controlling Class
Representative, as applicable, has changed, then such expenses shall be at the expense of the Trust. The Master Servicer, the Special
Servicer and the Trustee, shall be entitled to conclusively rely on any such information so provided.

 

To the extent the Master
Servicer or the Special Servicer has written notice of any change in the identity of a Pooled Trust Directing Holder, the BX Industrial
Portfolio Controlling Class Representative, the Tower 333 Controlling Class Representative or the 825 South Hill Controlling Class
Representative or the list of Holders (or Certificate Owners, if applicable) of the Controlling Class, the BX Industrial Portfolio
Controlling Class, the Tower 333 Controlling Class or the 825 South Hill Controlling Class, then the Master Servicer or the Special
Servicer, as applicable, shall promptly notify the Trustee, the Certificate Administrator, the Master Servicer and the Special
Servicer thereof, who may rely conclusively on such notice from the Master Servicer or the Special Servicer, as applicable.

 

(h)         
DBNY, JPMCB and GSMC shall be the initial Risk Retention Consultation Parties and shall remain so until a successor is appointed
pursuant to the terms of this Agreement. Upon the resignation or removal of any of the existing Risk Retention Consultation Parties,
any successor Risk Retention Consultation Party shall deliver to the parties to this Agreement a certification substantially in
the form of Exhibit L-1H to this Agreement prior to being recognized as the new Risk Retention Consultation Party. The parties
hereto shall be entitled to assume that the Risk Retention Consultation Party has not changed absent such notice.

 

(i)           
Once a Risk Retention Consultation Party has been selected, each of the Master Servicer, the Special Servicer, the Depositor,
the Trustee, the Certificate Administrator and each other Certificateholder (or Certificate Owner, if applicable) shall be entitled
to rely on such selection unless JPMCB (in the case of the VRR-A Risk Retention Consultation Party), GS Bank (in the case of the
VRR-B Risk Retention Consultation Party) or DBNY (in the case of the VRR-C Risk Retention Consultation Party, the BX Industrial
Portfolio Risk Retention Consultation Party, the Tower 333 Risk Retention Consultation Party and the 825 South Hill Risk Retention
Consultation Party), as applicable, shall have notified the Master Servicer, the Special Servicer, the Trustee, the Certificate
Administrator and each other VRR Interest Owner,

 

     -432-

     

    

 

in writing, of the selection of such new Risk Retention Consultation Party (including
the new contact information).

 

(j)            
Each Certificateholder acknowledges and agrees, by its acceptance of its Certificates, that: (i) the Risk Retention Consultation
Parties may have special relationships and interests that conflict with those of Holders of one or more Classes of Certificates;
(ii) the Risk Retention Consultation Parties may act solely in the interests of the Holders of the Class RR Certificate; (iii)
the Risk Retention Consultation Parties do not have any liability or duties to the Holders of any Class of Certificates; (iv) the
Risk Retention Consultation Parties may take actions that favor interests of the Holders of one or more Classes including the Class
RR Certificates over the interests of the Holders of one or more other Classes of Certificates; and (v) the Risk Retention Consultation
Parties shall have no liability whatsoever for having so acted as set forth in clauses (i) through (iv) above, and
no Certificateholder may take any action whatsoever against any Risk Retention Consultation Party or any director, officer, employee,
agent or principal of such Risk Retention Consultation Party for having so acted.

 

Section 6.08         
Rights of Non-Directing Holders. With respect to each Serviced Whole Loan, the Master Servicer or the Special Servicer,
as applicable, shall:

 

(a)           consult
with the related Non-Directing Holder (or its designee or representative) on a strictly non-binding basis, to the extent that such
Non-Directing Holder (or its designee or representative) requests consultation with respect to any “major decision”
or “major action” set forth in the related Intercreditor Agreement or the implementation of any recommended actions
outlined in an Asset Status Report relating to the Serviced Whole Loan, and to consider alternative actions recommended by such
Non-Directing Holder (or its designee or representative); provided that after the expiration of a period of ten (10) Business
Days from the delivery to the related Non-Directing Holder (or its designee or representative) of written notice of a proposed
action, together with copies of the related notice, information or report, the Master Servicer or Special Servicer, as applicable,
shall no longer be obligated to consult with the applicable Non-Directing Holder (or its designee or representative) (unless the
Master Servicer or Special Servicer, as applicable, proposes a new course of action that is materially different from the action
previously proposed, in which case such ten (10) Business Day period shall begin anew from the date of such proposal and delivery
of all information relating thereto). Notwithstanding the foregoing non-binding consultation rights of the Non-Directing Holder,
the Master Servicer or the Special Servicer, as applicable, may take any “major decision” or “major action”
set forth in the related Intercreditor Agreement or any action set forth in the Asset Status Report before the expiration of the
aforementioned ten (10) Business Day period if the Master Servicer or the Special Servicer, as applicable, determines that immediate
action with respect thereto is necessary to protect the interests of the Certificateholder and the related Companion Loan Noteholder.
Unless specified otherwise in the related Intercreditor Agreement, neither the Master Servicer or the Special Servicer shall be
obligated at any time to follow or take any alternative actions recommended by the Non-Directing Holder; and

 

(b)           in
addition to the foregoing non-binding consultation rights, if provided for in the related Intercreditor Agreement, the Non-Directing
Holder shall have the right to annual conference calls with the Master Servicer or the Special Servicer at the offices of the Master
Servicer or the Special Servicer, as applicable, upon reasonable notice and at times

 

     -433-

     

    

 

reasonably acceptable to the Master Servicer
or the Special Servicer, as applicable, in which servicing issues related to the related Whole Loan are discussed.

 

Article VII

SERVICER TERMINATION

 

Section 7.01         
Servicer Termination Events. (a) “Master Servicer Termination Event,” wherever used herein, means any
one of the following events:

 

(i)           
any failure by the Master Servicer (A) to make a required deposit to the Collection Account or the related Serviced
Whole Loan Collection Account for any Serviced Whole Loan on the day and by the time such deposit was first required to be made
under the terms of this Agreement, which failure is not remedied within two Business Days, (B) to deposit into, or remit to
the Certificate Administrator for deposit into, any Distribution Account any amount required to be so deposited or remitted (including,
without limitation, any required P&I Advance, unless the Master Servicer determines such P&I Advance is a Nonrecoverable
Advance), which failure is not remedied by 11:00 a.m. (New York City time) on the relevant Distribution Date (provided,
however, that to the extent the Master Servicer does not timely make such remittance to the Certificate Administrator, the
Master Servicer shall pay the Certificate Administrator for the account of the Certificate Administrator interest on any amount
not timely remitted at the Reimbursement Rate from and including the applicable required remittance date to, but not including,
the date such remittance is actually made), or (C) to remit to any holder of a Serviced Companion Loan, as and when required
by this Agreement or the related Intercreditor Agreement, any amount required to be so remitted (which failure continues for two
Business Days);

 

(ii)           
any failure on the part of the Master Servicer duly to observe or perform in any material respect any of its other covenants
or obligations contained in this Agreement, which failure continues unremedied for a period of 30 days (or (A) with respect
to any year that a report on Form 10-K is required to be filed, five (5) Business Days in the case of the Master Servicer’s
obligations contemplated by Article X (except as otherwise provided under clause (x) of this definition of “Master
Servicer Termination Event”), or (B) 15 days in the case of the Master Servicer’s failure to make a Servicing Advance
or 45 days in the case of failure to pay the premium for any insurance policy required to be force placed by the Master Servicer
pursuant to this Agreement or in any event such reasonable shorter period of time as is necessary to avoid the commencement of
foreclosure proceedings for any lien relating to unpaid real estate taxes or assessments or a lapse in any required insurance coverage)
after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Master
Servicer, by (a) any other party hereto, with a copy to each other party to this Agreement, (b) the Holders of Certificates
of any Class evidencing Percentage Interests aggregating not less than 25% of such Class or (c) an affected Serviced Companion
Loan Noteholder; provided that, if such failure is capable of being cured and the Master Servicer is diligently pursuing
such cure, such 15-, 30- or 45-day period, as applicable, will be extended an additional 30 days;

 

     -434-

     

    

 

(iii)        
any breach on the part of the Master Servicer of any representation or warranty contained in Section 2.04(a)
of this Agreement, which materially and adversely affects the interests of any Certificateholders, the RR Interest Owner or Serviced
Companion Loan Noteholders and which continues unremedied for a period of 30 days after the date on which notice of such breach,
requiring the same to be remedied, shall have been given (a) to the Master Servicer by any party hereto or (b) to the
Master Servicer, the Special Servicer, the Depositor and the Trustee (x) by the Holders of Certificates of any Class evidencing
Percentage Interests aggregating not less than 25% of such Class or (y) by an affected Serviced Companion Loan Noteholder; provided
that, if such breach is capable of being cured and the Master Servicer is diligently pursuing such cure, such 30-day period will
be extended an additional 30 days;

 

(iv)         
a decree or order of a court or agency or supervisory authority having jurisdiction in the premises in an involuntary case
under any present or future federal or state bankruptcy, insolvency or similar law for the appointment of a conservator, receiver,
liquidator, trustee or similar official in any bankruptcy, insolvency, readjustment of debt, marshaling of assets and liabilities
or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Master Servicer
and such decree or order shall have remained in force undischarged, undismissed or unstayed for a period of 60 days;

 

(v)         
the Master Servicer shall consent to the appointment of a conservator, receiver, liquidator, trustee or similar official
in any bankruptcy, insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings of or relating
to the Master Servicer or of or relating to all or substantially all of its property;

 

(vi)         
the Master Servicer shall admit in writing its inability to pay its debts generally as they become due, file a petition
to take advantage of any applicable bankruptcy, insolvency or reorganization statute, make an assignment for the benefit of its
creditors, voluntarily suspend payment of its obligations or take any corporate action in furtherance of the foregoing;

 

(vii)       
either of Moody’s or DBRS Morningstar (or, in the case of Serviced Companion Loan Securities, any Companion Loan Rating
Agency) has (A) qualified, downgraded or withdrawn its rating or ratings of one or more Classes of Certificates or one or more
classes of Serviced Companion Loan Securities, or (B) placed one or more Classes of Certificates or one or more classes of Serviced
Companion Loan Securities on “watch status” in contemplation of a rating downgrade or withdrawal (and such qualification,
downgrade, withdrawal or “watch status” placement shall not have been withdrawn by Moody’s or DBRS Morningstar
(or, in the case of Serviced Companion Loan Securities, any Companion Loan Rating Agency) within sixty (60) days of such event)
and, in the case of either of clauses (A) or (B), publicly citing servicing concerns with the Master Servicer as
the sole or a material factor in such rating action;

 

(viii)       
the Master Servicer is no longer rated at least “CMS3” or “CSS3”, respectively, by Fitch and such
Master Servicer is not reinstated to at least that rating within sixty (60) days of the delisting; or

 

     -435-

     

    

 

(ix)         
so long as any Other Securitization is subject to the reporting requirements of the Exchange Act, any failure by the Master
Servicer to deliver (a) any Exchange Act reporting items required to be delivered by the Master Servicer to the Trustee or
the Certificate Administrator under Article X by the time required under Article X or (b) any Exchange
Act reporting items that a primary servicer, sub-servicer or Servicing Function Participant (such entity, the “Sub-Servicing
Entity”) retained by the Master Servicer (but excluding any Mortgage Loan Seller Sub-Servicer) is required to deliver
(any Sub-Servicing Entity shall be terminated if it defaults in accordance with the provision of this clause (x));

 

then, and in each and every such case,
so long as a Master Servicer Termination Event shall not have been remedied, the Trustee may, and at the written direction of (x) the
Holders of at least 25% of the aggregate Voting Rights of all Certificates or (y) the Depositor with respect to clause (ii)
above (to the extent such Master Servicer Termination Event relates to the obligations regarding Exchange Act reporting contemplated
by Article X) or clause (viii) above upon five (5) Business Days’ notice, shall, terminate all of the rights
and obligations of the Master Servicer (other than as set forth in Section 7.01(d)). In the case of clause (vii),
the Certificate Administrator shall be required to notify Certificateholders and Serviced Companion Loan Noteholders of such Master
Servicer Termination Event and request whether such Certificateholders and, if applicable, Serviced Companion Loan Noteholders
favor such termination.

 

If the Master Servicer
is also the Special Servicer and the Master Servicer is terminated as provided in this Section 7.01(a), then the Master
Servicer shall also be terminated as Special Servicer.

 

If the Master Servicer
receives notice of termination under this Section 7.01(a) solely due to a Master Servicer Termination Event under Section 7.01(a)(vii)
or (viii) and if the Master Servicer provides the Trustee with the appropriate “request for proposal” materials
within five (5) Business Days following such termination notice, then the Master Servicer shall continue to serve as Master Servicer
hereunder until a successor Master Servicer is selected in accordance with this Section 7.01(a). Upon receipt of the
“request for proposal” materials, the Trustee shall promptly thereafter (using such “request for proposal”
materials provided by the Master Servicer) solicit good faith bids for the rights to service the Mortgage Loans and Serviced Companion
Loans under this Agreement from at least three (3) Persons qualified to act as Master Servicer hereunder in accordance with Section 6.02
and 7.02 of this Agreement (any such Person so qualified, a “Qualified Bidder”) or, if three (3) Qualified
Bidders cannot be located, then from as many persons as the Trustee can determine are Qualified Bidders; provided that,
at the Trustee’s request, the Master Servicer shall supply the Trustee with the names of Persons from whom to solicit such
bids; and provided, further, that the Trustee shall not be responsible if less than three (3) or no Qualified Bidders
submit bids for the right to service the Mortgage Loans and Serviced Companion Loans under this Agreement. The bid proposal shall
require any Successful Bidder (as defined below), as a condition of such bid, to enter into this Agreement as successor Master
Servicer, and to agree to be bound by the terms hereof, within 45 days after the notice of termination of the Master Servicer.
The materials provided to the Trustee shall provide for soliciting bids: (i) on the basis of such successor Master Servicer
retaining all Sub-Servicers to continue the primary servicing of the Mortgage Loans and Serviced Companion Loans

 

     -436-

     

    

 

pursuant to the
terms of the respective Sub-Servicing Agreements and entering into a Sub-Servicing Agreement with the terminated Master Servicer
to service each of the Mortgage Loans and Serviced Companion Loans for which it was the Master Servicer and not subject to a Sub-Servicing
Agreement with a cashiering Sub-Servicer at a sub-servicing fee rate per annum equal to, for each Mortgage Loan and Serviced
Companion Loan serviced, the Primary Servicing Fee Rate (each, a “Servicing Retained Bid”); and (ii) on
the basis of terminating each Sub-Servicing Agreement and Sub-Servicer that it is permitted to terminate in accordance with Section 3.01(c)
of this Agreement (each, a “Servicing Released Bid”). The Trustee shall select the Qualified Bidder with the
highest cash Servicing Retained Bid (or, if none, the highest cash Servicing Released Bid from any Person qualified to act as a
Master Servicer) (the “Successful Bidder”) to act as successor Master Servicer hereunder; provided that
if the Trustee does not receive a Rating Agency Confirmation in accordance with the procedures set forth in Section 3.30
of this Agreement with respect to such Successful Bidder, then the Trustee shall repeat the bid process described above (but subject
to the above described 45 day time period) until such Rating Agency Confirmation is obtained. The Trustee shall direct the Successful
Bidder to enter into this Agreement as successor Master Servicer pursuant to the terms hereof no later than 45 days after notice
of the termination of the Master Servicer; provided that the initial Master Servicer may request and obtain, with the prior
written consent of the Directing Holder, an additional 20 days for such sale and assumption to be completed so long as the
initial Master Servicer delivers to the Trustee an Officer's Certificate stating that the sale and assumption of the right to service
the Mortgage Loans and Serviced Companion Loans cannot be completed in the initial 45-day period and specifying the reasons therefor.

 

Upon the assignment and
acceptance of master servicing rights hereunder (subject to the terms of Section 3.12 of this Agreement) to and by
the Successful Bidder, the Trustee shall remit or cause to be remitted (i) if the successful bid was a Servicing Retained
Bid, to the Master Servicer to be terminated pursuant to this Section 7.01(a), the amount of such cash bid received
from the Successful Bidder (net of “out of pocket” expenses incurred in connection with obtaining such bid and transferring
servicing) and (ii) if the successful bid was a Servicing Released Bid, to the Master Servicer and each terminated Sub-Servicer
its respective Bid Allocation.

 

The Master Servicer to
be terminated pursuant to this Section 7.01(a) shall be responsible for all out of pocket expenses incurred in connection
with the attempt to sell its rights to service the Mortgage Loans and Serviced Companion Loans, which expenses are not reimbursed
to the party that incurred such expenses pursuant to the preceding paragraph.

 

If the Successful Bidder
has not entered into this Agreement as successor Master Servicer within the above described time period or no Successful Bidder
was identified within the above described time period, the Master Servicer to be terminated pursuant to Section 7.01(a)
of this Agreement shall reimburse the Trustee for all reasonable “out of pocket” expenses incurred by the Trustee in
connection with such bid process and the Trustee shall have no further obligations under this Section 7.01(a). The
Trustee thereafter may act or may select a successor to act as Master Servicer hereunder in accordance with Section 7.02
of this Agreement.

 

Notwithstanding anything
to the contrary in this Article VII, if the Master Servicer shall timely deliver the notice and request for proposal
materials referred to in the fourth preceding paragraph, no resignation or termination of the Master Servicer shall be effective
in

 

     -437-

     

    

 

connection with a Master Servicer Termination Event under Section 7.01(a)(vii) or (viii) of this Agreement,
and the Master Servicer shall continue to perform as such and to collect the servicing fee until the conclusion of the process
described in this clause (a).

 

(b)          
“Special Servicer Termination Event,” wherever used herein, means any one of the following events:

 

(i)           
any failure by the Special Servicer to deposit into the REO Account at or within the time specified by this Agreement and
such failure continues unremedied for one Business Day, or any failure by the Special Servicer to remit to Master Servicer for
deposit into, the Collection Account (or, in the case of a Serviced Whole Loan, the related Serviced Whole Loan Collection Account)
any amount required to be so remitted by the Special Servicer pursuant to, and at the time specified by, the terms of this Agreement;
provided that the failure of the Special Servicer to remit such amount to the Master Servicer shall not be a Special Servicer
Termination Event if such failure is remedied within two Business Days and if the Special Servicer has compensated the Master Servicer
for any loss of income (at the Reimbursement Rate) on such amount suffered by the Master Servicer due to and caused by the late
remittance of the Special Servicer and reimburse the Trust for any resulting Advance Interest Amount due to the Master Servicer;

 

(ii)         
any failure on the part of the Special Servicer duly to observe or perform in any material respect any of its other covenants
or obligations contained in this Agreement, which failure continues unremedied for a period of 30 days (or (A) with respect
to any year that a report on Form 10-K is required to be filed, five (5) Business Days in the case of the Special Servicer’s
obligations contemplated by Article X (except as otherwise provided under clause (x) of this definition of “Special
Servicer Termination Event”), or (B) 15 days in the case of failure to pay the premium for any insurance policy required
to be force placed by the Special Servicer pursuant to this Agreement or in any event such reasonable shorter period of time as
is necessary to avoid the commencement of foreclosure proceedings for any lien relating to unpaid real estate taxes or assessments
or a lapse in any required insurance coverage) after the date on which written notice of such failure, requiring the same to be
remedied, shall have been given to the Special Servicer, by (a) any other party hereto, with a copy to each other party to
this Agreement, (b) the Holders of Certificates of any Class evidencing Percentage Interests aggregating not less than 25%
of such Class or (c) an affected Serviced Companion Loan Noteholder; provided that, if such failure is capable of being
cured and the Special Servicer is diligently pursuing such cure, such 30- or 45-day period, as applicable, will be extended an
additional 30 days;

 

(iii)         
any breach on the part of the Special Servicer of any representation or warranty contained in Section 2.04(b)
of this Agreement, which materially and adversely affects the interests of any Certificateholders, the RR Interest Owner or Serviced
Companion Loan Noteholders and which continues unremedied for a period of 30 days after the date on which notice of such breach,
requiring the same to be remedied, shall have been given (a) to the Special Servicer by any party hereto, or (b) to the
Master Servicer, the Special Servicer, the Depositor and the Trustee (x) by the Holders of Certificates of any Class evidencing
Percentage Interests aggregating not less than 25% of such Class or (y) by an affected Serviced Companion Loan Noteholder;
provided that, if such breach is

 

     -438-

     

    

 

capable of being cured and the Special Servicer is diligently pursuing such cure, such
30-day period will be extended an additional 30 days;

 

(iv)        
a decree or order of a court or agency or supervisory authority having jurisdiction in the premises in an involuntary case
under any present or future federal or state bankruptcy, insolvency or similar law for the appointment of a conservator, receiver,
liquidator, trustee or similar official in any bankruptcy, insolvency, readjustment of debt, marshaling of assets and liabilities
or similar proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Special Servicer
and such decree or order shall have remained in force undischarged, undismissed or unstayed for a period of 60 days;

 

(v)         
the Special Servicer shall consent to the appointment of a conservator, receiver, liquidator, trustee or similar official
in any bankruptcy, insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings of or relating
to the Special Servicer or of or relating to all or substantially all of its property;

 

(vi)         
the Special Servicer shall admit in writing its inability to pay its debts generally as they become due, file a petition
to take advantage of any applicable bankruptcy, insolvency or reorganization statute, make an assignment for the benefit of its
creditors, voluntarily suspend payment of its obligations or take any corporate action in furtherance of the foregoing;

 

(vii)        
the Special Servicer is no longer rated at least “CSS3” by Fitch and such Special Servicer is not reinstated
to at least that rating within 60 days of the delisting;

 

(viii)       
either of Moody’s or DBRS Morningstar (or, in the case of Serviced Companion Loan Securities, any Companion Loan Rating
Agency) has (A) qualified, downgraded or withdrawn its rating or ratings of one or more Classes of Certificates or one or more
classes of Serviced Companion Loan Securities, or (B) placed one or more Classes of Certificates or one or more classes of Serviced
Companion Loan Securities on “watch status” in contemplation of a rating downgrade or withdrawal (and such qualification,
downgrade, withdrawal or “watch status” placement shall not have been withdrawn by Moody’s or DBRS Morningstar
(or, in the case of Serviced Companion Loan Securities, any Companion Loan Rating Agency) within sixty (60) days of such event)
and, in the case of either of clauses (A) or (B), publicly citing servicing concerns with the Special Servicer as
the sole or a material factor in such rating action; or

 

(ix)         
any failure by the Special Servicer to deliver (a) any Exchange Act reporting items required to be delivered by the
Special Servicer to the Trustee or the Certificate Administrator under Article X by the time required under Article X
or (b) any Exchange Act reporting items that a Sub-Servicing Entity retained by the Special Servicer (but excluding any Mortgage
Loan Seller Sub-Servicer) is required to deliver (any Sub-Servicing Entity shall be terminated if it defaults in accordance with
the provision of this clause (viii));

 

then, and in each and every such case,
so long as a Special Servicer Termination Event shall not have been remedied, the Trustee may, and at the written direction of
(x) the Holders of at least

 

     -439-

     

    

 

(A) 25% of the aggregate Pooled Voting Rights of all Certificates (other than with respect to
the BX Industrial Portfolio Whole Loan, the Tower 333 Whole Loan and the 825 South Hill Whole Loan) and (B)(i) 25% of the Voting
Rights in the case of the Special Servicer with respect to the BX Industrial Portfolio Whole Loan, the Tower 333 Whole Loan or
the 825 South Hill Whole Loan, (y)  for so long as no Control Termination Event is continuing, the Directing Holder, or (z)
the Depositor with respect to clause (ii) above (to the extent such Special Servicer Termination Event relates to the obligations
regarding Exchange Act reporting contemplated by Article X) or clause (ix) above upon five (5) Business Days’
notice, shall, terminate all of the rights and obligations of the Special Servicer (other than the rights to indemnification provided
in Section 6.03(a) of this Agreement and compensation provided in Section 3.12(c) of this Agreement). In
the case of clause (vii) and clause (viii) above, the Trustee shall, upon actual knowledge by a Responsible Officer of such
Special Servicer Termination Event, be required to notify the Special Servicer and the Certificate Administrator, and the Certificate
Administrator, upon receipt of such notice or upon actual knowledge by a Responsible Officer of such Special Servicer Termination
Event, shall notify the Certificateholders and Serviced Companion Loan Noteholders of such Special Servicer Termination Event and
request whether such Certificateholders and, if applicable, the Serviced Companion Loan Noteholders favor such termination.

 

(c)          
Notwithstanding Section 7.01(a), (i) if any Master Servicer Termination Event occurs that affects a Serviced
Companion Loan and the Master Servicer is not otherwise terminated or (ii) if an NRSRO engaged to rate a Serviced Companion
Loan Security qualifies, downgrades or withdraws its rating of such Serviced Companion Loan Security, publicly citing servicing
concerns with the Master Servicer as the sole or a material factor in such rating action and that rating action is not withdrawn
within 60 days, then the Trustee, at the direction of the Companion Loan Noteholder, shall direct the Master Servicer to appoint
a sub-servicer (or if a sub-servicer is then sub-servicing such Serviced Whole Loan, to appoint a new sub-servicer to service such
Serviced Whole Loan, but only if such existing sub-servicer is in default after any applicable cure periods under the related sub-servicing
agreement, and the Master Servicer shall be permitted to terminate the sub-servicing agreement due to such default) with respect
all of the rights and obligations of the Master Servicer under this Agreement related to such Serviced Whole Loan. The Master Servicer
shall appoint a replacement sub-servicer with respect to such Serviced Whole Loan; provided that such sub-servicer meets
the eligibility requirements of a successor master servicer under Section 7.02 (including receipt of a Rating Agency
Confirmation relating to the Certificates and Serviced Companion Loan Securities, if any) and the eligibility requirements of each
Other Pooling and Servicing Agreement.

 

(d)          
Notwithstanding Section 7.01(b), (i) if any Special Servicer Termination Event occurs that affects a Serviced
Companion Loan and the Special Servicer is not otherwise terminated or (ii) if an NRSRO engaged to rate a Serviced Companion
Loan Security qualifies, downgrades or withdraws its rating of such Serviced Companion Loan Security, publicly citing servicing
concerns with the Special Servicer as the sole or a material factor in such rating action and that rating action is not withdrawn
within 60 days, then the Trustee, at the direction of the Companion Loan Noteholder, shall terminate the Special Servicer with
respect to the related Serviced Whole Loan only, but no other Mortgage Loan.

 

     -440-

     

    

 

(e)       
If the Master Servicer or the Special Servicer is terminated pursuant to this Section 7.01, the Trustee (the “Terminating
Party”) shall, by notice in writing to the Master Servicer or the Special Servicer, as the case may be (the
“Terminated Party”), terminate all of its rights and obligations under this
Agreement and in and to the Mortgage Loans and the proceeds thereof, other than any rights the Terminated Party has to Excess
Servicing Fees, any rights it has hereunder as a Certificateholder and any rights or obligations that accrued prior to the date
of such termination (including the right to receive all amounts accrued or owing to it under this Agreement, plus interest at
the Reimbursement Rate on such amounts until received to the extent such amounts bear interest as provided in this Agreement,
with respect to periods prior to the date of such termination and the right to the benefits of Section 6.03 of this Agreement
notwithstanding any such termination), and with respect to the Special Servicer, the right to receive any Workout Fee subsequent
to its termination as Special Servicer, pursuant to Section 3.12(c) of this Agreement. No successor Special Servicer shall
be entitled to such Workout Fee received by the terminated Special Servicer. On or after the receipt by the Terminated Party of
such written notice, all of its authority and power under this Agreement, whether with respect to the Certificates (except that
the Terminated Party shall retain its rights as a Certificateholder if and to the extent that it is a Certificateholder), the
Mortgage Loans, the Serviced Companion Loans or otherwise, shall pass to and be vested in the Terminating Party pursuant to and
under this Section and, without limitation, the Terminating Party is hereby authorized and empowered to execute and deliver, on
behalf of and at the expense of the Terminated Party, as attorney-in-fact or otherwise, any and all documents and other instruments,
and to do or accomplish all other acts or things necessary or appropriate to effect the purposes of such notice of termination,
whether to complete the transfer and endorsement or assignment of the Mortgage Loans and related documents, or otherwise. The
Master Servicer and the Special Servicer each agree in the event it is terminated pursuant to this Section 7.01 to promptly
(and in any event no later than ten Business Days subsequent to such notice) provide, at its own expense, the Terminating Party
with all documents and records requested by the Terminating Party to enable the Terminating Party to assume its functions hereunder,
and to cooperate with the Terminating Party and the successor to its responsibilities hereunder in effecting the termination of
its responsibilities and rights hereunder, including, without limitation, the transfer to the successor Master Servicer or Special
Servicer or the Terminating Party, as applicable, for administration by it of all cash amounts which shall at the time be or should
have been credited by the Master Servicer or the Special Servicer to the Collection Account, the applicable Serviced Whole Loan
Collection Account, any REO Account, the Loss of Value Reserve Fund, any Gain-on-Sale Reserve Account, Lock-Box Account or Cash
Collateral Account or which shall thereafter be received with respect to the Mortgage Loans, and shall promptly provide the Terminating
Party or such successor Master Servicer or successor Special Servicer (which may include the Trustee) all documents and records
reasonably requested by it, such documents and records to be provided in such form as the Terminating Party or such successor
Master Servicer or Special Servicer shall reasonably request (including electronic form), to enable it to assume the Master Servicer’s
or Special Servicer’s function hereunder. All reasonable costs and expenses of the Terminating Party (including the cost
of obtaining a Rating Agency Confirmation and any applicable indemnity) or the successor Master Servicer or successor Special
Servicer incurred in connection with transferring the Mortgage Files to the successor Master Servicer or Special Servicer and
amending this Agreement to reflect such succession as successor Master Servicer or successor Special Servicer pursuant to this
Section 7.01 shall be paid by the predecessor Master Servicer or the Special Servicer, as applicable, upon presentation

     -441-

     

    

 

of
reasonable documentation of such costs and expenses. If the predecessor Master Servicer or Special Servicer (as the case may be)
has not reimbursed the Terminating Party or the successor Master Servicer or Special Servicer for such expenses within 90 days
after the presentation of reasonable documentation, such expense shall be reimbursed by the Trust Fund; provided
that the Terminated Party shall not thereby be relieved of its liability for such expenses. If and to the extent that
the Terminated Party has not reimbursed such costs and expenses, the Terminating Party shall have an affirmative obligation to
take all reasonable actions to collect such expenses on behalf of the Trust Fund. 

In
no event shall the Trustee or the Certificate Administrator be deemed to have knowledge of, or be aware of, any Master Servicer
Termination Event or Special Servicer Termination Event until a Responsible Officer of the Trustee or the Certificate Administrator,
as the case may be, has received written notice thereof or has actual knowledge thereof.

No
removal or replacement of the Master Servicer or the Special Servicer as contemplated by this Agreement shall become effective
until (i) the Trustee or a successor Master Servicer or Special Servicer shall have assumed the resigning or terminated Master
Servicer’s or Special Servicer’s responsibilities, duties, liabilities and obligations hereunder, (ii) the Certificate
Administrator shall have filed any required Form 8-K pursuant to Section 10.09, (iii) any other information required under
Section 10.03 or Section 10.09 has been delivered
to any applicable Other Depositor with respect to any related Companion Loan, and (iv) as to any resignation, removal, succession,
merger or consolidation of the Master Servicer or the Special Servicer that would constitute a Reportable Event, upon at least
4 Business Days prior notice of the anticipated effective date of such event, the Certificate Administrator and the Depositor
shall cooperate in a timely manner with the Master Servicer, the Special Servicer or any other Person pursuing such resignation,
removal, succession, merger or consolidation, as applicable, in connection with the Depositor’s or the Certificate Administrator’s
obligation to file any related required Form 8-K relating to this Trust on the anticipated effective date of such event.

Section
7.02     Trustee to Act;
Appointment of Successor. Upon the receipt of a notice of termination by the Master Servicer or the Special Servicer pursuant
to Section 7.01 of this Agreement, the Terminating Party (subject to Section 7.01(a) and Section 7.01(c))
shall be its successor, until a successor is appointed by the Directing Holder as provided in this Section 7.02 or Section
3.22(b), as applicable, in all respects in its capacity as the Master Servicer or the Special Servicer under this Agreement
and the transactions set forth or provided for herein and, except as provided herein, shall be subject to all the responsibilities,
duties, limitations on liability and liabilities relating thereto and arising thereafter placed on the Master Servicer or Special
Servicer by the terms and provisions hereof, provided that (i) the Terminating Party shall have no responsibilities, duties,
liabilities or obligations with respect to any act or omission of the Master Servicer or Special Servicer and (ii) any failure
to perform, or delay in performing, such duties or responsibilities caused by the Terminated Party’s failure to provide,
or delay in providing, records, tapes, disks, information or monies shall not be considered a termination event for such successor
hereunder. The Trustee, as successor Master Servicer or successor Special Servicer, shall be indemnified to the full extent provided
to the Master Servicer or Special Servicer, as applicable, under this Agreement prior to the Master Servicer’s or the Special
Servicer’s termination. The appointment of a successor Master Servicer or successor Special Servicer shall not affect any
liability of the predecessor Master Servicer or

 

     -442-

     

    

 

Special
Servicer which may have arisen prior to its termination as the Master Servicer or the Special Servicer. The Terminating Party
shall not be liable for any of the representations and warranties of the Master Servicer or Special Servicer herein or in any
related document or agreement, for any acts or omissions of the predecessor Master Servicer or predecessor Special Servicer or
for any losses incurred in respect of any Permitted Investment by the Master Servicer pursuant to Section 3.07 hereunder
nor shall the Trustee be required to purchase any Mortgage Loan or any Serviced Companion Loan hereunder. As compensation therefor,
the Terminating Party as successor Master Servicer or successor Special Servicer shall be entitled to the Servicing Compensation
or Special Servicing Compensation, as applicable, and all funds relating to the Mortgage Loans or the Serviced Companion Loans
that accrue after the date of the Terminating Party’s succession to which such predecessor Master Servicer or Special Servicer
would have been entitled if such predecessor Master Servicer or Special Servicer, as applicable, had continued to act hereunder.
If any Advances made by the Master Servicer or the Trustee shall at any time be outstanding, or any amounts of interest thereon
shall be accrued and unpaid, all amounts available to repay Advances and interest hereunder shall be applied entirely to the Advances
made by the Trustee (and the accrued and unpaid interest thereon), until such Advances and interest shall have been repaid in
full. Notwithstanding the above, the Trustee may, if it shall be unwilling to so act, or shall if it is unable to so act or if
the Holders of Certificates entitled to (i) in the case of the Master Servicer, at least 25% of the aggregate Voting Rights, (ii)
in the case of the Special Servicer, at least 25% of the aggregate Pooled Voting Rights (other than with respect to the BX Industrial
Portfolio Whole Loan, the Tower 333 Whole Loan and the 825 South Hill Whole Loan) or (iii) 25% of the aggregate Voting Rights
in the case of the Special Servicer with respect to the BX Industrial Portfolio Whole Loan, the Tower 333 Whole Loan or the 825
South Hill Whole Loan so request in writing to the Trustee, or the Directing Holder (so long as no Control Termination Event is
continuing) so requests in writing to the Trustee, or, with respect to a Serviced Whole Loan, if an affected Serviced Companion
Loan Noteholder so requests in writing to the Trustee, or if the Trustee is not an “approved” servicer by any of
the Rating Agencies for mortgage pools similar to the Trust Fund, promptly appoint, or petition a court of competent jurisdiction
to appoint, any established mortgage loan servicing institution that, for so long as no Control Termination Event is continuing,
has been approved by the Directing Holder (which approval shall not be unreasonably withheld in the case of the appointment of
a successor Master Servicer) to act as the successor to the Master Servicer or Special Servicer, as applicable, hereunder in the
assumption of all or any part of the responsibilities, duties or liabilities of the Master Servicer or Special Servicer hereunder;
provided that the Trustee shall obtain a Rating Agency Confirmation with respect to the
Certificates and any Serviced Companion Loan Securities. No appointment of a successor to the Master Servicer or Special Servicer
hereunder shall be effective until the assumption by such successor of all the Master Servicer’s or Special Servicer’s
responsibilities, duties and liabilities hereunder, which appointment has been approved, if no Control Termination Event is continuing,
by the Directing Holder, such approval not to be unreasonably withheld. Pending appointment of a successor to the Master Servicer
(or the Special Servicer if the Special Servicer is also the Master Servicer) hereunder, unless the Trustee shall be prohibited
by law from so acting, the Trustee shall act in such capacity as hereinabove provided. Pending the appointment of a successor
to the Special Servicer, the Trustee shall act in such capacity. In connection with such appointment and assumption described
herein, the Trustee may make such arrangements for the compensation of such successor out of payments on Mortgage Loans, Serviced
Companion Loans or otherwise as it and such successor shall agree; provided that no such compensation

     -443-

     

    

 

shall
be in excess of that permitted to the Terminated Party hereunder, unless no successor to the Terminated Party can be obtained
to perform the obligations of such Terminated Party hereunder, in which case additional amounts shall be paid to such successor
and such amounts in excess of that permitted the Terminated Party shall be treated as Realized Losses and VRR Realized Losses.
Any successor Special Servicer shall be subject to the rights of the Directing Holder under Section 3.22(b) of this Agreement.
The Depositor, the Trustee, the Master Servicer or Special Servicer and such successor shall take such action, consistent with
this Agreement, as shall be necessary to effectuate any such succession.

If
the Trustee or an Affiliate acts pursuant to this Section 7.02 as successor to the resigning or terminated Master Servicer,
it may reduce the Master Servicer’s Excess Servicing Fee Rate to the extent that it’s or such Affiliate’s
compensation as successor Master Servicer would otherwise be below the market rate servicing compensation. If the Trustee elects
to appoint a successor to the resigning or terminated Master Servicer other than itself or an Affiliate pursuant to this Section
7.02, it may reduce the Master Servicer’s Excess Servicing Fee Rate to the extent reasonably necessary (in the sole
discretion of the Trustee) for the Trustee to appoint a qualified successor Master Servicer that meets the requirements of this
Section 7.02.

Section
7.03     Notification to Certificateholders and Other Persons. (a) Upon its receipt of written
notice of any termination pursuant to Section 7.01 above or appointment of a successor to the Master Servicer or the Special
Servicer, the Certificate Administrator shall give prompt written notice thereof to Certificateholders at their respective addresses
appearing in the Certificate Register, the 17g-5 Information Provider (who shall promptly post such notice to the 17g-5 Information
Provider’s Website pursuant to Section 3.14(d) of this Agreement) and to each Serviced Companion Loan Noteholder
at its address appearing in the Serviced Companion Loan Noteholder Register.

(b)       
Within 30 days after the occurrence of any Servicer Termination Event (or any analogous servicer termination event under any Other
Pooling and Servicing Agreement relating to any Non-Serviced Whole Loan) of which a Responsible Officer of the Trustee has actual
knowledge, the Trustee shall transmit by mail to the Depositor, the Certificate Administrator (who shall then notify all Holders
of Certificates), the 17g-5 Information Provider (who shall promptly post such notice to the 17g-5 Information Provider’s
Website pursuant to Section 3.14(d) of this Agreement), and each Serviced Companion Loan Noteholder, notice of such Servicer
Termination Event, unless such Servicer Termination Event shall have been cured or waived.

Section
7.04     Other Remedies of Trustee. During the continuance of any Servicer Termination Event,
so long as the Servicer Termination Event shall not have been remedied, the Trustee, in addition to the rights specified in Section
7.01 of this Agreement, shall have the right, in its own name as Trustee of an express trust, to take all actions now or hereafter
existing at law, in equity or by statute to enforce its rights and remedies and to protect the interests, and enforce the rights
and remedies, of the Certificateholders and, in the case of any Serviced Companion Loan, of the related Serviced Companion Loan
Noteholders (including the institution and prosecution of all judicial, administrative and other proceedings and the filing of
proofs of claim and debt in connection therewith). In such event, the legal fees, expenses and costs of such action and any liability
resulting therefrom shall be expenses, costs and liabilities of the Trust Fund (and, in the case of any Serviced Whole Loan, such
amounts shall be allocated in 

 

     -444-

     

    

 

accordance
with the expense allocation provision of the related Intercreditor Agreement). Except as otherwise expressly provided in this
Agreement, no remedy provided for by this Agreement shall be exclusive of any other remedy, and each and every remedy shall be
cumulative and in addition to any other remedy, and no delay or omission to exercise any right or remedy shall impair any such
right or remedy or shall be deemed to be a waiver of any Servicer Termination Event.

Section
7.05     Waiver of Past Servicer Termination Events; Termination. The Holders of Certificates
evidencing not less than (a) 66-2/3% of the aggregate Voting Rights of the Certificates in the case of the Master Servicer, (b)
66-2/3% of the aggregate Pooled Voting Rights in the case of the Special Servicer (other than with respect to the BX Industrial
Portfolio Whole Loan, the Tower 333 Whole Loan and the 825 South Hill Whole Loan) and (c) 66-2/3% of the aggregate Voting Rights
in the case of the Special Servicer with respect to the BX Industrial Portfolio Whole Loan, the Tower 333 Whole Loan or the 825
South Hill Whole Loan may, together with each affected Serviced Companion Loan Noteholder (to the extent they are adversely affected
by such Servicer Termination Event), on behalf of all Holders of Certificates waive any termination event with respect to the
Master Servicer, the Special Servicer in the performance of its obligations hereunder and its consequences, except a termination
event with respect to making any required deposits (including, with respect to the Master Servicer, P&I Advances) to or payments
from the Collection Account, any Serviced Whole Loan Collection Account or the Lower-Tier Distribution Account, or in remitting
payments as received, in each case in accordance with this Agreement. Upon any such waiver of a past termination event, such termination
event shall cease to exist, and any Servicer Termination Event arising therefrom shall be deemed to have been remedied for every
purpose of this Agreement. No such waiver shall extend to any subsequent or other termination event or impair any right consequent
thereon. 

Section
7.06     Trustee as Maker of Advances. If the Master Servicer fails to fulfill its obligations
hereunder to make any Advances and such failure remains uncured, the Trustee shall perform such obligations (x) within five Business
Days of the Master Servicer Termination Event resulting from such failure by the Master Servicer with respect to Servicing Advances
to the extent a Responsible Officer of the Trustee has actual knowledge of such failure with respect to such Servicing Advances
and (y) by 12:00 noon (New York City time) on the related Distribution Date with respect to P&I Advances pursuant to the Trustee’s
receipt of notice of failure pursuant to Section 4.07(a) of this Agreement unless the Trustee has received notice that
such failure has been cured by 11:00 a.m. on such Distribution Date. With respect to any such Advance made by the Trustee, the
Trustee shall succeed to all of the Master Servicer’s rights with respect to Advances hereunder, including, without limitation,
the Master Servicer’s rights of reimbursement and interest on each Advance at the Reimbursement Rate, and rights to determine
that a proposed Advance is a Nonrecoverable Advance (without regard to any impairment of any such rights of reimbursement caused
by the Master Servicer’s failure to perform its obligations hereunder); provided that if Advances made by the Trustee
and the Master Servicer shall at any time be outstanding, or any interest on any Advance shall be accrued and unpaid, all amounts
available to repay such Advances and the interest thereon hereunder shall be applied entirely to the Advances outstanding to the
Trustee, until such Advances shall have been repaid in full, together with all interest accrued thereon, prior to reimbursement
of the Master Servicer for such Advances. The Trustee shall be entitled to conclusively rely on any

 

     -445-

     

    

 

notice
given with respect to a Nonrecoverable Advance or any determination of nonrecoverability in connection therewith by the Master
Servicer hereunder. 

Article
VIII

CONCERNING THE TRUSTEE AND CERTIFICATE ADMINISTRATOR

Section
8.01     Duties of Trustee
and Certificate Administrator.
(a) Each of the Trustee and the Certificate Administrator undertakes to perform such duties and only such duties as are specifically
set forth in this Agreement and no permissive right of the Trustee shall be construed as a duty. During the continuance of a Servicer
Termination Event of which a Responsible Officer of the Trustee has actual knowledge, the Trustee, subject to the provisions of
Section 7.02 and 7.05 of this Agreement shall exercise such of the rights and powers vested in it by this Agreement,
and use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances
in the conduct of such person’s own affairs.

(b)       
The Trustee and the Certificate Administrator, upon receipt of any resolutions, certificates, statements, opinions, reports, documents,
orders or other instruments furnished to the Trustee or the Certificate Administrator, as the case may be, which are specifically
required to be furnished to the Trustee or the Certificate Administrator pursuant to any provision of this Agreement (other than
the Mortgage Files, the review of which is specifically governed in Article II, any CREFC®
reports, and any information delivered for posting to the Certificate Administrator’s Website), shall examine them
to determine whether they conform on their face to the requirements of this Agreement; provided that, the Trustee or the
Certificate Administrator, as applicable, shall not be responsible for the accuracy or content of any such resolution, certificate,
statement, opinion, report, document, order or other instrument provided to it hereunder. If any such instrument is found not
to conform on its face to the requirements of this Agreement in a material manner, the Trustee or the Certificate Administrator,
as applicable, shall request the provider of such instrument to have the instrument corrected, and if the instrument is not corrected
to such Trustee’s or such Certificate Administrator’s reasonable satisfaction, such Trustee or such Certificate
Administrator will provide notice thereof to the Certificateholders.

(c)       
None of the Trustee, the Certificate Administrator or any of their officers, directors, employees, agents or “control”
persons within the meaning of the Act shall have any liability arising out of or in connection with this Agreement, provided
that, subject to Section 8.02 of this Agreement, no provision of this Agreement shall be construed to relieve
the Trustee, the Certificate Administrator or any such person, from liability for its own negligent action, its own negligent
failure to act or its own willful misconduct or its own bad faith; and provided, further,
that:

(i)    
The Trustee’s and the Certificate Administrator’s duties and obligations shall be determined solely by the express
provisions of this Agreement, neither the Trustee nor the Certificate Administrator shall be liable except for the performance
of such duties and obligations as are specifically set forth in regard to such party in this Agreement, no implied covenants or
obligations shall be read into this Agreement against the Trustee or 

 

     -446-

     

    

the
Certificate Administrator and, in the absence of bad faith on the part of the Trustee or the Certificate Administrator, as the
case may be, the Trustee and the Certificate Administrator may conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon any resolutions, certificates, statements, reports, opinions, documents, orders or other
instruments furnished to the Trustee or the Certificate Administrator, as the case may be, that conform on their face to the requirements
of this Agreement to the extent set forth herein without responsibility for investigating the contents thereof;

(ii)   
Reserved;

(iii)  
Neither the Trustee nor the Certificate Administrator shall be personally liable with respect to any action taken, suffered or
omitted to be taken by it in good faith in accordance with the direction of Holders of Certificates entitled to greater than 25%
of the Percentage Interests (or such other higher or lower percentage as is specified herein) of each affected Class, or of the
aggregate Voting Rights of the Certificates, relating to the time, method and place of conducting any proceeding for any remedy
available to the Trustee or the Certificate Administrator, as the case may be, or exercising any trust or power conferred upon
the Trustee or the Certificate Administrator, as the case may be, under this Agreement;

(iv)  
Neither the Trustee nor the Certificate Administrator nor any of their directors, officers, employees, agents or control persons
shall be responsible for any act or omission of any Custodian, Paying Agent or Certificate Registrar that is not an Affiliate
of the Trustee or Certificate Administrator, respectively, and that is selected other than by the Trustee or Certificate Administrator,
respectively, performed or omitted in compliance with any custodial or other agreement, or any act or omission of the Master Servicer,
the Special Servicer, the Depositor or any other Person, including, without limitation, in connection with actions taken pursuant
to this Agreement;

(v)   
Neither the Trustee nor the Certificate Administrator shall be under any obligation to appear in, prosecute or defend any legal
action which is not incidental to its respective duties as Trustee or Certificate Administrator in accordance with this Agreement
(and, if it does, all legal expenses and costs of such action shall be expenses and costs of the Trust Fund (and, in the case
of any Whole Loan, any such costs and expenses shall be allocated in accordance with the allocation provisions of the related
Intercreditor Agreement)), and the Trustee or the Certificate Administrator, as applicable, shall be entitled, as provided in
Section 3.06 hereof, to be reimbursed therefor from amounts on deposit in the Collection Account (and with respect to any
Serviced Whole Loan, the related Serviced Whole Loan Collection Account) or the Distribution Account and identified on the Trust
Ledger, unless such legal action arises out of the negligence or bad faith of the Trustee or Certificate Administrator, as applicable,
or any breach of a representation or warranty of the Trustee or Certificate Administrator, as applicable, contained herein; and

(vi)  
Neither the Trustee nor the Certificate Administrator shall be charged with knowledge of any act, failure to act or breach of
any Person upon the occurrence of which the Trustee or Certificate Administrator, as applicable, may be required to act, unless
a

 

     -447-

     

    

Responsible
Officer of the Trustee or Certificate Administrator, as applicable, obtains actual knowledge of such act, failure or breach. Neither
the Trustee nor the Certificate Administrator shall be deemed to have actual knowledge of the Master Servicer’s or the
Special Servicer’s failure to provide scheduled reports, certificates and statements when and as required to be delivered
to the Trustee or Certificate Administrator, as applicable, pursuant to this Agreement.

None
of the provisions contained in this Agreement shall require either the Trustee, in its capacity as Trustee or the Certificate
Administrator, in its capacity as Certificate Administrator, to expend or risk its own funds, or otherwise incur financial liability
in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if in the opinion of the
Trustee or the Certificate Administrator, as the case may be, the repayment of such funds or adequate indemnity against such risk
or liability is not reasonably assured to it, and none of the provisions contained in this Agreement shall in any event require
the Trustee or the Certificate Administrator, as the case may be, to perform, or be responsible for the manner of performance
of, any of the obligations of the Master Servicer or the Special Servicer under this Agreement, except, in the case of the Trustee,
during such time, if any, as the Trustee shall be the successor to, and be vested with the rights, duties, powers and privileges
of, the Master Servicer or the Special Servicer in accordance with the terms of this Agreement. Neither the Trustee nor the Certificate
Administrator shall be required to post any surety or bond of any kind in connection with its performance of its obligations under
this Agreement and neither the Trustee nor the Certificate Administrator shall be liable for any loss on any investment of funds
pursuant to this Agreement. Notwithstanding any other provision hereof, when acting as the Master Servicer hereunder, the Trustee
shall comply with the Servicing Standard.

Section
8.02     Certain Matters Affecting the Trustee and the Certificate Administrator. (a) Except as
otherwise provided in Section 8.01 of this Agreement:

(i)    
The Trustee and the Certificate Administrator may request and/or conclusively rely upon and shall be protected in acting or refraining
from acting upon any resolution, Officer’s Certificate, direction of the Depositor, certificate of auditors or any other
certificate, statement, instrument, opinion, report, notice, request, consent, order, appraisal, bond or other paper or document
reasonably believed by it to be genuine and to have been signed or presented by the proper party or parties and neither the Trustee
nor the Certificate Administrator shall have any responsibility to ascertain or confirm the genuineness of any such party or parties;

(ii)   
Each of the Trustee and the Certificate Administrator may consult with counsel and the written advice of such counsel or any Opinion
of Counsel shall be full and complete authorization and protection in respect of any action taken or suffered or omitted by it
hereunder in good faith and in accordance with the written advice of such counsel or such Opinion of Counsel;

(iii)  
(A) Neither the Trustee nor the Certificate Administrator shall be under any obligation to exercise any of the trusts or powers
vested in it by this Agreement or to make any investigation of matters arising hereunder or institute, conduct or defend any litigation
hereunder or in relation hereto at the request, order or direction of any of the Certificateholders or the RR Interest Owner,
pursuant to the provisions of this Agreement,

 

     -448-

     

    

unless
such Certificateholders or the RR Interest Owner, as applicable, shall have offered to the Trustee or the Certificate Administrator,
as the case may be, security or indemnity reasonably satisfactory to the Trustee or the Certificate Administrator, as the case
may be, against the costs, expenses and liabilities which may be incurred therein or thereby, provided
that nothing contained herein shall relieve the Trustee of the obligations, upon the occurrence of a Servicer Termination
Event (which has not been cured or waived) of which a Responsible Officer of the Trustee has actual knowledge, to exercise such
of the rights and powers vested in it by this Agreement, and to use the same degree of care and skill in their exercise, as a
prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs; and (B) the right
of the Trustee and the Certificate Administrator to perform any discretionary act enumerated in this Agreement shall not be construed
as a duty, and the Trustee or the Certificate Administrator, as the case may be, shall not be answerable for other than its own
negligence or willful misconduct or bad faith in the performance of any such act;

(iv)  
None of the Trustee, the Certificate Administrator or any of their directors, officers, employees, Affiliates, agents or “control”
persons within the meaning of the Act shall be personally liable (A) for an error of judgment made in good faith by a Responsible
Officer of the Trustee or the Certificate Administrator, as the case may be, unless it shall be proved that the Trustee or the
Certificate Administrator, as the case may be, was negligent in ascertaining the pertinent facts or (B) for any action taken,
suffered or omitted by it in good faith and reasonably believed by the Trustee or the Certificate Administrator, as the case may
be, to be authorized or within the discretion or rights or powers conferred upon it by this Agreement;

(v)   
Neither the Trustee nor the Certificate Administrator shall be bound to make any investigation into the facts or matters stated
in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, appraisal, bond or other
paper or document, unless requested in writing to do so by Holders of Certificates entitled to greater than 25% (or such other
percentage as is specified herein) of the Percentage Interests of each affected Class; provided that if the payment within
a reasonable time to the Trustee or the Certificate Administrator, as the case may be, of the costs, expenses or liabilities likely
to be incurred by it in the making of such investigation is, in the opinion of the Trustee or the Certificate Administrator, as
the case may be, not reasonably assured to the Trustee or the Certificate Administrator, as the case may be, by the security afforded
to it by the terms of this Agreement, the Trustee or the Certificate Administrator, as the case may be, may require indemnity
reasonably satisfactory to it from such requesting Holders against such cost, expense or liability as a condition to taking any
such action. The reasonable expense of every such investigation shall be paid by the Master Servicer or the Special Servicer,
as applicable, if a Servicer Termination Event shall have occurred and be continuing relating to the Master Servicer or the Special
Servicer, respectively, and otherwise by the Certificateholders requesting the investigation;

(vi)  
The Trustee and the Certificate Administrator may execute any of the trusts or powers hereunder and the Trustee and the Certificate
Administrator may perform any duties hereunder either directly or by or through agents, affiliates, nominees, custodians or attorneys
but shall not be relieved of the obligations hereunder; provided that the Trustee or 

     -449-

     

    

the
Certificate Administrator, as the case may be, may not perform any duties hereunder through any Person that is a Prohibited Party;

(vii) 
Other than in the case of actual fraud (as determined by a non-appealable final court order), in no event shall the Trustee or
the Certificate Administrator, as applicable, be liable for special, punitive, indirect or consequential loss or damage of any
kind whatsoever (including, but not limited to lost profits), even if the Trustee or the Certificate Administrator, as applicable,
has been advised of the likelihood of such loss or damage and regardless of the form of action;

(viii)
In no event shall the Trustee or the Certificate Administrator be liable for any failure or delay in the performance of its obligations
hereunder due to force majeure or acts of God; provided that such failure or delay is not also a result of its own
negligence, bad faith or willful misconduct;

(ix)  
Except as otherwise expressly set forth in this Agreement, Wells Fargo Bank, National Association acting in any particular capacity
hereunder will not be deemed to be imputed with knowledge of (a) Wells Fargo Bank, National Association, acting in a capacity
that is unrelated to the transactions contemplated by this Agreement, or (b) Wells Fargo Bank, National Association, acting in
any other capacity hereunder, except, in the case of either clause (a) or clause (b), where some or all of the obligations
performed in such capacities are performed by one or more employees within the same group or division of Wells Fargo Bank, National
Association, or where the groups or divisions responsible for performing the obligations in such capacities have one or more of
the same Responsible Officers, provided in any event, however, the knowledge of employees
performing special servicing functions shall not be imputed to employees performing master servicing functions, and the knowledge
of employees performing master servicing functions shall not be imputed to employees performing special servicing functions; 

(x)   
Nothing herein shall require the Trustee or the Certificate Administrator to act in any manner that is contrary to applicable
law; and

(xi)  
Nothing herein shall be construed as an obligation of the parties to this Agreement to advise the Certificateholders with respect
to their rights and protections relative to the Trust.

(b)       
Following the Startup Day, the Trustee and the Certificate Administrator shall not, except as expressly required by any provision
of this Agreement, accept any contribution of assets to the Trust Fund unless the Trustee or the Certificate Administrator shall
have received an Opinion of Counsel (the costs of obtaining such opinion to be borne by the Person requesting such contribution)
to the effect that the inclusion of such assets in the Trust Fund will not cause an Adverse REMIC Event.

(c)       
All rights of action under this Agreement or under any of the Certificates, enforceable by the Trustee and the Certificate Administrator,
may be enforced by it without the possession of any of the Certificates, or the production thereof at the trial or other proceeding
relating thereto, and any such suit, action or proceeding instituted by the Trustee and the

     -450-

     

    

Certificate
Administrator shall be brought in its name for the benefit of all the Holders of such Certificates, subject to the provisions
of this Agreement.

(d)       
Neither the Trustee nor the Certificate Administrator shall have a duty to conduct any affirmative investigation as to the occurrence
of any condition requiring the repurchase of any Mortgage Loan by any Mortgage Loan Seller pursuant to this Agreement or the eligibility
of any Mortgage Loan for purposes of this Agreement.

(e)       
Each of the Trustee and the Certificate Administrator shall be entitled to all of the same rights, protections, immunities and
indemnities afforded to it as Trustee and Certificate Administrator, as the case may be, in each capacity for which it serves
hereunder (including, without limitation, as Custodian, Certificate Registrar, 17g-5 Information Provider, Paying Agent and Authenticating
Agent).

(f)        
In order to comply with laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions,
including those relating to the funding of terrorist activities and money laundering (“Applicable
Law”), the Certificate Administrator and the Trustee, as the case may be, are required to obtain, verify and
record certain information relating to individuals and entities that maintain a business relationship with the Certificate Administrator
or the Trustee. Accordingly, each of the parties hereto agrees to provide to the Certificate Administrator and the Trustee, upon
its respective request from time to time, such identifying information and documentation as may be available for such party in
order to enable the Certificate Administrator and the Trustee to comply with Applicable Law.

Section
8.03     Trustee and Certificate Administrator Not Liable for Certificates or Mortgage Loans. The
recitals contained herein and in the Certificates shall not be taken as the statements of the Trustee, the Certificate Administrator,
the Master Servicer, or the Special Servicer and the Trustee, the Certificate Administrator, the Master Servicer and the Special
Servicer assume no responsibility for their correctness. The Trustee, the Certificate Administrator, the Master Servicer and the
Special Servicer make no representations or warranties as to the validity or sufficiency of this Agreement, of the Certificates
or any offering document used to offer the Certificates for sale or the validity, enforceability or sufficiency of any Mortgage
Loan, or related document. Neither the Trustee nor the Certificate Administrator shall at any time have any responsibility or
liability for or with respect to the legality, validity and enforceability of any Mortgage, any Mortgage Loan, or the perfection
and priority of any Mortgage or the maintenance of any such perfection and priority, or for or with respect to the sufficiency
of the Trust Fund or its ability to generate the payments to be distributed to Certificateholders under this Agreement. Without
limiting the foregoing, neither the Trustee nor the Certificate Administrator shall be liable or responsible for: (i) the existence,
condition and ownership of any Mortgaged Property; (ii) the existence of any hazard or other insurance thereon (other than if
the Trustee shall assume the duties of the Master Servicer or the Special Servicer pursuant to Section
7.02 of this
Agreement) or the enforceability thereof; (iii) the existence of any Mortgage Loan or the contents of the related Mortgage File
on any computer or other record thereof (other than if the Trustee shall assume the duties of the Master Servicer or the Special
Servicer pursuant to Section 7.02 of this Agreement); (iv) the validity of the assignment
of any Mortgage Loan to the Trust Fund or of any intervening assignment; (v) the completeness of any Mortgage File; the performance
or enforcement of any Mortgage Loan (other than if the Trustee shall assume the duties of the Master Servicer or the Special Servicer
pursuant to Section 7.02 of

     -451-

     

    

 

this
Agreement); (vi) the compliance by the Depositor, the Master Servicer or the Special Servicer with any warranty or representation
made under this Agreement or in any related document or the accuracy of any such warranty or representation prior to the Trustee’s
receipt of written notice or other discovery of any non-compliance therewith or any breach thereof; (vii) any investment of monies
by or at the direction of the Master Servicer or any loss resulting therefrom, the acts or omissions of any of the Depositor,
the Certificate Administrator, the Master Servicer or the Special Servicer (other than if the Trustee shall assume the duties
of the Certificate Administrator, the Master Servicer or Special Servicer pursuant to Section 7.02
of this Agreement) or any sub-servicer or any Borrower; any action of the Master Servicer or Special Servicer (other
than if the Trustee shall assume the duties of the Master Servicer or Special Servicer pursuant to Section
7.02 of this Agreement) or any sub-servicer taken in the name of the Trustee, except to the extent such action is taken
at the express written direction of the Trustee; (viii) the failure of the Master Servicer or the Special Servicer or any sub-servicer
to act or perform any duties required of them on behalf of the Trust Fund or the Trustee hereunder; or (ix) any action by or omission
of the Trustee or the Certificate Administrator taken at the instruction of the Master Servicer or the Special Servicer (other
than if the Trustee shall assume the duties of the Master Servicer or the Special Servicer pursuant to Section
7.02 of this Agreement) unless the taking of such action is not permitted by the express terms of this Agreement; provided
that the foregoing shall not relieve the Trustee or the Certificate Administrator of their respective obligations to perform
their duties as specifically set forth in this Agreement. The Trustee or the Certificate Administrator shall not be accountable
for the use or application by the Depositor, the Certificate Administrator (in the case of the Trustee only), the Trustee (in
the case of the Certificate Administrator only), the Master Servicer or the Special Servicer of any of the Certificates or of
the proceeds of such Certificates, or for the use or application of any funds paid to the Depositor, the Certificate Administrator
(in the case of the Trustee only), the Trustee (in the case of the Certificate Administrator only), the Master Servicer or the
Special Servicer in respect of the assignment of the Mortgage Loans or Trust Subordinate Companion Loan or deposited in or withdrawn
from the Collection Accounts, any Serviced Whole Loan Collection Account, the Lower-Tier Distribution Account, the Trust Subordinate
Companion Loan REMIC Distribution Accounts, the Upper-Tier Distribution Account, the Lock-Box Account, the Cash Collateral Account,
the Reserve Accounts, the Interest Reserve Account, any REO Account or any Gain-on-Sale Reserve Account or any other account maintained
by or on behalf of the Certificate Administrator, the Master Servicer or the Special Servicer, other than any funds held by the
Trustee or the Certificate Administrator. Neither the Trustee nor the Certificate Administrator shall have any responsibility
for filing any financing or continuation statement in any public office at any time or to otherwise perfect or maintain the perfection
of any security interest or lien granted to it hereunder (unless the Trustee shall have become the successor Master Servicer)
or to record this Agreement. In making any calculation hereunder which includes as a component thereof the payment or distribution
of interest for a stated period at a stated rate “to the extent permitted by applicable law,” the Trustee or the
Certificate Administrator, as the case may be, shall assume that such payment is so permitted unless a Responsible Officer of
the Trustee or the Certificate Administrator, as the case may be, has actual knowledge, or receives an Opinion of Counsel (at
the expense of the Person asserting the impermissibility) to the effect, that such payment is not permitted by applicable law.
The Depositor is not obligated to monitor or supervise the performance of the Trustee or the Certificate Administrator under this
Agreement or otherwise.

 

     -452-

     

    

Section
8.04     Trustee and Certificate Administrator May Own Certificates. The Trustee, the Certificate
Administrator and any agent of the Trustee or the Certificate Administrator in its individual capacity or any other capacity may
become the owner or pledgee of Certificates, and may deal with the Depositor, the Certificate Administrator, the Trustee, the
Master Servicer, the Special Servicer and the Initial Purchasers in banking transactions, with the same rights it would have if
it were not Trustee, Certificate Administrator or such agent, as the case may be.

Section
8.05     Payment of Trustee’s and Certificate Administrator’s Fees and Expenses; Indemnification. (a)
On each Distribution Date, prior to the distribution of amounts to the Certificateholders, the Certificate Administrator shall
be entitled to withdraw and pay the Trustee and itself its respective portion of the Certificate Administrator/Trustee Fee, as
reasonable compensation from amounts remitted to the Lower-Tier Distribution Account (which shall not be limited by any provision
of law in regard to the compensation of a trustee of an express trust), for all services rendered in the execution of the trusts
hereby created and in the exercise and performance of any of the powers and duties of the Trustee and the Certificate Administrator
at the Certificate Administrator/Trustee Fee Rate. The Trustee’s fee shall be paid as a portion of the Certificate Administrator/Trustee
Fee.

(b)       
If the Trustee assumes the servicing responsibilities of the Master Servicer or the Special Servicer hereunder pursuant to or
otherwise arising from the resignation or removal of the Master Servicer or the Special Servicer, the Trustee shall be entitled
to the compensation to which the Master Servicer or the Special Servicer, as the case may be, would have been entitled (other
than the rights of the Special Servicer to receive any Workout Fee specified in Section 3.12(c) of this Agreement if the
Special Servicer is terminated).

(c)       
The Trustee, the Custodian and the Certificate Administrator shall be paid or reimbursed by the Trust Fund upon its request for
all reasonable expenses, disbursements and advances incurred or made by the Trustee, the Custodian or the Certificate Administrator
pursuant to and in accordance with any of the provisions of this Agreement (including the reasonable compensation and the expenses
and disbursements of its counsel and of all persons not regularly in its employ), which the Certificate Administrator will be
entitled to withdraw from the Distribution Accounts prior to the distribution to Certificateholders to the extent set forth herein
and to the extent such payments are “unanticipated expenses incurred by the REMIC” within the meaning of Treasury
Regulations Section 1.860G-1(b)(iii) except any such expense, disbursement or advance as may arise from its negligence, willful
misconduct or bad faith; provided that, subject to the last paragraph of Section 8.01 and Section 8.02(a)(iii)
of this Agreement, the Trustee, the Custodian or the Certificate Administrator shall not refuse to perform any of their respective
duties hereunder solely as a result of the failure to be paid their respective portion of the Certificate Administrator/Trustee
Fee, or the Trustee’s, Custodian’s or Certificate Administrator’s previously-incurred expenses, as applicable.
The term “unanticipated expenses incurred by the REMIC” shall include any fees, expenses and disbursement of any
separate Trustee or co-Trustee appointed hereunder, only to the extent such fees, expenses and disbursements were not reasonably
anticipated as of the Closing Date and are attributable to the Lower-Tier REMIC, the Trust Subordinate Companion Loan REMICs or
the Upper-Tier REMIC and the losses, liabilities, damages, claims, disputes or expenses (including reasonable attorneys’
fees) incurred or advanced by an Indemnified Party in connection with any litigation arising out

     -453-

     

    

 

of
this Agreement attributable to the Lower-Tier REMIC, the Trust Subordinate Companion Loan REMICs, the Upper-Tier REMIC or the
Grantor Trust, including, without limitation, under Section 2.03, Section 3.10, the third paragraph of Section
3.11, Section 4.05 and Section 7.01 of this Agreement.

The
Master Servicer and the Special Servicer covenant and agree to pay or reimburse the Trustee for the reasonable expenses, disbursements
and advances incurred or made by the Trustee in connection with any transfer of the servicing responsibilities of the Master Servicer
or the Special Servicer, respectively, hereunder, pursuant to or otherwise arising from the resignation or removal of the Master
Servicer or Special Servicer (except in the case of removal of the Special Servicer without cause), as applicable, in accordance
with any of the provisions of this Agreement (and including the reasonable fees and expenses and disbursements of its counsel
and all other persons not regularly in its employ), except any such expense, disbursement or advance as may arise from the negligence,
willful misconduct or bad faith of the Trustee.

(d)       
Each of the Certificate Administrator, the Custodian, the Paying Agent, the Trustee, the Depositor, the Master Servicer and the
Special Servicer (each, for purposes of this Section 8.05(d), an “Indemnifying Party”)
shall (severally and not jointly) indemnify the Trustee (both in its capacity as Trustee and individually) and the Certificate
Administrator (in its capacity as Certificate Administrator, Custodian, Paying Agent and individually) and each of their Affiliates
and each of the partners, shareholders, members, managers, directors, officers, employees, representatives and agents of the Trustee
and the Certificate Administrator and each of their Affiliates (each, for purposes of this Section 8.05(d), an “Indemnified
Party”), and hold each of them harmless against any and all claims, losses, damages, penalties, fines, forfeitures,
reasonable legal fees and related costs, judgments, and any other costs, fees and expenses that the Indemnified Party may sustain
in connection with this Agreement (including, without limitation, reasonable fees and disbursements of counsel incurred by the
Indemnified Party in any action or proceeding between the Indemnifying Party and the Indemnified Party or between the Indemnified
Party and any third party or otherwise) resulting from each such Indemnifying Party’s respective willful misconduct, bad
faith, fraud or negligence in the performance of each of its respective duties hereunder or by reason of negligent disregard of
its respective obligations and duties hereunder (including in the case of the Master Servicer, any agent of the Master Servicer
or sub-servicer).

The
Trust Fund shall indemnify each Indemnified Party and the Custodian from, and hold it harmless against, any and all losses, liabilities,
damages, penalties, fines, forfeitures, judgments, claims or unanticipated expenses (including, without limitation, reasonable
fees and disbursements of counsel incurred by the Indemnified Party in any action or proceeding between the Indemnifying Party
and the Indemnified Party or between the Indemnified Party and any third party or otherwise) arising in respect of this Agreement,
the Mortgage Loans, the Trust Subordinate Companion Loans or the Certificates other than (i) resulting from the willful misconduct,
bad faith, fraud or negligence of the Indemnified Party or the Custodian, as applicable, in the performance of its obligations
and duties under this Agreement, (ii) by reason of its negligent disregard of those obligations or duties, or as may arise from
a breach of any representation or warranty of the Indemnified Party or the Custodian, as applicable, made in this Agreement and
(iii) as to which such Indemnified Party or the Custodian, as applicable, is

 

     -454-

     

    

 

entitled
to indemnification pursuant to this Section 8.05(d). The right of reimbursement of the Indemnified Parties under this Section
8.05(d) shall be senior to the rights of all Certificateholders.

For
the avoidance of doubt, with respect to any indemnification provisions in this Agreement providing that the issuing entity or
a party to this Agreement is required to indemnify another party to this Agreement for costs, fees and expenses, such costs, fees
and expenses are intended to include costs (including, but not limited to, reasonable attorney’s fees and expenses) of
the enforcement of such indemnity.

(e)       
Notwithstanding anything herein to the contrary, this Section 8.05 shall survive the termination or maturity of this Agreement
or the resignation, removal or termination of the Trustee or the Certificate Administrator, as the case may be, regarding rights
accrued prior to such resignation, removal or termination and (with respect to any acts or omissions during its respective tenures)
the resignation, removal or termination of the Master Servicer, the Special Servicer, the Paying Agent, the Certificate Administrator,
the Certificate Registrar or the Custodian.

(f)        
This Section 8.05 shall be expressly construed to include, but not be limited to, such indemnities, compensation, expenses,
disbursements, advances, losses, liabilities, damages and the like, as may pertain or relate to any environmental law or environmental
matter.

(g)       
Each of the Certificate Administrator, the Custodian, the Paying Agent and the Trustee (in each case with respect to itself only,
for purposes of this Section 8.05(g), an “Indemnifying Party”) shall
(severally and not jointly) indemnify the Trust Fund, the Depositor, the Master Servicer, the Special Servicer and each other,
and each of their respective Affiliates and each of the partners, shareholders, members, managers, directors, officers, employees,
representatives and agents of the Master Servicer and the Special Servicer and their respective Affiliates (each, for purposes
of this Section 8.05(g), an “Indemnified Party”), and hold each of
them harmless against any and all claims, losses, damages, penalties, fines, forfeitures, reasonable legal fees and related costs,
judgments, and any other costs, fees and expenses that the Indemnified Party may sustain in connection with this Agreement (including,
without limitation reasonable fees and disbursements of counsel incurred by the Indemnified Party in any action or proceeding
between the Indemnifying Party and the Indemnified Party or between the Indemnified Party and any third party or otherwise) resulting
from the applicable Indemnifying Party’s willful misconduct, bad faith, fraud or negligence in the performance of its duties
hereunder or by reason of negligent disregard of its obligations and duties hereunder.

(h)       
The Certificate Administrator (for purposes of this Section 8.05(h), the “Indemnifying
Party”) shall, solely in its capacity as the 17g-5 Information Provider, indemnify each Mortgage Loan Seller
and J.P. Morgan Securities LLC (each, for purposes of this Section 8.05(h), an “Indemnified
Party”), and hold each of them harmless against any and all claims, losses, damages, penalties, fines, forfeitures,
reasonable legal fees and related costs, judgments, and any other costs, fees and expenses that the Indemnified Party may sustain
in connection with this Agreement (including, without limitation reasonable fees and disbursements of counsel incurred by the
Indemnified Party in any action or proceeding between the Indemnifying Party and the Indemnified Party or between the Indemnified
Party and any third

     -455-

     

    

 

party
or otherwise) related to (i) the applicable Indemnifying Party’s willful misconduct, bad faith, fraud or negligence in
the performance of its duties hereunder or by reason of negligent disregard of its obligations and duties hereunder or (ii) a
determination by any Rating Agency that it cannot reasonably rely on representations made by the Depositor or any Affiliate thereof
pursuant to Exchange Act Rule 17g-5(a)(3), to the extent caused by any such willful misconduct, bad faith, fraud or negligence
in the performance of its duties hereunder or by reason of negligent disregard referred to in clause (i) above by the Indemnifying
Party.

(i)        
Each of the Certificate Administrator, the Custodian, the Paying Agent, the Authenticating Agent, the Certificate Registrar and
the Trustee (in each case with respect to itself only, for purposes of this Section 8.05(i),
an “Indemnifying Party”) shall (severally and not jointly) indemnify the
Trust Fund, the Depositor and the Retaining Sponsor and each other, and each of their respective Affiliates and each of the partners,
shareholders, members, managers, directors, officers, employees, representatives and agents of the Depositor and the Retaining
Sponsor and their respective Affiliates (each, for purposes of this Section 8.05(i),
an “Indemnified Party”), and hold each of them harmless against any and
all claims, losses, damages, penalties, fines, forfeitures, reasonable legal fees and related costs, judgments, and any other
costs, fees and expenses (including, without limitation reasonable fees and disbursements of counsel incurred by the Indemnified
Party in any action or proceeding between the Indemnifying Party and the Indemnified Party or between the Indemnified Party and
any third party or otherwise) that the Indemnified Party may sustain as a result of or relating to a violation of the Exchange
Act or Risk Retention Rule if such violation, in whole or in part, arises out of or results from the applicable Indemnifying Party’s
willful misconduct, bad faith, fraud or negligence in the performance of its duties or by reason of negligent disregard of its
obligations and duties, in each case, as set forth under Section 5.01(i) and Section
5.02(c)(iv) of this Agreement.

Section
8.06     Eligibility Requirements for Trustee and Certificate Administrator. The Trustee and Certificate
Administrator hereunder shall at all times:

(i)    
be a corporation, national bank, national banking association or a trust company organized and doing business under the laws of
any state or the United States of America,

(ii)   
be authorized under such laws to exercise corporate trust powers and to accept the trust conferred under this Agreement,

(iii)  
have a combined capital and surplus of at least $100,000,000,

(iv)  
be subject to supervision or examination by federal or state authority and, solely in the case of the Trustee, shall not be an
Affiliate of the Master Servicer or the Special Servicer (except, in the case of the Trustee, during any period when the Trustee
has assumed the duties of the Master Servicer or Special Servicer, as the case may be, pursuant to Section
7.02 of this Agreement),

(v)   
not be a Prohibited Party,

(vi)  
be an institution insured by the Federal Deposit Insurance Corporation, and

 

     -456-

     

    

(vii) 
an institution whose long-term senior unsecured debt is rated at least “A2” by Moody’s, “A” by
Fitch and “A” by DBRS Morningstar; provided that the Trustee will not become ineligible to serve based on
a failure to satisfy such rating requirements as long as (a) it maintains a long-term unsecured debt rating of no less than “A-”
by Fitch and “A(low)” by DBRS Morningstar, (b) its short-term debt obligations have a short-term rating of not less
than “P-2” from Moody’s and “F1” by Fitch and “R-1(low)” by DBRS Morningstar (or
such lower rating as is the subject of a Rating Agency Confirmation by such Rating Agency) and (c) the Master Servicer maintains
a rating on its long-term senior unsecured debt of at least “A2” by Moody’s, “A” by Fitch and
“A” by DBRS Morningstar (provided that in the case of DBRS Morningstar,
if any such institution is not rated by DBRS Morningstar, such institution maintains an equivalent (or higher) rating by any two
other NRSROs, or such other rating with respect to which the Rating Agencies have provided a Rating Agency Confirmation).

Notwithstanding
the foregoing, if the Trustee or the Certificate Administrator meets the provisions of clauses (i) through (iii), (v) and (vi)
above, but does not meet the provisions of clause (iv) above, the Trustee or the Certificate Administrator, as the case may be,
shall be deemed to meet the provisions of such clause (iv) if it appoints a fiscal agent as a back-up liquidity provider, provided
that such fiscal agent meets the provisions of clauses (i) through (vi) above and shall have assumed in writing all
obligations of the Trustee or the Certificate Administrator, as the case may be, to make Advances under this Agreement as and
when required of the Trustee or the Certificate Administrator, as the case may be. If a corporation or association publishes reports
of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then
for purposes of this Section the combined capital and surplus of such corporation shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so published. If the place of business from which the Trustee administers
the Trust Fund is a state or local jurisdiction that imposes a tax on the Trust Fund or the net income of any Trust REMIC (other
than a tax corresponding to a tax imposed under the REMIC Provisions) the Trustee shall elect either to (i) resign immediately
in the manner and with the effect specified in Section 8.07 of this Agreement, (ii) pay such tax and continue as Trustee
or (iii) administer the Trust Fund from a state and local jurisdiction that does not impose such a tax. If at any time the Trustee
or the Certificate Administrator shall cease to be eligible in accordance with the provisions of this Section, the Trustee or
the Certificate Administrator, as the case may be, shall resign immediately in the manner and with the effect specified in Section
8.07 of this Agreement.

Section
8.07     Resignation and Removal of Trustee and Certificate Administrator. The Trustee and the
Certificate Administrator may at any time resign and be discharged from the trusts hereby created by giving written notice thereof
to the Trustee, the Depositor, the Certificate Administrator, as applicable, all Certificateholders, the RR Interest Owner, the
Mortgage Loan Sellers, the Master Servicer, the Special Servicer, the Directing Holder and the 17g-5 Information Provider (who
shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this
Agreement). Upon notice of resignation from the Trustee, the Depositor shall use its reasonable best efforts to promptly appoint
a successor trustee, the appointment of which is subject to the requirements contained in Section 8.06 of this Agreement
and shall be, if no Control Termination Event is continuing, reasonably acceptable to the Directing Holder. Upon notice of resignation
from the Certificate

 

     -457-

     

    

Administrator,
the Trustee shall promptly appoint a successor certificate administrator, the appointment of which is subject to the requirements
contained in Section 8.06 of this Agreement. If no successor trustee or certificate administrator shall have been so appointed
and have accepted appointment within 90 days after the giving of such notice of resignation, the resigning Trustee or Certificate
Administrator, as the case may be, may petition any court of competent jurisdiction for the appointment of a successor, and such
petition shall be an expense of the Trust. The Trustee or the Certificate Administrator, as applicable, shall bear all reasonable
out of pocket costs and expenses of each other party hereto and each Rating Agency in connection with its resignation.

If
at any time the Trustee or the Certificate Administrator shall cease to be eligible in accordance with the provisions of Section
8.06 of this Agreement and shall fail to resign after written request therefor by the Depositor or the Master Servicer, or
if at any time the Trustee or the Certificate Administrator shall become incapable of acting, or shall be adjudged bankrupt or
insolvent, or a receiver of the Trustee or the Certificate Administrator, as the case may be (or of its property), shall be appointed,
or any public officer shall take charge or control of the Trustee or the Certificate Administrator, as the case may be (or of
its property or affairs), for the purpose of rehabilitation, conservation or liquidation, or if the Trustee or Certificate Administrator
(if different than the Trustee) shall fail (other than by reason of the failure of either the Master Servicer or the Special Servicer
to timely perform its obligations hereunder or as a result of other circumstances beyond the Trustee’s or Certificate Administrator’s,
as applicable, reasonable control), to timely publish any report to be delivered, published or otherwise made available by the
Certificate Administrator pursuant to Section 4.02 and such failure shall continue unremedied
for a period of five (5) days, or if the Certificate Administrator fails to make distributions required pursuant to Section
4.01 or Section 9.01, then the Depositor may remove the Trustee or the Certificate
Administrator, as the case may be, and the Depositor shall promptly appoint a successor acceptable to the Master Servicer by written
instrument, which shall be delivered to the Trustee or the Certificate Administrator, as the case may be, so removed and to the
successor.

The
Holders of Certificates entitled to at least 50% of the Voting Rights may, with cause (at any time) or without cause (at any time
with 30 days’ prior written notice), remove the Trustee or the Certificate Administrator and appoint a successor by written
instrument or instruments, in eight originals, signed by such Holders or their attorneys-in-fact duly authorized, one complete
set of which instruments shall be delivered to each of the Depositor, the Master Servicer, the Special Servicer, the Trustee,
the Certificate Administrator and the successor trustee or certificate administrator, as applicable.

In
addition, if the Trustee or the Certificate Administrator is terminated without cause, the terminating party shall pay all of
the expenses of the Trustee or the Certificate Administrator, as the case may be, necessary to affect the transfer of its responsibilities
to the successor.

If
the Trustee is terminated or removed pursuant to this Section 8.07, all of its rights and obligations under this Agreement
and in and to the Mortgage Loans shall be terminated, other than any rights or obligations that accrued prior to the date of such
termination or removal (including the right to receive all fees, expenses, indemnities, and other amounts accrued or owing to
it under this Agreement, plus interest at the Reimbursement Rate on all such

 

     -458-

     

    

amounts
until received to the extent such amounts bear interest as provided in this Agreement, with respect to periods prior to the date
of such termination or removal).

If
the Certificate Administrator is terminated or removed pursuant to this Section 8.07, (i) all of its rights and obligations
under this Agreement and in and to the Mortgage Loans shall be terminated, other than any rights or obligations that accrued prior
to the date of such termination or removal (including the right to receive all fees, indemnities, expenses and other amounts accrued
or owing to it under this Agreement with respect to periods prior to the date of such termination or removal) and (ii) such resignation,
termination, or removal shall be effective with respect to each of its other capacities hereunder except its capacity as Custodian
(but including, without limitation, its capacities as Certificate Registrar, 17g-5 Information Provider, Paying Agent and Authenticating
Agent).

Upon
the resignation, assignment, or transfer of the Trustee or its business to a successor, or upon the termination of the Trustee,
(a) the outgoing Trustee, at its own expense without right to reimbursement therefor, shall (A) endorse the original executed
Mortgage Note for each Mortgage Loan (to the extent that the original executed Mortgage Note for each Mortgage Loan was endorsed
to the outgoing Trustee), without recourse, representation or warranty, express or implied, to the order of the successor, as
trustee for the registered holders of Benchmark 2020-IG3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
2020-IG3 or in blank, and (B) in the case of the other assignable Loan Documents (to the extent such other Loan Documents were
assigned to the outgoing Trustee), assign and record such Loan Documents to such successor, and such successor shall review the
documents delivered to it or to the Custodian with respect to each Mortgage Loan, and certify in writing that, as to each Mortgage
Loan then subject to this Agreement, such endorsement and assignment has been made; (b) if any original executed Mortgage Note
for a Mortgage Loan was not endorsed to the outgoing Trustee, the Custodian shall deliver such Mortgage Note to the successor
trustee and the Custodian shall cooperate with any successor trustee to ensure that such Mortgage Note is endorsed (without recourse,
representation or warranty, express or implied) to the order of the successor trustee, as trustee for the registered holders of
Benchmark 2020-IG3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-IG3 or in blank. If any assignable
Loan Document (other than the Mortgage Note) was not assigned to the outgoing Trustee or if the Trustee is removed pursuant to
Section 8.07 without cause, with respect to the Loan Documents identified in clause (B)
of the preceding sentence, the Custodian shall deliver such Loan Document to the successor trustee and, if appropriate, such Loan
Documents shall be recorded at the expense of the Trust (i) other than during the continuance of a Control Termination Event,
with the consent of the Directing Holder and (ii) during continuance of a Control Termination Event but other than during the
continuance of a Consultation Termination Event, after consultation with the Directing Holder.

Section
8.08     Successor Trustee and Certificate Administrator. (a) Any successor trustee or certificate
administrator shall execute, acknowledge and deliver to the Depositor, the Master Servicer, the Certificate Administrator (or
in the case of a successor certificate administrator, to the predecessor Certificate Administrator) and the Trustee, as the case
may be, instruments accepting their appointment hereunder, and thereupon the resignation or removal of the predecessor Trustee
or Certificate Administrator, as applicable, shall become effective and such successor, without any further act, deed or conveyance,
shall become fully

 

     -459-

     

    

 

vested
with all the rights, powers, duties and obligations of its predecessor hereunder, with the like effect as if originally named
as Trustee or Certificate Administrator, as applicable, herein; provided that such successor
shall satisfy the requirements contained in Section 8.06 of this Agreement and the Certificate Administrator shall have
filed any required Form 8-K pursuant to Section 10.09. The predecessor Trustee or Certificate Administrator, as applicable,
shall deliver to its successor all Mortgage Files and related documents and statements held by it hereunder, and the Depositor
and the predecessor Trustee or Certificate Administrator, as applicable, shall execute and deliver such instruments and do such
other things as may reasonably be required for more fully and certainly vesting and confirming in the successor all such rights,
powers, duties and obligations. No successor trustee or certificate administrator, as the case may be, shall accept appointment
as provided in this Section 8.08 unless at the time of such acceptance such successor shall be eligible under the provisions
of Section 8.06 of this Agreement.

Upon
acceptance of appointment by a successor trustee as provided in this Section 8.08, the Depositor shall mail notice of the
succession of such Trustee hereunder to all Holders of Certificates at their addresses as shown in the Certificate Register. If
the Depositor fails to mail such notice within 10 days after acceptance of appointment by the successor trustee, the successor
trustee shall cause such notice to be so mailed at the expense of the Depositor.

(b)       
Any successor trustee appointed pursuant to this Agreement shall satisfy the eligibility requirements set forth in Section
8.06 hereof.

Section
8.09     Merger or Consolidation of Trustee or Certificate Administrator. Any Person into which
the Trustee or the Certificate Administrator may be merged or converted or with which it may be consolidated or any Person resulting
from any merger, conversion or consolidation to which the Trustee or the Certificate Administrator shall be a party, or any Person
succeeding to all or substantially all of the corporate trust business of the Trustee or the Certificate Administrator, shall
be the successor of the Trustee or the Certificate Administrator, as the case may be, hereunder; provided
that such Person shall be eligible under the provisions of Section 8.06 of this Agreement without the execution
or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding.
The Trustee or the Certificate Administrator, as applicable, shall notify the other parties hereto of any such event, and the
Certificate Administrator shall post notice of such merger or consolidation to the Certificate Administrator’s Website
in accordance with Section 3.14(d) of this Agreement and provide notice of such event to the 17g-5 Information Provider
(who shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of
this Agreement).

Section
8.10     Appointment of Co-Trustee or Separate Trustee. Notwithstanding any other provisions hereof,
at any time, for the purpose of meeting any legal requirements of any jurisdiction in which any part of the Trust Fund or property
securing the same may at the time be located, or for enforcement actions, or where a conflict of interest exists, the Depositor
and the Trustee acting jointly shall have the power and shall execute and deliver all instruments to appoint one or more Persons
approved by the Trustee to act (at the expense of the Trust) as co-Trustee or co-Trustees, jointly with the Trustee, or separate
Trustee or separate Trustees, of all or any part of the Trust Fund, and to vest in such Person or Persons, in such capacity, such
title to the Trust Fund, or any part thereof, and, subject to the other provisions of this Section 8.10, such powers, duties,
obligations, rights and trusts as the Depositor and the Trustee may consider

 

     -460-

     

    

 

necessary
or desirable. If the Depositor shall not have joined in such appointment within 15 days after the receipt by it of a request so
to do, or in case a Servicer Termination Event shall have occurred and be continuing, the Trustee alone shall have the power to
make such appointment. Except as required by applicable law, the appointment of a co-Trustee or separate Trustee shall not relieve
the Trustee of its responsibilities, obligations and liabilities hereunder. No co-Trustee or separate Trustee hereunder shall
be required to meet the terms of eligibility as a successor Trustee under Section 8.06 hereunder and no notice to Holders
of Certificates of the appointment of co-Trustee(s) or separate Trustee(s) shall be required under Section 8.08 hereof.

In
the case of any appointment of a co-Trustee or separate Trustee pursuant to this Section 8.10, all rights, powers, duties
and obligations conferred or imposed upon the Trustee shall be conferred or imposed upon and exercised or performed by the Trustee
and such separate Trustee or co-Trustee jointly (it being understood that such separate Trustee or co-Trustee is not authorized
to act separately without the Trustee joining in such act), except to the extent that under any law of any jurisdiction in which
any particular act or acts are to be performed (whether as Trustee hereunder or as successor to the Master Servicer hereunder),
the Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations
(including the holding of title to the Trust Fund or any portion thereof in any such jurisdiction) shall be exercised and performed
by such separate Trustee or co-Trustee solely at the direction of the Trustee.

No
Trustee under this Agreement shall be personally liable by reason of any act or omission of any other trustee under this Agreement.
The Depositor and the Trustee acting jointly may at any time accept the resignation of or remove any separate Trustee or co-Trustee,
or if the separate Trustee or co-Trustee is an employee of the Trustee, the Trustee acting alone may accept the resignation of
or remove any separate Trustee or co-Trustee.

Any
notice, request or other writing given to the Trustee shall be deemed to have been given to each of the then separate Trustees
and co-Trustees, as effectively as if given to each of them. Every instrument appointing any separate Trustee or co-Trustee shall
refer to this Agreement and the conditions of this Article VIII. Every such instrument shall be filed with the Trustee.
Each separate Trustee and co-Trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property
specified in its instrument of appointment, either jointly with the Trustee or separately, as may be provided therein, subject
to all the provisions of this Agreement, specifically including every provision of this Agreement relating to the conduct of,
affecting the liability of, or affording protection to, the Trustee. In no event shall any such separate Trustee or co-Trustee
be entitled to any provision relating to the conduct of, affecting the liability of or affording protection to such separate Trustee
or co-Trustee that imposes a standard of conduct less stringent than that imposed by the Trustee hereunder, affording greater
protection than that afforded to the Trustee hereunder or providing a greater limit on liability than that provided to the Trustee
hereunder.

Any
separate Trustee or co-Trustee may, at any time, constitute the Trustee its agent or attorney-in-fact, with full power and authority,
to the extent not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name.
If any separate Trustee or co-Trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties,
rights, remedies and trusts shall vest in and be exercised by the Trustee, to the extent permitted by law, without the appointment
of a new or successor Trustee.

 

     -461-

     

    

Article
IX

TERMINATION

Section
9.01     Termination. (a) The respective obligations and responsibilities of the Master Servicer,
the Special Servicer, the Depositor, the Certificate Administrator and the Trustee created hereby with respect to the Certificates
and the RR Interest (other than the obligations of the Certificate Administrator to make certain payments and to send certain
notices to Certificateholders and the RR Interest Owner as hereinafter set forth) shall terminate upon payment (or provision for
payment) to the Certificateholders, the RR Interest Owner and the Serviced Companion Loan Noteholders of all amounts held by or
on behalf of the Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required hereunder to be
so paid on the Distribution Date following the receipt or collection of the last payment due on any Mortgage Loan, Trust Subordinate
Companion Loan and REO Property (as applicable) included in the Trust Fund; provided that in no event shall the trust created
hereby continue beyond the expiration of twenty-one years from the death of the last survivor of the descendants of Joseph P.
Kennedy, the late Ambassador of the United States to the United Kingdom, living on the date hereof.

(b)       
The Trust Fund, the Lower-Tier REMIC, the Upper-Tier REMIC or Trust Subordinate Companion Loan REMICs shall be terminated and
the assets of the Trust Fund shall be sold or otherwise disposed of in connection therewith, only pursuant to a “plan of
complete liquidation” within the meaning of Section 860F(a)(4)(A) of the Code providing for the actions contemplated by
the provisions hereof and pursuant to which the applicable Notice of Termination is given, and requiring that the Trust Fund,
the Lower-Tier REMIC, the Upper-Tier REMIC and Trust Subordinate Companion Loan REMICs shall terminate on a Distribution Date
occurring not more than 90 days following the date of adoption of the plan of complete liquidation. Notwithstanding the termination
of the Lower-Tier REMIC, the Trust Subordinate Companion Loan REMICs, the Upper-Tier REMIC or the Trust Fund, the Certificate
Administrator shall be responsible for filing the final Tax Returns for each such Trust REMIC and the Grantor Trust for the period
ending with such termination, and shall retain books and records with respect to such Trust REMICs and the Grantor Trust for the
same period of retention for which it maintains its own tax returns or such other reasonable period. The Trustee shall sign all
Tax Returns and other reports required by this Section.

(c)       
[Reserved].

(d)       
[Reserved].

(e)       
[Reserved].

(f)        
Any funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates
shall be set aside and held in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust
Fund shall terminate. If any Certificates as to which notice of the Termination Date has been given pursuant to this Section
9.01 shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate
Administrator shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate
Register, to 

 

     -462-

     

    

surrender
their Certificates for cancellation in order to receive, from such funds held, the final distribution with respect thereto. If
within one year after the second notice any Certificate shall not have been surrendered for cancellation, the Certificate Administrator
may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders concerning surrender of
their Certificates. The costs and expenses of maintaining such funds and of contacting Certificateholders shall be paid out of
the assets which remain held. If within two years after the second notice any Certificates shall not have been surrendered for
cancellation, the Paying Agent shall pay to the Certificate Administrator all amounts distributable to the Holders thereof, and
the Certificate Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its
termination as Certificate Administrator hereunder and the transfer of such amounts to a successor certificate administrator and
(ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue
or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s failure to surrender
its Certificate(s) for final payment thereof in accordance with this Section 9.01. Any amounts remaining in the Excess
Interest Distribution Account representing Excess Interest shall be distributed to the Holders of the Excess Interest Certificates
and the RR Interest Owner.

Article
X

EXCHANGE ACT REPORTING AND REGULATION AB COMPLIANCE

Section
10.01   Intent of the Parties; Reasonableness. Except with respect to Section 10.08, Section 10.11,
Section 10.13, Section 10.14, Section 10.15, Section 10.16 and Section
10.17, the parties hereto acknowledge and agree that the purpose of this Article X
is to facilitate compliance by the Depositor (and any Other Depositor of any Other Securitization that includes a Serviced Companion
Loan) with the provisions of Regulation AB and related rules and regulations of the Commission. None of the Depositor, the Certificate
Administrator or the Trustee shall exercise its rights to request delivery of information or other performance under these provisions
other than in reasonable good faith, or for purposes other than compliance with the Securities Act, the Exchange Act, the Sarbanes-Oxley
Act and, in each case, the rules and regulations of the Commission thereunder. The parties to this Agreement acknowledge that
interpretations of the requirements of Regulation AB may change over time due to interpretive guidance provided by the Commission
or its staff, and agree to comply, subject to Section 10.02, with reasonable requests
made by the Depositor (or any Other Depositor or Other Trustee of any Other Securitization that includes a Serviced Companion
Loan), the Certificate Administrator or the Trustee in reasonable good faith for delivery of information under these provisions
on the basis of such evolving interpretations of Regulation AB (to the extent such interpretations require compliance and are
not “grandfathered” and do not mandate compliance). In connection with the Benchmark 2020-IG3 Mortgage Trust Commercial
Mortgage Pass-Through Certificates, Series 2020-IG3 and any Other Securitization subject to Regulation AB that includes a Serviced
Companion Loan, subject to the preceding sentence, each of the parties to this Agreement shall cooperate fully with the Depositor,
the Certificate Administrator, the Trustee and any Other Depositor or Other Trustee of any Other Securitization that includes
a Serviced Companion Loan, as applicable, to deliver or make available to the Depositor, the Certificate Administrator, the Trustee
and any such Other Depositor or Other Trustee, as applicable (including any of their assignees or designees), any and all information
in its possession and necessary in the reasonable

     -463-

     

    

good
faith determination of the Depositor, the Certificate Administrator, the Trustee or such Other Depositor or Other Trustee, as
applicable, to permit the Depositor or such Other Depositor, as applicable, to comply with the provisions of Regulation AB, together
with such disclosure relating to the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, as
applicable, and any Servicing Function Participant, or the Servicing of the Serviced Mortgage Loans and any related Serviced Companion
Loans, reasonably believed by the Depositor, the Certificate Administrator, the Trustee or the related Other Depositor or the
related Other Trustee, as applicable, in good faith to be necessary in order to effect such compliance. Each party to this Agreement
shall have a reasonable period of time to comply with any written request made under this Section 10.01, but in any event,
shall, upon reasonable advance written request, provide information in sufficient time to allow the Depositor, the Certificate
Administrator or the Trustee, as applicable, to satisfy any related filing requirements.

For
purposes of this Article X, to the extent any party has an obligation to exercise commercially
reasonable efforts to cause a third party to perform, such party hereunder shall not be required to bring any legal action against
such third party in connection with such obligation.

Section
10.02   Notification Requirements and Deliveries in Connection with securitization of a Serviced Companion Loan. (a)
Any other provision of this Article X to the contrary notwithstanding, including, without
limitation, any deadlines for delivery set forth in this Article X, in connection with
the requirements contained in this Article X that provide for the delivery of information
and other items to, and the cooperation with, the Other Depositor and Other Trustee of any Other Securitization that includes
a Serviced Companion Loan and is subject to Regulation AB, no party hereunder shall be obligated to provide any such items to
or cooperate with such Other Depositor or Other Trustee until the Other Depositor or Other Trustee of such Other Securitization
has provided each party hereto with not less than 10 Business Days’ (or such shorter period as required for such Other
Depositor or Other Trustee to comply with related filing obligations); provided that such period shall not be less than
3 Business Days’ written notice (which shall only be required to be delivered once) stating that such Other Securitization
is subject to Regulation AB and that the Other Securitization is subject to Exchange Act reporting, and (b) specifying in reasonable
detail the information and other items requested to be delivered (insofar as such information or other items are not expressly
identified herein); provided that if Exchange Act reporting is being requested, such Other Depositor or Other Trustee is
only required to provide a single written notice to such effect. Any reasonable cost and expense of the Master Servicer, Special
Servicer, Trustee and Certificate Administrator in cooperating with such Other Depositor or Other Trustee of such Other Securitization
(above and beyond their expressed duties hereunder) shall be the responsibility of such Other Depositor or Other Securitization.
The parties hereto shall have the right to request written confirmation from the Other Depositor or Other Trustee of such Other
Securitization as to whether Regulation AB or the Exchange Act requires the delivery of the items identified in this Article
X to such Other Depositor and Other Trustee of such Other Securitization prior to providing any of the reports or other
information required to be delivered under this Article X in connection therewith and
if any such party makes such a request, then (i) upon such requesting party’s receipt of such written confirmation, such
requesting party shall comply with the deadlines for delivery set forth in this Article X
with respect to such Other Securitization and (ii) until such requesting party’s receipt of such written confirmation,
such party shall not be required to deliver such items. The

     -464-

     

    

 

parties
hereunder shall also have the right to require that such Other Depositor provide them with the contact details of such Other Depositor,
Other Trustee and any other parties to the Other Pooling and Servicing Agreement relating to such Other Securitization.

(b)       
Each of the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee shall, upon reasonable prior
written request given in accordance with the terms of (a) above, and subject to a right
of the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as the case may be, to review and
approve such disclosure materials, permit a holder of a related Serviced Companion Loan to use such party’s description
contained in the Offering Circular (updated as appropriate by the Master Servicer, the Special Servicer, the Certificate Administrator
or the Trustee, as applicable) for inclusion in the disclosure materials relating to any securitization of a Serviced Companion
Loan.

(c)       
The Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, upon reasonable prior written request
given in accordance with the terms of Section 10.02(a) above, shall each timely provide
(to the extent the reasonable out-of-pocket cost thereof is paid or caused to be paid by the requesting party) to the Other Depositor
and any underwriters with respect to any Other Securitization that includes a Serviced Companion Loan such opinion(s) of counsel,
certifications and/or indemnification agreement(s) with respect to the updated description referred in (b)
with respect to such party, substantially identical to those, if any, delivered by the Master Servicer, the Special
Servicer, the Certificate Administrator or the Trustee, as the case may be, or their respective counsel, in connection with the
information concerning such party in the Offering Circular and/or any other disclosure materials relating to this Trust (updated
as deemed appropriate by the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, or their respective
legal counsel, as the case may be). Neither the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee
shall be obligated to deliver any such item with respect to the securitization of a Serviced Companion Loan if it did not deliver
a corresponding item with respect to this Trust.

(d)       
Each of the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, upon reasonable prior written
request given in accordance with the terms of (a) above, shall provide (to the extent
the reasonable out-of-pocket cost thereof is paid or caused to be paid by the applicable party set forth below in this (d))
to the Other Depositor and the Other Trustee under the Other Pooling and Servicing Agreement related to any Other Securitization
the following: (i) any information (including, but not limited to, disclosure information) required for such Other Securitization
to comply in a timely manner with applicable filing requirements under Items 1.01 and 6.02 of Form 8-K and (ii) such opinion(s)
of counsel, certifications and/or indemnification agreement(s) with respect to such information that are substantially similar
to those delivered by the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as the case may
be, or their respective counsel, in connection with the information concerning such party in the Offering Circular and/or any
other disclosure materials relating to this Trust.

In
the case of a Form 8-K that is filed by or on behalf of an Other Securitization in connection with the closing of this Benchmark
2020-IG3 Mortgage Trust securitization transaction, the reasonable out-of-pocket cost of the information, opinion(s) of counsel,
certifications and indemnification agreement(s) provided by or on behalf of the Master Servicer, the Special Servicer, the Certificate
Administrator or the Trustee, as the case may be, pursuant to

 

     -465-

     

    

 

this
(d) shall be paid or caused to be paid (pursuant to a payment arrangement reasonably
acceptable to the delivering party and the receiving party and agreed to as a condition precedent to delivery of such items) by
the applicable mortgage loan seller that transferred the related Serviced Companion Loan to the related Other Depositor for inclusion
in such Other Securitization.

In
the case of a Form 8-K that is filed by or on behalf of an Other Securitization as a result of the termination, removal, resignation
or any other replacement of the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator under this
Agreement, the out-of-pocket cost of the information, opinion(s) of counsel, certifications and indemnification agreement(s) provided
by or on behalf of the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as the case may be,
pursuant to this Section 10.02(d) shall be paid or caused to be paid by the same party
or parties required to pay the costs and expenses relating to such termination, removal, resignation or other replacement pursuant
to this Agreement.

Section
10.03   Information to be Provided by the Master Servicer and the Special Servicer. (a)
For so long as any Other Securitization that includes a Serviced Companion Loan is subject to the reporting requirements of the
Exchange Act (in addition to any requirements contained in Section 10.09) in connection with the succession to the Master
Servicer, Special Servicer or any Servicing Function Participant (if such Servicing Function Participant is a servicer as contemplated
by Item 1108(a)(2) of Regulation AB) as servicer or Sub-Servicer under or as contemplated by this Agreement or any related Other
Pooling and Servicing Agreement by any Person (i) into which the Master Servicer, Special Servicer or such Servicing Function
Participant may be merged or consolidated, (ii) which may be appointed as a sub-servicer (other than the appointment of a Mortgage
Loan Seller Sub-Servicer) by a Master Servicer or Special Servicer, or (iii) that is appointed as a successor Master Servicer
or successor Special Servicer pursuant to Section 3.22 or Section 7.02, the Master Servicer, the Special Servicer
or any Servicing Function Participant (with respect to the foregoing clauses (i) and (ii)) or the successor Master Servicer or
the successor Special Servicer (with respect to the foregoing clause (iii)) shall, as a condition to such succession and at the
reasonable expense of the same party or parties required to pay the costs and expenses relating to such succession pursuant to
this Agreement, provide to any Other Depositor related to any Other Securitization that includes a Serviced Companion Loan, at
least 5 Business Days (other than a succession or appointment pursuant to Section 7.01(b) for which notice shall be delivered
as soon as reasonably practicable) prior to the effective date of such succession or appointment as long as such disclosure prior
to such effective date would not be violative of any applicable law or confidentiality agreement, otherwise no later than the
Business Day following such effective date, but in no event later than the time required pursuant to Section 10.09, (x)
written notice to any Other Trustee and Other Depositor related to any Other Securitization that includes a Serviced Companion
Loan of such succession or appointment, (y) in writing and in form and substance reasonably satisfactory to any Other Trustee
and Other Depositor of any Other Securitization that includes a Serviced Companion Loan, all information relating to such successor
reasonably requested by each such Other Depositor so that it may comply with its reporting obligation under Items 1.01 and 6.02
of Form 8-K with respect to any Serviced Companion Loan Securities and (z) such opinion(s) of counsel, certifications and/or indemnification
agreement(s) with respect to such information that are substantially similar to those delivered by the Master Servicer or the
Special Servicer, as the

     -466-

     

    

 

case
may be, or their respective counsel, in connection with the information concerning such party in the Offering Circular and/or
any other disclosure materials relating to this Trust.

Section
10.04   Information to be Provided by the Trustee. (a) For so long as
any Other Securitization is subject to the reporting requirements of the Exchange Act (in addition to any requirements contained
in Section 10.09) in connection with the succession to the Trustee as Trustee or appointment of a co-Trustee under this
Agreement by any Person (i) into which the Trustee may be merged or consolidated, (ii) which may be appointed as a co-Trustee
or separate Trustee pursuant to Section 8.10, or (iii) that is appointed as a successor Trustee pursuant Section 8.08,
the Trustee (with respect to the foregoing clauses (i) and (ii)) or the successor Trustee (with respect to the foregoing clause
(iii)) shall, as a condition to such succession and at the reasonable expense of the same party or parties required to pay the
costs and expenses relating to such succession pursuant to this Agreement, provide to the Other Depositor related to any Other
Securitization that includes a Serviced Companion Loan, at least 5 calendar days prior to the effective date of such succession
or appointment as long as such disclosure prior to such effective date would not be violative of any applicable law or confidentiality
agreement, otherwise immediately following such effective date, but in no event later than the time required pursuant to Section
10.09, (x) written notice to the Other Depositor related to any Other Securitization that includes a Serviced Companion Loan,
of such succession or appointment, (y) in writing and in form and substance reasonably satisfactory to the Other Depositor related
to any Other Securitization that includes a Serviced Companion Loan, all information reasonably requested by such Other Depositor,
so that it may comply with its reporting obligation under Items 1.01 and 6.02 of Form 8-K with respect to any Serviced Companion
Loan Securities and (z) such opinion(s) of counsel, certifications and/or indemnification agreement(s) with respect to such information
that are substantially similar to those delivered by the Trustee or their respective counsel, in connection with the information
concerning such party in the Offering Circular and/or any other disclosure materials relating to this Trust.

Section
10.05   Filing Obligations. (a) For so long as any Other Securitization is subject to the reporting requirements
of the Exchange Act (in addition to any requirements contained in Section 10.09), each of the Master Servicer, the Special
Servicer, the Certificate Administrator and the Trustee shall, and each of the Master Servicer, the Special Servicer, the Certificate
Administrator and the Trustee, as applicable, shall use commercially reasonable efforts to cause each Servicing Function Participant
(other than any party to this Agreement) with which it has entered into a servicing relationship with respect to the Serviced
Mortgage Loan to, reasonably cooperate with any Other Trustee or Other Depositor related to any Other Securitization that includes
a Serviced Companion Loan in connection with the such Other Trustee’s or Other Depositor’s good faith efforts to
satisfy such Other Securitization’s reporting requirements under the Exchange Act. 

(b)       
With respect to any Mortgaged Property that secures a Serviced Companion Loan that the applicable Other Depositor has notified
the Master Servicer in writing is a “significant obligor” (within the meaning of Item 1101(k) of Regulation AB) (together
with notification of the Relevant Distribution Date) with respect to an Other Securitization that includes such Serviced Companion
Loan, to the extent that the Master Servicer is in receipt of the updated financial statements of such “significant obligor”
for any calendar quarter (other than the fourth calendar quarter of any calendar year) from the Borrower, beginning with the first

     -467-

     

    

 

calendar
quarter following receipt of such notice from the Other Depositor, or the updated financial statements of such “significant
obligor” for any calendar year, beginning for the calendar year following such notice from the Other Depositor, as applicable,
the Master Servicer shall deliver to the Other Depositor, on or prior to the day that occurs two (2) Business Days prior to the
related “significant obligor” NOI Quarterly Filing Deadline or seven (7) Business Days prior to the related Significant
Obligor NOI Yearly Filing Deadline, as applicable, (A) if such financial statement receipt occurs twelve (12) or more Business
Days prior to the related Significant Obligor NOI Quarterly Filing Deadline or seventeen (17) or more Business Days prior to the
related Significant Obligor NOI Yearly Filing Deadline, as applicable, such financial statements of the “significant obligor”,
together with the net operating income of such “significant obligor” for the applicable period as calculated by the
Master Servicer in accordance with CREFC® guidelines and (B) if such financial statement receipt occurs less than
twelve (12) Business Days prior to the related Significant Obligor NOI Quarterly Filing Deadline or less than seventeen (17) Business
Days prior to the related Significant Obligor NOI Yearly Filing Deadline, as applicable, such financial statements of the “significant
obligor”, together with the net operating income of such “significant obligor” for the applicable period as
reported by the related Borrower in such financial statements.

If
the Master Servicer does not receive financial information satisfactory to comply with Item 6 of Form 10-D or Item 1112(b)(1)
of Form 10-K, as the case may be, of such “significant obligor” within ten (10) Business Days after the date such
financial information is required to be delivered under the related Mortgage Loan documents, the Master Servicer shall notify
the Other Depositor with respect to such Other Securitization that includes the related Companion Loan (or shall cause each applicable
Sub-Servicing Agreement to require any related Sub-Servicer to notify such Other Depositor) that it has not received such financial
information. The Master Servicer (in the case of non-Specially Serviced Loans) or the Special Servicer (in the case of Specially
Serviced Loans and REO Properties, and upon notice from the Master Servicer of any such request from the Other Depositor) shall
use efforts consistent with the Servicing Standard (taking into account, in addition, the ongoing reporting obligations of such
Other Depositor under the Exchange Act) to obtain the periodic financial statements required to be delivered by the related Borrower
under the related Mortgage Loan documents.

The
Master Servicer or the Special Servicer, as applicable, shall (or shall cause any related Sub-Servicing Agreement entered into
after receipt of written notice from the Other Depositor that such Serviced Pari Passu Companion Loan is a significant obligor
to require the related Sub-Servicer to) retain written evidence of each instance in which it (or a Sub-Servicer) attempts to contact
the related Borrower related to any such “significant obligor” (identified to it as such by the Other Depositor in
accordance with the second preceding paragraph) to obtain the required financial information and is unsuccessful and, no less
than five (5) Business Days prior to the date in which a Form 10-D or Form 10-K, as applicable, is required to be filed by the
Other Securitization, shall forward an Officer’s Certificate evidencing its attempts to obtain this information to the
certificate administrator and Other Depositor related to such Other Securitization. This Officer’s Certificate should be
addressed to the certificate administrator at its corporate trust office, as specified in the related Other Pooling and Servicing
Agreement.

Section
10.06   Form 10-D Filings. For so long as any Other Securitization that includes a Serviced Companion Loan
that is subject to the reporting requirements of the

     -468-

     

    

 

Exchange
Act, within five calendar days after the related Distribution Date, (i) the parties listed on Schedule
IV hereto shall be required to provide to any Other Trustee or Other Depositor related to any Other Securitization
that includes a Serviced Companion Loan, to the extent a Servicing Officer or Responsible Officer, as the case may be, thereof
has actual knowledge (other than Item 1117 of Regulation AB as to such party which shall be reported if actually known by any
Servicing Officer or Responsible Officer, as the case may be or any lawyer in the in house legal department of such party), in
EDGAR Compatible Format, or in such other format as otherwise agreed upon by the Certificate Administrator and the Depositor (or
such Other Trustee and Other Depositor) and such party, the form and substance of the Additional Form 10-D Disclosure described
on Schedule IV applicable to such party, and (ii) the parties listed on Schedule
IV hereto shall include with such Additional Form 10-D Disclosure, an Additional Disclosure Notification in the form
attached hereto as Exhibit CC. The Certificate Administrator has no duty under this Agreement
to monitor or enforce the performance by the parties listed on Schedule IV of their duties
under this paragraph or proactively solicit or procure from such parties any Additional Form 10-D Disclosure information. 

Section
10.07   Form 10-K Filings. With respect to any Other Securitization that includes a Serviced Companion Loan,
not later than the end of each year for which the Other Securitization trust is required to file a Form 10-K, (i) the Certificate
Administrator shall upon request provide to each mortgage loan seller with respect to such Other Securitization written notice
of any change in the identity of any party to this Agreement, including the name and address of any new party to this Agreement
and (ii) the Master Servicer or the Special Servicer, as applicable, shall provide to each such mortgage loan seller written notice
of any change in the identity of any Sub-Servicer that is a Servicing Function Participant or an Additional Servicer engaged by
the Master Servicer or the Special Servicer for the servicing of such Serviced Whole Loan, as applicable, including the name and
address of any new Sub-Servicer that is a Servicing Function Participant or an Additional Servicer.

For
so long as any Other Securitization that includes a Serviced Companion Loan is subject to the reporting requirements of the Exchange
Act, by March 1st, commencing in March 2021 (i) the parties listed on Schedule V hereto
shall be required to any Other Depositor or Other Trustee related to any Other Securitization that includes a Serviced Companion
Loan, to the extent a Servicing Officer or a Responsible Officer, as the case may be, thereof has actual knowledge (other than
with respect to Items 1117 and 1119 of Regulation AB as to such party which shall be reported if actually known by any Servicing
Officer or any lawyer in the in house legal department of such party), in EDGAR Compatible Format (to the extent available to
such party in such format), or in such other form as otherwise agreed upon by such Other Trustee and Other Depositor and such
party, the form and substance of the Additional Form 10-K Disclosure described on Schedule V
applicable to such party, and (ii) the parties listed on Schedule V hereto shall include
with such Additional Form 10-K Disclosure, an Additional Disclosure Notification in the form attached hereto as Exhibit
CC. The Certificate Administrator has no duty under this Agreement to monitor or enforce the performance by the parties
listed on Schedule V of their duties under this paragraph or proactively solicit or procure
from such parties any Additional Form 10-K Disclosure information. 

Section
10.08   Sarbanes-Oxley Certification. For so long as any Other Securitization Trust is subject to the reporting
requirements of the Exchange Act, each Reporting

 

     -469-

     

    

 

Servicer
shall, and each Reporting Servicer shall use commercially reasonable efforts to cause each Servicing Function Participant (other
than any party to this Agreement) with which it has entered into a servicing relationship with respect to the Serviced Mortgage
Loans, to provide to the Person who signs the Sarbanes-Oxley Certification for any Other Securitization that includes a Serviced
Companion Loan (each such Person, a “Certifying Person”), a certification
(the “Sarbanes-Oxley Certification”), as set forth in Exhibit
W attached hereto, by March 1st of each year (commencing in 2021) in which any Other Securitization that includes
a Serviced Companion Loan is subject to the reporting requirements of the Exchange Act, a certification (each, a “Performance
Certification”), in the form attached hereto as Exhibit O, Exhibit
P, Exhibit Q, Exhibit T,
Exhibit U or
Exhibit V, as applicable, upon which each Certifying Person, the entity for which such
Certifying Person acts as an officer, and such entity’s officers, directors and Affiliates (collectively with the Certifying
Persons, “Certification Parties”) can reasonably rely. If any Reporting
Servicer is terminated or resigns pursuant to the terms of this Agreement, or any applicable Sub-Servicing Agreement, such Reporting
Servicer shall provide a Performance Certification to each Certifying Person pursuant to this Section 10.08 with respect
to the period of time it was subject to this Agreement or the applicable Sub-Servicing Agreement. Notwithstanding the foregoing,
the Trustee shall not be required to deliver a Performance Certification with respect to any period during which there was no
Relevant Servicing Criteria applicable to it. 

Notwithstanding
the foregoing, nothing in this Section 10.08 shall require any Reporting Servicer (i) to certify or verify the accurateness
or completeness of any information provided to such Reporting Servicer by third parties (other than a Sub-Servicer, Additional
Servicer or any other third party retained by it that is not a Sub-Servicer listed on Exhibit X
or a Sub-Servicer appointed pursuant to Section 3.01(c)), (ii) to certify information other than to such Reporting
Servicer’s knowledge and in accordance with such Reporting Servicer’s responsibilities hereunder or (iii) with respect
to completeness of information and reports, to certify anything other than that all fields of information called for in written
reports prepared by such Reporting Servicer have been completed except as they have been left blank on their face.

Section
10.09   Form 8-K Filings. For so long as any Other Securitization that includes a Serviced Companion Loan
is subject to the reporting requirements of the Exchange Act, the parties listed on Schedule VI
hereto shall, to the extent a Servicing Officer or a Responsible Officer, as the case may be, thereof has actual knowledge,
use their commercially reasonable efforts to provide to any Other Depositor and Other Trustee related to any Other Securitization
that includes a Serviced within 1 Business Day after the occurrence of the Reportable Event, but shall provide in no event later
than the end of business (New York City time) on the 2nd Business Day after the occurrence of the Reportable Event, the form and
substance of the Form 8-K Disclosure Information described on Schedule VI as applicable
to such party, in EDGAR Compatible Format, or in such other format as otherwise agreed to in advance by such Other Trustee and
Other Depositor and such party and accompanied by an Additional Disclosure Notification in the form attached hereto as Exhibit
CC. The Certificate Administrator has no duty under this Agreement to monitor or enforce the performance by the parties
listed on Schedule VI of their duties under this paragraph or proactively solicit or
procure from such parties any Form 8-K Disclosure Information.

Section
10.10   [Reserved].

 

     -470-

     

    

Section
10.11   Annual Compliance Statements. (a) The Master Servicer, the Special Servicer, the Custodian, the
Certificate Administrator, any Additional Servicer and each Servicing Function Participant (if such Servicing Function Participant
is a servicer contemplated by Item 1108(a)(2)(i), (ii) or (iii) of Regulation AB) (each, a “Certifying
Servicer”) shall deliver (and the Master Servicer, the Special Servicer, the Custodian and the Certificate Administrator
shall use commercially reasonable efforts to cause each Additional Servicer and each Servicing Function Participant (if such Servicing
Function Participant is a servicer contemplated by Item 1108(a)(2)(i), (ii) or (iii) of Regulation AB) (other than any party to
this Agreement) with which it has entered into a servicing relationship with respect to the Serviced Mortgage Loans, to deliver)
to the Trustee, the Depositor, the Certificate Administrator, each Other Trustee, each Other Depositor and the 17g-5 Information
Provider (who shall promptly post such report to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d)
of this Agreement) on or before March 1st of each year, commencing in 2020, an Officer’s Certificate stating, as to
the signer thereof, that (A) a review of such Certifying Servicer’s activities during a reporting period consisting of
the preceding calendar year or portion thereof and of such Certifying Servicer’s performance under this Agreement, or the
applicable sub-servicing agreement or primary servicing agreement in the case of an Additional Servicer, has been made under such
officer’s supervision and (B) that, to the best of such officer’s knowledge, based on such review, such Certifying
Servicer has fulfilled all its obligations under this Agreement, or the applicable sub-servicing agreement or primary servicing
agreement in the case of an Additional Servicer, in all material respects throughout such reporting period, or, if there has been
a failure to fulfill any such obligation in any material respect, specifying each such failure known to such officer and the nature
and status thereof.

(b)       
With respect to any Non-Serviced Mortgage Loan serviced under an Other Pooling and Servicing Agreement, the Certificate Administrator
shall use commercially reasonable efforts to procure an Officer’s Certificate as described in this Section from the Non-Serviced
Mortgage Loan Service Providers in form and substance similar to the Officer’s Certificate described in this Section.

(c)       
Promptly after receipt of each such Officer’s Certificate, the Depositor (and each Other Depositor for any Other Securitization
that includes a Serviced Companion Loan) shall have the right to review such Officer’s Certificate and, if applicable,
consult with each Certifying Servicer, as applicable, as to the nature of any failures by such Certifying Servicer, in the fulfillment
of any of the Certifying Servicer’s obligations hereunder or under the applicable sub-servicing agreement. None of the
Certifying Servicers or any Additional Servicer or any Servicing Function Participant shall be required to deliver, or to endeavor
to cause the delivery of, any such Officer’s Certificate until April 15, in any given year so long as it has received written
confirmation from the Depositor (and the Other Depositor for any Other Securitization that includes a Serviced Companion Loan)
that a Form 10-K is not required to be filed in respect of the Trust (or, in the case of a Serviced Companion Loan, the related
Other Securitization that includes such Serviced Companion Loan) for the preceding calendar year. If any Certifying Servicer is
terminated or resigns pursuant to the terms of this Agreement or any applicable Sub-Servicing Agreement, as the case may be, such
Certifying Servicer shall provide the Officer’s Certificate pursuant to this Section 10.11 with respect to the period
of time it was subject to this Agreement or the applicable Sub-Servicing Agreement, as the case may be.

 

     -471-

     

    

(d)       
Each of the Master Servicer and the Special Servicer may at any time request from the Certificate Administrator confirmation of
whether a Control Termination Event or Consultation Termination Event occurred during the previous calendar year, and upon such
request the Certificate Administrator shall deliver such confirmation to the Master Servicer or Special Servicer, as applicable,
within fifteen (15) days of such request.

Section
10.12   Annual Reports on Assessment of Compliance with Servicing Criteria. By March 1st of each year, commencing
in March 2021, the Master Servicer, the Special Servicer (regardless of whether the Special Servicer has commenced special servicing
of any Mortgage Loan or Trust Subordinate Companion Loan), the Certificate Administrator, the Custodian, the Trustee (only with
respect to any period during which any Relevant Servicing Criteria was applicable to it) and each Servicing Function Participant
(each, a “Reporting Servicer”), each at its own expense, shall furnish (and each Reporting Servicer, as applicable,
shall use commercially reasonable efforts to cause, by March 1st each Servicing Function Participant (other than a party to this
Agreement)), with which it has entered into a servicing relationship with respect to the Serviced Mortgage Loans or Trust Subordinate
Companion Loan, if applicable, to furnish, each at its own expense, to the Trustee, the Certificate Administrator, the Depositor
(and to the Other Depositor and Other Trustee for any Other Securitization that includes a Serviced Companion Loan) and the 17g-5
Information Provider (who shall promptly post such report to the 17g-5 Information Provider’s Website pursuant to Section
3.16(d) of this Agreement) in an EDGAR Compatible Format, or in such other format as otherwise agreed upon by the Certificate
Administrator and the Depositor (or such Other Trustee and Other Depositor, as applicable) a report on an assessment of compliance
with the Relevant Servicing Criteria with respect to commercial mortgage backed securities transactions taken as a whole involving
such party that contains (A) a statement by such Reporting Servicer of its responsibility for assessing compliance with the Relevant
Servicing Criteria, (B) a statement that such Reporting Servicer used the Servicing Criteria to assess compliance with the Relevant
Servicing Criteria, (C) such Reporting Servicer’s assessment of compliance with the Relevant Servicing Criteria as of and
for the period ending the end of the fiscal year, including, if there has been any material instance of noncompliance with the
Relevant Servicing Criteria, a discussion of each such failure and the nature and status thereof, and (D) a statement that a registered
public accounting firm has issued an attestation report on such Reporting Servicer’s assessment of compliance with the
Relevant Servicing Criteria as of and for such period. Copies of all compliance reports delivered pursuant to this Section
10.12 shall be made available to any Privileged Person by the Certificate Administrator pursuant to Section
4.02(c) of this Agreement and to any Rating Agency and NRSRO by the 17g-5 Information Provider pursuant to Section
3.16(d) of this Agreement.

No
later than 10 Business Days after the end of each fiscal year for the Trust (and for any Other Securitization that includes a
Serviced Companion Loan) for which a Form 10-K is required to be filed, the Master Servicer and the Special Servicer shall each
forward to the Certificate Administrator and the Depositor (and to the Other Depositor and Other Trustee for any Other Securitization
that includes a Serviced Companion Loan) the name and contact information of each Servicing Function Participant engaged by it
during such year or portion thereof (except with respect to any Mortgage Loan Seller Sub-Servicer) and what Relevant Servicing
Criteria will be addressed in the report on assessment of compliance prepared by such Servicing Function Participant. When the
Master Servicer, the Special Servicer, the Certificate Administrator, the Custodian, the Trustee and each Servicing Function Participant
submit their

 

     -472-

     

    

 

respective
assessments by May 1st, as applicable, to the Certificate Administrator (and each Other Trustee), each such party shall also at
such time, if it has received the assessment (and attestation pursuant to Section 10.13) of each Servicing Function Participant
engaged by it, include such assessment (and attestation) in its submission to the Certificate Administrator (and such Other Trustee).

Promptly
after receipt of each such report on assessment of compliance, (i) the Depositor (and any Other Depositor for any Other Securitization
that includes a Serviced Companion Loan) shall have the right to review each such report and, if applicable, consult with the
Master Servicer, the Special Servicer, the Certificate Administrator, the Custodian, the Trustee and any Servicing Function Participant
as to the nature of any material instance of noncompliance with the Relevant Servicing Criteria by the Master Servicer, the Special
Servicer, the Certificate Administrator, the Custodian, the Trustee or any Servicing Function Participant, and (ii) the Certificate
Administrator shall confirm that the assessments, taken individually, address the Relevant Servicing Criteria for each party as
set forth on Schedule II and notify the Depositor (and each Other Depositor for an Other Securitization that includes a
Serviced Companion Loan) of any exceptions; provided that the Certificate Administrator shall not be responsible for confirming
whether any such party has certified to all the Relevant Servicing Criteria applicable to it. None of the Master Servicer, the
Special Servicer, the Certificate Administrator, the Custodian, the Trustee or any Servicing Function Participant shall be required
to deliver, or to endeavor to cause the delivery of, any such reports until April 15 in any given year so long as it has received
written confirmation from the Depositor (and the Other Depositor for any Other Securitization that includes a Serviced Companion
Loan) that a Form 10-K is not required to be filed in respect of the Trust (or, in the case of a Serviced Companion Loan, the
related Other Securitization that includes such Serviced Companion Loan) for the preceding calendar year. If any Reporting Servicer
is terminated or resigns pursuant to the terms of this Agreement, or any applicable Sub-Servicing Agreement, as the case may be,
such Reporting Servicer shall provide the reports and statements pursuant to this Section 10.12
with respect to the period of time it was subject to this Agreement or the applicable Sub-Servicing Agreement, as the
case may be.

The
parties hereto acknowledge that a material instance of noncompliance with the Relevant Servicing Criteria reported on an assessment
of compliance pursuant to this Section 10.12 by the Master Servicer or the Special Servicer, the Certificate Administrator,
the Trustee or the Custodian shall not, as a result of being so reported, in and of itself, constitute a breach of such parties’
obligations or a Servicer Termination Event, as applicable, under this Agreement unless otherwise provided for in this Agreement.

For
so long as the Trust is subject to the reporting requirements of the Exchange Act, with respect to any Non-Serviced Mortgage Loan
serviced under an Other Pooling and Servicing Agreement, the Certificate Administrator shall use commercially reasonable efforts
to procure an annual report on assessment of compliance as described in this Section and an attestation as described in Section
10.13 from the Non-Serviced Mortgage Loan Service Providers in form and substance similar to the annual report on assessment
of compliance described in this Section (or in such Other Pooling and Servicing Agreement, as the case may be) and the attestation
described in Section 10.13. The Master Servicer shall promptly forward to the Certificate
Administrator and the Depositor any such assessment of compliance received by

 

     -473-

     

    

 

the
Master Servicer. Until such time as the Certificate Administrator receives notice that the Non-Serviced Mortgage Loan Service
Providers no longer have a continuing obligation under the Other Pooling and Servicing Agreement related to an Other Securitization
that includes the related Non-Serviced Companion Loan to provide to the Trust an annual report on assessment of compliance as
described in this Section and an attestation as described in Section 10.13 for any year
that the Trust formed under this Agreement is not subject to the reporting requirements of the Exchange Act, the Certificate Administrator
shall notify the Non-Serviced Mortgage Loan Service Providers if such parties fail to deliver to the Certificate Administrator
such assessment of compliance and attestation within the time frame required by such Other Pooling and Servicing Agreement.

Section
10.13   Annual Independent Public
Accountants’ Servicing Report. By
March 1st, of each year, commencing in March 2021, each Reporting Servicer, each at its own expense, shall cause, and each Reporting
Servicer, as applicable, shall use commercially reasonable efforts to cause each Servicing Function Participant (other than a
party to this Agreement) with which it has entered into a servicing relationship with respect to the Serviced Mortgage Loans,
each at such Servicing Function Participant’s own expense, a registered public accounting firm (which may also render other
services to the Master Servicer, the Special Servicer and such Servicing Function Participant, as the case may be) and that is
a member of the American Institute of Certified Public Accountants to furnish a report to the Trustee, the Certificate Administrator,
the Depositor (and to any Other Depositor and Other Trustee for any Other Securitization that includes a Serviced Companion Loan)
and the 17g-5 Information Provider (who shall promptly post such report to the 17g-5 Information Provider’s Website pursuant
to Section 3.16(d) of this Agreement) to the effect that (i) it has obtained a representation regarding certain matters
from the management of such Reporting Servicer, which includes an assessment from such Reporting Servicer of its compliance with
the Relevant Servicing Criteria in all material respects, and (ii) on the basis of an examination conducted by such firm in accordance
with standards for attestation engagements issued or adopted by the PCAOB, it is expressing an opinion as to whether such Reporting
Servicer’s compliance with the Relevant Servicing Criteria was fairly stated in all material respects, or it cannot express
an overall opinion regarding such Reporting Servicer’s assessment of compliance with the Relevant Servicing Criteria. If
an overall opinion cannot be expressed, such registered public accounting firm shall state in such report why it was unable to
express such an opinion. Such report must be available for general use and not contain restricted use language. Notwithstanding
the foregoing, the Trustee shall not be required to deliver an annual independent public accountants’ servicing report
with respect to any period during which there was no Relevant Servicing Criteria applicable to it.

Promptly
after receipt of such report from each Reporting Servicer, (i) the Depositor (and any Other Depositor related to an Other Securitization
that includes a Serviced Companion Loan) shall have the right to review the report and, if applicable, consult with the related
Reporting Servicer as to the nature of any material instance of noncompliance by such Reporting Servicer with the Servicing Criteria
applicable to such person, as the case may be, in the fulfillment of any of such Reporting Servicer’s obligations hereunder
or under any applicable sub-servicing agreement or primary servicing agreement, and (ii) the Certificate Administrator shall confirm
that each assessment submitted pursuant to Section 10.12 is coupled with an attestation
meeting the requirements of this Section and notify the Depositor (and any Other

     -474-

     

    

 

Depositor
related to an Other Securitization that includes a Serviced Companion Loan) of any exceptions; provided that the Certificate
Administrator shall not be responsible for confirming whether any particular Reporting Servicer has certified to all of the Relevant
Servicing Criteria applicable to it. No Reporting Servicer shall be required to deliver, or to endeavor to cause the delivery
of, such reports until April 15 in any given year so long as it has received written confirmation from the Depositor that a Form
10-K is not required to be filed in respect of the Trust (or, in the case of a Serviced Companion Loan, the related Other Securitization
that includes such Serviced Companion Loan) for the preceding calendar year. If any Reporting Servicer is terminated or resigns
pursuant to the terms of this Agreement, or any applicable Sub-Servicing Agreement or primary servicing agreement, as the case
may be, such Reporting Servicer shall provide the report pursuant to this Section 10.13
with respect to the period of time it was subject to this Agreement or the applicable Sub-Servicing Agreement or primary servicing
agreement, as the case may be.

Section
10.14   Exchange Act Reporting Indemnification. For so long as any Other Securitization is subject to the
reporting requirements of the Exchange Act, each of the Master Servicer, the Special Servicer, the Custodian (if not the Certificate
Administrator), the Certificate Administrator and the Trustee shall indemnify and hold harmless each Certification Party, the
Depositor (and any Other Depositor related to an Other Securitization that includes a Serviced Companion Loan), their respective
directors and officers, and each other person who controls any such entity within the meaning of either Section 15 of the Securities
Act or Section 20 of the Exchange Act, against any and all expenses, losses, claims, damages and other liabilities, including
without limitation the costs of investigation, legal defense and any amounts paid in settlement of any claim or litigation arising
out of (i) the failure to perform its obligations to the Depositor (or any Other Depositor related to an Other Securitization
that includes a Serviced Companion Loan) or Certificate Administrator (or any Other Trustee related to an Other Securitization
that includes a Serviced Companion Loan) under this Article X by the time required, (ii)
any untrue statement or alleged untrue statement of a material fact contained in any information (x) regarding such party or any
Servicing Function Participant, Additional Servicer or subcontractor engaged by it (other than any Mortgage Loan Seller Sub-Servicer),
(y) prepared by any such party described in clause (x) or any registered public accounting firm, attorney or other agent retained
by such party to prepare such information and (z) delivered by or on behalf of such party in connection with the performance of
such party’s obligations described in this Article X, or the omission or alleged
omission to state in any such information a material fact necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading; provided that the applicable party shall be entitled to participate in any
action arising out of the foregoing and the Depositor shall consult with such party with respect to any litigation or audit strategy,
as applicable, in connection with the foregoing and any potential settlement terms related thereto, (iii) the failure of any Servicing
Function Participant or Additional Servicer retained by it (other than a Mortgage Loan Seller Sub-Servicer) to perform its obligations
to the Depositor (or any Other Depositor related to an Other Securitization that includes a Serviced Companion Loan) or Certificate
Administrator (or any Other Trustee related to an Other Securitization that includes a Serviced Companion Loan) under this Article
X by the time required or (iv) any Deficient Exchange Act Deliverable.

In
addition, each of the Master Servicer, the Special Servicer, the Custodian, the Certificate Administrator and the Trustee shall
cooperate (and require each Servicing Function 

 

     -475-

     

    

 

Participant
and Additional Servicer retained by it to cooperate under the applicable Sub-Servicing Agreement) with the Depositor (and each
Other Depositor) as necessary for the Depositor (and such Other Depositor) to conduct any reasonable due diligence necessary to
evaluate and assess any material instances of non-compliance disclosed in any of the deliverables required by the applicable reporting
requirements under the Securities Act, the Exchange Act, the Sarbanes-Oxley Act and the rules and regulations promulgated thereunder
(“Reporting Requirements”).

In
connection with comments provided to the Depositor or any Other Depositor from the Commission regarding information (x) delivered
by the Master Servicer, the Special Servicer, the Custodian, the Certificate Administrator, the Trustee, a Servicing Function
Participant or an Additional Servicer, as applicable (“Affected Reporting Party”), (y) regarding such Affected
Reporting Party, and (z) prepared by such Affected Reporting Party or any registered public accounting firm, attorney or other
agent retained by such party to prepare such information, which information is contained in a report filed by the Depositor or
such Other Depositor, as applicable, under the Reporting Requirements and which comments are received subsequent to the Depositor’s
or such Other Depositor’s, as applicable, filing of such report, the Depositor shall (or such Other Depositor may) promptly
provide to such Affected Reporting Party any such comments which relate to such Affected Reporting Party. Upon receipt of such
comments, such Affected Reporting Party shall be responsible for timely preparing a written response to the Commission for inclusion
in the Depositor’s or such Other Depositor’s, as applicable, response to the Commission, unless such Affected Reporting
Party elects, with the consent of the Depositor or such Other Depositor, as applicable (which consent shall not be unreasonably
denied, withheld or delayed), to directly communicate with the Commission and negotiate a response and/or resolution with the
Commission; provided, however, if an Affected Reporting Party is a Servicing Function Participant or Additional
Servicer retained by the Master Servicer, the Master Servicer shall receive copies of all material communications pursuant to
this Section 10.14. If such election is made, the applicable Affected Reporting Party
shall be responsible for directly negotiating such response and/or resolution with the Commission in a timely manner; provided
that (i) such Affected Reporting Party shall use reasonable efforts to keep the Depositor or such Other Depositor, as applicable,
informed of its progress with the Commission and copy the Depositor or such Other Depositor, as applicable, on all correspondence
with the Commission and provide the Depositor or such Other Depositor, as applicable, with the opportunity to participate (at
the Depositor’s or such Other Depositor’s expense, as applicable) in any telephone conferences and meetings with
the Commission and (ii) the Depositor or such Other Depositor, as applicable, shall cooperate with any Affected Reporting Party
in order to authorize such Affected Reporting Party and its representatives to respond to and negotiate directly with the Commission
with respect to any comments from the Commission relating to such Affected Reporting Party and to notify the Commission of such
authorization. The Depositor (or such Other Depositor, as applicable) and the Affected Reporting Party shall cooperate and coordinate
with one another with respect to any requests made to the Commission for extension of time for submitting a response or compliance.
All respective reasonable out-of-pocket costs and expenses incurred by the Depositor or such Other Depositor, as applicable (including
reasonable legal fees and expenses of outside counsel to the Depositor or such Other Depositor, as applicable), in connection
with the foregoing (other than those costs and expenses required to be at the Depositor’s or such Other Depositor’s
expense, as applicable and as set forth above) and any amendments to any reports filed with the Commission

 

     -476-

     

    

 

related
thereto shall be promptly paid by the applicable Affected Reporting Party upon receipt of an itemized invoice from the Depositor
or such Other Depositor, as applicable. Each of the Master Servicer, the Special Servicer, the Custodian, the Certificate Administrator
and the Trustee shall use commercially reasonable efforts to cause any Servicing Function Participant or Additional Servicer retained
by it to comply with the foregoing by inclusion of similar provisions in the related sub-servicing or similar agreement.

The
Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee shall use commercially reasonable efforts
to cause each Servicing Function Participant (other than any party to this Agreement) with which it has entered into a servicing
relationship with respect to the Serviced Mortgage Loans to indemnify and hold harmless each Certification Party from and against
any losses, damages, penalties, fines, forfeitures, legal fees and expenses and related costs, judgments and other costs and expenses
incurred by such Certification Party arising out of (i) a breach of its obligations to provide any of the annual compliance statements
or annual assessment of servicing criteria or attestation reports pursuant to this Agreement, or the applicable Sub-Servicing
Agreement, as applicable or (ii) any Deficient Exchange Act Deliverable.

If
the indemnification provided for herein is unavailable or insufficient to hold harmless any Certification Party, then the Master
Servicer, the Special Servicer, the Certificate Administrator, the Trustee, each Additional Servicer or other Servicing Function
Participant (the “Performing Party”) shall, and the Master Servicer, the
Special Servicer, the Certificate Administrator and the Trustee shall use commercially reasonable efforts to cause each Servicing
Function Participant with which it has entered into a servicing relationship (other than a party to this Agreement) with respect
to the Serviced Mortgage Loans to contribute to the amount paid or payable to the Certification Party as a result of the losses,
claims, damages or liabilities of the Certification Party in such proportion as is appropriate to reflect the relative fault of
the Certification Party on the one hand and the Performing Party on the other in connection with a breach of the Performing Party’s
obligations pursuant to this Article X. The Master Servicer, the Special Servicer, the
Certificate Administrator and the Trustee shall use commercially reasonable efforts to cause each Servicing Function Participant
(other than any party to this Agreement) with which it has entered into a servicing relationship with respect to the Serviced
Mortgage Loans to agree to the foregoing indemnification and contribution obligations.

Promptly
after receipt by an indemnified party of notice of the commencement of any action, such indemnified party shall, if a claim in
respect thereof is to be made against the indemnifying party hereunder, notify in writing the indemnifying party of the commencement
thereof; but the omission to so notify the indemnifying party shall not relieve it from any liability which it may have to any
indemnified party under this Agreement except to the extent that such omission to notify materially prejudices the indemnifying
party. In case any such action is brought against any indemnified party, after the indemnifying party has been notified of the
commencement of such action, such indemnifying party shall be entitled to participate therein (at its own expense) and, to the
extent that it may wish, shall be entitled to assume the defense thereof (jointly with any other indemnifying party similarly
notified) with counsel reasonably satisfactory to such indemnified party (which approval shall not be unreasonably withheld or
delayed), and after notice from the indemnifying party to such indemnified party of its election to so assume the defense thereof,
the indemnifying party shall not be liable to such indemnified

 

     -477-

     

    

 

party
for any expenses subsequently incurred in connection with the defense thereof other than reasonable costs of investigation. In
any such proceeding, any indemnified party shall have the right to retain its own counsel, but the fees and expenses of such counsel
shall be at the expense of such indemnified party unless (i) the indemnifying party and the indemnified party shall have agreed
to the retention of such counsel, (ii) the named parties to any such proceeding (including any impleaded parties and, in the case
of an investigation by the Commission, any parties that are, or whose reporting materials are, the subject of such investigation)
include both the indemnifying party and the indemnified party and representation of both parties by the same counsel would be
inappropriate due to actual or potential differing interests between them or (iii) the indemnifying party fails within a reasonable
period of time to designate counsel that is reasonably satisfactory to the indemnified party (which approval shall not be unreasonably
withheld or delayed). In no event shall the indemnifying parties be liable for fees and expenses of more than one counsel (in
addition to any local counsel) in any one jurisdiction separate from their own counsel for all indemnified parties in connection
with any one action or separate but similar or related actions in the same jurisdiction arising out of the same general allegations
or circumstances. An indemnifying party shall not be liable for any settlement of any proceeding effected without its written
consent. However, if settled with such consent, the indemnifying party shall indemnify the indemnified party from and against
any loss or liability by reason of such settlement to the extent that the indemnifying party is otherwise required to do so under
this Agreement. If an indemnifying party assumes the defense of any proceeding, it shall be entitled to settle such proceeding
with the consent of the indemnified party (which consent shall not be unreasonably withheld or delayed) or, if such settlement
(i) provides for an unconditional release of the indemnified party in connection with all matters relating to the proceeding that
have been asserted against the indemnified party in such proceeding by the other parties to such settlement and (ii) does not
require an admission of fault by the indemnified party, without the consent of the indemnified party.

Section
10.15   Amendments. This Article X may be amended by the written
consent of all the parties hereto pursuant to Section 12.07 for purposes of complying
with Regulation AB without, in each case, any Opinions of Counsel, Officer’s Certificates, Rating Agency Confirmations
or the consent of any Certificateholder, notwithstanding anything to the contrary contained in this Agreement.

Section
10.16   [Reserved].

Section
10.17   Termination of the Certificate Administrator. Notwithstanding anything to the contrary contained
in this Agreement, the Depositor may direct the Trustee to, and the Trustee shall upon such direction, terminate the Certificate
Administrator upon five Business Days’ notice if the Certificate Administrator fails to comply with any of its obligations
under this Article X; provided that such termination shall not be effective until
a successor certificate administrator shall have accepted the appointment.

 

     -478-

     

    

Article
XI

[Reserved]

Article
XII

MISCELLANEOUS PROVISIONS

Section
12.01   Counterparts. This Agreement may be executed in counterparts, each of which when so executed shall
be deemed to be an original and all of which when taken together shall constitute one and the same instrument, and the words “executed,”
signed,” “signature,” and words of like import as used above and elsewhere in this Agreement or in any other
certificate, agreement or document related to this transaction shall include, in addition to manually executed signatures, images
of manually executed signatures transmitted by facsimile or other electronic format (including, without limitation, “pdf”)
and other electronic signatures (including, without limitation, any electronic sound, symbol, or process, attached to or logically
associated with a contract or other record and executed or adopted by a person with the intent to sign the record). The use of
electronic signatures and electronic records (including, without limitation, any contract or other record created, generated,
sent, communicated, received, or stored by electronic means) shall be of the same legal effect, validity and enforceability as
a manually executed signature or use of a paper-based record-keeping system to the fullest extent permitted by applicable law,
including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and
Records Act and any other applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions
Act or the Uniform Commercial Code.

Section
12.02   Limitation on Rights of Certificateholders and the RR Interest Owner. The death or incapacity of
any Certificateholder shall not operate to terminate this Agreement or the Trust Fund, or entitle such Certificateholder’s
legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding
up of the Trust Fund, or otherwise affect the rights, obligations and liabilities of the parties hereto or any of them.

No
Certificateholder shall have any right to vote (except as expressly provided for herein) or in any manner otherwise control the
operation and management of the Trust Fund, or the obligations of the parties hereto, and nothing herein set forth, or contained
in the terms of the Certificates, shall be construed so as to constitute the Certificateholders from time to time as partners
or members of an association; and no Certificateholder shall be under any liability to any third person by reason of any action
taken by the parties to this Agreement pursuant to any provision hereof.

No
Certificateholder or RR Interest Owner shall have any right by virtue of any provision of this Agreement to institute any suit,
action or proceeding in equity or at law upon or under or with respect to this Agreement, any Intercreditor Agreement, any Mortgage
Loan, or with respect to the Certificates or the RR Interest, unless, with respect to any suit, action or proceeding upon or under
or with respect to this Agreement, such Holder previously shall have given to the Trustee and the Certificate Administrator a
written notice of default, and of the

 

     -479-

     

    

 

continuance
thereof, as herein before provided, or of the need to institute such suit, action or proceeding on behalf of the Trust and unless
also (except in the case of a default by the Trustee) the Holders of Certificates of any Class evidencing not less than 25% of
the related Percentage Interests in such Class shall have made written request upon the Trustee to institute such action, suit
or proceeding in its own name as Trustee hereunder and shall have offered to the Trustee such indemnity reasonably satisfactory
to it as it may require against the costs, expenses and liabilities to be incurred therein or thereby, and the Trustee, for 60
days after its receipt of such notice, request and offer of such indemnity, shall have neglected or refused to institute any such
action, suit or proceeding. The Trustee shall be under no obligation to exercise any of the trusts or powers vested in it hereunder
or to institute, conduct or defend any litigation hereunder or in relation hereto at the request, order or direction of any of
the Holders of Certificates or the RR Interest Owner, unless such Holders or the RR Interest Owner, as applicable, have offered
to the Trustee indemnity reasonably satisfactory to it against the costs, expenses and liabilities which may be incurred therein
or hereby. It is understood and intended, and expressly covenanted by each Certificateholder with every other Certificateholder
and the Trustee, that no one or more Holders of Certificates shall have any right in any manner whatsoever by virtue of any provision
of this Agreement or the Certificates to affect, disturb or prejudice the rights of the Holders of any other of such Certificates,
or to obtain or seek to obtain priority over or preference to any other such Holder, which priority or preference is not otherwise
provided for herein, or to enforce any right under this Agreement or the Certificates, except in the manner herein or therein
provided and for the equal, ratable and common benefit of all Certificateholders. For the protection and enforcement of the provisions
of this Section 12.02, each and every Certificateholder and the Trustee shall be entitled
to such relief as can be given either at law or in equity.

No
Certificateholder shall be a “Party in Interest” as described under 11 U.S.C. Section 1109(b) solely by virtue of
its ownership of a Certificate.

Section
12.03   Governing Law. THIS AGREEMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED
TO THIS AGREEMENT, THE RELATIONSHIP OF THE PARTIES TO THIS AGREEMENT, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS
AND DUTIES OF THE PARTIES TO THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS
OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CHOICE OF LAW RULES THEREOF. THE PARTIES HERETO INTEND THAT THE PROVISIONS OF
SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW SHALL APPLY TO THIS AGREEMENT.

Section
12.04   Waiver of Jury Trial; Consent to Jurisdiction. TO THE FULLEST EXTENT PERMITTED UNDER APPLICABLE
LAW, EACH PARTY HERETO WAIVES ITS RESPECTIVE RIGHTS TO A TRIAL BY JURY OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT
OF OR RELATED TO THIS AGREEMENT, ANY ASSIGNMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY, IN ANY ACTION, PROCEEDING OR OTHER LITIGATION
OF ANY TYPE BROUGHT BY ANY PARTY AGAINST THE OTHER PARTIES, WHETHER WITH RESPECT TO CONTRACT CLAIMS, TORT CLAIMS,

     -480-

     

    

 

OR
OTHERWISE. EACH PARTY HERETO AGREES THAT ANY SUCH CLAIM OR CAUSE OF ACTION SHALL BE TRIED BY A COURT TRIAL WITHOUT A JURY. WITHOUT
LIMITING THE FOREGOING, THE PARTIES FURTHER AGREE THAT THEIR RESPECTIVE RIGHT TO A TRIAL BY JURY IS WAIVED BY OPERATION OF THIS
SECTION AS TO ANY ACTION, COUNTERCLAIM OR OTHER PROCEEDING WHICH SEEKS, IN WHOLE OR IN PART, TO CHALLENGE THE VALIDITY OR ENFORCEABILITY
OF THIS AGREEMENT, ANY ASSIGNMENT OR ANY PROVISION HEREOF OR THEREOF. THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS,
SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT OR ANY ASSIGNMENT.

TO
THE FULLEST EXTENT PERMITTED UNDER APPLICABLE LAW, EACH PARTY HERETO HEREBY IRREVOCABLY (I) SUBMITS TO THE JURISDICTION OF ANY
NEW YORK STATE AND FEDERAL COURTS SITTING IN NEW YORK CITY WITH RESPECT TO MATTERS ARISING OUT OF OR RELATING TO THIS AGREEMENT;
(II) AGREES THAT ALL CLAIMS WITH RESPECT TO SUCH MATTERS MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE OR FEDERAL COURTS;
(III) WAIVES THE DEFENSE OF AN INCONVENIENT FORUM IN ANY ACTION OR PROCEEDING INVOLVING SUCH CLAIMS IN ANY SUCH COURT; AND (IV)
AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER
JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW.

Section
12.05   Notices. Unless otherwise specified in this Agreement, all demands, notices and communications hereunder
shall be in writing, shall be deemed to have been given upon receipt (except that notices to Holders of Class R Certificates or
Holders of any Class of Certificates no longer held through a Depository and instead held in registered, definitive form shall
be deemed to have been given upon being sent by first-class mail, postage prepaid or by overnight courier) as follows:

If
to the Trustee and the Certificate Administrator, to:

Wells
Fargo Bank, National Association
9062
Old Annapolis Road
Columbia,
Maryland 21045-1951
Attention:
Corporate Trust Services (CMBS) – BMARK 2020-IG3

with
copies to:

cts.cmbs.bond.admin@wellsfargo.com;
and trustadministrationgroup@wellfargo.com.

If
to the Certificate Administrator in connection with a release or transfer of a Retained Certificate:

     -481-

     

    

Wells
Fargo Bank, National Association
9062
Old Annapolis Road
Columbia,
Maryland 21045-1951
Attention:
Risk Retention Custody – BMARK 2020-IG3

with
a copy to:

riskretentioncustody@wellsfargo.com.

If
to the Certificate Registrar in connection with a transfer, exchange or surrender of any Certificate other than a Retained Certificate:

Wells
Fargo Bank, National Association
600
South 4th Street
MAC
N9300-070
Minneapolis,
Minnesota 55479
Attention:
CTS – Certificate Transfers Services (CMBS) – BMARK 2020-IG3.

If
to the Custodian, to:

Wells Fargo Bank,
N.A. Document Custody Group
1055
10th Avenue SE
Minneapolis,
Minnesota 55414
Attention:
BMARK 2020-IG3 – Document Custody Group
Email:
CMBSCustody@wellsfargo.com.

If
to the Depositor, to:

J.P. Morgan Chase Commercial Mortgage Securities Corp.
383 Madison Avenue, 8th Floor
New York,
New York 10179
Attention: Kunal K. Singh
E-mail: US_CMBS_Notice@jpmorgan.com

with
a copy to:

J.P. Morgan Chase Commercial Mortgage Securities Corp.
4 New York Plaza, Floor 21
New York, New York 10004-2413
Attention:
SPG Legal
E-mail: US_CMBS_Notice@jpmorgan.com

If
to the Master Servicer, to:

 

Midland
Loan Services, a Division of PNC Bank, National Association

10851
Mastin Street, Suite 700

Overland
Park, Kansas 66210

 

     -482-

     

    

 

Attention:
Executive Vice President – Division Head

Facsimile:
(888) 706-3565

with
a copy to:

Stinson
LLP
1201
Walnut Street, Suite 2900
Kansas
City, Missouri 64106-2150
Attention:
Kenda K. Tomes
Facsimile:
(816) 412-9338
Email:
kenda.tomes@stinson.com

 

If
to the Special Servicer, to:

Midland Loan Services, a Division of PNC Bank, National Association

10851
Mastin Street, Suite 700

Overland
Park, Kansas 66210

Attention:
Executive Vice President – Division Head

Facsimile:
(888) 706-3565

with
a copy to:

Stinson
LLP
1201
Walnut Street, Suite 2900
Kansas
City, Missouri 64106-2150
Attention:
Kenda K. Tomes
Facsimile:
(816) 412-9338
Email:
kenda.tomes@stinson.com

If
to German American Capital Corporation, as Mortgage Loan Seller, to:

German American Capital Corporation
60 Wall Street
New
York, New York 10005
Attention: Lainie Kaye

with
copies via email to:

cmbs.requests@db.com

If
to JPMorgan Chase Bank, National Association, as Mortgage Loan Seller, to:

JPMorgan Chase Bank, National Association
383
Madison Avenue, 8th Floor
New York, New York 10179
Attention: Kunal Singh
Email: US_CMBS_Notice@jpmorgan.com

     -483-

     

    

with
a copy to:

JPMorgan Chase Bank, National Association
4 New York Plaza, 21st Floor
New York, New York 10004
Attention:
SPG Legal
Email: US_CMBS_Notice@jpmorgan.com

If
to Goldman Sachs Mortgage Company, as Mortgage Loan Seller, to:

Goldman
Sachs Mortgage Company
200 West Street
New York, New York 10282
Attention:
Leah Nivison
Email: leah.nivison@gs.com

with
a copy to:

Joe Osborne
200 West Street

New York, New York 10282
E-mail: joe.osborne@gs.com

If
to Deutsche Bank Securities Inc., as Initial Purchaser, to:

Deutsche Bank Securities Inc.
Commercial Mortgage-Backed
Securities
60 Wall Street
New York, New York 10005
Attention: Lainie Kaye

with
copies via email to:

cmbs.requests@db.com

If
to J.P. Morgan Securities LLC, as Initial Purchaser, to:

J.P. Morgan Securities LLC
383 Madison Avenue, 8th
Floor
New York, New York 10179
Attention: SPG Syndicate
Email: ABS_Synd@jpmorgan.com

with
a copy to:

J.P. Morgan Securities LLC
4 New York Plaza, 21st Floor
New York, New York 10004

     -484-

     

    

Attention:
SPG Legal
Email: US_CMBS_Notice@jpmorgan.com

If
to Goldman Sachs & Co. LLC, as Initial Purchaser, to:

Goldman Sachs & Co. LLC
200 West Street
New York, New
York 10282
Attention: Leah Nivison
Email: leah.nivison@gs.com

If
to JPMorgan Chase Bank, National Association, as the initial VRR-A Risk Retention Consultation Party, to:

JPMorgan
Chase Bank, National Association
383 Madison Avenue, 8th Floor
New York, New York 10179
Attention: Kunal Singh
Email:
US_CMBS_Notice@jpmorgan.com

with
a copy to:

JPMorgan Chase Bank, National Association
4 New York Plaza, 21st Floor
New York, New York 10004
Attention:
SPG Legal
Email: US_CMBS_Notice@jpmorgan.com

If
to Goldman Sachs Bank USA, as the initial VRR-B Risk Retention Consultation Party, to:

Goldman
Sachs Bank USA
200
West Street
New
York, New York 10282
Attention:
Leah Nivison
Email:
leah.nivison@gs.com

If
to Deutsche Bank AG, acting through its New York Branch, as the initial VRR-C Risk Retention Consultation Party and as the initial
BX Industrial Portfolio Risk Retention Consultation Party, the initial Tower 333 Risk Retention Consultation Party and the initial
825 South Hill Risk Retention Consultation Party, to:

Deutsche Bank AG, acting through its New York Branch
60 Wall Street
New
York, New York 10005
Attention: Lainie Kaye

     -485-

     

    

with
copies via email to:

cmbs.requests@db.com

If
to the 17g-5 Information Provider, electronically to:

17g5informationprovider@wellsfargo.com

(in an electronic format readable and uploadable (that is not locked or corrupted) on the 17g-5 Information
Provider’s system, specifically with a subject reference of “BMARK 2020-IG3 Mortgage Trust” and an identification
of the type of information being provided in the body of such electronic mail)

or,
in the case of the parties to this Agreement, to such other address as such party shall specify by written notice to the other
parties hereto.

Solely
to the extent the provisions herein contemplate electronic delivery of information, such information shall be transmitted via
electronic mail with a subject reference to include “Benchmark 2020-IG3 Mortgage Trust” (or substantially similar
language) (i) in the case of the Depositor, to cmbs.requests@db.com, (ii) in the case of the Trustee, to trustadministrationgroup@wellsfargo.com,
(iii) in the case of the Certificate Administrator, to the email address specified on the Certificate Administrator’s Website
(and, if no such email address is specified therein, to cts.cmbs.bond.admin@wellsfargo.com),
(iv) in the case of the Master Servicer to NoticeAdmin@midlandls.com (and solely with respect to notices under Section
3.14, with a copy to AskMidland@midlandls.com), (v) in the case of the Special Servicer, to keybank_notices@keybank.com,
(vi) in the case of German American Capital Corporation, to cmbs.requests@db.com, (vii) in the case of JPMorgan Chase Bank,
National Association, to US_CMBS_Notice@jpmorgan.com, (viii) in the case of Goldman Sachs Mortgage Company, to leah.nivison@gs.com,
(ix) in the case of Deutsche Bank Securities Inc., to cmbs.requests@db.com, (x) in the case of J.P. Morgan Securities LLC,
to ABS_Synd@jpmorgan.com and US_CMBS_Notice@jpmorgan.com, (xi) in the case of Deutsche Bank AG, acting through its
New York Branch, as a Risk Retention Consultation Party, to CMBS.requests@db.com, (xii) in the case of JPMorgan Chase Bank,
National Association, as a Risk Retention Consultation Party, to US_CMBS_Notice@jpmorgan.com, (xiii) Goldman Sachs Mortgage
Company, as a Risk Retention Consultation Party, to leah.nivison@gs.com, and (xiv) in the case of the 17g-5 Information
Provider, to 17g5informationprovider@wellsfargo.com; or, in the case of the parties to this Agreement, to such other electronic
mail address as such party shall specify by written notice (which may be electronic) to the other parties hereto.

The
obligation of any party to this Agreement to deliver any notices, reports or other information to any Other Depositor, Other Servicer,
Other Special Servicer, Other Trustee or Other 17g-5 Information Provider shall be effective in each case only to the extent such
party to this Agreement has received notice of the identity and contact information of such Other Depositor, Other Servicer, Other
Special Servicer, Other Trustee or Other 17g-5 Information Provider, as applicable. Any such party may conclusively rely on the
name and contact information provided by the related Other Depositor, Other Servicer, Other Special Servicer, Other Trustee or
Other 17g-5 Information Provider, as applicable, and shall be entitled to assume

 

     -486-

     

    

 

that
the identity and contact information for such Other Depositor, Other Servicer, Other Special Servicer, Other Trustee or Other
17g-5 Information Provider, as applicable has not changed, absent receipt of written notice from such Other Depositor, Other Servicer,
Other Special Servicer, Other Trustee or Other 17g-5 Information Provider, or a replacement thereof under the applicable Other
Pooling and Servicing Agreement, of a change with respect to the identity and contact information for such Other Depositor, Other
Servicer, Other Special Servicer, Other Trustee or Other 17g-5 Information Provider, or a replacement thereof under the applicable
Other Pooling and Servicing Agreement, as applicable.

Section
12.06   Severability of Provisions. If any one or more of the covenants, agreements, provisions or terms
of this Agreement shall be for any reason whatsoever held invalid, then, to the extent permitted by applicable law, such covenants,
agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this
Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement or of the Certificates
or the rights of the Holders thereof.

Section
12.07   Notice to the Depositor and Each Rating Agency. (a) The Certificate Administrator shall promptly
provide notice, promptly furnish (or make available) to the Depositor, the Initial Purchasers, the Directing Holder (if no Consultation
Termination Event is continuing), the Trustee the related Serviced Companion Loan Noteholder (if any) and the 17g-5 Information
Provider (who shall promptly post such notice to the 17g-5 Information Provider’s Website) with respect to each of the
following of which a Responsible Officer of the Certificate Administrator has actual knowledge:

(i)    
any material change or amendment to this Agreement, any Mortgage Loan Purchase Agreement or any Intercreditor Agreement;

(ii)   
the occurrence of any Servicer Termination Event that has not been cured;

(iii)  
the merger, consolidation, resignation or termination of the Certificate Administrator, the Master Servicer, the Special Servicer
or the Trustee; and

(iv)  
the repurchase of Mortgage Loans pursuant to Section 2.03(d) of this Agreement.

(b)       
The Certificate Administrator shall promptly furnish to the Depositor, the Initial Purchasers, the Directing Holder and the 17g-5
Information Provider (who shall promptly post such materials to the 17g-5 Information Provider’s Website):

(i)    
notice of the final payment to any Class of Certificateholders;

(ii)   
notice of any change in the location of the Distribution Accounts, the Interest Reserve Account, the Gain-on-Sale Reserve Account,
the BX Industrial Portfolio Gain-on-Sale Reserve Account, the Tower 333 Gain-on-Sale Reserve Account or the 825 South Hill Gain-on-Sale
Reserve Account; and

(iii)  
each report to Certificateholders described in Section 4.02 and Section 3.13 of
this Agreement.

 

     -487-

     

    

(c)       
The Master Servicer (or, in the case of items collected pursuant to Section 3.04 and referenced in clause (i) below,
the Special Servicer) shall promptly furnish to the 17g-5 Information Provider (who shall promptly post such materials to the
17g-5 Information Provider’s Website) and the related Other 17g-5 Information Provider (if any):

(i)    
upon request, a copy of each rent roll and each operating and other financial statement and occupancy reports, to the extent such
information is required to be delivered under a Mortgage Loan, in each case to the extent collected pursuant to Section 3.03
of this Agreement or pursuant to Section 3.04 of this Agreement;

(ii)   
notice of any change in the location of the Collection Account or any Serviced Whole Loan Collection Account,

(iii)  
a copy of any notice with respect to a breach of a representation or warranty with respect to any Mortgage Loan;

(iv)  
any event that would result in the voluntary or involuntary termination of any insurance of the accounts of the Master Servicer;

(v)   
any change in the lien priority of a Mortgage Loan;

(vi)  
any new lease of an anchor or a termination of an anchor lease at a retail Mortgaged Property;

(vii) 
any material damage to a Mortgaged Property; and

(viii)
any amendment, modification, consent or waiver to or of any provision of a Mortgage Loan or Serviced Whole Loan.

(d)       
Any party required to deliver any notice or information pursuant to the terms of this Agreement to the Rating Agencies shall deliver
such written notice of the events or information specified in Section 3.14(d) to the Rating Agencies at the address listed
below, promptly following the occurrence thereof. The Master Servicer or Special Servicer, as applicable, and the Certificate
Administrator and Trustee also shall furnish such other information regarding the Trust Fund as may be reasonably requested by
the Rating Agencies to the extent such party has or can obtain such information without unreasonable effort or expense; provided
that such other information is first provided to the 17g-5 Information Provider in accordance with the procedures set
forth in Section 3.14(d). Notwithstanding the foregoing, the failure to deliver such notices or copies shall not constitute
a Servicer Termination Event, as the case may be, under this Agreement. Any confirmation of the rating by the Rating Agencies
required hereunder shall be in writing.

Notices
to each Rating Agency shall be addressed as follows:

     -488-

     

    

Moody’s
Investors Service, Inc.
7 World Trade Center
250 Greenwich Street
New
York, New York 10007
Attention: Commercial Mortgage Surveillance Group
E-mail:
CMBSSurveillance@moodys.com

Fitch
Ratings, Inc.

300
West 57th Street

New
York, NY 10019

Attention:
Commercial Mortgage Surveillance Group

 

DBRS,
Inc.

4
World Trade Center, 48th Floor

150
Greenwich Street

New
York, New York 10007

Attention:
CMBS Surveillance

Email:
cmbs.surveillance@dbrs.com 

or
in each case to such other address as any Rating Agency shall specify by written notice to the parties hereto.

Section
12.08   Amendment. This Agreement or any Custodial Agreement may be amended at any time by the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee without the consent of any of the Certificateholders,
the RR Interest Owner or any Serviced Companion Loan Noteholders:

(i)    
to cure any ambiguity or to correct any manifest error;

(ii)   
to cause the provisions herein or therein to conform or be consistent with or in furtherance of the statements made in the Offering
Circular or the Loan-Specific Offering Circulars with respect to the Certificates, the RR Interest, the Trust or this Agreement
or to correct or supplement any provisions herein or therein which may be defective or inconsistent with any other provisions
herein or therein;

(iii)  
to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related
Distribution Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder
or RR Interest Owner, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment or
as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment;

(iv)
to modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any
Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any
Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the 

 

     -489-

     

    

Trust
Fund or any Trust REMIC or the Grantor Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust;
provided that the Trustee and the Certificate Administrator have received an Opinion
of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action is necessary or desirable
to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action will not
adversely affect in any material respect the interests of any Certificateholder, RR Interest Owner or Companion Loan Noteholder;

(v) 
to modify, eliminate or add to the provisions any provision hereof restricting transfer of the Class R Certificates; provided
the Depositor has determined that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund,
any Trust REMIC or any of the Certificateholders (other than the Transferor) to be subject to a federal tax caused by a Transfer
to a Person that is a Disqualified Organization or a Non-U.S. Tax Person;

(vi)
to revise or add any other provisions with respect to matters or questions arising under this Agreement or any other change; provided
that the required action shall not adversely affect in any material respect the interests of any Certificateholder,
RR Interest Owner or any holder of a Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of
Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the
Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action
will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion
Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates);

(vii) 
to amend or supplement any provision hereof to the extent necessary to maintain the then-current ratings assigned to each Class
of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies; provided
that such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder
or RR Interest Owner not consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion
Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided
that such Rating Agency Confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates);

(viii)
to modify the provisions of Section 3.06 and Section 3.17
(with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor,
the Master Servicer, the Trustee and, for so long as a Control Termination Event is not continuing, the Directing Holder, determine
that the commercial mortgage backed securities industry standard for such provisions has changed, in order to conform to such
industry standard, (b) such modification does not adversely

     -490-

     

    

affect
the status of any Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of
the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided
that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation
may be considered satisfied with respect to the Certificates);

(ix)
to modify the procedures of this Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided
that such amendment shall not adversely affect in any material respects the interests of any Certificateholders or
the RR Interest Owner, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency
Confirmation from each Rating Agency rating such Certificates; and provided, further,
that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the
17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website; and

(x)   
to modify, eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with the requirements of
the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule or any other regulation
applicable to the risk retention requirements for this securitization transaction are amended or repealed, to the extent required
to comply with any such amendment or to modify or eliminate the risk retention requirements in the event of such repeal, as evidenced
by an Opinion of Counsel;

provided
that any amendment under this Section 12.08 (a) shall not materially increase the
obligations of the Depositor, the Trustee, the Paying Agent, the Certificate Administrator, the 17g-5 Information Provider, the
Master Servicer or the Special Servicer without such party’s consent; and (b) shall not adversely affect in any material
respect the interests of any Certificateholder, the RR Interest Owner or Serviced Companion Loan Noteholder not consenting thereto,
as evidenced in the case of clauses (iii) through (x) above by (1) an Opinion of Counsel or (2) solely in the case of a Certificateholder
of a rated Class, receipt of a Rating Agency Confirmation from each applicable Rating Agency. In no event shall any such amendment
cause the Lower-Tier REMIC, the Trust Subordinate Companion Loan REMICs or the Upper-Tier REMIC to fail to qualify as a REMIC
or the Grantor Trust to fail to qualify as a grantor trust.

This
Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special
Servicer, the Certificate Administrator and the Trustee with the prior written consent of the RR Interest Owner (if affected by
such amendment) and the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class
of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates
and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing
in any manner or eliminating any of the provisions of this Agreement or modifying in

     -491-

     

    

 

any
manner the rights of the Certificateholders, the RR Interest Owner or the Serviced Companion Loan Noteholders; provided
that no such amendment may:

(1)       
reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans, Trust Subordinate Companion
Loan or Serviced Whole Loans which are required to be distributed on any Certificate or the RR Interest, without the consent of
the Holders of Certificates representing all of the Percentage Interests of the Class or Classes or the RR Interest Owner, as
applicable, affected thereby or which are required to be distributed to any Companion Loan Noteholders without the consent of
such Companion Loan Noteholders;

(2)       
reduce the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment
or remove the requirement to obtain consent of any Companion Loan Noteholder or Holder of the Loan-Specific Certificates, in any
such case without the consent of the Holders of all Certificates of such Class then outstanding or such Companion Loan Noteholder
or Holder of the Loan-Specific Certificates, as applicable;

(3)       
adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such
Class then outstanding;

(4)       
change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller
under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary
hereunder, without the consent of such Mortgage Loan Seller; or

(5)       
amend the Servicing Standard without the consent of 100% of the Certificateholders and the RR Interest Owner or receipt of Rating
Agency Confirmation from each Rating Agency and confirmation of the applicable rating agencies that such action will not result
in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any
(provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation
may be considered satisfied with respect to the Certificates).

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, at any time and from
time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion Loan Noteholders, may amend
this Agreement to modify, eliminate or add to any of its provisions (i) to such extent as shall be necessary to maintain the qualification
of the Lower-Tier REMIC, the Trust Subordinate Companion Loan REMICs or the Upper-Tier REMIC as a REMIC or the qualification of
the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material state or local taxes, at all times
that any Certificates are outstanding; provided that such action, as evidenced by an Opinion of Counsel (obtained at the
expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition of any such taxes,
and would not adversely affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion
Loan Noteholder or (ii) to the extent necessary to comply with the

     -492-

     

    

 

Investment
Company Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

If
neither the Depositor nor any successor thereto, if any, is in existence, any amendment under this Section
12.08 shall be effective with the consent of the Trustee, the Certificate Administrator, the Master Servicer and the
Special Servicer, in writing, and to the extent required by this Section 12.08, the Certificateholders
and Serviced Companion Loan Noteholders.

It
shall not be necessary for the consent of Certificateholders under this Section 12.08
to approve the particular form of any proposed amendment, but it shall be sufficient if such consent shall approve the substance
thereof. The method of obtaining such consents and of evidencing the authorization of the execution thereof by Certificateholders
and, if applicable, Serviced Companion Loan Noteholders, shall be subject to such reasonable regulations as the Trustee may prescribe;
provided that such method shall always be by affirmation and in writing.

Notwithstanding
any contrary provision of this Agreement, no amendment shall be made to this Agreement or any Custodial Agreement unless the Trustee
and the Certificate Administrator have received an Opinion of Counsel, at the expense of the Trust Fund (and, in the case of any
Whole Loan, any such expense shall be allocated in accordance with the expense allocation provision of the related Intercreditor
Agreement) confirming that such amendment is authorized or permitted by this Agreement and that all conditions precedent with
respect thereto have been satisfied, respectively, hereunder and such amendment will not cause the Lower-Tier REMIC, the Trust
Subordinate Companion Loan REMICs or the Upper-Tier REMIC to fail to qualify as a REMIC at any time that any Certificates are
outstanding, or cause the Grantor Trust to fail to qualify as a grantor trust, or cause a tax to be imposed on the Trust Fund
or any such Trust REMIC.

Prior
to the execution of any amendment to this Agreement or any Custodial Agreement, the Trustee, the Certificate Administrator, the
Special Servicer and the Master Servicer may request and shall be entitled to rely conclusively upon an Opinion of Counsel and
an Officer’s Certificate, at the expense of the party requesting such amendment (or, if such amendment is required to maintain
the rating issued by any Rating Agency or requested by the Trustee for any purpose described in clauses (i), (ii) or (iii) of
the first sentence of this Section 12.08 (which do not modify or otherwise relate solely
to the obligations, duties or rights of the Trustee), then at the expense of the Trust Fund (and, in the case of any Whole Loan,
any such expense shall be allocated in accordance with the expense allocation provision of the related Intercreditor Agreement))
confirming that the execution of such amendment is authorized or permitted by this Agreement and that all conditions precedent
with respect thereto have been satisfied. The Trustee or the Certificate Administrator may, but shall not be obligated to, enter
into any such amendment which affects the Trustee’s or the Certificate Administrator’s own rights, duties or immunities
under this Agreement.

Notwithstanding
any contrary provision contained in this Agreement, no amendment shall be made to this Agreement (i) which adversely affects the
rights, including (without limitation) as a third-party beneficiary hereunder, and/or obligations (including, without limitation,
in the case of a Mortgage Loan Seller, under the related Mortgage Loan Purchase

     -493-

     

    

 

Agreement)
of any Mortgage Loan Seller or Initial Purchaser without the written consent of such Mortgage Loan Seller or Initial Purchaser,
as applicable, (ii) which adversely affects (as determined by the applicable Companion Loan Noteholder in good faith) the rights
and/or obligations of any Companion Loan Noteholder without the written consent of such Companion Loan Noteholder or (iii) which
adversely affects the rights of the Holders of the Loan-Specific Certificates without the consent of such Holders.

Promptly
after the execution of any amendment to this Agreement, the Certificate Administrator shall post a copy of the same to the Certificate
Administrator’s Website, deliver a copy of the same to the 17g-5 Information Provider who shall post a copy of the same
on the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement, and, thereafter, the
Certificate Administrator shall furnish a written notification of the substance of such amendment to each Certificateholder, the
Depositor, the Master Servicer (who shall promptly forward such notification to each Serviced Companion Loan Noteholder, Other
Depositor, Other Servicer, Other Special Servicer and Other Trustee), the Special Servicer, the Trustee, each Mortgage Loan Seller
and the Initial Purchasers.

In
addition, within one (1) Business Day following the execution of any amendment to this Agreement, the party requesting such amendment
shall deliver (or cause to be delivered) such amendment (in EDGAR Compatible Format) to each Serviced Companion Loan Noteholder,
Other Depositor, Other Servicer, Other Special Servicer and Other Trustee.

Notwithstanding
any contrary provision contained in this Agreement, if one but not all of the Notes evidencing a Joint Mortgage Loan is repurchased
by the applicable Mortgage Loan Seller, this Agreement may be amended by the parties hereto (at the expense of the party requesting
such amendment), without the consent of any Certificateholder, to add or modify provisions relating to the applicable Repurchased
Note for purposes of the servicing and administration of such Repurchased Note, provided that the amendment shall not adversely
affect in any material respect the interests of the Certificateholders, as evidenced by a No Downgrade Confirmation from each
Rating Agency (obtained at the expense of the repurchasing Mortgage Loan Seller) with respect to such amendment (or, if no such
No Downgrade Confirmation is actually received, by an opinion of counsel to such effect). Prior to the effectiveness of such amendment,
if one but not all of the Notes with respect to a Joint Mortgage Loan is repurchased, the terms of Article
III shall govern the servicing and administration of such Joint Mortgage Loan.

Section
12.09   Confirmation of Intent. It is the express intent of the parties hereto that the conveyance of the
Trust Fund (including the Mortgage Loans) by the Depositor to the Trustee on behalf of Certificateholders as contemplated by this
Agreement be treated for all purposes as a sale by the Depositor of the Trust Fund to the Trustee. It is, further, not the intention
of the parties that such conveyance be deemed a pledge of the Trust Fund by the Depositor to the Trustee to secure a debt or other
obligation of the Depositor. However, if, notwithstanding the intent of the parties, the Trust Fund is held to continue to be
property of the Depositor then (a) this Agreement shall also be deemed to be a security agreement under applicable law; (b) the
transfer of the Trust Fund provided for herein shall be deemed to be a grant by the Depositor to the Trustee on behalf of Certificateholders
of a first priority security interest in, and the Depositor hereby grants to the Trustee a security interest in, all of the Depositor’s
right, title and interest in and to, whether now owned or existing or hereafter

     -494-

     

    

acquired
or arising, the property identified in clauses (i) through (xiv) of the definition of “Trust Fund” and all proceeds
thereof; (c) the possession by the Trustee (or the Custodian on its behalf) of Mortgage Notes and such other items of property
as constitute instruments, money, negotiable documents or chattel paper shall be deemed to be “possession by the secured
party” for purposes of perfecting the security interest pursuant to Section 9-313 of the New York Uniform Commercial Code;
and (d) notifications to Persons holding such property, and acknowledgments, receipts or confirmations from Persons holding such
property, shall be deemed notifications to, or acknowledgments, receipts or confirmations from, financial intermediaries, bailees
or agents (as applicable) of the Trustee for the purpose of perfecting such security interest under applicable law. The Depositor
shall, and upon the request and direction of the Master Servicer, the Trustee shall, to the extent consistent with this Agreement
(and at the expense of the Trust Fund (and, in the case of any Whole Loan, such expense shall be allocated in accordance with
the expense allocation provision of the related Intercreditor Agreement)), take such actions as may be necessary to ensure that
such security interest is a perfected security interest of first priority under applicable law and will be maintained as such
throughout the term of this Agreement. It is the intent of the parties that such a security interest would be effective whether
any of the Certificates are sold, pledged or assigned.

Section
12.10   No Intended Third-Party Beneficiaries. Except as specified in Section
12.12 of this Agreement, no Person other than a party to this Agreement, any Mortgage Loan Seller, any Initial Purchaser
or any Certificateholder shall have any rights with respect to the enforcement of any of the rights or obligations hereunder.
Without limiting the foregoing and for the avoidance of doubt, subject to Section 12.12
of this Agreement, the parties to this Agreement specifically state that no Borrower, Manager or other party to a Mortgage Loan
is an intended third-party beneficiary of this Agreement.

Section
12.11   Entire Agreement. This Agreement (and, with respect to each Whole Loan, together with the related
Intercreditor Agreement) contains the entire agreement and understanding between the parties hereto with respect to the subject
matter hereof, and supersedes all prior and contemporaneous agreements, understanding, inducements and conditions, express or
implied, oral or written, of any nature whatsoever with respect to the subject matter hereof. The express terms hereof control
and supersedes any course of performance or usage of the trade inconsistent with any of the terms hereof.

Section
12.12   Third Party Beneficiaries. Each of the Trustee, the Certificate Administrator, the Master Servicer
and the Special Servicer acknowledge that (i) each Mortgage Loan Seller and J.P. Morgan Securities LLC are third party beneficiaries
with respect to Section 8.05(h) of this Agreement, the obligations of any party to this Agreement to deliver information
to the 17g-5 Information Provider hereunder and the obligations of the 17g-5 Information Provider to post information to the 17g-5
Information Provider’s Website (or make available to the NRSROs the items referenced in Section 3.13(b) and (d))
and the express obligations of any party hereto to deliver documents, notices, information or funds to a Mortgage Loan Seller,
(ii) each Mortgage Loan Seller is a third party beneficiary with respect to Section 2.01,
Section 2.02, Section 2.03, Section 3.33,
Section 8.05 and Section 12.08 of this Agreement
and its rights as a Privileged Person, (iii) each Initial Purchaser is a third party beneficiary with respect to its rights to
receive any notices, documents, certifications and/or information hereunder and its rights under Section
12.08 of this Agreement, (iv) each holder of a

 

     -495-

     

    

 

Companion
Loan and any related Other Depositor is an intended third party beneficiary in respect of the rights afforded it under this Agreement
and may directly (or, in the case of a holder of a Companion Loan, the related Other Servicer may) enforce such rights, (v) each
of the Serviced Companion Loan Service Providers under the applicable Other Pooling and Servicing Agreement is an intended third
party beneficiary under this Agreement with respect to any provision herein expressly relating to compensation, reimbursement
or indemnification of such Serviced Companion Loan Service Provider and the provisions regarding the coordination of Advances,
(vi) each of the Non-Serviced Mortgage Loan Service Providers under the applicable Other Pooling and Servicing Agreement is an
intended third party beneficiary under this Agreement with respect to any provisions herein relating to (1) the reimbursement
of any nonrecoverable advances made with respect to the applicable Non-Serviced Mortgage Loan by such Persons, (2) the indemnification
of each applicable Other Servicer, Other Special Servicer and Other Trustee and certain other parties pursuant to Section
1.04 or any other section of this Agreement against any claims, losses, penalties, fines, forfeitures, legal fees and
related costs, judgments and any other costs, liabilities, fees and expenses incurred in connection with the related Other Pooling
and Servicing Agreement and this Agreement that relate solely to its servicing of the related Whole Loan and any related reimbursement
provisions, (3) the provisions set forth in Section 4.07 of this Agreement regarding
advancing coordination and (4) the provisions set forth in Sections 3.29 and 6.07, as applicable, of this Agreement;
and (vii) if one, but not all, of the Notes with respect to any Joint Mortgage Loan is repurchased, the applicable Repurchasing
Seller shall be a third party beneficiary of this Agreement to the same extent as if it was a Companion Loan Noteholder, as contemplated
by Section 3.33 hereof.

[NO
FURTHER TEXT ON THIS PAGE]

 

     -496-

     

    

 

IN
WITNESS WHEREOF, the Depositor, the Master Servicer, the Special Servicer, the Trustee and the Certificate Administrator have
caused their names to be signed hereto by their respective officers thereunto duly authorized all as of the day and year first
above written.

 

	 	J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP., as Depositor
	 	 	 
	 	By:	/s/
    Harris Rendelstein
	 	 	Name:   
Harris Rendelstein   
	 	 	Title:      Vice
    President
	 	 	 
	 	MIDLAND
    LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION, as Master Servicer
	 	 	 
	 	By:	/s/
    David A. Eckels
	 	 	Name:   David A. Eckels 
	 	 	Title:     Senior
    Vice     President
	 	 	 
	 	MIDLAND
    LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION, as Special Servicer
	 	 	 
	 	By:	/s/
    David A. Eckels
	 	 	Name:   David A. Eckels
	 	 	Title:     Senior
    Vice     President
	 	 	 

 

BMARK
2020-IG3: POOLING AND SERVICING AGREEMENT

 

     

     

    

 

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,

not in its individual capacity, but solely as Certificate Administrator
	 	 	 
	 	By:	/s/
    Amy Mofsenson
	 	 	Name:   Amy Mofsenson
	 	 	Title:     Vice
    President

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,

not in its individual capacity, but solely as Trustee
	 	 	 
	 	By:	/s/
    Amy Mofsenson
	 	 	Name:   Amy Mofsenson
	 	 	Title:     Vice
    President
	 	 	 

 

 

BMARK
2020-IG3: POOLING AND SERVICING AGREEMENT

 

     

     

    

 

EXHIBIT
A-1

 

FORM
OF CLASS A-2 [RULE 144A]1 [REG S]2 [IAI]3 CERTIFICATE

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]4

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE
REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES)
TO AN INSTITUTION THAT IS A NON-”U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN, AND IN ACCORDANCE
WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, OR (3) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES)
UPON INITIAL ISSUANCE ONLY, TO INSTITUTIONS THAT ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1),
(2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT (“REGULATION D”) AND ANY ENTITY IN WHICH ALL OF THE
EQUITY OWNERS ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D (COLLECTIVELY,
“INSTITUTIONAL ACCREDITED INVESTORS”), AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS
OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

 

1
For Rule 144A Global Certificates only.

2
For Reg S Global Certificates only.

3
For IAI Certificates only.

4
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

     A-1-1

     

    

 

THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT. A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1
TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QIB OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL
ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QIB WITHIN THE MEANING
OF RULE 144A.

 

ANY
HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT
MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE RISK RETENTION CONSULTATION PARTIES, THE TRUSTEE OR ANY
OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL
AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED
TO BELOW.

 

THIS
CERTIFICATE IS SUBORDINATE TO ONE OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE
OF 1986, AS AMENDED.

 

     A-1-2

     

    

 

THIS
CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT
PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE, OR ANY PERSON ACTING ON BEHALF OF ANY
SUCH PLAN OR USING THE ASSETS OF SUCH PLAN (INCLUDING AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS WITHIN THE MEANING
OF DEPARTMENT OF LABOR REGULATION § 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) TO ACQUIRE THIS CERTIFICATE, UNLESS
(A) SUCH PERSON IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a)(1) OF REGULATION D OF THE SECURITIES AND EXCHANGE
COMMISSION UNDER THE SECURITIES ACT OF 1933, AND (B) THE ACQUISITION, HOLDING AND DISPOSITION OF THE CERTIFICATES BY SUCH PERSON
WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER ERISA OR SECTION 4975 OF THE CODE (OR A NON-EXEMPT
VIOLATION OF SIMILAR LAW).

 

[THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS
AFTER THE OFFERING OF THE CERTIFICATES, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO
A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]5

 

 

5
For Reg S Global Certificates only.

 

     A-1-3

     

    

 

BMARK
2020-IG3 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS A-2

 

	Class
    A-2 Pass-Through Rate: 2.4751%	 	CUSIP:	[08162QAA7]6

        [U0812VAA4]7 

        [08162QAB5]8

	 	 	 	 
	 	 	ISIN:	[US08162QAA76]9

        [USU0812VAA45]10

        [US08162QAB59]11

	 	 	 
	Original
    Aggregate Certificate Balance of the Class A-2 Certificates: $116,375,000	 	Initial
    Certificate Balance of this Certificate: $[__]
	 	 	 
	First
    Distribution Date: June 17, 2020	 	Cut-off
    Date: The close of business on the later of the related Due Date of such Mortgage Loan in May 2020 (or, in the case of any
    Mortgage Loan or Trust Subordinate Companion Loan that has its first Due Date after May 2020, the date that would have been
    its Due Date in May 2020 under the terms of that Mortgage Loan and Trust Subordinate Companion Loan if a Periodic Payment
    were scheduled to be due in that month) and the date of origination of such Mortgage Loan
	 	 	 
	Assumed
    Final Distribution Date: March 2025	 	No.:
    A-2-[_]

 

This
certifies that [______] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions
to be made with respect to the Class A-2 Certificates. The Trust Fund, described more fully below, consists primarily of a
pool of Mortgage Loans and the Trust Subordinate Companion Loans secured by first liens on commercial and multifamily properties
and held in trust by the Trustee and serviced by the Master Servicer. The Trust Fund was created, and the Mortgage Loans and the
Trust Subordinate Companion Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The
Holder of this Certificate, by virtue of the acceptance

 

 

6
For Rule 144A Certificates

7
For Regulation S Certificates

8
For IAI Certificates

9
For Rule 144A Certificates

10
For Regulation S Certificates

11
For IAI Certificates

 

     A-1-4

     

    

 

hereof, assents to the terms, provisions and conditions of the Pooling
and Servicing Agreement and is bound thereby.

 

The
Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), between the
Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),
Wells Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), and Wells Fargo Bank,
National Association, as certificate administrator (in such capacity, the “Certificate Administrator”), as
custodian and as paying agent, evidences the issuance of the Class A-2, Class A-3, Class A-4, Class A-SB, Class
X-A, Class A-S, Class B, Class C, Class D, Class S, Class R, Class RR, Class BX-A, Class BX-B, Class BX-C, Class T333-A,
Class T333-B, Class T333-C, Class T333-D, Class 825S-A, Class 825S-B, Class 825S-C, Class 825S-D and Class
825S-E Certificates and the BX-VRR Interest, the T333-VRR Interest and the 825S-VRR Interest (the “Certificates”;
the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”)
and the creation of the RR Interest. This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling
and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto
in the Pooling and Servicing Agreement.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based
on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest
then distributable, if any, allocable to the Class A-2 Certificates for such Distribution Date, all as more fully described
in the Pooling and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as
the eleventh day of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in June
2020. Holders of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling
and Servicing Agreement.

 

     A-1-5

     

    

 

During
each Interest Accrual Period (as defined below), interest on the Class A-2 Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.

 

Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding
the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the
United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set
forth therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only
upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the
Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates
as to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been
surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail
a second notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive
the final distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have
been surrendered for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to
contact the remaining non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses
of holding such funds in trust and of contacting such Certificateholders shall be paid out of such funds. Subject to applicable
state escheatment laws, if within two years after the second notice any such Certificates shall not have been surrendered for
cancellation, the Paying Agent shall distribute to the Certificate Administrator all amounts distributable to the Holders thereof,
and the Certificate Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i)
its termination as Certificate Administrator under the Pooling and Servicing Agreement and the transfer of such amounts to a successor
Certificate Administrator and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders.
No interest shall

 

     A-1-6

     

    

 

accrue or be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or
by the Certificate Administrator as a result of such Certificateholder’s failure to surrender its Certificate(s) for final
payment thereof in accordance with the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator
may be invested in Permitted Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder (other than the Trust Subordinate
Companion Loans, which are assets of the Trust Fund) therein): (i) such Mortgage Loans and Trust Subordinate Companion Loans as
from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii)
all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans and Trust Subordinate Companion Loans
due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect
of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security agreements related to the Mortgage Loans;
(vi) any indemnities or guaranties given as additional security for any Mortgage Loans and Trust Subordinate Companion Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and
Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts,
the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, the BX Industrial Portfolio
Gain-on-Sale Reserve Account, the Tower 333 Gain-on-Sale Reserve Account, the 825 South Hill Gain-on-Sale
Reserve Account and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties and the Trust Subordinate Companion Loans; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements
relating to document delivery requirements with respect to the Mortgage Loans and the representations and warranties of the related
Mortgage Loan Seller regarding its Mortgage Loans (and in the case of GACC, the Trust Subordinate Companion Loans); (xiii) the
Lower-Tier Regular Interests; (xiv) the Trust Subordinate Companion Loan REMIC Regular Interests; and (xv) the proceeds of
the foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts
and any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing
Agreement, withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests,

 

     A-1-7

     

    

 

rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them may treat
the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent or any
agent of any of them shall be affected by notice or knowledge to the contrary.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator and the Trustee without the consent of any of the Certificateholders, the RR Interest
Owner, the BX-VRR Interest Owner, the T333-VRR Interest Owner, the 825S-VRR Interest Owner or any Serviced Companion Loan Noteholders,
(i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement
or any Custodial Agreement to conform or be consistent with or in furtherance of the statements made in the Offering Circular
or the BX Industrial Portfolio Loan-Specific Offering Circular, the Tower 333 Loan-Specific Offering Circular or the 825
South Hill Loan-Specific Offering Circular with respect to the Certificates, the RR Interest, the Trust or the Pooling and
Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement

 

     A-1-8

     

    

 

or any Custodial Agreement
which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement;
(iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account;
provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related
Distribution Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder
or RR Interest Owner, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment or
as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC
or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding,
or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would
be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate
Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a)
such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any
such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder, RR Interest
Owner or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing
Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that such change shall
not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than
the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S.
Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing
Agreement or any other change; provided that the required action shall not adversely affect in any material respect the
interests of any Certificateholder, RR Interest Owner or any holder of a Pari Passu Companion Loan not consenting thereto as evidenced
in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency
Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings
of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates);
(vii) to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current
ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of
the Rating Agencies; provided that such amendment or supplement shall not adversely affect in any material respect the
interests of any Certificateholder or RR Interest Owner not consenting thereto as evidenced by an Opinion of Counsel, or any holder
of a Serviced Pari Passu Companion Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at
the expense of the party requesting such amendment or as evidenced by confirmation of the applicable Rating Agencies that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such Rating Agency Confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied

 

     A-1-9

     

    

 

with respect to the Certificates); (viii) to modify the provisions
of Section 3.06 and Section 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances
and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control
Termination Event is not continuing, the Directing Holder, determine that the commercial mortgage backed securities industry standard
for such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect
the status of any Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of
the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such
rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to
compliance with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material
respects the interests of any Certificateholders or the RR Interest Owner, as evidenced by (x) an Opinion of Counsel or (y) if
any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided,
further, that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider
for posting to the 17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to
the Certificate Administrator’s Website; and (x) to modify, eliminate or add to any of its provisions (a) to such extent
as will be necessary to comply with the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b)
in the event the Risk Retention Rule or any other regulation applicable to the risk retention requirements for this securitization
transaction are amended or repealed, to the extent required to comply with any such amendment or to modify or eliminate the risk
retention requirements in the event of such repeal, as evidenced by an Opinion of Counsel.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator and the Trustee with the prior written consent of the RR Interest
Owner (if affected by such amendment) and the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders, the RR Interest Owner or the Serviced Companion Loan Noteholders; provided that no
such amendment may:

 

		(i)	reduce
in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans, Trust Subordinate Companion Loans
or Serviced Whole Loans which are required to be distributed on any Certificate or the RR Interest, without the consent of the
Holders of Certificates representing all of the Percentage Interests of the Class or Classes or the RR Interest Owner, as applicable,
affected thereby or which

 

     A-1-10

     

    

 

			are
                                         required to be distributed to any Companion Loan Noteholders without the consent of such
                                         Companion Loan Noteholders;

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the requirement to obtain consent of any Companion
                                         Loan Noteholder or Holder of the Loan-Specific Certificates, in any such case without
                                         the consent of the Holders of all Certificates of such Class then-outstanding or
                                         such Companion Loan Noteholder or Holder of the Loan-Specific Certificates, as applicable;

 

		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;

 

		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or

 

		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders and the
                                         RR Interest Owner or receipt of Rating Agency Confirmation from each Rating Agency and
                                         confirmation of the applicable rating agencies that such action will not result in the
                                         downgrade, withdrawal or qualification of its then-current ratings of any securities
                                         related to a Companion Loan, if any (provided that such rating agency confirmation
                                         may be considered satisfied in the same manner as any Rating Agency Confirmation may
                                         be considered satisfied with respect to the Certificates).

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, at any time and from
time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion Loan Noteholders, may amend
the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such extent as shall be necessary
to maintain the qualification of the Lower-Tier REMIC, the Trust Subordinate Companion Loan REMIC or the Upper-Tier REMIC
as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material
state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an
Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent
the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder
or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator
and the Trustee created by the Pooling and

 

     A-1-11

     

    

 

Servicing Agreement with respect to the Certificates and the RR Interest (other than
the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders and
the RR Interest Owner as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment)
to the Certificateholders, the RR Interest Owner and the Serviced Companion Loan Noteholders of all amounts held by or on behalf
of the Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing
Agreement to be so paid on the Distribution Date following the receipt or collection of the last payment due on any Mortgage Loan,
Trust Subordinate Companion Loan and REO Property (as applicable) included in the Trust Fund; provided that in no event
shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of the
last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living
on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

     A-1-12

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class A-2 Certificate to be duly executed.

 

Dated:
May 29, 2020

	 	 	 
	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in
    its individual capacity but solely as Certificate Administrator
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

  

Certificate
of Authentication

 

This
is one of the Class A-2 Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
May 29, 2020

 

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in its
    individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

  

     A-1-13

     

    

 

EXHIBIT
A-2

 

FORM
OF CLASS A-3 [RULE 144A]1 [REG S]2 [IAI]3 CERTIFICATE

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]4

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE
REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES)
TO AN INSTITUTION THAT IS A NON-”U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN, AND IN ACCORDANCE
WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, OR (3) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES)
UPON INITIAL ISSUANCE ONLY, TO INSTITUTIONS THAT ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1),
(2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT (“REGULATION D”) AND ANY ENTITY IN WHICH ALL OF THE
EQUITY OWNERS ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D (COLLECTIVELY,
“INSTITUTIONAL ACCREDITED INVESTORS”), AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS
OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR

 

 

1
For Rule 144A Global Certificates only. 

2
For Reg S Global Certificates only. 

3
For IAI Certificates only. 

4
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

     A-2-1

     

    

 

AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT. A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1
TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QIB OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL
ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QIB WITHIN THE MEANING
OF RULE 144A.

 

ANY
HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT
MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE RISK RETENTION CONSULTATION PARTIES, THE TRUSTEE OR ANY
OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL
AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED
TO BELOW.

 

THIS
CERTIFICATE IS SUBORDINATE TO ONE OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE
OF 1986, AS AMENDED.

 

THIS
CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN

 

     A-2-2

     

    

 

EMPLOYEE BENEFIT
PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE, OR ANY PERSON ACTING ON BEHALF OF ANY
SUCH PLAN OR USING THE ASSETS OF SUCH PLAN (INCLUDING AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS WITHIN THE MEANING
OF DEPARTMENT OF LABOR REGULATION § 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) TO ACQUIRE THIS CERTIFICATE, UNLESS
(A) SUCH PERSON IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a)(1) OF REGULATION D OF THE SECURITIES AND EXCHANGE
COMMISSION UNDER THE SECURITIES ACT OF 1933, AND (B) THE ACQUISITION, HOLDING AND DISPOSITION OF THE CERTIFICATES BY SUCH PERSON
WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER ERISA OR SECTION 4975 OF THE CODE (OR A NON-EXEMPT
VIOLATION OF SIMILAR LAW).

 

[THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS
AFTER THE OFFERING OF THE CERTIFICATES, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO
A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]5

 

 

5
For Reg S Global Certificates only.

 

     A-2-3

     

    

 

BMARK
2020-IG3 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS A-3

 

	Class
    A-3 Pass-Through Rate: 2.4131%	 	CUSIP:	[08162QAC3]6 

        [U0812VAB2]7 

        [08162QAD1]8 

	 	 	 	 
	 	 	ISIN:	[US08162QAC33]9 

        [USU0812VAB28]10

        [US08162QAD16]11

	 	 	 	 
	Original
    Aggregate Certificate Balance of the Class A-3 Certificates: $120,334,000	 	Initial
    Certificate Balance of this Certificate: $[__]
	 	 	 
	First
    Distribution Date: June 17, 2020	 	Cut-off
    Date: The close of business on the later of the related Due Date of such Mortgage Loan in May 2020 (or, in the case of any
    Mortgage Loan or Trust Subordinate Companion Loan that has its first Due Date after May 2020, the date that would have been
    its Due Date in May 2020 under the terms of that Mortgage Loan and Trust Subordinate Companion Loan if a Periodic Payment
    were scheduled to be due in that month) and the date of origination of such Mortgage Loan
	 	 	 
	Assumed
    Final Distribution Date: March 2027	 	No.:
    A-3-[_]

 

This
certifies that [_____] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions
to be made with respect to the Class A-3 Certificates. The Trust Fund, described more fully below, consists primarily of a
pool of Mortgage Loans and the Trust Subordinate Companion Loans secured by first liens on commercial and multifamily properties
and held in trust by the Trustee and serviced by the Master Servicer. The Trust Fund was created, and the Mortgage Loans and the
Trust Subordinate Companion Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The
Holder of this Certificate, by virtue of the acceptance

 

 

6
For Rule 144A Certificates 

7
For Regulation S Certificates 

8
For IAI Certificates 

9
For Rule 144A Certificates 

10
For Regulation S Certificates 

11
For IAI Certificates

 

     A-2-4

     

    

 

hereof, assents to the terms, provisions and conditions of the Pooling
and Servicing Agreement and is bound thereby.

 

The
Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), between the
Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),
Wells Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), and Wells Fargo Bank,
National Association, as certificate administrator (in such capacity, the “Certificate Administrator”), as
custodian and as paying agent, evidences the issuance of the Class A-2, Class A-3, Class A-4, Class A-SB, Class
X-A, Class A-S, Class B, Class C, Class D, Class S, Class R, Class RR, Class BX-A, Class BX-B, Class BX-C, Class T333-A,
Class T333-B, Class T333-C, Class T333-D, Class 825S-A, Class 825S-B, Class 825S-C, Class 825S-D and Class
825S-E Certificates and the BX-VRR Interest, the T333-VRR Interest and the 825S-VRR Interest (the “Certificates”;
the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”)
and the creation of the RR Interest. This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling
and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto
in the Pooling and Servicing Agreement.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based
on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest
then distributable, if any, allocable to the Class A-3 Certificates for such Distribution Date, all as more fully described
in the Pooling and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as
the eleventh day of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in June
2020. Holders of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling
and Servicing Agreement.

 

     A-2-5

     

    

 

During
each Interest Accrual Period (as defined below), interest on the Class A-3 Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.

 

Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding
the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the
United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set
forth therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only
upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the
Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates
as to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been
surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail
a second notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive
the final distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have
been surrendered for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to
contact the remaining non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses
of holding such funds in trust and of contacting such Certificateholders shall be paid out of such funds. Subject to applicable
state escheatment laws, if within two years after the second notice any such Certificates shall not have been surrendered for
cancellation, the Paying Agent shall distribute to the Certificate Administrator all amounts distributable to the Holders thereof,
and the Certificate Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i)
its termination as Certificate Administrator under the Pooling and Servicing Agreement and the transfer of such amounts to a successor
Certificate Administrator and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders.
No interest shall accrue or be payable to any Certificateholder on any amount held under the Pooling and

 

     A-2-6

     

    

 

Servicing Agreement or
by the Certificate Administrator as a result of such Certificateholder’s failure to surrender its Certificate(s) for final
payment thereof in accordance with the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator
may be invested in Permitted Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder (other than the Trust Subordinate
Companion Loans, which are assets of the Trust Fund) therein): (i) such Mortgage Loans and Trust Subordinate Companion Loans as
from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii)
all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans and Trust Subordinate Companion Loans
due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect
of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security agreements related to the Mortgage Loans;
(vi) any indemnities or guaranties given as additional security for any Mortgage Loans and Trust Subordinate Companion Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and
Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts,
the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, the BX Industrial Portfolio
Gain-on-Sale Reserve Account, the Tower 333 Gain-on-Sale Reserve Account, the 825 South Hill Gain-on-Sale
Reserve Account and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties and the Trust Subordinate Companion Loans; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements
relating to document delivery requirements with respect to the Mortgage Loans and the representations and warranties of the related
Mortgage Loan Seller regarding its Mortgage Loans (and in the case of GACC, the Trust Subordinate Companion Loans); (xiii) the
Lower-Tier Regular Interests; (xiv) the Trust Subordinate Companion Loan REMIC Regular Interests; and (xv) the proceeds of
the foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts
and any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing
Agreement, withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

     A-2-7

     

    

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them may treat
the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent or any
agent of any of them shall be affected by notice or knowledge to the contrary.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator and the Trustee without the consent of any of the Certificateholders, the RR Interest
Owner, the BX-VRR Interest Owner, the T333-VRR Interest Owner, the 825S-VRR Interest Owner or any Serviced Companion Loan Noteholders,
(i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement
or any Custodial Agreement to conform or be consistent with or in furtherance of the statements made in the Offering Circular
or the BX Industrial Portfolio Loan-Specific Offering Circular, the Tower 333 Loan-Specific Offering Circular or the 825
South Hill Loan-Specific Offering Circular with respect to the Certificates, the RR Interest, the Trust or the Pooling and
Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement
which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement;
(iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account;
provided that (a) the Master Servicer Remittance Date shall in no event be later than

 

     A-2-8

     

    

 

the Business Day prior to the related
Distribution Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder
or RR Interest Owner, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment or
as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC
or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding,
or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would
be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate
Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a)
such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any
such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder, RR Interest
Owner or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing
Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that such change shall
not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than
the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S.
Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing
Agreement or any other change; provided that the required action shall not adversely affect in any material respect the
interests of any Certificateholder, RR Interest Owner or any holder of a Pari Passu Companion Loan not consenting thereto as evidenced
in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency
Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings
of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates);
(vii) to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current
ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of
the Rating Agencies; provided that such amendment or supplement shall not adversely affect in any material respect the
interests of any Certificateholder or RR Interest Owner not consenting thereto as evidenced by an Opinion of Counsel, or any holder
of a Serviced Pari Passu Companion Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at
the expense of the party requesting such amendment or as evidenced by confirmation of the applicable Rating Agencies that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such Rating Agency Confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (viii) to modify the provisions
of Section 3.06 and Section 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances
and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control
Termination Event is not continuing, the

 

     A-2-9

     

    

 

Directing Holder, determine that the commercial mortgage backed securities industry standard
for such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect
the status of any Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of
the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such
rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to
compliance with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material
respects the interests of any Certificateholders or the RR Interest Owner, as evidenced by (x) an Opinion of Counsel or (y) if
any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided,
further, that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider
for posting to the 17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to
the Certificate Administrator’s Website; and (x) to modify, eliminate or add to any of its provisions (a) to such extent
as will be necessary to comply with the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b)
in the event the Risk Retention Rule or any other regulation applicable to the risk retention requirements for this securitization
transaction are amended or repealed, to the extent required to comply with any such amendment or to modify or eliminate the risk
retention requirements in the event of such repeal, as evidenced by an Opinion of Counsel.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator and the Trustee with the prior written consent of the RR Interest
Owner (if affected by such amendment) and the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders, the RR Interest Owner or the Serviced Companion Loan Noteholders; provided that no
such amendment may:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans, Trust Subordinate Companion Loans or Serviced Whole Loans which are required to
                                         be distributed on any Certificate or the RR Interest, without the consent of the Holders
                                         of Certificates representing all of the Percentage Interests of the Class or Classes
                                         or the RR Interest Owner, as applicable, affected thereby or which are required to be
                                         distributed to any Companion Loan Noteholders without the consent of such Companion Loan
                                         Noteholders;

 

		(ii)	reduce
the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove
the

 

     A-2-10

     

    

 

			requirement to obtain consent of any Companion
                                         Loan Noteholder or Holder of the Loan-Specific Certificates, in any such case without
                                         the consent of the Holders of all Certificates of such Class then-outstanding or
                                         such Companion Loan Noteholder or Holder of the Loan-Specific Certificates, as applicable;

 

		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;

 

		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or

 

		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders and the
                                         RR Interest Owner or receipt of Rating Agency Confirmation from each Rating Agency and
                                         confirmation of the applicable rating agencies that such action will not result in the
                                         downgrade, withdrawal or qualification of its then-current ratings of any securities
                                         related to a Companion Loan, if any (provided that such rating agency confirmation
                                         may be considered satisfied in the same manner as any Rating Agency Confirmation may
                                         be considered satisfied with respect to the Certificates).

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, at any time and from
time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion Loan Noteholders, may amend
the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such extent as shall be necessary
to maintain the qualification of the Lower-Tier REMIC, the Trust Subordinate Companion Loan REMIC or the Upper-Tier REMIC
as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material
state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an
Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent
the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder
or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator
and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates and the RR Interest (other than
the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders and
the RR Interest Owner as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment)
to the Certificateholders, the RR Interest Owner and the Serviced Companion Loan Noteholders of all amounts held by or

 

     A-2-11

     

    

 

on behalf
of the Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing
Agreement to be so paid on the Distribution Date following the receipt or collection of the last payment due on any Mortgage Loan,
Trust Subordinate Companion Loan and REO Property (as applicable) included in the Trust Fund; provided that in no event
shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of the
last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living
on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

     A-2-12

     

    

  

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class A-3 Certificate to be duly executed.

 

Dated:
May 29, 2020

	 	 	 
	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in its
    individual capacity but solely as Certificate Administrator
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Certificate
of Authentication

 

This
is one of the Class A-3 Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
May 29, 2020

	 	 	 
	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in its
    individual capacity but solely as Authenticating Agent
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

  

     A-2-13

     

    

 

EXHIBIT
A-3

 

FORM
OF CLASS A-4 [RULE 144A]1 [REG S]2 [IAI]3 CERTIFICATE

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]4

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE
REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES)
TO AN INSTITUTION THAT IS A NON-”U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN, AND IN ACCORDANCE
WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, OR (3) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES)
UPON INITIAL ISSUANCE ONLY, TO INSTITUTIONS THAT ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1),
(2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT (“REGULATION D”) AND ANY ENTITY IN WHICH ALL OF THE
EQUITY OWNERS ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D (COLLECTIVELY,
“INSTITUTIONAL ACCREDITED INVESTORS”), AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS
OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR

 

 

1
For Rule 144A Global Certificates only. 

2
For Reg S Global Certificates only. 

3
For IAI Certificates only. 

4
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

     A-3-1

     

    

 

AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT. A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1
TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QIB OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL
ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QIB WITHIN THE MEANING
OF RULE 144A.

 

ANY
HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT
MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE RISK RETENTION CONSULTATION PARTIES, THE TRUSTEE OR ANY
OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL
AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED
TO BELOW.

 

THIS
CERTIFICATE IS SUBORDINATE TO ONE OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE
OF 1986, AS AMENDED.

 

THIS
CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN

 

     A-3-2

     

    

 

EMPLOYEE BENEFIT
PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE, OR ANY PERSON ACTING ON BEHALF OF ANY
SUCH PLAN OR USING THE ASSETS OF SUCH PLAN (INCLUDING AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS WITHIN THE MEANING
OF DEPARTMENT OF LABOR REGULATION § 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) TO ACQUIRE THIS CERTIFICATE, UNLESS
(A) SUCH PERSON IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a)(1) OF REGULATION D OF THE SECURITIES AND EXCHANGE
COMMISSION UNDER THE SECURITIES ACT OF 1933, AND (B) THE ACQUISITION, HOLDING AND DISPOSITION OF THE CERTIFICATES BY SUCH PERSON
WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER ERISA OR SECTION 4975 OF THE CODE (OR A NON-EXEMPT
VIOLATION OF SIMILAR LAW).

 

[THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS
AFTER THE OFFERING OF THE CERTIFICATES, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO
A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]5

 

 

5
For Reg S Global Certificates only.

 

     A-3-3

     

    

 

BMARK
2020-IG3 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS A-4

 

	Class
    A-4 Pass-Through Rate: 2.4369%	 	CUSIP:	[08162QAE9]6 

        [U0812VAC0]7 

        [08162Q
        AF6]8 

	 	 	 	 
	 	 	ISIN:	[US08162QAE98]9 

        [USU0812VAC01]10

        [US08162QAF63]11

	 	 	 
	Original
    Aggregate Certificate Balance of the Class A-4 Certificates: $153,669,000	 	Initial
    Certificate Balance of this Certificate: $[__]
	 	 	 
	First
    Distribution Date: June 17, 2020	 	Cut-off
    Date: The close of business on the later of the related Due Date of such Mortgage Loan in May 2020 (or, in the case of any
    Mortgage Loan or Trust Subordinate Companion Loan that has its first Due Date after May 2020, the date that would have been
    its Due Date in May 2020 under the terms of that Mortgage Loan and Trust Subordinate Companion Loan if a Periodic Payment
    were scheduled to be due in that month) and the date of origination of such Mortgage Loan
	 	 	 
	Assumed
    Final Distribution Date: February 2030	 	No.:
    A-4-[_]

 

This
certifies that [_____] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to
be made with respect to the Class A-4 Certificates. The Trust Fund, described more fully below, consists primarily of a pool
of Mortgage Loans and the Trust Subordinate Companion Loans secured by first liens on commercial and multifamily properties and
held in trust by the Trustee and serviced by the Master Servicer. The Trust Fund was created, and the Mortgage Loans and the Trust
Subordinate Companion Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The Holder
of this Certificate, by virtue of the acceptance

 

 

6
For Rule 144A Certificates 

7
For Regulation S Certificates 

8
For IAI Certificates 

9
For Rule 144A Certificates

10
For Regulation S Certificates 

11
For IAI Certificates

 

     A-3-4

     

    

 

hereof, assents to the terms, provisions and conditions of the Pooling and Servicing
Agreement and is bound thereby.

 

The
Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), between the
Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),
Wells Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), and Wells Fargo Bank,
National Association, as certificate administrator (in such capacity, the “Certificate Administrator”), as
custodian and as paying agent, evidences the issuance of the Class A-2, Class A-3, Class A-4, Class A-SB, Class
X-A, Class A-S, Class B, Class C, Class D, Class S, Class R, Class RR, Class BX-A, Class BX-B, Class BX-C, Class T333-A,
Class T333-B, Class T333-C, Class T333-D, Class 825S-A, Class 825S-B, Class 825S-C, Class 825S-D and Class
825S-E Certificates and the BX-VRR Interest, the T333-VRR Interest and the 825S-VRR Interest (the “Certificates”;
the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”)
and the creation of the RR Interest. This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling
and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto
in the Pooling and Servicing Agreement.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based
on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest
then distributable, if any, allocable to the Class A-4 Certificates for such Distribution Date, all as more fully described
in the Pooling and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as
the eleventh day of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in June
2020. Holders of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling
and Servicing Agreement.

 

     A-3-5

     

    

 

During
each Interest Accrual Period (as defined below), interest on the Class A-4 Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.

 

Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding
the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the
United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set
forth therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only
upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the
Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates
as to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been
surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail
a second notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive
the final distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have
been surrendered for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to
contact the remaining non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses
of holding such funds in trust and of contacting such Certificateholders shall be paid out of such funds. Subject to applicable
state escheatment laws, if within two years after the second notice any such Certificates shall not have been surrendered for
cancellation, the Paying Agent shall distribute to the Certificate Administrator all amounts distributable to the Holders thereof,
and the Certificate Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i)
its termination as Certificate Administrator under the Pooling and Servicing Agreement and the transfer of such amounts to a successor
Certificate Administrator and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders.
No interest shall accrue or be payable to any Certificateholder on any amount held under the Pooling and

 

     A-3-6

     

    

 

Servicing Agreement or
by the Certificate Administrator as a result of such Certificateholder’s failure to surrender its Certificate(s) for final
payment thereof in accordance with the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator
may be invested in Permitted Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder (other than the Trust Subordinate
Companion Loans, which are assets of the Trust Fund) therein): (i) such Mortgage Loans and Trust Subordinate Companion Loans as
from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii)
all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans and Trust Subordinate Companion Loans
due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect
of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security agreements related to the Mortgage Loans;
(vi) any indemnities or guaranties given as additional security for any Mortgage Loans and Trust Subordinate Companion Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and
Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts,
the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, the BX Industrial Portfolio
Gain-on-Sale Reserve Account, the Tower 333 Gain-on-Sale Reserve Account, the 825 South Hill Gain-on-Sale
Reserve Account and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties and the Trust Subordinate Companion Loans; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements
relating to document delivery requirements with respect to the Mortgage Loans and the representations and warranties of the related
Mortgage Loan Seller regarding its Mortgage Loans (and in the case of GACC, the Trust Subordinate Companion Loans); (xiii) the
Lower-Tier Regular Interests; (xiv) the Trust Subordinate Companion Loan REMIC Regular Interests; and (xv) the proceeds of
the foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts
and any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing
Agreement, withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

     A-3-7

     

    

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them may treat
the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent or any
agent of any of them shall be affected by notice or knowledge to the contrary.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator and the Trustee without the consent of any of the Certificateholders, the RR Interest
Owner, the BX-VRR Interest Owner, the T333-VRR Interest Owner, the 825S-VRR Interest Owner or any Serviced Companion Loan Noteholders,
(i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement
or any Custodial Agreement to conform or be consistent with or in furtherance of the statements made in the Offering Circular
or the BX Industrial Portfolio Loan-Specific Offering Circular, the Tower 333 Loan-Specific Offering Circular or the 825
South Hill Loan-Specific Offering Circular with respect to the Certificates, the RR Interest, the Trust or the Pooling and
Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement
which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement;
(iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account;
provided that (a) the Master Servicer Remittance Date shall in no event be later than

 

     A-3-8

     

    

 

the Business Day prior to the related
Distribution Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder
or RR Interest Owner, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment or
as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC
or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding,
or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would
be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate
Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a)
such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any
such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder, RR Interest
Owner or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing
Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that such change shall
not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than
the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S.
Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing
Agreement or any other change; provided that the required action shall not adversely affect in any material respect the
interests of any Certificateholder, RR Interest Owner or any holder of a Pari Passu Companion Loan not consenting thereto as evidenced
in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency
Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings
of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates);
(vii) to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current
ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of
the Rating Agencies; provided that such amendment or supplement shall not adversely affect in any material respect the
interests of any Certificateholder or RR Interest Owner not consenting thereto as evidenced by an Opinion of Counsel, or any holder
of a Serviced Pari Passu Companion Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at
the expense of the party requesting such amendment or as evidenced by confirmation of the applicable Rating Agencies that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such Rating Agency Confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (viii) to modify the provisions
of Section 3.06 and Section 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances
and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control
Termination Event is not continuing, the

 

     A-3-9

     

    

 

Directing Holder, determine that the commercial mortgage backed securities industry standard
for such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect
the status of any Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of
the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such
rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to
compliance with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material
respects the interests of any Certificateholders or the RR Interest Owner, as evidenced by (x) an Opinion of Counsel or (y) if
any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided,
further, that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider
for posting to the 17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to
the Certificate Administrator’s Website; and (x) to modify, eliminate or add to any of its provisions (a) to such extent
as will be necessary to comply with the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b)
in the event the Risk Retention Rule or any other regulation applicable to the risk retention requirements for this securitization
transaction are amended or repealed, to the extent required to comply with any such amendment or to modify or eliminate the risk
retention requirements in the event of such repeal, as evidenced by an Opinion of Counsel.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator and the Trustee with the prior written consent of the RR Interest
Owner (if affected by such amendment) and the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders, the RR Interest Owner or the Serviced Companion Loan Noteholders; provided that no
such amendment may:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans, Trust Subordinate Companion Loans or Serviced Whole Loans which are required to
                                         be distributed on any Certificate or the RR Interest, without the consent of the Holders
                                         of Certificates representing all of the Percentage Interests of the Class or Classes
                                         or the RR Interest Owner, as applicable, affected thereby or which are required to be
                                         distributed to any Companion Loan Noteholders without the consent of such Companion Loan
                                         Noteholders;

 

		(ii)	reduce
the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove
the

 

     A-3-10

     

    

 

			requirement to obtain consent of any Companion
                                         Loan Noteholder or Holder of the Loan-Specific Certificates, in any such case without
                                         the consent of the Holders of all Certificates of such Class then-outstanding or
                                         such Companion Loan Noteholder or Holder of the Loan-Specific Certificates, as applicable;

 

		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;

 

		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or

 

		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders and the
                                         RR Interest Owner or receipt of Rating Agency Confirmation from each Rating Agency and
                                         confirmation of the applicable rating agencies that such action will not result in the
                                         downgrade, withdrawal or qualification of its then-current ratings of any securities
                                         related to a Companion Loan, if any (provided that such rating agency confirmation
                                         may be considered satisfied in the same manner as any Rating Agency Confirmation may
                                         be considered satisfied with respect to the Certificates).

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, at any time and from
time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion Loan Noteholders, may amend
the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such extent as shall be necessary
to maintain the qualification of the Lower-Tier REMIC, the Trust Subordinate Companion Loan REMIC or the Upper-Tier REMIC
as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material
state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an
Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent
the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder
or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator
and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates and the RR Interest (other than
the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders and
the RR Interest Owner as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment)
to the Certificateholders, the RR Interest Owner and the Serviced Companion Loan Noteholders of all amounts held by or

 

     A-3-11

     

    

 

on behalf
of the Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing
Agreement to be so paid on the Distribution Date following the receipt or collection of the last payment due on any Mortgage Loan,
Trust Subordinate Companion Loan and REO Property (as applicable) included in the Trust Fund; provided that in no event
shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of the
last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living
on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

     A-3-12

     

    

  

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class A-4 Certificate to be duly executed.

 

Dated:
May 29, 2020

	 	 	 
	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in its
    individual capacity but solely as Certificate Administrator
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Certificate
of Authentication

 

This
is one of the Class A-4 Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
May 29, 2020 

	 	 	 
	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in its
    individual capacity but solely as Authenticating Agent
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

     A-3-13

     

    

 

EXHIBIT
A-4

 

FORM
OF CLASS A-SB [RULE 144A]1 [REG S]2 [IAI]3 CERTIFICATE

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]4

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE
REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES)
TO AN INSTITUTION THAT IS A NON-”U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN, AND IN ACCORDANCE
WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, OR (3) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES)
UPON INITIAL ISSUANCE ONLY, TO INSTITUTIONS THAT ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1),
(2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT (“REGULATION D”) AND ANY ENTITY IN WHICH ALL OF THE
EQUITY OWNERS ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D (COLLECTIVELY,
“INSTITUTIONAL ACCREDITED INVESTORS”), AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS
OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR

 

 

1
For Rule 144A Global Certificates only. 

2
For Reg S Global Certificates only. 

3
For IAI Certificates only. 

4
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

     A-4-1

     

    

 

AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT. A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1
TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QIB OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL
ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QIB WITHIN THE MEANING
OF RULE 144A.

 

ANY
HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT
MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE RISK RETENTION CONSULTATION PARTIES, THE TRUSTEE OR ANY
OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL
AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED
TO BELOW.

 

THIS
CERTIFICATE IS SUBORDINATE TO ONE OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE
OF 1986, AS AMENDED.

 

THIS
CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN

 

     A-4-2

     

    

 

EMPLOYEE BENEFIT
PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE, OR ANY PERSON ACTING ON BEHALF OF ANY
SUCH PLAN OR USING THE ASSETS OF SUCH PLAN (INCLUDING AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS WITHIN THE MEANING
OF DEPARTMENT OF LABOR REGULATION § 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) TO ACQUIRE THIS CERTIFICATE, UNLESS
(A) SUCH PERSON IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a)(1) OF REGULATION D OF THE SECURITIES AND EXCHANGE
COMMISSION UNDER THE SECURITIES ACT OF 1933, AND (B) THE ACQUISITION, HOLDING AND DISPOSITION OF THE CERTIFICATES BY SUCH PERSON
WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER ERISA OR SECTION 4975 OF THE CODE (OR A NON-EXEMPT
VIOLATION OF SIMILAR LAW).

 

[THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS
AFTER THE OFFERING OF THE CERTIFICATES, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO
A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]5

 

 

5
For Reg S Global Certificates only.

 

     A-4-3

     

    

 

BMARK
2020-IG3 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS A-SB

 

	Class
    A-SB Pass-Through Rate: 2.6395%	 	CUSIP:	[08162QAG4]6 

        [U0812VAD8]7 

        [08162QAH2]8

	 	 	 	 
	 	 	ISIN:	[US08162QAG47]9 

        [USU0812VAD83]10

        [US08162QAH20]11

	 	 	 
	Original
    Aggregate Certificate Balance of the Class A-SB Certificates: $14,257,000	 	Initial
    Certificate Balance of this Certificate: $[__]
	 	 	 
	First
    Distribution Date: June 17, 2020	 	Cut-off
    Date: The close of business on the later of the related Due Date of such Mortgage Loan in May 2020 (or, in the case of any
    Mortgage Loan or Trust Subordinate Companion Loan that has its first Due Date after May 2020, the date that would have been
    its Due Date in May 2020 under the terms of that Mortgage Loan and Trust Subordinate Companion Loan if a Periodic Payment
    were scheduled to be due in that month) and the date of origination of such Mortgage Loan
	 	 	 
	Assumed
    Final Distribution Date: March 2027	 	No.:
    A-SB-[_]

 

This
certifies that [_____] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to
be made with respect to the Class A-SB Certificates. The Trust Fund, described more fully below, consists primarily of a pool
of Mortgage Loans and the Trust Subordinate Companion Loans secured by first liens on commercial and multifamily properties and
held in trust by the Trustee and serviced by the Master Servicer. The Trust Fund was created, and the Mortgage Loans and the Trust
Subordinate Companion Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The Holder
of this Certificate, by virtue of the acceptance

 

 

6
For Rule 144A Certificates 

7
For Regulation S Certificates 

8
For IAI Certificates 

9
For Rule 144A Certificates 

10
For Regulation S Certificates 

11
For IAI Certificates

 

     A-4-4

     

    

 

hereof, assents to the terms, provisions and conditions of the Pooling and Servicing
Agreement and is bound thereby.

 

The
Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), between the
Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),
Wells Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), and Wells Fargo Bank,
National Association, as certificate administrator (in such capacity, the “Certificate Administrator”), as
custodian and as paying agent, evidences the issuance of the Class A-2, Class A-3, Class A-4, Class A-SB, Class
X-A, Class A-S, Class B, Class C, Class D, Class S, Class R, Class RR, Class BX-A, Class BX-B, Class BX-C, Class T333-A,
Class T333-B, Class T333-C, Class T333-D, Class 825S-A, Class 825S-B, Class 825S-C, Class 825S-D and Class
825S-E Certificates and the BX-VRR Interest, the T333-VRR Interest and the 825S-VRR Interest (the “Certificates”;
the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”)
and the creation of the RR Interest. This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling
and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto
in the Pooling and Servicing Agreement.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based
on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest
then distributable, if any, allocable to the Class A-SB Certificates for such Distribution Date, all as more fully described
in the Pooling and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as
the eleventh day of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in June
2020. Holders of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling
and Servicing Agreement.

 

     A-4-5

     

    

 

During
each Interest Accrual Period (as defined below), interest on the Class A-SB Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.

 

Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding
the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the
United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set
forth therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only
upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the
Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates
as to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been
surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail
a second notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive
the final distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have
been surrendered for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to
contact the remaining non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses
of holding such funds in trust and of contacting such Certificateholders shall be paid out of such funds. Subject to applicable
state escheatment laws, if within two years after the second notice any such Certificates shall not have been surrendered for
cancellation, the Paying Agent shall distribute to the Certificate Administrator all amounts distributable to the Holders thereof,
and the Certificate Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i)
its termination as Certificate Administrator under the Pooling and Servicing Agreement and the transfer of such amounts to a successor
Certificate Administrator and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders.
No interest shall accrue or be payable to any Certificateholder on any amount held under the Pooling and

 

     A-4-6

     

    

 

Servicing Agreement or
by the Certificate Administrator as a result of such Certificateholder’s failure to surrender its Certificate(s) for final
payment thereof in accordance with the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator
may be invested in Permitted Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder (other than the Trust Subordinate
Companion Loans, which are assets of the Trust Fund) therein): (i) such Mortgage Loans and Trust Subordinate Companion Loans as
from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii)
all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans and Trust Subordinate Companion Loans
due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect
of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security agreements related to the Mortgage Loans;
(vi) any indemnities or guaranties given as additional security for any Mortgage Loans and Trust Subordinate Companion Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and
Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts,
the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, the BX Industrial Portfolio
Gain-on-Sale Reserve Account, the Tower 333 Gain-on-Sale Reserve Account, the 825 South Hill Gain-on-Sale
Reserve Account and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties and the Trust Subordinate Companion Loans; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements
relating to document delivery requirements with respect to the Mortgage Loans and the representations and warranties of the related
Mortgage Loan Seller regarding its Mortgage Loans (and in the case of GACC, the Trust Subordinate Companion Loans); (xiii) the
Lower-Tier Regular Interests; (xiv) the Trust Subordinate Companion Loan REMIC Regular Interests; and (xv) the proceeds of
the foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts
and any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing
Agreement, withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

     A-4-7

     

    

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them may treat
the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent or any
agent of any of them shall be affected by notice or knowledge to the contrary.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator and the Trustee without the consent of any of the Certificateholders, the RR Interest
Owner, the BX-VRR Interest Owner, the T333-VRR Interest Owner, the 825S-VRR Interest Owner or any Serviced Companion Loan Noteholders,
(i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement
or any Custodial Agreement to conform or be consistent with or in furtherance of the statements made in the Offering Circular
or the BX Industrial Portfolio Loan-Specific Offering Circular, the Tower 333 Loan-Specific Offering Circular or the 825
South Hill Loan-Specific Offering Circular with respect to the Certificates, the RR Interest, the Trust or the Pooling and
Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement
which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement;
(iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account;
provided that (a) the Master Servicer Remittance Date shall in no event be later than

 

     A-4-8

     

    

 

the Business Day prior to the related
Distribution Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder
or RR Interest Owner, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment or
as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC
or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding,
or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would
be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate
Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a)
such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any
such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder, RR Interest
Owner or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing
Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that such change shall
not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than
the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S.
Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing
Agreement or any other change; provided that the required action shall not adversely affect in any material respect the
interests of any Certificateholder, RR Interest Owner or any holder of a Pari Passu Companion Loan not consenting thereto as evidenced
in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency
Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings
of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates);
(vii) to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current
ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of
the Rating Agencies; provided that such amendment or supplement shall not adversely affect in any material respect the
interests of any Certificateholder or RR Interest Owner not consenting thereto as evidenced by an Opinion of Counsel, or any holder
of a Serviced Pari Passu Companion Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at
the expense of the party requesting such amendment or as evidenced by confirmation of the applicable Rating Agencies that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such Rating Agency Confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (viii) to modify the provisions
of Section 3.06 and Section 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances
and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control
Termination Event is not continuing, the

 

     A-4-9

     

    

 

Directing Holder, determine that the commercial mortgage backed securities industry standard
for such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect
the status of any Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of
the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such
rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to
compliance with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material
respects the interests of any Certificateholders or the RR Interest Owner, as evidenced by (x) an Opinion of Counsel or (y) if
any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided,
further, that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider
for posting to the 17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to
the Certificate Administrator’s Website; and (x) to modify, eliminate or add to any of its provisions (a) to such extent
as will be necessary to comply with the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b)
in the event the Risk Retention Rule or any other regulation applicable to the risk retention requirements for this securitization
transaction are amended or repealed, to the extent required to comply with any such amendment or to modify or eliminate the risk
retention requirements in the event of such repeal, as evidenced by an Opinion of Counsel.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator and the Trustee with the prior written consent of the RR Interest
Owner (if affected by such amendment) and the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders, the RR Interest Owner or the Serviced Companion Loan Noteholders; provided that no
such amendment may:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans, Trust Subordinate Companion Loans or Serviced Whole Loans which are required to
                                         be distributed on any Certificate or the RR Interest, without the consent of the Holders
                                         of Certificates representing all of the Percentage Interests of the Class or Classes
                                         or the RR Interest Owner, as applicable, affected thereby or which are required to be
                                         distributed to any Companion Loan Noteholders without the consent of such Companion Loan
                                         Noteholders;

 

		(ii)	reduce
the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove
the

 

     A-4-10

     

    

 

			requirement to obtain consent of any Companion
                                         Loan Noteholder or Holder of the Loan-Specific Certificates, in any such case without
                                         the consent of the Holders of all Certificates of such Class then-outstanding or
                                         such Companion Loan Noteholder or Holder of the Loan-Specific Certificates, as applicable;

 

		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;

 

		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or

 

		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders and the
                                         RR Interest Owner or receipt of Rating Agency Confirmation from each Rating Agency and
                                         confirmation of the applicable rating agencies that such action will not result in the
                                         downgrade, withdrawal or qualification of its then-current ratings of any securities
                                         related to a Companion Loan, if any (provided that such rating agency confirmation
                                         may be considered satisfied in the same manner as any Rating Agency Confirmation may
                                         be considered satisfied with respect to the Certificates).

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, at any time and from
time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion Loan Noteholders, may amend
the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such extent as shall be necessary
to maintain the qualification of the Lower-Tier REMIC, the Trust Subordinate Companion Loan REMIC or the Upper-Tier REMIC
as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material
state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an
Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent
the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder
or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator
and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates and the RR Interest (other than
the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders and
the RR Interest Owner as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment)
to the Certificateholders, the RR Interest Owner and the Serviced Companion Loan Noteholders of all amounts held by or

 

     A-4-11

     

    

 

on behalf
of the Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing
Agreement to be so paid on the Distribution Date following the receipt or collection of the last payment due on any Mortgage Loan,
Trust Subordinate Companion Loan and REO Property (as applicable) included in the Trust Fund; provided that in no event
shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of the
last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living
on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

     A-4-12

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class A-SB Certificate to be duly executed.

 

Dated:
May 29, 2020

	 	 	 
	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in its
    individual capacity but solely as Certificate Administrator
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

  

Certificate
of Authentication

 

This
is one of the Class A-SB Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
May 29, 2020

	 	 	 
	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in its
    individual capacity but solely as Authenticating Agent
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

  

     A-4-13

     

    

 

EXHIBIT
A-5

 

FORM
OF CLASS X-A CERTIFICATE

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]1

 

THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE RISK RETENTION CONSULTATION PARTIES, THE TRUSTEE OR ANY
OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL
AGENCY OR INSTRUMENTALITY.

 

THE
HOLDERS OF THIS CLASS X-A CERTIFICATE WILL BE ENTITLED ONLY TO DISTRIBUTIONS OF INTEREST ON THE NOTIONAL BALANCE OF THE CLASS
X-A CERTIFICATES AND WILL NOT BE ENTITLED TO ANY DISTRIBUTIONS WITH RESPECT TO PRINCIPAL. THE NOTIONAL BALANCE OF THE CLASS
X-A CERTIFICATES IS EQUAL TO AN AMOUNT AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW. ACCORDINGLY,
THE OUTSTANDING NOTIONAL BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL BALANCE SET FORTH BELOW.

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE
OF 1986, AS AMENDED.

 

THIS
CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT
PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR TO SECTION 4975

 

 

1
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

     A-5-1

     

    

 

OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE, OR ANY PERSON ACTING ON BEHALF OF ANY
SUCH PLAN OR USING THE ASSETS OF SUCH PLAN (INCLUDING AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS WITHIN THE MEANING
OF DEPARTMENT OF LABOR REGULATION § 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) TO ACQUIRE THIS CERTIFICATE, UNLESS
(A) SUCH PERSON IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a)(1) OF REGULATION D OF THE SECURITIES AND EXCHANGE
COMMISSION UNDER THE SECURITIES ACT OF 1933, AND (B) THE ACQUISITION, HOLDING AND DISPOSITION OF THE CERTIFICATES BY SUCH PERSON
WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER ERISA OR SECTION 4975 OF THE CODE (OR A NON-EXEMPT
VIOLATION OF SIMILAR LAW).

 

     A-5-2

     

    

 

BMARK
2020-IG3 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS X-A

 

	Class
    X-A Pass-Through Rate: Variable	 	CUSIP:	[08162QAJ8]2 

        [U0812VAE6]3 

        [08162Q
        AK5]4 

	 	 	 	 
	 	 	ISIN:	[US08162QAJ85]5 

        [USU0812VAE66]6 

        [US08162QAK58]7 

	 	 	 
	Original
    Aggregate Notional Balance of the Class X-A Certificates: $483,075,000	 	Initial
    Certificate Balance of this Certificate: $[__]
	 	 	 
	First
    Distribution Date: June 17, 2020	 	Cut-off
    Date: The close of business on the later of the related Due Date of such Mortgage Loan in May 2020 (or, in the case of any
    Mortgage Loan or Trust Subordinate Companion Loan that has its first Due Date after May 2020, the date that would have been
    its Due Date in May 2020 under the terms of that Mortgage Loan and Trust Subordinate Companion Loan if a Periodic Payment
    were scheduled to be due in that month) and the date of origination of such Mortgage Loan
	 	 	 
	Assumed
    Final Distribution Date: April 2030	 	No.:
    X-A-[_]

 

This
certifies that [_____] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to
be made with respect to the Class X-A Certificates. The Trust Fund, described more fully below, consists primarily of a pool
of Mortgage Loans and the Trust Subordinate Companion Loans secured by first liens on commercial and multifamily properties and
held in trust by the Trustee and serviced by the Master Servicer. The Trust Fund was created, and the Mortgage Loans and the Trust
Subordinate Companion Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The Holder
of this Certificate, by virtue of the acceptance

 

 

2
For Rule 144A Certificates

3
For Regulation S Certificates

4
For IAI Certificates

5
For Rule 144A Certificates

6
For Regulation S Certificates

7
For IAI Certificates

 

     A-5-3

     

    

 

hereof, assents to the terms, provisions and conditions of the Pooling and Servicing
Agreement and is bound thereby.

 

The
Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), between the
Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),
Wells Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), and Wells Fargo Bank,
National Association, as certificate administrator (in such capacity, the “Certificate Administrator”), as
custodian and as paying agent, evidences the issuance of the Class A-2, Class A-3, Class A-4, Class A-SB, Class
X-A, Class A-S, Class B, Class C, Class D, Class S, Class R, Class RR, Class BX-A, Class BX-B, Class BX-C, Class T333-A,
Class T333-B, Class T333-C, Class T333-D, Class 825S-A, Class 825S-B, Class 825S-C, Class 825S-D and Class
825S-E Certificates and the BX-VRR Interest, the T333-VRR Interest and the 825S-VRR Interest (the “Certificates”;
the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”)
and the creation of the RR Interest. This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling
and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto
in the Pooling and Servicing Agreement.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based
on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of interest then distributable,
if any, allocable to the Class X-A Certificates for such Distribution Date, all as more fully described in the Pooling and
Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh day of
each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in June 2020. Holders of this
Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

     A-5-4

     

    

 

During
each Interest Accrual Period (as defined below), interest on the Class X-A Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Notional Balance hereof.

 

Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding
the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the
United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set
forth therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only
upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the
Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates
as to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been
surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail
a second notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive
the final distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have
been surrendered for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to
contact the remaining non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses
of holding such funds in trust and of contacting such Certificateholders shall be paid out of such funds. Subject to applicable
state escheatment laws, if within two years after the second notice any such Certificates shall not have been surrendered for
cancellation, the Paying Agent shall distribute to the Certificate Administrator all amounts distributable to the Holders thereof,
and the Certificate Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i)
its termination as Certificate Administrator under the Pooling and Servicing Agreement and the transfer of such amounts to a successor
Certificate Administrator and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders.
No interest shall accrue or be payable to any Certificateholder on any amount held under the Pooling and

 

     A-5-5

     

    

 

Servicing Agreement or
by the Certificate Administrator as a result of such Certificateholder’s failure to surrender its Certificate(s) for final
payment thereof in accordance with the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator
may be invested in Permitted Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder (other than the Trust Subordinate
Companion Loans, which are assets of the Trust Fund) therein): (i) such Mortgage Loans and Trust Subordinate Companion Loans as
from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii)
all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans and Trust Subordinate Companion Loans
due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect
of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security agreements related to the Mortgage Loans;
(vi) any indemnities or guaranties given as additional security for any Mortgage Loans and Trust Subordinate Companion Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and
Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts,
the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, the BX Industrial Portfolio
Gain-on-Sale Reserve Account, the Tower 333 Gain-on-Sale Reserve Account, the 825 South Hill Gain-on-Sale
Reserve Account and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties and the Trust Subordinate Companion Loans; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements
relating to document delivery requirements with respect to the Mortgage Loans and the representations and warranties of the related
Mortgage Loan Seller regarding its Mortgage Loans (and in the case of GACC, the Trust Subordinate Companion Loans); (xiii) the
Lower-Tier Regular Interests; (xiv) the Trust Subordinate Companion Loan REMIC Regular Interests; and (xv) the proceeds of
the foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts
and any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing
Agreement, withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

     A-5-6

     

    

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them may treat
the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent or any
agent of any of them shall be affected by notice or knowledge to the contrary.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator and the Trustee without the consent of any of the Certificateholders, the RR Interest
Owner, the BX-VRR Interest Owner, the T333-VRR Interest Owner, the 825S-VRR Interest Owner or any Serviced Companion Loan Noteholders,
(i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement
or any Custodial Agreement to conform or be consistent with or in furtherance of the statements made in the Offering Circular
or the BX Industrial Portfolio Loan-Specific Offering Circular, the Tower 333 Loan-Specific Offering Circular or the 825
South Hill Loan-Specific Offering Circular with respect to the Certificates, the RR Interest, the Trust or the Pooling and
Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement
which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement;
(iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account;
provided that (a) the Master Servicer Remittance Date shall in no event be later than

 

     A-5-7

     

    

 

the Business Day prior to the related
Distribution Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder
or RR Interest Owner, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment or
as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC
or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding,
or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would
be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate
Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a)
such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any
such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder, RR Interest
Owner or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing
Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that such change shall
not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than
the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S.
Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing
Agreement or any other change; provided that the required action shall not adversely affect in any material respect the
interests of any Certificateholder, RR Interest Owner or any holder of a Pari Passu Companion Loan not consenting thereto as evidenced
in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency
Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings
of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates);
(vii) to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current
ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of
the Rating Agencies; provided that such amendment or supplement shall not adversely affect in any material respect the
interests of any Certificateholder or RR Interest Owner not consenting thereto as evidenced by an Opinion of Counsel, or any holder
of a Serviced Pari Passu Companion Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at
the expense of the party requesting such amendment or as evidenced by confirmation of the applicable Rating Agencies that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such Rating Agency Confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (viii) to modify the provisions
of Section 3.06 and Section 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances
and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control
Termination Event is not continuing, the

 

     A-5-8

     

    

 

Directing Holder, determine that the commercial mortgage backed securities industry standard
for such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect
the status of any Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of
the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such
rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to
compliance with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material
respects the interests of any Certificateholders or the RR Interest Owner, as evidenced by (x) an Opinion of Counsel or (y) if
any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided,
further, that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider
for posting to the 17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to
the Certificate Administrator’s Website; and (x) to modify, eliminate or add to any of its provisions (a) to such extent
as will be necessary to comply with the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b)
in the event the Risk Retention Rule or any other regulation applicable to the risk retention requirements for this securitization
transaction are amended or repealed, to the extent required to comply with any such amendment or to modify or eliminate the risk
retention requirements in the event of such repeal, as evidenced by an Opinion of Counsel.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator and the Trustee with the prior written consent of the RR Interest
Owner (if affected by such amendment) and the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders, the RR Interest Owner or the Serviced Companion Loan Noteholders; provided that no
such amendment may:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans, Trust Subordinate Companion Loans or Serviced Whole Loans which are required to
                                         be distributed on any Certificate or the RR Interest, without the consent of the Holders
                                         of Certificates representing all of the Percentage Interests of the Class or Classes
                                         or the RR Interest Owner, as applicable, affected thereby or which are required to be
                                         distributed to any Companion Loan Noteholders without the consent of such Companion Loan
                                         Noteholders;

 

		(ii)	reduce
the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove
the

 

     A-5-9

     

    

 

			requirement to obtain consent of any Companion
                                         Loan Noteholder or Holder of the Loan-Specific Certificates, in any such case without
                                         the consent of the Holders of all Certificates of such Class then-outstanding or
                                         such Companion Loan Noteholder or Holder of the Loan-Specific Certificates, as applicable;

 

		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;

 

		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or

 

		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders and the
                                         RR Interest Owner or receipt of Rating Agency Confirmation from each Rating Agency and
                                         confirmation of the applicable rating agencies that such action will not result in the
                                         downgrade, withdrawal or qualification of its then-current ratings of any securities
                                         related to a Companion Loan, if any (provided that such rating agency confirmation
                                         may be considered satisfied in the same manner as any Rating Agency Confirmation may
                                         be considered satisfied with respect to the Certificates).

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, at any time and from
time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion Loan Noteholders, may amend
the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such extent as shall be necessary
to maintain the qualification of the Lower-Tier REMIC, the Trust Subordinate Companion Loan REMIC or the Upper-Tier REMIC
as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material
state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an
Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent
the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder
or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator
and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates and the RR Interest (other than
the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders and
the RR Interest Owner as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment)
to the Certificateholders, the RR Interest Owner and the Serviced Companion Loan Noteholders of all amounts held by or

 

     A-5-10

     

    

 

on behalf
of the Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing
Agreement to be so paid on the Distribution Date following the receipt or collection of the last payment due on any Mortgage Loan,
Trust Subordinate Companion Loan and REO Property (as applicable) included in the Trust Fund; provided that in no event
shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of the
last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living
on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

     A-5-11

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class X-A Certificate to be duly executed.

 

Dated:
May 29, 2020

	 	 	 
	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in its
    individual capacity but solely as Certificate Administrator
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Certificate
of Authentication

 

This
is one of the Class X-A Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
May 29, 2020

	 	 	 
	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in its
    individual capacity but solely as Authenticating Agent
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

     A-5-12

     

    
 

EXHIBIT A-6

 

FORM OF CLASS A-S [RULE 144A]1 [REG S]2 [IAI]3 CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]4

 

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES) TO AN INSTITUTION THAT IS A NON-”U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, OR (3) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES) UPON INITIAL ISSUANCE ONLY, TO INSTITUTIONS THAT ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT (“REGULATION D”) AND ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D (COLLECTIVELY, “INSTITUTIONAL ACCREDITED INVESTORS”), AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THE INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR 

 

 

1
For Rule 144A Global Certificates only.

2
For Reg S Global Certificates only.

3
For IAI Certificates only.

4
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

 

    A-6-1

     

    

 

AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QIB OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QIB WITHIN THE MEANING OF RULE 144A.

 

ANY HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE RISK RETENTION CONSULTATION PARTIES, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

TRANSFERS AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

THIS CERTIFICATE IS SUBORDINATE TO ONE OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

THIS CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN 

 

 

    A-6-2

     

    

 

EMPLOYEE BENEFIT PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE, OR ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN (INCLUDING AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATION § 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) TO ACQUIRE THIS CERTIFICATE, UNLESS (A) SUCH PERSON IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a)(1) OF REGULATION D OF THE SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT OF 1933, AND (B) THE ACQUISITION, HOLDING AND DISPOSITION OF THE CERTIFICATES BY SUCH PERSON WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER ERISA OR SECTION 4975 OF THE CODE (OR A NON-EXEMPT VIOLATION OF SIMILAR LAW).

 

[THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE OFFERING OF THE CERTIFICATES, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]5

 

 

5
For Reg S Global Certificates only.

 

 

    A-6-3

     

    

 

BMARK 2020-IG3 MORTGAGE TRUST COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES, CLASS A-S

 

	
Class A-S Pass-Through Rate: Equal to the (i) the WAC Rate minus 0.1580%, but in any case, not less than 0.0000%

	
 

	
CUSIP:     [08162QCG2]6
[U0812VBD7]7
[08162QCH0]8

 

ISIN:        [US08162QCG29]9
[USU0812VBD74]10
[US08162QCH02]11

 

	
Original Aggregate Certificate Balance of the
Class A-S Certificates: $78,440,000

 

	
 

	
Initial Certificate Balance of this Certificate: $[__]

	
First Distribution Date: June 17, 2020

	
 

	
Cut-off Date: The close of business on the later of the related Due Date of such Mortgage Loan in May 2020 (or, in the case of any Mortgage Loan or Trust Subordinate Companion Loan that has its first Due Date after May 2020, the date that would have been its Due Date in May 2020 under the terms of that Mortgage Loan and Trust Subordinate Companion Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage Loan

 

	
Assumed Final Distribution Date: April 2030

	
 

	
No.: A-S-[_]

 

This
certifies that [______] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to
be made with respect to the Class A-S Certificates. The Trust Fund, described more fully below, consists primarily of a pool of
Mortgage Loans and the Trust Subordinate Companion Loans secured by first liens on commercial and multifamily properties and held
in trust by the Trustee and serviced by the Master Servicer. The Trust Fund was created, and the Mortgage Loans and the Trust
Subordinate Companion Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The Holder
of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling and Servicing
Agreement and is bound thereby.

 

 

6
For Rule 144A Certificates

7
For Regulation S Certificates

8
For IAI Certificates

9
For Rule 144A Certificates

10
For Regulation S Certificates

11
For IAI Certificates

 

 

    A-6-4

     

    

 

The Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), between the Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”), Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”), Wells Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), and Wells Fargo Bank, National Association, as certificate administrator (in such capacity, the “Certificate Administrator”), as custodian and as paying agent, evidences the issuance of the Class A-2, Class A-3, Class A-4, Class A-SB, Class X-A, Class A-S, Class B, Class C, Class D, Class S, Class R, Class RR, Class BX-A, Class BX-B, Class BX-C, Class T333-A, Class T333-B, Class T333-C, Class T333-D, Class 825S-A, Class 825S-B, Class 825S-C, Class 825S-D and Class 825S-E Certificates and the BX-VRR Interest, the T333-VRR Interest and the 825S-VRR Interest (the “Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”) and the creation of the RR Interest. This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured by income.

 

The Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable, if any, allocable to the Class A-S Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh day of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in June 2020. Holders of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During each Interest Accrual Period (as defined below), interest on the Class A-S Certificates will be calculated based on a 360-day year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.

 

 

    A-6-5

     

    

 

Interest accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record Date, (i) by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall, on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust and of contacting such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be

 

 

    A-6-6

     

    

 

invested in Permitted Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder (other than the Trust Subordinate Companion Loans, which are assets of the Trust Fund) therein): (i) such Mortgage Loans and Trust Subordinate Companion Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans and Trust Subordinate Companion Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans and Trust Subordinate Companion Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, the BX Industrial Portfolio Gain-on-Sale Reserve Account, the Tower 333 Gain-on-Sale Reserve Account, the 825 South Hill Gain-on-Sale Reserve Account and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties and the Trust Subordinate Companion Loans; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage Loans (and in the case of GACC, the Trust Subordinate Companion Loans); (xiii) the Lower-Tier Regular Interests; (xiv) the Trust Subordinate Companion Loan REMIC Regular Interests; and (xv) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.

 

This Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of the Certificate Administrator.

 

As provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and

 

 

    A-6-7

     

    

 

transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

Prior to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection with any such transfer.

 

The Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee without the consent of any of the Certificateholders, the RR Interest Owner, the BX-VRR Interest Owner, the T333-VRR Interest Owner, the 825S-VRR Interest Owner or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent with or in furtherance of the statements made in the Offering Circular or the BX Industrial Portfolio Loan-Specific Offering Circular, the Tower 333 Loan-Specific Offering Circular or the 825 South Hill Loan-Specific Offering Circular with respect to the Certificates, the RR Interest, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder or RR Interest Owner, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such

 

 

    A-6-8

     

    

 

amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder, RR Interest Owner or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material respect the interests of any Certificateholder, RR Interest Owner or any holder of a Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies; provided that such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder or RR Interest Owner not consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such Rating Agency Confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event is not continuing, the Directing Holder, determine that the commercial mortgage backed securities industry standard for such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the status of any Trust REMIC as a REMIC or the status

 

 

    A-6-9

     

    

 

of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders or the RR Interest Owner, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website; and (x) to modify, eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule or any other regulation applicable to the risk retention requirements for this securitization transaction are amended or repealed, to the extent required to comply with any such amendment or to modify or eliminate the risk retention requirements in the event of such repeal, as evidenced by an Opinion of Counsel.

 

The Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee with the prior written consent of the RR Interest Owner (if affected by such amendment) and the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of the Certificateholders, the RR Interest Owner or the Serviced Companion Loan Noteholders; provided that no such amendment may:

 

	
 

	
(i)

	
reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans, Trust Subordinate Companion Loans or Serviced Whole Loans which are required to be distributed on any Certificate or the RR Interest, without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes or the RR Interest Owner, as applicable, affected thereby or which are required to be distributed to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

	
 

	
(ii)

	
reduce the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove the requirement to obtain consent of any Companion Loan Noteholder or Holder of the Loan-Specific Certificates, in any such case without the consent of the Holders of all Certificates of such Class then-outstanding or

 

 

    A-6-10

     

    

 

such Companion Loan Noteholder or Holder of the Loan-Specific Certificates, as applicable;

 

	
 

	
(iii)

	
adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then outstanding;

 

	
 

	
(iv)

	
change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller; or

 

	
 

	
(v)

	
amend the Servicing Standard without the consent of 100% of the Certificateholders and the RR Interest Owner or receipt of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further, the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC, the Trust Subordinate Companion Loan REMIC or the Upper-Tier REMIC as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates and the RR Interest (other than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders and the RR Interest Owner as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders, the RR Interest Owner and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement to be so paid on the Distribution Date following the receipt or collection of the last payment due on any Mortgage Loan, Trust

 

 

    A-6-11

     

    

 

Subordinate Companion Loan and REO Property (as applicable) included in the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living on the date hereof.

 

Unless the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

 

    A-6-12

     

    

 

IN WITNESS WHEREOF, the Certificate Administrator has caused this Class A-S Certificate to be duly executed.

 

Dated: May 29, 2020

 

	
 

	
WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
Name:

	
 

	
 

	
Title:

 

Certificate of Authentication

 

This is one of the Class A-S Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: May 29, 2020

 

	
 

	
WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
Name:

	
 

	
 

	
Title:

 

 

    A-6-13

     

    

 

EXHIBIT A-7

 

FORM OF CLASS B [RULE 144A]1 [REG S]2 [IAI]3 CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]4

 

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES) TO AN INSTITUTION THAT IS A NON-”U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, OR (3) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES) UPON INITIAL ISSUANCE ONLY, TO INSTITUTIONS THAT ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT (“REGULATION D”) AND ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D (COLLECTIVELY, “INSTITUTIONAL ACCREDITED INVESTORS”), AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THE INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR

 

 

1 For
Rule 144A Global Certificates only.

2
 For Reg S Global Certificates only.

3
 For IAI Certificates only.

4
 Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

 

    A-7-1

     

    

 

AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QIB OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QIB WITHIN THE MEANING OF RULE 144A.

 

ANY HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE RISK RETENTION CONSULTATION PARTIES, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

TRANSFERS AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

THIS CERTIFICATE IS SUBORDINATE TO ONE OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

THIS CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN

 

 

    A-7-2

     

    

 

EMPLOYEE BENEFIT PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE, OR ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN (INCLUDING AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATION § 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) TO ACQUIRE THIS CERTIFICATE, UNLESS (A) SUCH PERSON IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a)(1) OF REGULATION D OF THE SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT OF 1933, AND (B) THE ACQUISITION, HOLDING AND DISPOSITION OF THE CERTIFICATES BY SUCH PERSON WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER ERISA OR SECTION 4975 OF THE CODE (OR A NON-EXEMPT VIOLATION OF SIMILAR LAW).

 

[THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE OFFERING OF THE CERTIFICATES, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]5

 

 

5
For Reg S Global Certificates only.

 

 

    A-7-3

     

    

 

BMARK 2020-IG3 MORTGAGE TRUST COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES, CLASS B

 

	
Class B Pass-Through Rate: Equal to the WAC Rate

	
 

	
CUSIP:     [08162QAN9]6
[U0812VAG1]7
[08162QAP4]8

 

ISIN:        [US08162QAN97]9
[USU0812VAG15]10
[US08162QAP46]11

	 	 	 
	
Original Aggregate Certificate Balance of the
Class B Certificates: $59,375,000

	
 

	
Initial Certificate Balance of this Certificate: $[__]

	 	 	 
	
First Distribution Date: June 17, 2020

	
 

	
Cut-off Date: The close of business on the later of the related Due Date of such Mortgage Loan in May 2020 (or, in the case of any Mortgage Loan or Trust Subordinate Companion Loan that has its first Due Date after May 2020, the date that would have been its Due Date in May 2020 under the terms of that Mortgage Loan and Trust Subordinate Companion Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage Loan

	 	 	 
	
Assumed Final Distribution Date: April 2030

	
 

	
No.: B-[_]

 

This
certifies that [_______] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be
made with respect to the Class B Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage
Loans and the Trust Subordinate Companion Loans secured by first liens on commercial and multifamily properties and held in trust
by the Trustee and serviced by the Master Servicer. The Trust Fund was created, and the Mortgage Loans and the Trust Subordinate
Companion Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate,
by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and
is bound thereby.

 

 

6
 For Rule 144A Certificates 

7
 For Regulation S Certificates 

8
 For IAI Certificates 

9
 For Rule 144A Certificates 

10
For Regulation S Certificates 

11
 For IAI Certificates

 

 

    A-7-4

     

    

 

The Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), between the Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”), Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”), Wells Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), and Wells Fargo Bank, National Association, as certificate administrator (in such capacity, the “Certificate Administrator”), as custodian and as paying agent, evidences the issuance of the Class A-2, Class A-3, Class A-4, Class A-SB, Class X-A, Class A-S, Class B, Class C, Class D, Class S, Class R, Class RR, Class BX-A, Class BX-B, Class BX-C, Class T333-A, Class T333-B, Class T333-C, Class T333-D, Class 825S-A, Class 825S-B, Class 825S-C, Class 825S-D and Class 825S-E Certificates and the BX-VRR Interest, the T333-VRR Interest and the 825S-VRR Interest (the “Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”) and the creation of the RR Interest. This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured by income.

 

The Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable, if any, allocable to the Class B Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh day of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in June 2020. Holders of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During each Interest Accrual Period (as defined below), interest on the Class B Certificates will be calculated based on a 360-day year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.

 

 

    A-7-5

     

    

 

Interest accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record Date, (i) by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall, on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust and of contacting such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be

 

 

    A-7-6

     

    

 

invested in Permitted Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder (other than the Trust Subordinate Companion Loans, which are assets of the Trust Fund) therein): (i) such Mortgage Loans and Trust Subordinate Companion Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans and Trust Subordinate Companion Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans and Trust Subordinate Companion Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, the BX Industrial Portfolio Gain-on-Sale Reserve Account, the Tower 333 Gain-on-Sale Reserve Account, the 825 South Hill Gain-on-Sale Reserve Account and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties and the Trust Subordinate Companion Loans; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage Loans (and in the case of GACC, the Trust Subordinate Companion Loans); (xiii) the Lower-Tier Regular Interests; (xiv) the Trust Subordinate Companion Loan REMIC Regular Interests; and (xv) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.

 

This Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of the Certificate Administrator.

 

As provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and

 

 

    A-7-7

     

    

 

transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

Prior to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection with any such transfer.

 

The Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee without the consent of any of the Certificateholders, the RR Interest Owner, the BX-VRR Interest Owner, the T333-VRR Interest Owner, the 825S-VRR Interest Owner or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent with or in furtherance of the statements made in the Offering Circular or the BX Industrial Portfolio Loan-Specific Offering Circular, the Tower 333 Loan-Specific Offering Circular or the 825 South Hill Loan-Specific Offering Circular with respect to the Certificates, the RR Interest, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder or RR Interest Owner, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such

 

 

    A-7-8

     

    

 

amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder, RR Interest Owner or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material respect the interests of any Certificateholder, RR Interest Owner or any holder of a Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies; provided that such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder or RR Interest Owner not consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such Rating Agency Confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event is not continuing, the Directing Holder, determine that the commercial mortgage backed securities industry standard for such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the status of any Trust REMIC as a REMIC or the status

 

 

    A-7-9

     

    

 

of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders or the RR Interest Owner, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website; and (x) to modify, eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule or any other regulation applicable to the risk retention requirements for this securitization transaction are amended or repealed, to the extent required to comply with any such amendment or to modify or eliminate the risk retention requirements in the event of such repeal, as evidenced by an Opinion of Counsel.

 

The Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee with the prior written consent of the RR Interest Owner (if affected by such amendment) and the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of the Certificateholders, the RR Interest Owner or the Serviced Companion Loan Noteholders; provided that no such amendment may:

 

	
 

	
(i)

	
reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans, Trust Subordinate Companion Loans or Serviced Whole Loans which are required to be distributed on any Certificate or the RR Interest, without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes or the RR Interest Owner, as applicable, affected thereby or which are required to be distributed to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

	
 

	
(ii)

	
reduce the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove the requirement to obtain consent of any Companion Loan Noteholder or Holder of the Loan-Specific Certificates, in any such case without the consent of the Holders of all Certificates of such Class then-outstanding or

 

 

    A-7-10

     

    

 

such Companion Loan Noteholder or Holder of the Loan-Specific Certificates, as applicable;

 

	
 

	
(iii)

	
adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then outstanding;

 

	
 

	
(iv)

	
change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller; or

 

	
 

	
(v)

	
amend the Servicing Standard without the consent of 100% of the Certificateholders and the RR Interest Owner or receipt of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further, the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC, the Trust Subordinate Companion Loan REMIC or the Upper-Tier REMIC as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates and the RR Interest (other than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders and the RR Interest Owner as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders, the RR Interest Owner and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement to be so paid on the Distribution Date following the receipt or collection of the last payment due on any Mortgage Loan, Trust

 

 

    A-7-11

     

    

 

Subordinate Companion Loan and REO Property (as applicable) included in the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living on the date hereof.

 

Unless the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

 

    A-7-12

     

    

 

IN WITNESS WHEREOF, the Certificate Administrator has caused this Class B Certificate to be duly executed.

 

Dated: May 29, 2020

 

	
 

	
WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
Name:

	
 

	
 

	
Title:

 

Certificate of Authentication

 

This is one of the Class B Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: May 29, 2020

 

	
 

	
WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
Name:

	
 

	
 

	
Title:

 

 

    A-7-13

     

    

 

EXHIBIT A-8

 

FORM OF CLASS C [RULE 144A]1 [REG S]2 [IAI]3 CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]4

 

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES) TO AN INSTITUTION THAT IS A NON-”U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, OR (3) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES) UPON INITIAL ISSUANCE ONLY, TO INSTITUTIONS THAT ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT (“REGULATION D”) AND ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D (COLLECTIVELY, “INSTITUTIONAL ACCREDITED INVESTORS”), AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THE INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR 

 

 

1
For Rule 144A Global Certificates only.

2
For Reg S Global Certificates only.

3
For IAI Certificates only.

4
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

 

 

    A-8-1

     

    

 

AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QIB OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QIB WITHIN THE MEANING OF RULE 144A.

 

ANY HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE RISK RETENTION CONSULTATION PARTIES, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

TRANSFERS AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

THIS CERTIFICATE IS SUBORDINATE TO ONE OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

THIS CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN

 

 

    A-8-2

     

    

 

EMPLOYEE BENEFIT PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE, OR ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN (INCLUDING AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATION § 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) TO ACQUIRE THIS CERTIFICATE, UNLESS (A) SUCH PERSON IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a)(1) OF REGULATION D OF THE SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT OF 1933, AND (B) THE ACQUISITION, HOLDING AND DISPOSITION OF THE CERTIFICATES BY SUCH PERSON WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER ERISA OR SECTION 4975 OF THE CODE (OR A NON-EXEMPT VIOLATION OF SIMILAR LAW).

 

[THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE OFFERING OF THE CERTIFICATES, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]5

 

 

5
For Reg S Global Certificates only.

 

 

    A-8-3

     

    

 

BMARK 2020-IG3 MORTGAGE TRUST COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES, CLASS C

 

	
Class C Pass-Through Rate: Equal to the WAC Rate

	
 

	
CUSIP:     [08162QAQ2]6
[U0812VAH9]7
[08162QAR0]8

 

ISIN:        [US08162QAQ29]9
[USU0812VAH97]10
[US08162QAR02]11

	 	 	 
	
Original Aggregate Certificate Balance of the
Class C Certificates: $22,230,000

	
 

	
Initial Certificate Balance of this Certificate: $[__]

	 	 	 
	
First Distribution Date: June 17, 2020

	
 

	
Cut-off Date: The close of business on the later of the related Due Date of such Mortgage Loan in May 2020 (or, in the case of any Mortgage Loan or Trust Subordinate Companion Loan that has its first Due Date after May 2020, the date that would have been its Due Date in May 2020 under the terms of that Mortgage Loan and Trust Subordinate Companion Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage Loan

	 	 	 
	
Assumed Final Distribution Date: April 2030

	
 

	
No.: C-[_]

 

This
certifies that [_______] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be
made with respect to the Class C Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage
Loans and the Trust Subordinate Companion Loans secured by first liens on commercial and multifamily properties and held in trust
by the Trustee and serviced by the Master Servicer. The Trust Fund was created, and the Mortgage Loans and the Trust Subordinate
Companion Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate,
by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and
is bound thereby.

 

 

6
For Rule 144A Certificates

7
For Regulation S Certificates 

8
For IAI Certificates 

9
For Rule 144A Certificates 

10
For Regulation S Certificates 

11
For IAI Certificates

 

 

    A-8-4

     

    

 

The Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), between the Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”), Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”), Wells Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), and Wells Fargo Bank, National Association, as certificate administrator (in such capacity, the “Certificate Administrator”), as custodian and as paying agent, evidences the issuance of the Class A-2, Class A-3, Class A-4, Class A-SB, Class X-A, Class A-S, Class B, Class C, Class D, Class S, Class R, Class RR, Class BX-A, Class BX-B, Class BX-C, Class T333-A, Class T333-B, Class T333-C, Class T333-D, Class 825S-A, Class 825S-B, Class 825S-C, Class 825S-D and Class 825S-E Certificates and the BX-VRR Interest, the T333-VRR Interest and the 825S-VRR Interest (the “Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”) and the creation of the RR Interest. This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured by income.

 

The Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable, if any, allocable to the Class C Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh day of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in June 2020. Holders of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During each Interest Accrual Period (as defined below), interest on the Class C Certificates will be calculated based on a 360-day year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.

 

 

    A-8-5

     

    

 

Interest accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record Date, (i) by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall, on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust and of contacting such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be

 

 

    A-8-6

     

    

 

invested in Permitted Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder (other than the Trust Subordinate Companion Loans, which are assets of the Trust Fund) therein): (i) such Mortgage Loans and Trust Subordinate Companion Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans and Trust Subordinate Companion Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans and Trust Subordinate Companion Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, the BX Industrial Portfolio Gain-on-Sale Reserve Account, the Tower 333 Gain-on-Sale Reserve Account, the 825 South Hill Gain-on-Sale Reserve Account and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties and the Trust Subordinate Companion Loans; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage Loans (and in the case of GACC, the Trust Subordinate Companion Loans); (xiii) the Lower-Tier Regular Interests; (xiv) the Trust Subordinate Companion Loan REMIC Regular Interests; and (xv) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.

 

This Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of the Certificate Administrator.

 

As provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and

 

 

    A-8-7

     

    

 

transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

Prior to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection with any such transfer.

 

The Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee without the consent of any of the Certificateholders, the RR Interest Owner, the BX-VRR Interest Owner, the T333-VRR Interest Owner, the 825S-VRR Interest Owner or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent with or in furtherance of the statements made in the Offering Circular or the BX Industrial Portfolio Loan-Specific Offering Circular, the Tower 333 Loan-Specific Offering Circular or the 825 South Hill Loan-Specific Offering Circular with respect to the Certificates, the RR Interest, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder or RR Interest Owner, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such

 

 

    A-8-8

     

    

 

amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder, RR Interest Owner or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material respect the interests of any Certificateholder, RR Interest Owner or any holder of a Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies; provided that such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder or RR Interest Owner not consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such Rating Agency Confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event is not continuing, the Directing Holder, determine that the commercial mortgage backed securities industry standard for such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the status of any Trust REMIC as a REMIC or the status

 

 

    A-8-9

     

    

 

of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders or the RR Interest Owner, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website; and (x) to modify, eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule or any other regulation applicable to the risk retention requirements for this securitization transaction are amended or repealed, to the extent required to comply with any such amendment or to modify or eliminate the risk retention requirements in the event of such repeal, as evidenced by an Opinion of Counsel.

 

The Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee with the prior written consent of the RR Interest Owner (if affected by such amendment) and the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of the Certificateholders, the RR Interest Owner or the Serviced Companion Loan Noteholders; provided that no such amendment may:

 

	
 

	
(i)

	
reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans, Trust Subordinate Companion Loans or Serviced Whole Loans which are required to be distributed on any Certificate or the RR Interest, without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes or the RR Interest Owner, as applicable, affected thereby or which are required to be distributed to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

	
 

	
(ii)

	
reduce the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove the requirement to obtain consent of any Companion Loan Noteholder or Holder of the Loan-Specific Certificates, in any such case without the consent of the Holders of all Certificates of such Class then-outstanding or

 

 

    A-8-10

     

    

 

such Companion Loan Noteholder or Holder of the Loan-Specific Certificates, as applicable;

 

	
 

	
(iii)

	
adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then outstanding;

 

	
 

	
(iv)

	
change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller; or

 

	
 

	
(v)

	
amend the Servicing Standard without the consent of 100% of the Certificateholders and the RR Interest Owner or receipt of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further, the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC, the Trust Subordinate Companion Loan REMIC or the Upper-Tier REMIC as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates and the RR Interest (other than the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders and the RR Interest Owner as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders, the RR Interest Owner and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement to be so paid on the Distribution Date following the receipt or collection of the last payment due on any Mortgage Loan, Trust

 

 

    A-8-11

     

    

 

Subordinate Companion Loan and REO Property (as applicable) included in the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living on the date hereof.

 

Unless the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

 

    A-8-12

     

    

 

IN WITNESS WHEREOF, the Certificate Administrator has caused this Class C Certificate to be duly executed.

 

Dated: May 29, 2020

 

	
 

	
WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
Name:

	
 

	
 

	
Title:

 

Certificate of Authentication

 

This is one of the Class C Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: May 29, 2020

 

	
 

	
WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
Name:

	
 

	
 

	
Title:

 

 

    A-8-13

     

    

 

EXHIBIT
A-9

 

FORM
OF CLASS D [RULE 144A]1 [REG S]2 [IAI]3 CERTIFICATE

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]4

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE
REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES)
TO AN INSTITUTION THAT IS A NON-”U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN, AND IN ACCORDANCE
WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, OR (3) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES)
UPON INITIAL ISSUANCE ONLY, TO INSTITUTIONS THAT ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1),
(2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT (“REGULATION D”) AND ANY ENTITY IN WHICH ALL OF THE
EQUITY OWNERS ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D (COLLECTIVELY,
“INSTITUTIONAL ACCREDITED INVESTORS”), AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS
OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR  

 

 

1
For Rule 144A Global Certificates only. 

2
For Reg S Global Certificates only. 

3
For IAI Certificates only. 

4
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

     A-9-1

     

    

 

AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT. A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1
TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QIB OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL
ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QIB WITHIN THE MEANING
OF RULE 144A.

 

ANY
HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT
MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE RISK RETENTION CONSULTATION PARTIES, THE TRUSTEE OR ANY
OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL
AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED
TO BELOW.

 

THIS
CERTIFICATE IS SUBORDINATE TO ONE OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE
OF 1986, AS AMENDED.

 

THIS
CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN 

 

     A-9-2

     

    

 

EMPLOYEE
BENEFIT PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY
ACT OF 1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE
“CODE”), OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY
FEDERAL, STATE OR LOCAL LAW THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE, OR ANY PERSON
ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN (INCLUDING AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS
WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATION § 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) TO ACQUIRE THIS
CERTIFICATE, UNLESS (A) SUCH PERSON IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a)(1) OF REGULATION D OF THE
SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT OF 1933, AND (B) THE ACQUISITION, HOLDING AND DISPOSITION OF THE CERTIFICATES
BY SUCH PERSON WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER ERISA OR SECTION 4975 OF THE
CODE (OR A NON-EXEMPT VIOLATION OF SIMILAR LAW).

 

[THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS
AFTER THE OFFERING OF THE CERTIFICATES, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO
A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]5

 

 

5
For Reg S Global Certificates only.

 

     A-9-3

     

    

 

 

BMARK
2020-IG3 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS D

 

	Class
    D Pass-Through Rate: Equal to the WAC Rate	 	CUSIP:	[08162QAS8]6 

        [U0812VAJ5]7 

        [08162QAT6]8 

	 	 	 	 
	 	 	ISIN:	[US08162QAS84]9 

        [USU0812VAJ53]10 

        [US08162QAT67]11

	 	 	 	 
	Original
    Aggregate Certificate Balance of the Class D Certificates: $13,371,030	 	Initial
    Certificate Balance of this Certificate: $[__]
	 	 	 
	First
    Distribution Date: June 17, 2020	 	Cut-off
    Date: The close of business on the later of the related Due Date of such Mortgage Loan in May 2020 (or, in the case of any
    Mortgage Loan or Trust Subordinate Companion Loan that has its first Due Date after May 2020, the date that would have been
    its Due Date in May 2020 under the terms of that Mortgage Loan and Trust Subordinate Companion Loan if a Periodic Payment
    were scheduled to be due in that month) and the date of origination of such Mortgage Loan
	 	 	 
	Assumed
    Final Distribution Date: April 2030	 	No.:
    D-[__]

 

This
certifies that [_____] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions
to be made with respect to the Class D Certificates. The Trust Fund, described more fully below, consists primarily of a pool
of Mortgage Loans and the Trust Subordinate Companion Loans secured by first liens on commercial and multifamily properties and
held in trust by the Trustee and serviced by the Master Servicer. The Trust Fund was created, and the Mortgage Loans and the Trust
Subordinate Companion Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The Holder
of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling and Servicing
Agreement and is bound thereby. 

 

 

6
For Rule 144A Certificates 

7
For Regulation S Certificates 

8
For IAI Certificates 

9
For Rule 144A Certificates 

10
For Regulation S Certificates 

11
For IAI Certificates

 

     A-9-4

     

    

 

The
Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), between the
Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),
Wells Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), and Wells Fargo Bank,
National Association, as certificate administrator (in such capacity, the “Certificate Administrator”), as
custodian and as paying agent, evidences the issuance of the Class A-2, Class A-3, Class A-4, Class A-SB, Class
X-A, Class A-S, Class B, Class C, Class D, Class S, Class R, Class RR, Class BX-A, Class BX-B, Class BX-C, Class T333-A,
Class T333-B, Class T333-C, Class T333-D, Class 825S-A, Class 825S-B, Class 825S-C, Class 825S-D and Class
825S-E Certificates and the BX-VRR Interest, the T333-VRR Interest and the 825S-VRR Interest (the “Certificates”;
the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”)
and the creation of the RR Interest. This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling
and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto
in the Pooling and Servicing Agreement.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based
on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest
then distributable, if any, allocable to the Class D Certificates for such Distribution Date, all as more fully described in the
Pooling and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh
day of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in June 2020. Holders
of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing
Agreement.

 

During
each Interest Accrual Period (as defined below), interest on the Class D Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.

 

     A-9-5

     

    

 

Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding
the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the
United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set
forth therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only
upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the
Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates
as to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been
surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail
a second notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive
the final distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have
been surrendered for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to
contact the remaining non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses
of holding such funds in trust and of contacting such Certificateholders shall be paid out of such funds. Subject to applicable
state escheatment laws, if within two years after the second notice any such Certificates shall not have been surrendered for
cancellation, the Paying Agent shall distribute to the Certificate Administrator all amounts distributable to the Holders thereof,
and the Certificate Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i)
its termination as Certificate Administrator under the Pooling and Servicing Agreement and the transfer of such amounts to a successor
Certificate Administrator and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders.
No interest shall accrue or be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or
by the Certificate Administrator as a result of such Certificateholder’s failure to surrender its Certificate(s) for final
payment thereof in accordance with the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator
may be

 

     A-9-6

     

    

 

invested
in Permitted Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder (other than the Trust Subordinate
Companion Loans, which are assets of the Trust Fund) therein): (i) such Mortgage Loans and Trust Subordinate Companion Loans as
from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii)
all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans and Trust Subordinate Companion Loans
due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect
of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security agreements related to the Mortgage Loans;
(vi) any indemnities or guaranties given as additional security for any Mortgage Loans and Trust Subordinate Companion Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and
Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts,
the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, the BX Industrial Portfolio
Gain-on-Sale Reserve Account, the Tower 333 Gain-on-Sale Reserve Account, the 825 South Hill Gain-on-Sale
Reserve Account and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties and the Trust Subordinate Companion Loans; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements
relating to document delivery requirements with respect to the Mortgage Loans and the representations and warranties of the related
Mortgage Loan Seller regarding its Mortgage Loans (and in the case of GACC, the Trust Subordinate Companion Loans); (xiii) the
Lower-Tier Regular Interests; (xiv) the Trust Subordinate Companion Loan REMIC Regular Interests; and (xv) the proceeds of
the foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts
and any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing
Agreement, withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and

 

     A-9-7

     

    

 

transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them may treat
the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent or any
agent of any of them shall be affected by notice or knowledge to the contrary.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator and the Trustee without the consent of any of the Certificateholders, the RR Interest
Owner, the BX-VRR Interest Owner, the T333-VRR Interest Owner, the 825S-VRR Interest Owner or any Serviced Companion Loan Noteholders,
(i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement
or any Custodial Agreement to conform or be consistent with or in furtherance of the statements made in the Offering Circular
or the BX Industrial Portfolio Loan-Specific Offering Circular, the Tower 333 Loan-Specific Offering Circular or the 825
South Hill Loan-Specific Offering Circular with respect to the Certificates, the RR Interest, the Trust or the Pooling and
Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement
which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement;
(iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account;
provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related
Distribution Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder
or RR Interest Owner, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such

 

     A-9-8

     

    

 

amendment or
as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC
or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding,
or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would
be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate
Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a)
such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any
such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder, RR Interest
Owner or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing
Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that such change shall
not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than
the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S.
Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing
Agreement or any other change; provided that the required action shall not adversely affect in any material respect the
interests of any Certificateholder, RR Interest Owner or any holder of a Pari Passu Companion Loan not consenting thereto as evidenced
in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency
Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings
of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates);
(vii) to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current
ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of
the Rating Agencies; provided that such amendment or supplement shall not adversely affect in any material respect the
interests of any Certificateholder or RR Interest Owner not consenting thereto as evidenced by an Opinion of Counsel, or any holder
of a Serviced Pari Passu Companion Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at
the expense of the party requesting such amendment or as evidenced by confirmation of the applicable Rating Agencies that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such Rating Agency Confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (viii) to modify the provisions
of Section 3.06 and Section 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances
and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control
Termination Event is not continuing, the Directing Holder, determine that the commercial mortgage backed securities industry standard
for such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect
the status of any Trust REMIC as a REMIC or the status

 

     A-9-9

     

    

 

of the Grantor Trust as a grantor trust under the relevant provisions of
the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such
rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to
compliance with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material
respects the interests of any Certificateholders or the RR Interest Owner, as evidenced by (x) an Opinion of Counsel or (y) if
any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided,
further, that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider
for posting to the 17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to
the Certificate Administrator’s Website; and (x) to modify, eliminate or add to any of its provisions (a) to such extent
as will be necessary to comply with the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b)
in the event the Risk Retention Rule or any other regulation applicable to the risk retention requirements for this securitization
transaction are amended or repealed, to the extent required to comply with any such amendment or to modify or eliminate the risk
retention requirements in the event of such repeal, as evidenced by an Opinion of Counsel.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator and the Trustee with the prior written consent of the RR Interest
Owner (if affected by such amendment) and the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders, the RR Interest Owner or the Serviced Companion Loan Noteholders; provided that no
such amendment may:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans, Trust Subordinate Companion Loans or Serviced Whole Loans which are required to
                                         be distributed on any Certificate or the RR Interest, without the consent of the Holders
                                         of Certificates representing all of the Percentage Interests of the Class or Classes
                                         or the RR Interest Owner, as applicable, affected thereby or which are required to be
                                         distributed to any Companion Loan Noteholders without the consent of such Companion Loan
                                         Noteholders;

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the requirement to obtain consent of any Companion
                                         Loan Noteholder or Holder of the Loan-Specific Certificates, in any such case without
                                         the consent of the Holders of all Certificates of such Class then-outstanding or

 

     A-9-10

     

    

 

such
Companion Loan Noteholder or Holder of the Loan-Specific Certificates, as applicable;

 

		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;

 

		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or

 

		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders and the
                                         RR Interest Owner or receipt of Rating Agency Confirmation from each Rating Agency and
                                         confirmation of the applicable rating agencies that such action will not result in the
                                         downgrade, withdrawal or qualification of its then-current ratings of any securities
                                         related to a Companion Loan, if any (provided that such rating agency confirmation
                                         may be considered satisfied in the same manner as any Rating Agency Confirmation may
                                         be considered satisfied with respect to the Certificates).

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, at any time and from
time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion Loan Noteholders, may amend
the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such extent as shall be necessary
to maintain the qualification of the Lower-Tier REMIC, the Trust Subordinate Companion Loan REMIC or the Upper-Tier REMIC
as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material
state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an
Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent
the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder
or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator
and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates and the RR Interest (other than
the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders and
the RR Interest Owner as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment)
to the Certificateholders, the RR Interest Owner and the Serviced Companion Loan Noteholders of all amounts held by or on behalf
of the Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing
Agreement to be so paid on the Distribution Date following the receipt or collection of the last payment due on any Mortgage Loan,
Trust

 

     A-9-11

     

    

 

Subordinate Companion Loan and REO Property (as applicable) included in the Trust Fund; provided that in no event
shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of the
last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living
on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

     A-9-12

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class D Certificate to be duly executed.

 

Dated:
May 29, 2020

 

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in its
    individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Certificate
of Authentication

 

This
is one of the Class D Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
May 29, 2020

 

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in its
    individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

     A-9-13

     

    

 

EXHIBIT
A-10

 

FORM
OF CLASS S CERTIFICATE

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE
REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES)
TO AN INSTITUTION THAT IS A NON-”U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN, AND IN ACCORDANCE
WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, OR (3) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES)
UPON INITIAL ISSUANCE ONLY, TO INSTITUTIONS THAT ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1),
(2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT (“REGULATION D”) AND ANY ENTITY IN WHICH ALL OF THE
EQUITY OWNERS ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D (COLLECTIVELY,
“INSTITUTIONAL ACCREDITED INVESTORS”), AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS
OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT. A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1
TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QIB OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL
ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QIB WITHIN THE MEANING
OF RULE 144A.

 

ANY
HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT
MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE 

 

     A-10-1

     

    

 

SECURITIES
ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE RISK RETENTION CONSULTATION PARTIES, THE TRUSTEE OR ANY
OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL
AGENCY OR INSTRUMENTALITY.

 

TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED
TO BELOW.

 

THIS
CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT
PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE, OR ANY PERSON ACTING ON BEHALF OF ANY
SUCH PLAN OR USING THE ASSETS OF SUCH PLAN (INCLUDING AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS WITHIN THE MEANING
OF DEPARTMENT OF LABOR REGULATION § 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) TO ACQUIRE THIS CERTIFICATE.

 

     A-10-2

     

    

 

BMARK
2020-IG3 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS S

 

	No.:
    S-1	 	Percentage
                                         Interest: [100]%

         

        CUSIP:   [08162QAU3]1

         

        ISIN:       [US08162QAU31]2

 

This
certifies that [____] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to
be made with respect to the Class S Certificates. The Trust Fund, described more fully below, consists primarily of a pool of
Mortgage Loans and the Trust Subordinate Companion Loans secured by first liens on commercial and multifamily properties and held
in trust by the Trustee and serviced by the Master Servicer. The Trust Fund was created, and the Mortgage Loans and the Trust
Subordinate Companion Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The Holder
of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling and Servicing
Agreement and is bound thereby.

 

The
Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), between the
Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),
Wells Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), and Wells Fargo Bank,
National Association, as certificate administrator (in such capacity, the “Certificate Administrator”), as
custodian and as paying agent, evidences the issuance of the Class A-2, Class A-3, Class A-4, Class A-SB, Class
X-A, Class A-S, Class B, Class C, Class D, Class S, Class R, Class RR, Class BX-A, Class BX-B, Class BX-C, Class T333-A,
Class T333-B, Class T333-C, Class T333-D, Class 825S-A, Class 825S-B, Class 825S-C, Class 825S-D and Class
825S-E Certificates and the BX-VRR Interest, the T333-VRR Interest and the 825S-VRR Interest (the “Certificates”;
the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”)
and the creation of the RR Interest. This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling
and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto
in the Pooling and Servicing Agreement.

 

This
Certificate represents a beneficial ownership interest in a portion of the Excess Interest collected on the ARD Loan and amounts
held from time to time in the Excess Interest Distribution Account. Each Holder of this Certificate, by acceptance hereof, agrees
to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding sentence for
purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured by income.

 

 

1
For Rule 144A Certificates 

2
For Rule 144A Certificates

 

     A-10-3

     

    

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based
on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of interest then distributable,
if any, allocable to the Class S Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing
Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh day of each month,
or if such eleventh day is not a Business Day, then the next Business Day, commencing in June 2020.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the
United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set
forth therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only
upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the
Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates
as to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been
surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail
a second notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive
the final distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have
been surrendered for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to
contact the remaining non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses
of holding such funds in trust and of contacting such Certificateholders shall be paid out of such funds. Subject to applicable
state escheatment laws, if within two years after the second notice any such Certificates shall not

 

     A-10-4

     

    

 

have been surrendered for
cancellation, the Paying Agent shall distribute to the Certificate Administrator all amounts distributable to the Holders thereof,
and the Certificate Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i)
its termination as Certificate Administrator under the Pooling and Servicing Agreement and the transfer of such amounts to a successor
Certificate Administrator and (ii) the termination of the Trust Fund and distribution of such amounts to the Class S Certificateholders.
No interest shall accrue or be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or
by the Certificate Administrator as a result of such Certificateholder’s failure to surrender its Certificate(s) for final
payment thereof in accordance with the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator
may be invested in Permitted Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder (other than the Trust Subordinate
Companion Loans, which are assets of the Trust Fund) therein): (i) such Mortgage Loans and Trust Subordinate Companion Loans as
from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii)
all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans and Trust Subordinate Companion Loans
due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect
of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security agreements related to the Mortgage Loans;
(vi) any indemnities or guaranties given as additional security for any Mortgage Loans and Trust Subordinate Companion Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and
Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts,
the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, the BX Industrial Portfolio
Gain-on-Sale Reserve Account, the Tower 333 Gain-on-Sale Reserve Account, the 825 South Hill Gain-on-Sale
Reserve Account and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties and the Trust Subordinate Companion Loans; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements
relating to document delivery requirements with respect to the Mortgage Loans and the representations and warranties of the related
Mortgage Loan Seller regarding its Mortgage Loans (and in the case of GACC, the Trust Subordinate Companion Loans); (xiii) the
Lower-Tier Regular Interests; (xiv) the Trust Subordinate Companion Loan REMIC Regular Interests; and (xv) the proceeds of
the foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts
and any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing
Agreement,

 

     A-10-5

     

    

 

withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them may treat
the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent or any
agent of any of them shall be affected by notice or knowledge to the contrary.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator and the Trustee without the consent of any of the Certificateholders, the RR Interest
Owner, the BX-VRR Interest Owner, the T333-VRR Interest Owner, the 825S-VRR Interest Owner or any Serviced Companion Loan Noteholders,
(i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement
or any Custodial Agreement to conform or be consistent with or in furtherance of the statements

 

     A-10-6

     

    

 

made in the Offering Circular
or the BX Industrial Portfolio Loan-Specific Offering Circular, the Tower 333 Loan-Specific Offering Circular or the 825
South Hill Loan-Specific Offering Circular with respect to the Certificates, the RR Interest, the Trust or the Pooling and
Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement
which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement;
(iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account;
provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related
Distribution Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder
or RR Interest Owner, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment or
as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC
or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding,
or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would
be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate
Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a)
such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any
such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder, RR Interest
Owner or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing
Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that such change shall
not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than
the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S.
Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing
Agreement or any other change; provided that the required action shall not adversely affect in any material respect the
interests of any Certificateholder, RR Interest Owner or any holder of a Pari Passu Companion Loan not consenting thereto as evidenced
in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency
Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings
of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates);
(vii) to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current
ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of
the Rating Agencies; provided that such amendment or supplement shall not adversely affect in any material respect the
interests of any Certificateholder or RR Interest Owner not consenting thereto as evidenced by an Opinion of Counsel, or any holder
of a Serviced Pari Passu Companion Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at
the expense of the party requesting such amendment or as evidenced

 

     A-10-7

     

    

 

by confirmation of the applicable Rating Agencies that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such Rating Agency Confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (viii) to modify the provisions
of Section 3.06 and Section 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances
and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control
Termination Event is not continuing, the Directing Holder, determine that the commercial mortgage backed securities industry standard
for such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect
the status of any Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of
the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such
rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to
compliance with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material
respects the interests of any Certificateholders or the RR Interest Owner, as evidenced by (x) an Opinion of Counsel or (y) if
any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided,
further, that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider
for posting to the 17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to
the Certificate Administrator’s Website; and (x) to modify, eliminate or add to any of its provisions (a) to such extent
as will be necessary to comply with the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b)
in the event the Risk Retention Rule or any other regulation applicable to the risk retention requirements for this securitization
transaction are amended or repealed, to the extent required to comply with any such amendment or to modify or eliminate the risk
retention requirements in the event of such repeal, as evidenced by an Opinion of Counsel.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator and the Trustee with the prior written consent of the RR Interest
Owner (if affected by such amendment) and the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders, the RR Interest Owner or the Serviced Companion Loan Noteholders; provided that no
such amendment may:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans, Trust Subordinate Companion Loans or Serviced Whole Loans which are required to
                                         be distributed on any

 

     A-10-8

     

    

 

Certificate
or the RR Interest, without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class
or Classes or the RR Interest Owner, as applicable, affected thereby or which are required to be distributed to any Companion
Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the requirement to obtain consent of any Companion
                                         Loan Noteholder or Holder of the Loan-Specific Certificates, in any such case without
                                         the consent of the Holders of all Certificates of such Class then-outstanding or
                                         such Companion Loan Noteholder or Holder of the Loan-Specific Certificates, as applicable;

 

		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;

 

		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or

 

		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders and the
                                         RR Interest Owner or receipt of Rating Agency Confirmation from each Rating Agency and
                                         confirmation of the applicable rating agencies that such action will not result in the
                                         downgrade, withdrawal or qualification of its then-current ratings of any securities
                                         related to a Companion Loan, if any (provided that such rating agency confirmation
                                         may be considered satisfied in the same manner as any Rating Agency Confirmation may
                                         be considered satisfied with respect to the Certificates).

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, at any time and from
time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion Loan Noteholders, may amend
the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such extent as shall be necessary
to maintain the qualification of the Lower-Tier REMIC, the Trust Subordinate Companion Loan REMIC or the Upper-Tier REMIC
as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material
state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an
Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent
the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder
or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

     A-10-9

     

    

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator
and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates and the RR Interest (other than
the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders and
the RR Interest Owner as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment)
to the Certificateholders, the RR Interest Owner and the Serviced Companion Loan Noteholders of all amounts held by or on behalf
of the Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing
Agreement to be so paid on the Distribution Date following the receipt or collection of the last payment due on any Mortgage Loan,
Trust Subordinate Companion Loan and REO Property (as applicable) included in the Trust Fund; provided that in no event
shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of the
last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living
on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose. 

 

     A-10-10

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class S Certificate to be duly executed.

 

Dated:
May 29, 2020

 

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in its
    individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

Certificate
of Authentication

 

This
is one of the Class S Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
May 29, 2020

 

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in its
    individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

     A-10-11

     

    

 

EXHIBIT
A-11

 

FORM
OF CLASS R CERTIFICATE

 

THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE RISK RETENTION CONSULTATION PARTIES, THE TRUSTEE OR ANY
OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL
AGENCY OR INSTRUMENTALITY.

 

THIS
CERTIFICATE REPRESENTS THE “RESIDUAL INTEREST” IN FIVE “REAL ESTATE MORTGAGE INVESTMENT CONDUITS” AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(2) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”)
OF THE CODE. EACH TRANSFEREE OF THIS CERTIFICATE, BY ACCEPTANCE HEREOF, IS DEEMED TO HAVE ACCEPTED THIS CERTIFICATE SUBJECT TO
CERTAIN RESTRICTIONS ON TRANSFERABILITY TO DISQUALIFIED ORGANIZATIONS, DISQUALIFIED NON-U.S. TAX PERSONS OR AGENTS OF EITHER,
AS SET FORTH IN SECTION 5.032 OF THE POOLING AND SERVICING AGREEMENT, AND SHALL BE REQUIRED TO FURNISH AN AFFIDAVIT TO THE TRANSFEROR,
THE CERTIFICATE ADMINISTRATOR AND THE TRUSTEE TO THE EFFECT THAT, AMONG OTHER THINGS, (A) IT IS NOT A DISQUALIFIED ORGANIZATION,
AS SUCH TERM IS DEFINED IN SECTION 860E(e)(5) OF THE CODE, OR AN AGENT (INCLUDING A BROKER, NOMINEE OR OTHER MIDDLEMAN) FOR SUCH
DISQUALIFIED ORGANIZATION AND IS OTHERWISE A PERMITTED TRANSFEREE, (B) IT HAS HISTORICALLY PAID ITS DEBTS AS THEY HAVE COME DUE
AND INTENDS TO PAY ITS DEBTS AS THEY COME DUE IN THE FUTURE, (C) IT UNDERSTANDS THAT IT MAY INCUR TAX LIABILITIES WITH RESPECT
TO THIS CERTIFICATE IN EXCESS OF CASH FLOWS GENERATED HEREBY, (D) IT INTENDS TO PAY ANY TAXES ASSOCIATED WITH HOLDING THIS CERTIFICATE
AS THEY BECOME DUE, (E) IT WILL NOT CAUSE INCOME WITH RESPECT TO THIS CERTIFICATE TO BE ATTRIBUTABLE TO A FOREIGN PERMANENT ESTABLISHMENT
OR FIXED BASE, WITHIN THE MEANING OF AN APPLICABLE INCOME TAX TREATY, OF SUCH PERSON OR ANY OTHER U.S. PERSON AND (F) IT WILL
NOT TRANSFER THIS CERTIFICATE TO ANY PERSON OR ENTITY THAT DOES NOT PROVIDE A SIMILAR AFFIDAVIT. ANY PURPORTED TRANSFER TO A DISQUALIFIED
ORGANIZATION OR OTHER PERSON THAT IS NOT A PERMITTED TRANSFEREE OR OTHERWISE IN VIOLATION OF THESE RESTRICTIONS SHALL BE ABSOLUTELY
NULL AND VOID AND SHALL VEST NO RIGHTS IN ANY PURPORTED TRANSFEREE. THIS CERTIFICATE REPRESENTS ONE OR MORE “NON-ECONOMIC
RESIDUAL INTERESTS,” AS DEFINED IN TREASURY REGULATIONS SECTION 1.860E-1(c), AND THEREFORE, TRANSFERS OF THIS CERTIFICATE
MAY BE DISREGARDED FOR FEDERAL INCOME TAX PURPOSES. IN ORDER TO SATISFY A REGULATORY SAFE HARBOR UNDER WHICH SUCH TRANSFERS WILL
NOT BE

 

     A-11-1

     

    

 

DISREGARDED, THE TRANSFEROR MAY BE REQUIRED, AMONG OTHER CONDITIONS, TO SATISFY ITSELF AS TO THE FINANCIAL CONDITION OF
THE PROPOSED TRANSFEREE AND EITHER TO TRANSFER AT A MINIMUM PRICE OR TO AN ELIGIBLE TRANSFEREE AS SPECIFIED IN TREASURY REGULATIONS.

 

THE
HOLDER OF THIS CERTIFICATE, BY ACCEPTANCE HEREOF, IS DEEMED TO HAVE AGREED TO CONSENT TO THE DESIGNATION OF THE CERTIFICATE ADMINISTRATOR
AS “PARTNERSHIP REPRESENTATIVE” OF THE UPPER-TIER REMIC, THE LOWER-TIER REMIC AND THE TRUST SUBORDINATE COMPANION
LOAN REMIC PURSUANT TO SECTION 6223 OF THE CODE.

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE
REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES)
TO AN INSTITUTION THAT IS A NON-”U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN, AND IN ACCORDANCE
WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, OR (3) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES)
UPON INITIAL ISSUANCE ONLY, TO INSTITUTIONS THAT ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1),
(2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT (“REGULATION D”) AND ANY ENTITY IN WHICH ALL OF THE
EQUITY OWNERS ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D (COLLECTIVELY,
“INSTITUTIONAL ACCREDITED INVESTORS”), AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS
OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT. A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1
TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QIB OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL
ACCREDITED INVESTOR, AND MAY ALSO

 

     A-11-2

     

    

 

BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QIB WITHIN THE MEANING
OF RULE 144A.

 

THIS
CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT
PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE, OR ANY PERSON ACTING ON BEHALF OF ANY
SUCH PLAN OR USING THE ASSETS OF SUCH PLAN (INCLUDING AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS WITHIN THE MEANING
OF DEPARTMENT OF LABOR REGULATION § 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) TO ACQUIRE THIS CERTIFICATE.

 

TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED
TO BELOW.

 

ANY
HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT
MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

     A-11-3

     

    

 

BMARK
2020-IG3 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS R

 

	No.:
    R-1	Percentage
    Interest: [100]%
	 	 
	 	CUSIP:   [08162QAW9]1

         

        ISIN:       [US08162QAW96]2

 

This
certifies that [____] is the registered owner of the Percentage Interest evidenced by this Certificate in the Class R Certificates
issued by the Trust Fund. The Class R Certificateholder is not entitled to interest or principal distributions. The Class R Certificateholder
will be entitled to receive the proceeds of the remaining assets of the Upper-Tier REMIC, if any, on the Final Scheduled Distribution
Date for the Certificates, after distributions in respect of any accrued but unpaid interest on the Certificates and after distributions
in reduction of principal balance have reduced the principal balances of the Certificates to zero. It is not anticipated that
there will be any assets remaining in the Upper-Tier REMIC or Trust Fund on the Final Scheduled Distribution Date following
the distributions on the Regular Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage
Loans and the Trust Subordinate Companion Loans secured by first liens on commercial and multifamily properties and held in trust
by the Trustee and serviced by the Master Servicer. The Trust Fund was created, and the Mortgage Loans and the Trust Subordinate
Companion Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate,
by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and
is bound thereby.

 

The
Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), between the
Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),
Wells Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), and Wells Fargo Bank,
National Association, as certificate administrator (in such capacity, the “Certificate Administrator”), as
custodian and as paying agent, evidences the issuance of the Class A-2, Class A-3, Class A-4, Class A-SB, Class
X-A, Class A-S, Class B, Class C, Class D, Class S, Class R, Class RR, Class BX-A, Class BX-B, Class BX-C, Class T333-A,
Class T333-B, Class T333-C, Class T333-D, Class 825S-A, Class 825S-B, Class 825S-C, Class 825S-D and Class
825S-E Certificates and the BX-VRR Interest, the T333-VRR Interest and the 825S-VRR Interest (the “Certificates”;
the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”)
and the creation of the RR Interest. This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling
and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto
in the Pooling and Servicing Agreement. 

 

 

1
For Rule 144A Certificates 

2
For Rule 144A Certificates

 

     A-11-4

     

    

 

This
Class R Certificate represents the sole “residual interests” in five “real estate mortgage investment conduits”,
as those terms are defined, respectively, in Sections 860G(a)(2) and 860D of the Internal Revenue Code of 1986, as amended. Each
Holder of this Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this
Certificate in accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise
taxes and other taxes imposed on or measured by income. The Certificate Administrator shall be designated as the “partnership
representative” (within the meaning of Section 6223 of the Code) for each Trust REMIC.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the
United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set
forth therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only
upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the
Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates
as to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been
surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail
a second notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive
the final distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have
been surrendered for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to
contact the remaining non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses
of holding such funds in trust and of contacting such Certificateholders shall be paid out of such funds. Subject to applicable
state escheatment laws, if within two years after the second notice any such Certificates shall not have been surrendered for
cancellation, the Paying Agent shall distribute to the Certificate Administrator all amounts distributable to the Holders thereof,
and the Certificate Administrator

 

     A-11-5

     

    

 

shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i)
its termination as Certificate Administrator under the Pooling and Servicing Agreement and the transfer of such amounts to a successor
Certificate Administrator and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders.
No interest shall accrue or be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or
by the Certificate Administrator as a result of such Certificateholder’s failure to surrender its Certificate(s) for final
payment thereof in accordance with the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator
may be invested in Permitted Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder (other than the Trust Subordinate
Companion Loans, which are assets of the Trust Fund) therein): (i) such Mortgage Loans and Trust Subordinate Companion Loans as
from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii)
all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans and Trust Subordinate Companion Loans
due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect
of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security agreements related to the Mortgage Loans;
(vi) any indemnities or guaranties given as additional security for any Mortgage Loans and Trust Subordinate Companion Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and
Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts,
the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, the BX Industrial Portfolio
Gain-on-Sale Reserve Account, the Tower 333 Gain-on-Sale Reserve Account, the 825 South Hill Gain-on-Sale
Reserve Account and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties and the Trust Subordinate Companion Loans; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements
relating to document delivery requirements with respect to the Mortgage Loans and the representations and warranties of the related
Mortgage Loan Seller regarding its Mortgage Loans (and in the case of GACC, the Trust Subordinate Companion Loans); (xiii) the
Lower-Tier Regular Interests; (xiv) the Trust Subordinate Companion Loan REMIC Regular Interests; and (xv) the proceeds of
the foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts
and any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing
Agreement, withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.

 

     A-11-6

     

    

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them may treat
the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent or any
agent of any of them shall be affected by notice or knowledge to the contrary.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator and the Trustee without the consent of any of the Certificateholders, the RR Interest
Owner, the BX-VRR Interest Owner, the T333-VRR Interest Owner, the 825S-VRR Interest Owner or any Serviced Companion Loan Noteholders,
(i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement
or any Custodial Agreement to conform or be consistent with or in furtherance of the statements made in the Offering Circular
or the BX Industrial Portfolio Loan-Specific Offering Circular, the Tower 333 Loan-Specific Offering Circular or the 825
South Hill Loan-Specific Offering Circular with respect to the Certificates, the RR Interest, the Trust or the Pooling and
Servicing

 

     A-11-7

     

    

 

Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement
which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement;
(iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account;
provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related
Distribution Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder
or RR Interest Owner, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment or
as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC
or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding,
or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would
be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate
Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a)
such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any
such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder, RR Interest
Owner or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing
Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that such change shall
not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than
the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S.
Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing
Agreement or any other change; provided that the required action shall not adversely affect in any material respect the
interests of any Certificateholder, RR Interest Owner or any holder of a Pari Passu Companion Loan not consenting thereto as evidenced
in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency
Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings
of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates);
(vii) to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current
ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of
the Rating Agencies; provided that such amendment or supplement shall not adversely affect in any material respect the
interests of any Certificateholder or RR Interest Owner not consenting thereto as evidenced by an Opinion of Counsel, or any holder
of a Serviced Pari Passu Companion Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at
the expense of the party requesting such amendment or as evidenced by confirmation of the applicable Rating Agencies that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such Rating Agency Confirmation may be considered

 

     A-11-8

     

    

 

satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (viii) to modify the provisions
of Section 3.06 and Section 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances
and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control
Termination Event is not continuing, the Directing Holder, determine that the commercial mortgage backed securities industry standard
for such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect
the status of any Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of
the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such
rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to
compliance with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material
respects the interests of any Certificateholders or the RR Interest Owner, as evidenced by (x) an Opinion of Counsel or (y) if
any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided,
further, that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider
for posting to the 17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to
the Certificate Administrator’s Website; and (x) to modify, eliminate or add to any of its provisions (a) to such extent
as will be necessary to comply with the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b)
in the event the Risk Retention Rule or any other regulation applicable to the risk retention requirements for this securitization
transaction are amended or repealed, to the extent required to comply with any such amendment or to modify or eliminate the risk
retention requirements in the event of such repeal, as evidenced by an Opinion of Counsel.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator and the Trustee with the prior written consent of the RR Interest
Owner (if affected by such amendment) and the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders, the RR Interest Owner or the Serviced Companion Loan Noteholders; provided that no
such amendment may:

 

		(i)	reduce
in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans, Trust Subordinate Companion Loans
or Serviced Whole Loans which are required to be distributed on any Certificate or the RR Interest, without the consent of the
Holders of Certificates representing all of the Percentage Interests of the Class or Classes or the RR Interest Owner, as applicable,
affected thereby or which

 

     A-11-9

     

    

 

			are required to be
                                         distributed to any Companion Loan Noteholders without the consent of such Companion Loan
                                         Noteholders;

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the requirement to obtain consent of any Companion
                                         Loan Noteholder or Holder of the Loan-Specific Certificates, in any such case without
                                         the consent of the Holders of all Certificates of such Class then-outstanding or
                                         such Companion Loan Noteholder or Holder of the Loan-Specific Certificates, as applicable;

 

		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;

 

		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or

 

		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders and the
                                         RR Interest Owner or receipt of Rating Agency Confirmation from each Rating Agency and
                                         confirmation of the applicable rating agencies that such action will not result in the
                                         downgrade, withdrawal or qualification of its then-current ratings of any securities
                                         related to a Companion Loan, if any (provided that such rating agency confirmation
                                         may be considered satisfied in the same manner as any Rating Agency Confirmation may
                                         be considered satisfied with respect to the Certificates).

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, at any time and from
time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion Loan Noteholders, may amend
the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such extent as shall be necessary
to maintain the qualification of the Lower-Tier REMIC, the Trust Subordinate Companion Loan REMIC or the Upper-Tier REMIC
as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material
state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an
Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent
the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder
or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator
and the Trustee created by the Pooling and

 

     A-11-10

     

    

 

Servicing Agreement with respect to the Certificates and the RR Interest (other than
the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders and
the RR Interest Owner as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment)
to the Certificateholders, the RR Interest Owner and the Serviced Companion Loan Noteholders of all amounts held by or on behalf
of the Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing
Agreement to be so paid on the Distribution Date following the receipt or collection of the last payment due on any Mortgage Loan,
Trust Subordinate Companion Loan and REO Property (as applicable) included in the Trust Fund; provided that in no event
shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of the
last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living
on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose. 

 

     A-11-11

     

    

  

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class R Certificate to be duly executed.

 

Dated:
May 29, 2020

 

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in its
    individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Certificate
of Authentication

 

This
is one of the Class R Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
May 29, 2020

 

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in its
    individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

     A-11-12

     

    

 

EXHIBIT
A-12

 

FORM
OF CLASS RR CERTIFICATE

 

THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE RISK RETENTION CONSULTATION PARTIES, THE TRUSTEE OR ANY
OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL
AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE
REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES)
TO AN INSTITUTION THAT IS A NON-”U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN, AND IN ACCORDANCE
WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, OR (3) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES)
UPON INITIAL ISSUANCE ONLY, TO INSTITUTIONS THAT ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1),
(2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT (“REGULATION D”) AND ANY ENTITY IN WHICH ALL OF THE
EQUITY OWNERS ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D (COLLECTIVELY,
“INSTITUTIONAL ACCREDITED INVESTORS”), AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS
OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THIS
CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT
PLAN OR OTHER PLAN THAT IS SUBJECTTO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR TO SECTION 4975

 

     A-12-1

     

    

 

OF
THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32)
OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING
PROVISIONS OF ERISA OR THE CODE, OR ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN (INCLUDING AN
ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATION § 2510.3-101, AS
MODIFIED BY SECTION 3(42) OF ERISA) TO ACQUIRE THIS CERTIFICATE.

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS (I) A BENEFICIAL INTEREST IN MULTIPLE “REGULAR INTERESTS”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND
860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, AND (II) A BENEFICIAL INTEREST IN THE EXCESS INTEREST AND PROCEEDS THEREOF
IN THE EXCESS INTEREST DISTRIBUTION ACCOUNT.

 

THIS
CERTIFICATE IS INTENDED TO CONSTITUTE PART OF AN “ELIGIBLE VERTICAL INTEREST” (AS DEFINED IN REGULATION RR PROMULGATED
UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED), AND AS SUCH IS SUBJECT TO VARIOUS PROHIBITIONS ON HEDGING,
TRANSFER AND FINANCING SET FORTH IN REGULATION RR PROMULGATED UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.
THE INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR
AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT.

 

     A-12-2

     

    

 

BMARK
2020-IG3 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS RR CERTIFICATES

 

	Class
    RR Pass-Through Rate: N/A	 	CUSIP:    [08162QAY5]1

                                         [08162QAZ2]2

                                         

         

        ISIN:       [US08162QAY52]3

[US08162QAZ28]4 

	 	 	 
	Original
    Aggregate Certificate Balance of the

    Class RR Certificates: $24,048,739	 	Initial
    Certificate Balance of this Certificate: $[_____]
	 	 	 
	First
    Distribution Date: June 17, 2020	 	Cut-off
    Date: The close of business on the later of the related Due Date of such Mortgage Loan in May 2020 (or, in the case of any
    Mortgage Loan or Trust Subordinate Companion Loan that has its first Due Date after May 2020, the date that would have been
    its Due Date in May 2020 under the terms of that Mortgage Loan and Trust Subordinate Companion Loan if a Periodic Payment
    were scheduled to be due in that month) and the date of origination of such Mortgage Loan
	 	 	 
	Assumed
    Final Distribution Date: April 2030	 	No.:
    RR-[__]

 

This
certifies that [_______] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to
be made with respect to the Class RR Certificates. The Trust Fund, described more fully below, consists primarily of a pool of
Mortgage Loans and the Trust Subordinate Companion Loans secured by first liens on commercial and multifamily properties and held
in trust by the Trustee and serviced by the Master Servicer. The Trust Fund was created, and the Mortgage Loans and the Trust
Subordinate Companion Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The Holder
of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling and Servicing
Agreement and is bound thereby.

 

 

1
For Rule 144A Certificates 

2
For IAI Certificates 

3
For Rule 144A Certificates 

4
For IAI Certificates

 

     A-12-3

     

    

 

The
Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), between the
Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),
Wells Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), and Wells Fargo Bank,
National Association, as certificate administrator (in such capacity, the “Certificate Administrator”), as
custodian and as paying agent, evidences the issuance of the Class A-2, Class A-3, Class A-4, Class A-SB, Class X-A, Class A-S,
Class B, Class C, Class D, Class S, Class R, Class RR, Class BX-A, Class BX-B, Class BX-C, Class T333-A, Class T333-B, Class T333-C,
Class T333-D, Class 825S-A, Class 825S-B, Class 825S-C, Class 825S-D and Class 825S-E Certificates and the BX-VRR Interest, the
T333-VRR Interest and the 825S-VRR Interest (the “Certificates”; the Holders of Certificates issued under the
Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”) and the creation
of the RR Interest. This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement.
To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing
Agreement.

 

This
Certificate represents (i) a beneficial interest in multiple “regular interests” in a “real estate mortgage
investment conduit,” as those terms are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code
of 1986, as amended, and (ii) a beneficial interest in the Excess Interest and proceeds thereof in the Excess Interest Distribution
Account. Each Holder of this Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment
of, this Certificate in accordance with the preceding sentence for purposes of federal income taxes, state and local income and
franchise taxes and other taxes imposed on or measured by income.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based
on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest
then distributable, if any, allocable to the Class RR Certificates for such Distribution Date, all as more fully described in
the Pooling and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the
eleventh day of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in June 2020.
Holders of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and
Servicing Agreement.

 

     A-12-4

     

    

 

During
each Interest Accrual Period (as defined below), interest on the Class RR Certificates will be calculated based on a 360-day year
consisting of twelve 30-day months on the outstanding Certificate Balance hereof.

 

Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding
the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the
United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within
two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or
be payable to any Certificateholder on any amount held under the Pooling and

 

     A-12-5

     

    

 

Servicing Agreement or by the Certificate Administrator
as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted
Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder (other than the Trust Subordinate
Companion Loans, which are assets of the Trust Fund) therein): (i) such Mortgage Loans and Trust Subordinate Companion Loans as
from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii)
all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans and Trust Subordinate Companion Loans
due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of
any REO Property; (v) any Assignments of Leases, Rents and Profits and any security agreements related to the Mortgage Loans;
(vi) any indemnities or guaranties given as additional security for any Mortgage Loans and Trust Subordinate Companion Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, the BX Industrial Portfolio Gain-on-Sale
Reserve Account, the Tower 333 Gain-on-Sale Reserve Account, the 825 South Hill Gain-on-Sale Reserve Account and the Trust’s
interest in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as
applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security
interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties and the Trust Subordinate Companion
Loans; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements with
respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage
Loans (and in the case of GACC, the Trust Subordinate Companion Loans); (xiii) the Lower-Tier Regular Interests; (xiv) the Trust
Subordinate Companion Loan REMIC Regular Interests; and (xv) the proceeds of the foregoing (other than any interest earned on
deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest
belongs to the related Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of
the above accounts for purposes other than distributions to Certificateholders.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

     A-12-6

     

    

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them may treat
the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent or any
agent of any of them shall be affected by notice or knowledge to the contrary.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator and the Trustee without the consent of any of the Certificateholders, the RR Interest
Owner, the BX-VRR Interest Owner, the T333-VRR Interest Owner, the 825S-VRR Interest Owner or any Serviced Companion Loan Noteholders,
(i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement
or any Custodial Agreement to conform or be consistent with or in furtherance of the statements made in the Offering Circular
or the BX Industrial Portfolio Loan-Specific Offering Circular, the Tower 333 Loan-Specific Offering Circular or the 825 South
Hill Loan-Specific Offering Circular with respect to the Certificates, the RR Interest, the Trust or the Pooling and Servicing
Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement which may
be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement; (iii)
to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than

 

     A-12-7

     

    

 

the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder or RR Interest
Owner, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced
by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate or add to any
of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC or the Grantor
Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid
or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would be a claim
against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator
have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action
is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and
(b) such action will not adversely affect in any material respect the interests of any Certificateholder, RR Interest Owner or
Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing Agreement
restricting transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as
evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than the Transferor)
to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S. Tax Person;
(vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement
or any other change; provided that the required action shall not adversely affect in any material respect the interests
of any Certificateholder, RR Interest Owner or any holder of a Pari Passu Companion Loan not consenting thereto as evidenced in
writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement
any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to
each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies;
provided that such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder
or RR Interest Owner not consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion
Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided
that such Rating Agency Confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of the Pooling
and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if
(a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event is not continuing, the

 

     A-12-8

     

    

 

Directing
Holder, determine that the commercial mortgage backed securities industry standard for such provisions has changed, in order to
conform to such industry standard, (b) such modification does not adversely affect the status of any Trust REMIC as a REMIC or
the status of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of Counsel
and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan
Securities, the applicable rating agencies have delivered a confirmation that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix) to modify
the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided
that such amendment shall not adversely affect in any material respects the interests of any Certificateholders or the RR
Interest Owner, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation
from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall
give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website
and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website; and (x) to modify,
eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with the requirements of the Risk
Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule or any other regulation applicable
to the risk retention requirements for this securitization transaction are amended or repealed, to the extent required to comply
with any such amendment or to modify or eliminate the risk retention requirements in the event of such repeal, as evidenced by
an Opinion of Counsel.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator and the Trustee with the prior written consent of the RR Interest
Owner (if affected by such amendment) and the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders, the RR Interest Owner or the Serviced Companion Loan Noteholders; provided that no
such amendment may:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans, Trust Subordinate Companion Loans or Serviced Whole Loans which are required to
                                         be distributed on any Certificate or the RR Interest, without the consent of the Holders
                                         of Certificates representing all of the Percentage Interests of the Class or Classes
                                         or the RR Interest Owner, as applicable, affected thereby or which are required to be
                                         distributed to any Companion Loan Noteholders without the consent of such Companion Loan
                                         Noteholders;

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the

 

     A-12-9

     

    

 

		 	requirement to obtain consent of any Companion
                                         Loan Noteholder or Holder of the Loan-Specific Certificates, in any such case without
                                         the consent of the Holders of all Certificates of such Class then-outstanding or such
                                         Companion Loan Noteholder or Holder of the Loan-Specific Certificates, as applicable;

 

		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;

 

		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or

 

		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders and the
                                         RR Interest Owner or receipt of Rating Agency Confirmation from each Rating Agency and
                                         confirmation of the applicable rating agencies that such action will not result in the
                                         downgrade, withdrawal or qualification of its then-current ratings of any securities
                                         related to a Companion Loan, if any (provided that such rating agency confirmation
                                         may be considered satisfied in the same manner as any Rating Agency Confirmation may
                                         be considered satisfied with respect to the Certificates).

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, at any time and from
time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion Loan Noteholders, may amend
the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such extent as shall be necessary
to maintain the qualification of the Lower-Tier REMIC, the Trust Subordinate Companion Loan REMIC or the Upper-Tier REMIC as a
REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material state
or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an Opinion
of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the
imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder or
if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company Act
of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator
and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates and the RR Interest (other than
the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders and
the RR Interest Owner as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment)
to the Certificateholders, the RR Interest Owner and the Serviced Companion Loan Noteholders of all amounts held by or

 

     A-12-10

     

    

 

on behalf
of the Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing
Agreement to be so paid on the Distribution Date following the receipt or collection of the last payment due on any Mortgage Loan,
Trust Subordinate Companion Loan and REO Property (as applicable) included in the Trust Fund; provided that in no event
shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of
the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living
on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

     A-12-11

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class RR Certificate to be duly executed.

 

Dated:
May 29, 2020

 

	 

	WELLS
FARGO BANK, NATIONAL ASSOCIATION, not in its individual
capacity but solely as Certificate Administrator

	 

	 

	 

	By:

	

	 	 	Name:
	 

	 

	Title:

 

Certificate
of Authentication

 

This
is one of the Class RR Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
May 29, 2020

 

	 

	WELLS
FARGO BANK, NATIONAL ASSOCIATION, not in its individual
capacity but solely as Authenticating Agent

	 

	 

	 

	By:

	                

	 	 	Name:
	 

	 
	Title:

 

     A-12-12

     

    

 

EXHIBIT
A-13

 

FORM
OF CLASS BX-A [RULE 144A]1 [REG S]2 [IAI]3 CERTIFICATE

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]4

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE
REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES)
TO AN INSTITUTION THAT IS A NON-”U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN, AND IN ACCORDANCE
WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, OR (3) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES)
UPON INITIAL ISSUANCE ONLY, TO INSTITUTIONS THAT ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1),
(2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT (“REGULATION D”) AND ANY ENTITY IN WHICH ALL OF THE
EQUITY OWNERS ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D (COLLECTIVELY,
“INSTITUTIONAL ACCREDITED INVESTORS”), AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS
OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

 

1
                                         For Rule 144A Global Certificates only. 

2
For Reg S Global Certificates only. 

3
For IAI Certificates only. 

4
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

  

     A-13-1

     

    

 

THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT. A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1
TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QIB OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL
ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QIB WITHIN THE MEANING
OF RULE 144A.

 

ANY
HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT
MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE RISK RETENTION CONSULTATION PARTIES, THE TRUSTEE OR ANY
OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING TRUST SUBORDINATE COMPANION LOANS ARE INSURED OR GUARANTEED
BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED
TO BELOW.

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE
OF 1986, AS AMENDED.

 

THIS
CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT
PLAN OR OTHER PLAN THAT IS SUBJECT TO THE

 

     A-13-2

     

    

 

FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE, OR ANY PERSON ACTING ON BEHALF OF ANY
SUCH PLAN OR USING THE ASSETS OF SUCH PLAN (INCLUDING AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS WITHIN THE MEANING
OF DEPARTMENT OF LABOR REGULATION § 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) TO ACQUIRE THIS CERTIFICATE, UNLESS
(A) SUCH PERSON IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a)(1) OF REGULATION D OF THE SECURITIES AND EXCHANGE
COMMISSION UNDER THE SECURITIES ACT OF 1933, AND (B) THE ACQUISITION, HOLDING AND DISPOSITION OF THE CERTIFICATES BY SUCH PERSON
WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER ERISA OR SECTION 4975 OF THE CODE (OR A NON-EXEMPT
VIOLATION OF SIMILAR LAW).

 

[THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS
AFTER THE OFFERING OF THE CERTIFICATES, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO
A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]5

 

 

5
For Reg S Global Certificates only.

 

     A-13-3

     

    

 

BMARK
2020-IG3 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS BX-A

 

	Class
    BX-A Pass-Through Rate: Net Mortgage Rate on the BX Industrial Portfolio Trust Subordinate Companion Loan	 	CUSIP:    [08162QBA6]6

[U0812VAN6]7

[08162QBB4]8

         

        ISIN:       [US08162QBA67]9

[USU0812VAN65]10

[US08162QBB41]11 

	 	 	 
	Original
    Aggregate Certificate Balance of the

    Class BX-A Certificates: $21,576,000	 	Initial
    Certificate Balance of this Certificate: $[__]
	 	 	 
	First
    Distribution Date: June 17, 2020	 	Cut-off
    Date: The close of business on the later of the related Due Date of such Mortgage Loan in May 2020 (or, in the case of any
    Mortgage Loan or Trust Subordinate Companion Loan that has its first Due Date after May 2020, the date that would have been
    its Due Date in May 2020 under the terms of that Mortgage Loan and Trust Subordinate Companion Loan if a Periodic Payment
    were scheduled to be due in that month) and the date of origination of such Mortgage Loan
	 	 	 
	Assumed
    Final Distribution Date: October 2026	 	No.:
    BX-A -[__]

 

This
certifies that [_______] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to
be made with respect to the Class BX-A Certificates. The Trust Fund, described more fully below, consists primarily of a pool
of Mortgage Loans and the Trust Subordinate Companion Loans secured by first liens on commercial and multifamily properties and
held in trust by the Trustee and serviced by the Master Servicer. The Trust Fund was created, and the Mortgage Loans and the Trust
Subordinate Companion Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The Holder
of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling and Servicing
Agreement and is bound thereby.

 

 

6
For Rule 144A Certificates 

7
For Regulation S Certificates 

8
For IAI Certificates 

9
For Rule 144A Certificates 

10
For Regulation S Certificates 

11
For IAI Certificates

 

     A-13-4

     

    

 

The
Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), between the
Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),
Wells Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), and Wells Fargo Bank,
National Association, as certificate administrator (in such capacity, the “Certificate Administrator”), as
custodian and as paying agent, evidences the issuance of the Class A-2, Class A-3, Class A-4, Class A-SB, Class X-A, Class A-S,
Class B, Class C, Class D, Class S, Class R, Class RR, Class BX-A, Class BX-B, Class BX-C, Class T333-A, Class T333-B, Class T333-C,
Class T333-D, Class 825S-A, Class 825S-B, Class 825S-C, Class 825S-D and Class 825S-E Certificates and the BX-VRR Interest, the
T333-VRR Interest and the 825S-VRR Interest (the “Certificates”; the Holders of Certificates issued under the
Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”) and the creation
of the RR Interest. This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement.
To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing
Agreement.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based
on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest
then distributable, if any, allocable to the Class BX-A Certificates for such Distribution Date, all as more fully described in
the Pooling and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the
eleventh day of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in June 2020.
Holders of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and
Servicing Agreement.

 

During
each Interest Accrual Period (as defined below), interest on the Class BX-A Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.

 

     A-13-5

     

    

 

Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding
the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the
United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within
two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or
be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator
as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be

 

     A-13-6

     

    

 

invested in Permitted
Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Trust
Subordinate Companion Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder (other than the Trust Subordinate
Companion Loans, which are assets of the Trust Fund) therein): (i) such Mortgage Loans and Trust Subordinate Companion Loans as
from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii)
all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans and Trust Subordinate Companion Loans
due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of
any REO Property; (v) any Assignments of Leases, Rents and Profits and any security agreements related to the Mortgage Loans;
(vi) any indemnities or guaranties given as additional security for any Mortgage Loans and Trust Subordinate Companion Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, the BX Industrial Portfolio Gain-on-Sale
Reserve Account, the Tower 333 Gain-on-Sale Reserve Account, the 825 South Hill Gain-on-Sale Reserve Account and the Trust’s
interest in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as
applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security
interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties and the Trust Subordinate Companion
Loans; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements with
respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage
Loans (and in the case of GACC, the Trust Subordinate Companion Loans); (xiii) the Lower-Tier Regular Interests; (xiv) the Trust
Subordinate Companion Loan REMIC Regular Interests; and (xv) the proceeds of the foregoing (other than any interest earned on
deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest
belongs to the related Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of
the above accounts for purposes other than distributions to Certificateholders.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and

 

     A-13-7

     

    

 

transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them may treat
the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent or any
agent of any of them shall be affected by notice or knowledge to the contrary.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator and the Trustee without the consent of any of the Certificateholders, the RR Interest
Owner, the BX-VRR Interest Owner, the T333-VRR Interest Owner, the 825S-VRR Interest Owner or any Serviced Companion Loan Noteholders,
(i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement
or any Custodial Agreement to conform or be consistent with or in furtherance of the statements made in the Offering Circular
or the BX Industrial Portfolio Loan-Specific Offering Circular, the Tower 333 Loan-Specific Offering Circular or the 825 South
Hill Loan-Specific Offering Circular with respect to the Certificates, the RR Interest, the Trust or the Pooling and Servicing
Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement which may
be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement; (iii)
to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder or RR Interest
Owner, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such 

 

     A-13-8

     

    

 

amendment
or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify,
eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust
REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any
Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or
the Grantor Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that
the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting
such amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or
minimize the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect the
interests of any Certificateholder, RR Interest Owner or Companion Loan Noteholder; (v) to modify, eliminate or add to the
provisions any provision of the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided
the Depositor has determined that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any
Trust REMIC or any of the Certificateholders (other than the Transferor) to be subject to a federal tax caused by a Transfer
to a Person that is a Disqualified Organization or a Non-U.S. Tax Person; (vi) to revise or add any other provisions with
respect to matters or questions arising under the Pooling and Servicing Agreement or any other change; provided that
the required action shall not adversely affect in any material respect the interests of any Certificateholder, RR Interest
Owner or any holder of a Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel,
at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating
Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action
will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a
Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same
manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or
supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings
assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the
Rating Agencies; provided that such amendment or supplement shall not adversely affect in any material respect the
interests of any Certificateholder or RR Interest Owner not consenting thereto as evidenced by an Opinion of Counsel, or any
holder of a Serviced Pari Passu Companion Loan not consenting to such revision or addition, as evidenced by an Opinion of
Counsel at the expense of the party requesting such amendment or as evidenced by confirmation of the applicable Rating
Agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any
securities related to a Companion Loan, if any (provided that such Rating Agency Confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates);
(viii) to modify the provisions of Section 3.06 and Section 3.17 of the Pooling and Servicing Agreement (with respect
to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master
Servicer, the Trustee and, for so long as a Control Termination Event is not continuing, the Directing
Holder, determine that the commercial mortgage backed securities industry standard for such provisions has changed, in order to
conform to such industry standard, (b) such modification does not adversely affect the status of any Trust REMIC as a REMIC or
the status 

 

     A-13-9

     

    

 

of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of Counsel
and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan
Securities, the applicable rating agencies have delivered a confirmation that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix) to modify
the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided
that such amendment shall not adversely affect in any material respects the interests of any Certificateholders or the RR
Interest Owner, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation
from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall
give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website
and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website; and (x) to modify,
eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with the requirements of the Risk
Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule or any other regulation applicable
to the risk retention requirements for this securitization transaction are amended or repealed, to the extent required to comply
with any such amendment or to modify or eliminate the risk retention requirements in the event of such repeal, as evidenced by
an Opinion of Counsel.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator and the Trustee with the prior written consent of the RR Interest
Owner (if affected by such amendment) and the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders, the RR Interest Owner or the Serviced Companion Loan Noteholders; provided that no
such amendment may:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans, Trust Subordinate Companion Loans or Serviced Whole Loans which are required to
                                         be distributed on any Certificate or the RR Interest, without the consent of the Holders
                                         of Certificates representing all of the Percentage Interests of the Class or Classes
                                         or the RR Interest Owner, as applicable, affected thereby or which are required to be
                                         distributed to any Companion Loan Noteholders without the consent of such Companion Loan
                                         Noteholders;

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the requirement to obtain consent of any Companion
                                         Loan Noteholder or Holder of the Loan-Specific Certificates, in any such case without
                                         the consent of the Holders of all Certificates of such Class then-outstanding or 

 

     A-13-10

     

    

 

		 	 such
                                         Companion Loan Noteholder or Holder of the Loan-Specific Certificates, as applicable;

 

		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;

 

		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or

 

		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders and the
                                         RR Interest Owner or receipt of Rating Agency Confirmation from each Rating Agency and
                                         confirmation of the applicable rating agencies that such action will not result in the
                                         downgrade, withdrawal or qualification of its then-current ratings of any securities
                                         related to a Companion Loan, if any (provided that such rating agency confirmation
                                         may be considered satisfied in the same manner as any Rating Agency Confirmation may
                                         be considered satisfied with respect to the Certificates).

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, at any time and from
time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion Loan Noteholders, may amend
the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such extent as shall be necessary
to maintain the qualification of the Lower-Tier REMIC, the Trust Subordinate Companion Loan REMIC or the Upper-Tier REMIC as a
REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material state
or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an Opinion
of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the
imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder or
if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company Act
of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate
Administrator and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates and the RR
Interest (other than the obligations of the Certificate Administrator to make certain payments and to send certain notices to
Certificateholders and the RR Interest Owner as set forth in the Pooling and Servicing Agreement) shall terminate upon
payment (or provision for payment) to the Certificateholders, the RR Interest Owner and the Serviced Companion Loan
Noteholders of all amounts held by or on behalf
of the Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing
Agreement to be so paid on the Distribution Date following the receipt or collection of the last payment due on any Mortgage Loan,
Trust

 

     A-13-11

     

    

 

 Subordinate Companion Loan and REO Property (as applicable) included in the Trust Fund; provided that in no event
shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of
the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living
on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

     A-13-12

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class BX-A Certificate to be duly executed.

 

Dated:
May 29, 2020

 

	 

	WELLS
FARGO BANK, NATIONAL ASSOCIATION, not in its individual
capacity but solely as Certificate Administrator

	 

	 

	 

	By:

	

	 	 	Name:
	 

	 

	Title:

 

Certificate
of Authentication

 

This
is one of the Class BX-A Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
May 29, 2020

 

	 

	WELLS
FARGO BANK, NATIONAL ASSOCIATION, not in its individual
capacity but solely as Authenticating Agent

	 

	 

	 

	By:

	          

	 	 	Name:
	 

	 
	Title:

  

     A-13-13

     

    

 

EXHIBIT
A-14

 

FORM
OF CLASS BX-B [RULE 144A]1 [REG S]2 [IAI]3 CERTIFICATE

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]4

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE
REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES)
TO AN INSTITUTION THAT IS A NON-”U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN, AND IN ACCORDANCE
WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, OR (3) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES)
UPON INITIAL ISSUANCE ONLY, TO INSTITUTIONS THAT ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1),
(2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT (“REGULATION D”) AND ANY ENTITY IN WHICH ALL OF THE
EQUITY OWNERS ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D (COLLECTIVELY,
“INSTITUTIONAL ACCREDITED INVESTORS”), AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS
OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

 

1
For Rule 144A Global Certificates only. 

2
For Reg S Global Certificates only. 

3
For IAI Certificates only. 

4
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

     A-14-1

     

    

 

THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT. A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1
TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QIB OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL
ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QIB WITHIN THE MEANING
OF RULE 144A.

 

ANY
HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT
MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE RISK RETENTION CONSULTATION PARTIES, THE TRUSTEE OR ANY
OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING TRUST SUBORDINATE COMPANION LOANS ARE INSURED OR GUARANTEED
BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED
TO BELOW.

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE
OF 1986, AS AMENDED.

 

THIS
CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT
PLAN OR OTHER PLAN THAT IS SUBJECT TO THE

 

     A-14-2

     

    

 

FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE, OR ANY PERSON ACTING ON BEHALF OF ANY
SUCH PLAN OR USING THE ASSETS OF SUCH PLAN (INCLUDING AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS WITHIN THE MEANING
OF DEPARTMENT OF LABOR REGULATION § 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) TO ACQUIRE THIS CERTIFICATE, UNLESS
(A) SUCH PERSON IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a)(1) OF REGULATION D OF THE SECURITIES AND EXCHANGE
COMMISSION UNDER THE SECURITIES ACT OF 1933, AND (B) THE ACQUISITION, HOLDING AND DISPOSITION OF THE CERTIFICATES BY SUCH PERSON
WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER ERISA OR SECTION 4975 OF THE CODE (OR A NON-EXEMPT
VIOLATION OF SIMILAR LAW).

 

[THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS
AFTER THE OFFERING OF THE CERTIFICATES, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO
A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]5

 

 

5
For Reg S Global Certificates only.

 

     A-14-3

     

    

 

BMARK
2020-IG3 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS BX-B

 

	Class
    BX-B Pass-Through Rate: Net Mortgage Rate on the BX Industrial Portfolio Trust Subordinate Companion Loan	 	CUSIP:    [08162QBC2]6

                                         [U0812VAP1]7

                                         [08162QBD0]8

         

        ISIN:       [US08162QBC24]9

[USU0812VAP14]10

[US08162QBD07]11

	 	 	 
	Original
    Aggregate Certificate Balance of the

    Class BX-B Certificates: $40,428,000	 	Initial
    Certificate Balance of this Certificate: $[__]
	 	 	 
	First
    Distribution Date: June 17, 2020	 	Cut-off
    Date: The close of business on the later of the related Due Date of such Mortgage Loan in May 2020 (or, in the case of any
    Mortgage Loan or Trust Subordinate Companion Loan that has its first Due Date after May 2020, the date that would have been
    its Due Date in May 2020 under the terms of that Mortgage Loan and Trust Subordinate Companion Loan if a Periodic Payment
    were scheduled to be due in that month) and the date of origination of such Mortgage Loan
	 	 	 
	Assumed
    Final Distribution Date: October 2026	 	No.:
    BX-B -[__]

 

This
certifies that [_______] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to
be made with respect to the Class BX-B Certificates. The Trust Fund, described more fully below, consists primarily of a pool
of Mortgage Loans and the Trust Subordinate Companion Loans secured by first liens on commercial and multifamily properties and
held in trust by the Trustee and serviced by the Master Servicer. The Trust Fund was created, and the Mortgage Loans and the Trust
Subordinate Companion Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The Holder
of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling and Servicing
Agreement and is bound thereby.

 

 

6
For Rule 144A Certificates 

7
For Regulation S Certificates 

8
For IAI Certificates 

9
For Rule 144A Certificates 

10
For Regulation S Certificates 

11
For IAI Certificates

 

     A-14-4

     

    

 

The
Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), between the
Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),
Wells Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), and Wells Fargo Bank,
National Association, as certificate administrator (in such capacity, the “Certificate Administrator”), as
custodian and as paying agent, evidences the issuance of the Class A-2, Class A-3, Class A-4, Class A-SB, Class X-A, Class A-S,
Class B, Class C, Class D, Class S, Class R, Class RR, Class BX-A, Class BX-B, Class BX-C, Class T333-A, Class T333-B, Class T333-C,
Class T333-D, Class 825S-A, Class 825S-B, Class 825S-C, Class 825S-D and Class 825S-E Certificates and the BX-VRR Interest, the
T333-VRR Interest and the 825S-VRR Interest (the “Certificates”; the Holders of Certificates issued under the
Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”) and the creation
of the RR Interest. This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement.
To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing
Agreement.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based
on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest
then distributable, if any, allocable to the Class BX-B Certificates for such Distribution Date, all as more fully described in
the Pooling and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the
eleventh day of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in June 2020.
Holders of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and
Servicing Agreement.

 

During
each Interest Accrual Period (as defined below), interest on the Class BX-B Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.

 

     A-14-5

     

    

 

Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding
the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the
United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within
two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or
be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator
as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be

 

     A-14-6

     

    

 

invested in Permitted
Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Trust
Subordinate Companion Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder (other than the Trust Subordinate
Companion Loans, which are assets of the Trust Fund) therein): (i) such Mortgage Loans and Trust Subordinate Companion Loans as
from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii)
all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans and Trust Subordinate Companion Loans
due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of
any REO Property; (v) any Assignments of Leases, Rents and Profits and any security agreements related to the Mortgage Loans;
(vi) any indemnities or guaranties given as additional security for any Mortgage Loans and Trust Subordinate Companion Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, the BX Industrial Portfolio Gain-on-Sale
Reserve Account, the Tower 333 Gain-on-Sale Reserve Account, the 825 South Hill Gain-on-Sale Reserve Account and the Trust’s
interest in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as
applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security
interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties and the Trust Subordinate Companion
Loans; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements with
respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage
Loans (and in the case of GACC, the Trust Subordinate Companion Loans); (xiii) the Lower-Tier Regular Interests; (xiv) the Trust
Subordinate Companion Loan REMIC Regular Interests; and (xv) the proceeds of the foregoing (other than any interest earned on
deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest
belongs to the related Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of
the above accounts for purposes other than distributions to Certificateholders.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and

 

     A-14-7

     

    

 

transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them may treat
the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent or any
agent of any of them shall be affected by notice or knowledge to the contrary.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator and the Trustee without the consent of any of the Certificateholders, the RR Interest
Owner, the BX-VRR Interest Owner, the T333-VRR Interest Owner, the 825S-VRR Interest Owner or any Serviced Companion Loan Noteholders,
(i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement
or any Custodial Agreement to conform or be consistent with or in furtherance of the statements made in the Offering Circular
or the BX Industrial Portfolio Loan-Specific Offering Circular, the Tower 333 Loan-Specific Offering Circular or the 825 South
Hill Loan-Specific Offering Circular with respect to the Certificates, the RR Interest, the Trust or the Pooling and Servicing
Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement which may
be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement; (iii)
to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder or RR Interest
Owner, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such

 

     A-14-8

     

    

 

amendment or as evidenced
by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate or add to any
of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC or the Grantor
Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid
or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would be a claim
against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator
have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action
is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and
(b) such action will not adversely affect in any material respect the interests of any Certificateholder, RR Interest Owner or
Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing Agreement
restricting transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as
evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than the Transferor)
to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S. Tax Person;
(vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement
or any other change; provided that the required action shall not adversely affect in any material respect the interests
of any Certificateholder, RR Interest Owner or any holder of a Pari Passu Companion Loan not consenting thereto as evidenced in
writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement
any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to
each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies;
provided that such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder
or RR Interest Owner not consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion
Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided
that such Rating Agency Confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of the Pooling
and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if
(a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event is not continuing, the Directing
Holder, determine that the commercial mortgage backed securities industry standard for such provisions has changed, in order to
conform to such industry standard, (b) such modification does not adversely affect the status of any Trust REMIC as a REMIC or
the status

 

     A-14-9

     

    

 

of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of Counsel
and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan
Securities, the applicable rating agencies have delivered a confirmation that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix) to modify
the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided
that such amendment shall not adversely affect in any material respects the interests of any Certificateholders or the RR
Interest Owner, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation
from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall
give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website
and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website; and (x) to modify,
eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with the requirements of the Risk
Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule or any other regulation applicable
to the risk retention requirements for this securitization transaction are amended or repealed, to the extent required to comply
with any such amendment or to modify or eliminate the risk retention requirements in the event of such repeal, as evidenced by
an Opinion of Counsel.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator and the Trustee with the prior written consent of the RR Interest
Owner (if affected by such amendment) and the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders, the RR Interest Owner or the Serviced Companion Loan Noteholders; provided that no
such amendment may:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans, Trust Subordinate Companion Loans or Serviced Whole Loans which are required to
                                         be distributed on any Certificate or the RR Interest, without the consent of the Holders
                                         of Certificates representing all of the Percentage Interests of the Class or Classes
                                         or the RR Interest Owner, as applicable, affected thereby or which are required to be
                                         distributed to any Companion Loan Noteholders without the consent of such Companion Loan
                                         Noteholders;

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the requirement to obtain consent of any Companion
                                         Loan Noteholder or Holder of the Loan-Specific Certificates, in any such case without
                                         the consent of the Holders of all Certificates of such Class then-outstanding or

 

     A-14-10

     

    

 

		 	such
                                         Companion Loan Noteholder or Holder of the Loan-Specific Certificates, as applicable;

 

		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;

 

		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or

 

		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders and the
                                         RR Interest Owner or receipt of Rating Agency Confirmation from each Rating Agency and
                                         confirmation of the applicable rating agencies that such action will not result in the
                                         downgrade, withdrawal or qualification of its then-current ratings of any securities
                                         related to a Companion Loan, if any (provided that such rating agency confirmation
                                         may be considered satisfied in the same manner as any Rating Agency Confirmation may
                                         be considered satisfied with respect to the Certificates).

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, at any time and from
time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion Loan Noteholders, may amend
the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such extent as shall be necessary
to maintain the qualification of the Lower-Tier REMIC, the Trust Subordinate Companion Loan REMIC or the Upper-Tier REMIC as a
REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material state
or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an Opinion
of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the
imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder or
if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company Act
of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator
and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates and the RR Interest (other than
the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders and
the RR Interest Owner as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment)
to the Certificateholders, the RR Interest Owner and the Serviced Companion Loan Noteholders of all amounts held by or on behalf
of the Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing
Agreement to be so paid on the Distribution Date following the receipt or collection of the last payment due on any Mortgage Loan,
Trust

 

     A-14-11

     

    

 

Subordinate Companion Loan and REO Property (as applicable) included in the Trust Fund; provided that in no event
shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of
the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living
on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

     A-14-12

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class BX-B Certificate to be duly executed.

 

Dated:
May 29, 2020

 

	 

	WELLS
FARGO BANK, NATIONAL ASSOCIATION, not in its individual
capacity but solely as Certificate Administrator

	 

	 

	 

	By:

	

	 	 	Name:
	 

	 

	Title:

  

Certificate
of Authentication

 

This
is one of the Class BX-AB Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
May 29, 2020

 

	 

	WELLS
FARGO BANK, NATIONAL ASSOCIATION, not in its individual
capacity but solely as Authenticating Agent

	 

	 

	 

	By:

	              

	 	 	Name:
	 

	 
	Title:

 

     A-14-13

     

    

 

EXHIBIT
A-15

 

FORM
OF CLASS BX-C [RULE 144A]1 [REG S]2 [IAI]3 CERTIFICATE

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]4

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE
REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES)
TO AN INSTITUTION THAT IS A NON-”U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN, AND IN ACCORDANCE
WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, OR (3) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES)
UPON INITIAL ISSUANCE ONLY, TO INSTITUTIONS THAT ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1),
(2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT (“REGULATION D”) AND ANY ENTITY IN WHICH ALL OF THE
EQUITY OWNERS ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D (COLLECTIVELY,
“INSTITUTIONAL ACCREDITED INVESTORS”), AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS
OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

 

1
For Rule 144A Global Certificates only. 

2
 For Reg S Global Certificates only. 

3
 For IAI Certificates only. 

4
 Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

     A-15-1

     

    

 

THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT. A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1
TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QIB OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL
ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QIB WITHIN THE MEANING
OF RULE 144A.

 

ANY
HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT
MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE RISK RETENTION CONSULTATION PARTIES, THE TRUSTEE OR ANY
OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING TRUST SUBORDINATE COMPANION LOANS ARE INSURED OR GUARANTEED
BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED
TO BELOW.

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE
OF 1986, AS AMENDED.

 

THIS
CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT
PLAN OR OTHER PLAN THAT IS SUBJECT TO THE

 

     A-15-2

     

    

 

FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAW”), OR
ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN (INCLUDING AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE
PLAN ASSETS WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATION § 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) TO
ACQUIRE THIS CERTIFICATE, UNLESS (A)(I) SUCH PERSON IS AN “INSURANCE COMPANY GENERAL ACCOUNT” WITHIN THE MEANING OF
PROHIBITED TRANSACTION CLASS EXEMPTION 95-60, AND (II) ALL CONDITIONS OF SECTIONS I AND III OF PROHIBITED TRANSACTION CLASS EXEMPTION
95-60 WILL BE MET WITH RESPECT TO SUCH INSURANCE COMPANY GENERAL ACCOUNT’S ACQUISITION, HOLDING AND DISPOSITION OF THIS
CERTIFICATE, OR (B) WITH RESPECT TO THE ACQUISITION, HOLDING OR DISPOSITION OF THIS CERTIFICATE BY ANY PLAN SUBJECT TO SIMILAR
LAW, SUCH ACQUISITION, HOLDING AND DISPOSITION BY SUCH PLAN WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT VIOLATION
OF SIMILAR LAW.

 

[THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS
AFTER THE OFFERING OF THE CERTIFICATES, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO
A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]5

 

 

5 For Reg S Global Certificates only.

 

     A-15-3

     

    

 

BMARK
2020-IG3 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS BX-C

 

	Class
    BX-C Pass-Through Rate: Net Mortgage Rate on the BX Industrial Portfolio Trust Subordinate Companion Loan	 	CUSIP:    [08162Q BE8]6

                                         [U0812V AQ9]7

                                         [08162Q BF5]8

         

        ISIN:        [US08162QBE89]9

[USU0812VAQ96]10

[US08162QBF54]11 

	 	 	 
	Original
    Aggregate Certificate Balance of the

    Class BX-C Certificates: $6,966,000	 	Initial
    Certificate Balance of this Certificate: $[__]
	 	 	 
	First
    Distribution Date: June 17, 2020	 	Cut-off
    Date: The close of business on the later of the related Due Date of such Mortgage Loan in May 2020 (or, in the case of any
    Mortgage Loan or Trust Subordinate Companion Loan that has its first Due Date after May 2020, the date that would have been
    its Due Date in May 2020 under the terms of that Mortgage Loan and Trust Subordinate Companion Loan if a Periodic Payment
    were scheduled to be due in that month) and the date of origination of such Mortgage Loan
	 	 	 
	Assumed
    Final Distribution Date: October 2026	 	No.:
    BX-C -[__]

 

This
certifies that [_______] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to
be made with respect to the Class BX-C Certificates. The Trust Fund, described more fully below, consists primarily of a pool
of Mortgage Loans and the Trust Subordinate Companion Loans secured by first liens on commercial and multifamily properties and
held in trust by the Trustee and serviced by the Master Servicer. The Trust Fund was created, and the Mortgage Loans and the Trust
Subordinate Companion Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The Holder
of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling and Servicing
Agreement and is bound thereby.

 

 

6
For Rule 144A Certificates 

7
For Regulation S Certificates 

8
For IAI Certificates 

9
For Rule 144A Certificates 

10
For Regulation S Certificates 

11
For IAI Certificates

 

     A-15-4

     

    

 

The
Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), between the
Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),
Wells Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), and Wells Fargo Bank,
National Association, as certificate administrator (in such capacity, the “Certificate Administrator”), as
custodian and as paying agent, evidences the issuance of the Class A-2, Class A-3, Class A-4, Class A-SB, Class X-A, Class A-S,
Class B, Class C, Class D, Class S, Class R, Class RR, Class BX-A, Class BX-B, Class BX-C, Class T333-A, Class T333-B, Class T333-C,
Class T333-D, Class 825S-A, Class 825S-B, Class 825S-C, Class 825S-D and Class 825S-E Certificates and the BX-VRR Interest, the
T333-VRR Interest and the 825S-VRR Interest (the “Certificates”; the Holders of Certificates issued under the
Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”) and the creation
of the RR Interest. This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement.
To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing
Agreement.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based
on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest
then distributable, if any, allocable to the Class BX-C Certificates for such Distribution Date, all as more fully described in
the Pooling and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the
eleventh day of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in June 2020.
Holders of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and
Servicing Agreement.

 

During
each Interest Accrual Period (as defined below), interest on the Class BX-C Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.

 

     A-15-5

     

    

 

Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding
the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the
United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within
two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or
be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator
as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be

 

     A-15-6

     

    

 

invested in Permitted
Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Trust
Subordinate Companion Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder (other than the Trust Subordinate
Companion Loans, which are assets of the Trust Fund) therein): (i) such Mortgage Loans and Trust Subordinate Companion Loans as
from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii)
all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans and Trust Subordinate Companion Loans
due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of
any REO Property; (v) any Assignments of Leases, Rents and Profits and any security agreements related to the Mortgage Loans;
(vi) any indemnities or guaranties given as additional security for any Mortgage Loans and Trust Subordinate Companion Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, the BX Industrial Portfolio Gain-on-Sale
Reserve Account, the Tower 333 Gain-on-Sale Reserve Account, the 825 South Hill Gain-on-Sale Reserve Account and the Trust’s
interest in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as
applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security
interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties and the Trust Subordinate Companion
Loans; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements with
respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage
Loans (and in the case of GACC, the Trust Subordinate Companion Loans); (xiii) the Lower-Tier Regular Interests; (xiv) the Trust
Subordinate Companion Loan REMIC Regular Interests; and (xv) the proceeds of the foregoing (other than any interest earned on
deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest
belongs to the related Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of
the above accounts for purposes other than distributions to Certificateholders.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and

 

     A-15-7

     

    

 

transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them may treat
the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent or any
agent of any of them shall be affected by notice or knowledge to the contrary.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator and the Trustee without the consent of any of the Certificateholders, the RR Interest
Owner, the BX-VRR Interest Owner, the T333-VRR Interest Owner, the 825S-VRR Interest Owner or any Serviced Companion Loan Noteholders,
(i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement
or any Custodial Agreement to conform or be consistent with or in furtherance of the statements made in the Offering Circular
or the BX Industrial Portfolio Loan-Specific Offering Circular, the Tower 333 Loan-Specific Offering Circular or the 825 South
Hill Loan-Specific Offering Circular with respect to the Certificates, the RR Interest, the Trust or the Pooling and Servicing
Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement which may
be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement; (iii)
to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder or RR Interest
Owner, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such

 

     A-15-8

     

    

 

amendment or as evidenced
by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate or add to any
of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC or the Grantor
Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid
or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would be a claim
against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator
have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action
is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and
(b) such action will not adversely affect in any material respect the interests of any Certificateholder, RR Interest Owner or
Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing Agreement
restricting transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as
evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than the Transferor)
to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S. Tax Person;
(vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement
or any other change; provided that the required action shall not adversely affect in any material respect the interests
of any Certificateholder, RR Interest Owner or any holder of a Pari Passu Companion Loan not consenting thereto as evidenced in
writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement
any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to
each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies;
provided that such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder
or RR Interest Owner not consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion
Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided
that such Rating Agency Confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of the Pooling
and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if
(a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event is not continuing, the Directing
Holder, determine that the commercial mortgage backed securities industry standard for such provisions has changed, in order to
conform to such industry standard, (b) such modification does not adversely affect the status of any Trust REMIC as a REMIC or
the status

 

     A-15-9

     

    

 

of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of Counsel
and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan
Securities, the applicable rating agencies have delivered a confirmation that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix) to modify
the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided
that such amendment shall not adversely affect in any material respects the interests of any Certificateholders or the RR
Interest Owner, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation
from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall
give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website
and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website; and (x) to modify,
eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with the requirements of the Risk
Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule or any other regulation applicable
to the risk retention requirements for this securitization transaction are amended or repealed, to the extent required to comply
with any such amendment or to modify or eliminate the risk retention requirements in the event of such repeal, as evidenced by
an Opinion of Counsel.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator and the Trustee with the prior written consent of the RR Interest
Owner (if affected by such amendment) and the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders, the RR Interest Owner or the Serviced Companion Loan Noteholders; provided that no
such amendment may:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans, Trust Subordinate Companion Loans or Serviced Whole Loans which are required to
                                         be distributed on any Certificate or the RR Interest, without the consent of the Holders
                                         of Certificates representing all of the Percentage Interests of the Class or Classes
                                         or the RR Interest Owner, as applicable, affected thereby or which are required to be
                                         distributed to any Companion Loan Noteholders without the consent of such Companion Loan
                                         Noteholders;

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the requirement to obtain consent of any Companion
                                         Loan Noteholder or Holder of the Loan-Specific Certificates, in any such case without
                                         the consent of the Holders of all Certificates of such Class then-outstanding or

 

     A-15-10

     

    

 

		 	such
                                         Companion Loan Noteholder or Holder of the Loan-Specific Certificates, as applicable;

 

		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;

 

		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or

 

		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders and the
                                         RR Interest Owner or receipt of Rating Agency Confirmation from each Rating Agency and
                                         confirmation of the applicable rating agencies that such action will not result in the
                                         downgrade, withdrawal or qualification of its then-current ratings of any securities
                                         related to a Companion Loan, if any (provided that such rating agency confirmation
                                         may be considered satisfied in the same manner as any Rating Agency Confirmation may
                                         be considered satisfied with respect to the Certificates).

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, at any time and from
time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion Loan Noteholders, may amend
the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such extent as shall be necessary
to maintain the qualification of the Lower-Tier REMIC, the Trust Subordinate Companion Loan REMIC or the Upper-Tier REMIC as a
REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material state
or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an Opinion
of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the
imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder or
if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company Act
of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator
and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates and the RR Interest (other than
the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders and
the RR Interest Owner as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment)
to the Certificateholders, the RR Interest Owner and the Serviced Companion Loan Noteholders of all amounts held by or on behalf
of the Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing
Agreement to be so paid on the Distribution Date following the receipt or collection of the last payment due on any Mortgage Loan,
Trust

 

     A-15-11

     

    

 

Subordinate Companion Loan and REO Property (as applicable) included in the Trust Fund; provided that in no event
shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of
the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living
on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

     A-15-12

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class BX-C Certificate to be duly executed.

 

Dated:
May 29, 2020

 

	 

	WELLS
FARGO BANK, NATIONAL ASSOCIATION, not in its individual
capacity but solely as Certificate Administrator

	 

	 

	 

	By:

	

	 	 	Name:
	 

	 

	Title:

 

Certificate
of Authentication

 

This
is one of the Class BX-C Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
May 29, 2020

 

	 

	WELLS
FARGO BANK, NATIONAL ASSOCIATION, not in its individual
capacity but solely as Authenticating Agent

	 

	 

	 

	By:

	              

	 	 	Name:
	 

	 
	Title:

 

     A-15-13

     

    

 

EXHIBIT
A-16

 

FORM
OF BX-VRR INTEREST CERTIFICATE

 

THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE RISK RETENTION CONSULTATION PARTIES, THE TRUSTEE OR ANY
OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL
AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE
REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES)
TO AN INSTITUTION THAT IS A NON-”U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN, AND IN ACCORDANCE
WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, OR (3) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES)
UPON INITIAL ISSUANCE ONLY, TO INSTITUTIONS THAT ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1),
(2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT (“REGULATION D”) AND ANY ENTITY IN WHICH ALL OF THE
EQUITY OWNERS ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D (COLLECTIVELY,
“INSTITUTIONAL ACCREDITED INVESTORS”), AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS
OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THIS
CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT
PLAN OR OTHER PLAN THAT IS SUBJECTTO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR TO SECTION 4975

 

     A-16-1

     

    

 

OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE, OR ANY PERSON ACTING ON BEHALF OF ANY
SUCH PLAN OR USING THE ASSETS OF SUCH PLAN (INCLUDING AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS WITHIN THE MEANING
OF DEPARTMENT OF LABOR REGULATION § 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) TO ACQUIRE THIS CERTIFICATE.

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A BENEFICIAL INTEREST IN MULTIPLE “REGULAR INTERESTS”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND
860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

THIS
CERTIFICATE IS INTENDED TO CONSTITUTE PART OF AN “ELIGIBLE VERTICAL INTEREST” (AS DEFINED IN REGULATION RR PROMULGATED
UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED), AND AS SUCH IS SUBJECT TO VARIOUS PROHIBITIONS ON HEDGING,
TRANSFER AND FINANCING SET FORTH IN REGULATION RR PROMULGATED UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.
THE INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR
AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT.

 

     A-16-2

     

    

 

BMARK
2020-IG3 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, BX-VRR INTEREST

 

	BX-VRR
    Interest Pass-Through Rate: N/A	 	CUSIP:    [08162QBG3]1

                                         [08162QBH1]2

         

        ISIN:       [US08162QBG38]3

[US08162QBH11]4 

	 	 	 
	Original
    Aggregate Certificate Balance of the

    BX-Interest Certificates: $3,630,000	 	Initial
    Certificate Balance of this Certificate: $[__]
	 	 	 
	First
    Distribution Date: June 17, 2020	 	Cut-off
    Date: The close of business on the later of the related Due Date of such Mortgage Loan in May 2020 (or, in the case of any
    Mortgage Loan or Trust Subordinate Companion Loan that has its first Due Date after May 2020, the date that would have been
    its Due Date in May 2020 under the terms of that Mortgage Loan and Trust Subordinate Companion Loan if a Periodic Payment
    were scheduled to be due in that month) and the date of origination of such Mortgage Loan
	 	 	 
	Assumed
    Final Distribution Date: October 2026	 	No.:
    BX-VRR -[__]

 

This
certifies that [_______] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to
be made with respect to the BX-VRR Interest. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage
Loans and the Trust Subordinate Companion Loans secured by first liens on commercial and multifamily properties and held in trust
by the Trustee and serviced by the Master Servicer. The Trust Fund was created, and the Mortgage Loans and the Trust Subordinate
Companion Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate,
by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and
is bound thereby.

 

The
Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), between the
Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),

 

 

1
For Rule 144A Certificates 

2
For IAI Certificates 

3
For Rule 144A Certificates 

4
For IAI Certificates

 

     A-16-3

     

    

 

Wells Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), and Wells Fargo Bank,
National Association, as certificate administrator (in such capacity, the “Certificate Administrator”), as
custodian and as paying agent, evidences the issuance of the Class A-2, Class A-3, Class A-4, Class A-SB, Class X-A, Class A-S,
Class B, Class C, Class D, Class S, Class R, Class RR, Class BX-A, Class BX-B, Class BX-C, Class T333-A, Class T333-B, Class T333-C,
Class T333-D, Class 825S-A, Class 825S-B, Class 825S-C, Class 825S-D and Class 825S-E Certificates and the BX-VRR Interest, the
T333-VRR Interest and the 825S-VRR Interest (the “Certificates”; the Holders of Certificates issued under the
Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”) and the creation
of the RR Interest. This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement.
To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing
Agreement.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based
on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest
then distributable, if any, allocable to the BX-VRR Interest for such Distribution Date, all as more fully described in the Pooling
and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh day
of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in June 2020. Holders of
this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing
Agreement.

 

During
each Interest Accrual Period (as defined below), interest on the BX-VRR Interest will be calculated based on a 360-day year consisting
of twelve 30-day months on the outstanding Certificate Balance hereof.

 

Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The

 

     A-16-4

     

    

 

“Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding
the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the
United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within
two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or
be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator
as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted
Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

     A-16-5

     

    

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Trust
Subordinate Companion Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder (other than the Trust Subordinate
Companion Loans, which are assets of the Trust Fund) therein): (i) such Mortgage Loans and Trust Subordinate Companion Loans as
from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii)
all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans and Trust Subordinate Companion Loans
due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of
any REO Property; (v) any Assignments of Leases, Rents and Profits and any security agreements related to the Mortgage Loans;
(vi) any indemnities or guaranties given as additional security for any Mortgage Loans and Trust Subordinate Companion Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, the BX Industrial Portfolio Gain-on-Sale
Reserve Account, the Tower 333 Gain-on-Sale Reserve Account, the 825 South Hill Gain-on-Sale Reserve Account and the Trust’s
interest in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as
applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security
interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties and the Trust Subordinate Companion
Loans; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements with
respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage
Loans (and in the case of GACC, the Trust Subordinate Companion Loans); (xiii) the Lower-Tier Regular Interests; (xiv) the Trust
Subordinate Companion Loan REMIC Regular Interests; and (xv) the proceeds of the foregoing (other than any interest earned on
deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest
belongs to the related Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of
the above accounts for purposes other than distributions to Certificateholders.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement,

 

     A-16-6

     

    

 

the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them may treat
the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent or any
agent of any of them shall be affected by notice or knowledge to the contrary.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator and the Trustee without the consent of any of the Certificateholders, the RR Interest
Owner, the BX-VRR Interest Owner, the T333-VRR Interest Owner, the 825S-VRR Interest Owner or any Serviced Companion Loan Noteholders,
(i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement
or any Custodial Agreement to conform or be consistent with or in furtherance of the statements made in the Offering Circular
or the BX Industrial Portfolio Loan-Specific Offering Circular, the Tower 333 Loan-Specific Offering Circular or the 825 South
Hill Loan-Specific Offering Circular with respect to the Certificates, the RR Interest, the Trust or the Pooling and Servicing
Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement which may
be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement; (iii)
to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder or RR Interest
Owner, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced
by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate or add to any
of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC or the

 

     A-16-7

     

    

 

Grantor
Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid
or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would be a claim
against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator
have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action
is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and
(b) such action will not adversely affect in any material respect the interests of any Certificateholder, RR Interest Owner or
Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing Agreement
restricting transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as
evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than the Transferor)
to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S. Tax Person;
(vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement
or any other change; provided that the required action shall not adversely affect in any material respect the interests
of any Certificateholder, RR Interest Owner or any holder of a Pari Passu Companion Loan not consenting thereto as evidenced in
writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement
any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to
each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies;
provided that such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder
or RR Interest Owner not consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion
Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided
that such Rating Agency Confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of the Pooling
and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if
(a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event is not continuing, the Directing
Holder, determine that the commercial mortgage backed securities industry standard for such provisions has changed, in order to
conform to such industry standard, (b) such modification does not adversely affect the status of any Trust REMIC as a REMIC or
the status of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of Counsel
and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan
Securities, the applicable rating

 

     A-16-8

     

    

 

agencies have delivered a confirmation that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix) to modify
the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided
that such amendment shall not adversely affect in any material respects the interests of any Certificateholders or the RR
Interest Owner, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation
from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall
give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website
and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website; and (x) to modify,
eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with the requirements of the Risk
Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule or any other regulation applicable
to the risk retention requirements for this securitization transaction are amended or repealed, to the extent required to comply
with any such amendment or to modify or eliminate the risk retention requirements in the event of such repeal, as evidenced by
an Opinion of Counsel.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator and the Trustee with the prior written consent of the RR Interest
Owner (if affected by such amendment) and the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders, the RR Interest Owner or the Serviced Companion Loan Noteholders; provided that no
such amendment may:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans, Trust Subordinate Companion Loans or Serviced Whole Loans which are required to
                                         be distributed on any Certificate or the RR Interest, without the consent of the Holders
                                         of Certificates representing all of the Percentage Interests of the Class or Classes
                                         or the RR Interest Owner, as applicable, affected thereby or which are required to be
                                         distributed to any Companion Loan Noteholders without the consent of such Companion Loan
                                         Noteholders;

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the requirement to obtain consent of any Companion
                                         Loan Noteholder or Holder of the Loan-Specific Certificates, in any such case without
                                         the consent of the Holders of all Certificates of such Class then-outstanding or such
                                         Companion Loan Noteholder or Holder of the Loan-Specific Certificates, as applicable;

 

     A-16-9

     

    

 

		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;

 

		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or

 

		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders and the
                                         RR Interest Owner or receipt of Rating Agency Confirmation from each Rating Agency and
                                         confirmation of the applicable rating agencies that such action will not result in the
                                         downgrade, withdrawal or qualification of its then-current ratings of any securities
                                         related to a Companion Loan, if any (provided that such rating agency confirmation
                                         may be considered satisfied in the same manner as any Rating Agency Confirmation may
                                         be considered satisfied with respect to the Certificates).

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, at any time and from
time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion Loan Noteholders, may amend
the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such extent as shall be necessary
to maintain the qualification of the Lower-Tier REMIC, the Trust Subordinate Companion Loan REMIC or the Upper-Tier REMIC as a
REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material state
or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an Opinion
of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the
imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder or
if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company Act
of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator
and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates and the RR Interest (other than
the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders and
the RR Interest Owner as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment)
to the Certificateholders, the RR Interest Owner and the Serviced Companion Loan Noteholders of all amounts held by or on behalf
of the Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing
Agreement to be so paid on the Distribution Date following the receipt or collection of the last payment due on any Mortgage Loan,
Trust Subordinate Companion Loan and REO Property (as applicable) included in the Trust Fund; provided that in no event
shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of
the last survivor of the descendants

 

     A-16-10

     

    

 

of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living
on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

     A-16-11

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this BX-VRR Interest Certificate to be duly executed.

 

Dated:
May 29, 2020

 

	 

	WELLS
FARGO BANK, NATIONAL ASSOCIATION, not in its individual
capacity but solely as Certificate Administrator

	 

	 

	 

	By:

	

	 	 	Name:
	 

	 

	Title:

 

Certificate
of Authentication

 

This
is one of the BX-VRR Interest Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
May 29, 2020

 

	 

	WELLS
FARGO BANK, NATIONAL ASSOCIATION, not in its individual
capacity but solely as Authenticating Agent

	 

	 

	 

	By:

	              

	 	 	Name:
	 

	 
	Title:

 

     A-16-12

     

    

 

EXHIBIT A-17

 

FORM OF CLASS T333-A [RULE 144A]1 [REG S]2 [IAI]3 CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]4

 

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) TO AN INSTITUTION THAT IS A NON-”U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, OR (3) UPON INITIAL ISSUANCE ONLY, TO INSTITUTIONS THAT ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT (“REGULATION D”) AND ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D (COLLECTIVELY, “INSTITUTIONAL ACCREDITED INVESTORS”), AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THE INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH 

 

 

1 For
Rule 144A Global Certificates only.
2
For Reg S Global Certificates only.
3
For IAI Certificates only.
4
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

     A-17-1

     

    

 

CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT.  A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QIB OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QIB WITHIN THE MEANING OF RULE 144A.

 

ANY HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE RISK RETENTION CONSULTATION PARTIES, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.  NEITHER THE CERTIFICATES NOR THE UNDERLYING TRUST SUBORDINATE COMPANION LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.  ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

TRANSFERS AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

THIS CERTIFICATE
MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT PLAN OR
OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE, OR ANY PERSON ACTING ON BEHALF OF ANY
SUCH PLAN OR USING THE ASSETS OF SUCH PLAN (INCLUDING AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS WITHIN THE MEANING
OF 

 

     A-17-2

     

    

 

DEPARTMENT OF LABOR REGULATION § 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) TO ACQUIRE THIS CERTIFICATE, UNLESS (A) SUCH PERSON IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a)(1) OF REGULATION D OF THE SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT OF 1933, AND (B) THE ACQUISITION, HOLDING AND DISPOSITION OF THE CERTIFICATES BY SUCH PERSON WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER ERISA OR SECTION 4975 OF THE CODE (OR A NON-EXEMPT VIOLATION OF SIMILAR LAW).

 

FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

[THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE OFFERING OF THE CERTIFICATES, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]5

 

 

5
For Reg S Global Certificates only.

 

     A-17-3

     

    

 

BMARK 2020-IG3 MORTGAGE TRUST COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES, CLASS T333-A

 

	
Class T333-A Pass-Through Rate:  Net Mortgage Rate on the Tower 333 Trust Subordinate Companion Loan

	
 

	
CUSIP:    [08162QBJ7]6

                 [U0812VAS5]7

                 [08162QBK4]8

 

ISIN:        [US08162QBJ76]9

                 [USU0812VAS52]10

                 [US08162QBK40]11

	 	 	 
	
Original Aggregate Certificate
Balance of the Class T333-A Certificates: $5,717,000

	
 

	
Initial Certificate Balance of this Certificate: $[__]

	 	 	 
	
First Distribution Date: June 17, 2020

	
 

	
Cut-off Date: The close of business on the later of the related Due Date of such Mortgage Loan in May 2020 (or, in the case of any Mortgage Loan or Trust Subordinate Companion Loan that has its first Due Date after May 2020, the date that would have been its Due Date in May 2020 under the terms of that Mortgage Loan and Trust Subordinate Companion Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage Loan

	 	 	 
	
Assumed Final Distribution Date:  April 2030

	
 

	
No.: T333-A-[__]

 

This certifies that [              ] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class T333-A Certificates.  The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans and the Trust Subordinate Companion Loans secured by first liens on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer.  The Trust Fund was created, and the Mortgage Loans and the Trust Subordinate Companion Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below).  The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

 

6
For Rule 144A Certificates
7
For Regulation S Certificates
8
For IAI Certificates
9
For Rule 144A Certificates
10
For Regulation S Certificates
11
For IAI Certificates

 

     A-17-4

     

    

 

The Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), between the Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”), Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”), Wells Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), and Wells Fargo Bank, National Association, as certificate administrator (in such capacity, the “Certificate Administrator”), as custodian and as paying agent, evidences the issuance of the Class A-2, Class A-3, Class A-4, Class A-SB, Class X-A, Class A-S, Class B, Class C, Class D, Class S, Class R, Class RR, Class BX-A, Class BX-B, Class BX-C, Class T333-A, Class T333-B, Class T333-C, Class T333-D, Class 825S-A, Class 825S-B, Class 825S-C, Class 825S-D and Class 825S-E Certificates and the BX-VRR Interest, the T333-VRR Interest and the 825S-VRR Interest (the “Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”) and the creation of the RR Interest.  This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement.  To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.  Each Holder of this Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured by income.

 

The Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling and Servicing Agreement.  In the event that there is any conflict between any provision of this Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable, if any, allocable to the Class T333-A Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement.  “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh day of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in June 2020.  Holders of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During
each Interest Accrual Period (as defined below), interest on the Class T333-A Certificates will be calculated based on a
360-day year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.

 

     A-17-5

     

    

 

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-17-6

     

    

 

invested in Permitted Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Trust Subordinate Companion Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder (other than the Trust Subordinate Companion Loans, which are assets of the Trust Fund) therein):  (i) such Mortgage Loans and Trust Subordinate Companion Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans and Trust Subordinate Companion Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans and Trust Subordinate Companion Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, the BX Industrial Portfolio Gain-on-Sale Reserve Account, the Tower 333 Gain-on-Sale Reserve Account, the 825 South Hill Gain-on-Sale Reserve Account and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties and the Trust Subordinate Companion Loans; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage Loans (and in the case of GACC, the Trust Subordinate Companion Loans); (xiii) the Lower-Tier Regular Interests; (xiv) the Trust Subordinate Companion Loan REMIC Regular Interests; and (xv) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related Borrower).  As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.

 

This Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of the Certificate Administrator.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and

 

     A-17-7

     

    

 

transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.  Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination as the Certificate being surrendered.  Such Certificates shall be delivered by the Certificate Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

Prior to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement.  In connection with any transfer to an Institutional Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer.  The Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator and the Trustee without the consent of any of the Certificateholders, the RR Interest
Owner, the BX-VRR Interest Owner, the T333-VRR Interest Owner, the 825S-VRR Interest Owner or any Serviced Companion Loan Noteholders,
(i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions of the Pooling and Servicing
Agreement or any Custodial Agreement to conform or be consistent with or in furtherance of the statements made in the Offering
Circular or the BX Industrial Portfolio Loan-Specific Offering Circular, the Tower 333 Loan-Specific Offering Circular or the
825 South Hill Loan-Specific Offering Circular with respect to the Certificates, the RR Interest, the Trust or the Pooling and
Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement
which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement;
(iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account;
provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the
related Distribution Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder
or RR Interest Owner, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such

 

     A-17-8

     

    

 

amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder, RR Interest Owner or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material respect the interests of any Certificateholder, RR Interest Owner or any holder of a Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies; provided that such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder or RR Interest Owner not consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such Rating Agency Confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event is not continuing, the Directing Holder, determine that the commercial mortgage backed securities industry standard for such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the status of any Trust REMIC as a REMIC or the status

 

     A-17-9

     

    

 

of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders or the RR Interest Owner, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website; and (x) to modify, eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule or any other regulation applicable to the risk retention requirements for this securitization transaction are amended or repealed, to the extent required to comply with any such amendment or to modify or eliminate the risk retention requirements in the event of such repeal, as evidenced by an Opinion of Counsel.

 

The Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee with the prior written consent of the RR Interest Owner (if affected by such amendment) and the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of the Certificateholders, the RR Interest Owner or the Serviced Companion Loan Noteholders; provided that no such amendment may:

 

	
 

	
(i)

	
reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans, Trust Subordinate Companion Loans or Serviced Whole Loans which are required to be distributed on any Certificate or the RR Interest, without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes or the RR Interest Owner, as applicable, affected thereby or which are required to be distributed to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

	
 

	
(ii)

	
reduce the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove the requirement to obtain consent of any Companion Loan Noteholder or Holder of the Loan-Specific Certificates, in any such case without the consent of the Holders of all Certificates of such Class then-outstanding or

 

     A-17-10

     

    

 

such Companion Loan Noteholder or Holder of the Loan-Specific Certificates, as applicable;

 

	
 

	
(iii)

	
adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then outstanding;

 

	
 

	
(iv)

	
change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller; or

 

	
 

	
(v)

	
amend the Servicing Standard without the consent of 100% of the Certificateholders and the RR Interest Owner or receipt of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further, the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC, the Trust Subordinate Companion Loan REMIC or the Upper-Tier REMIC as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator
and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates and the RR Interest (other than
the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders and
the RR Interest Owner as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment)
to the Certificateholders, the RR Interest Owner and the Serviced Companion Loan Noteholders of all amounts held by or on behalf
of the Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing
Agreement to be so paid on the Distribution Date following the receipt or collection of the last payment due on any Mortgage Loan,
Trust

 

     A-17-11

     

    

 

Subordinate Companion Loan and REO Property (as applicable) included in the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

     A-17-12

     

    

 

IN WITNESS WHEREOF, the Certificate Administrator has caused this Class T333-A Certificate to be duly executed.

 

Dated:  May 29, 2020

 

	
 

	
WELLS FARGO BANK, NATIONAL
ASSOCIATION, not in its individual capacity
but solely as Certificate Administrator

	
 

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
 

	
Name:

	
 

	
 

	
 

	
Title:

	
 

 

Certificate of Authentication

 

This is one of the Class T333-A Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:  May 29, 2020

 

	
 

	
WELLS FARGO BANK, NATIONAL
ASSOCIATION, not in its individual capacity
but solely as Authenticating Agent

	
 

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
 

	
Name:

	
 

	
 

	
 

	
Title:

	
 

 

 

     A-17-13

     

    

 

EXHIBIT A-18

 

FORM OF CLASS T333-B [RULE 144A]1 [REG S]2 [IAI]3 CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]4

 

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) TO AN INSTITUTION THAT IS A NON-”U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, OR (3) UPON INITIAL ISSUANCE ONLY, TO INSTITUTIONS THAT ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT (“REGULATION D”) AND ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D (COLLECTIVELY, “INSTITUTIONAL ACCREDITED INVESTORS”), AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THE INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH 

 

 

1
For Rule 144A Global Certificates only.
2
For Reg S Global Certificates only.
3
For IAI Certificates only.
4
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement. 

     A-18-1

     

    

 

CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT.  A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QIB OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QIB WITHIN THE MEANING OF RULE 144A.

 

ANY HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE RISK RETENTION CONSULTATION PARTIES, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.  NEITHER THE CERTIFICATES NOR THE UNDERLYING TRUST SUBORDINATE COMPANION LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.  ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

TRANSFERS AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

THIS CERTIFICATE
MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT PLAN OR
OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE, OR ANY PERSON ACTING ON BEHALF OF ANY
SUCH PLAN OR USING THE ASSETS OF SUCH PLAN (INCLUDING AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS WITHIN THE MEANING
OF  

     A-18-2

     

    

 

DEPARTMENT OF LABOR REGULATION § 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) TO ACQUIRE THIS CERTIFICATE, UNLESS (A) SUCH PERSON IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a)(1) OF REGULATION D OF THE SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT OF 1933, AND (B) THE ACQUISITION, HOLDING AND DISPOSITION OF THE CERTIFICATES BY SUCH PERSON WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER ERISA OR SECTION 4975 OF THE CODE (OR A NON-EXEMPT VIOLATION OF SIMILAR LAW).

 

FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

[THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE OFFERING OF THE CERTIFICATES, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]5

 

 

5
For Reg S Global Certificates only.

 

     A-18-3

     

    

 

BMARK 2020-IG3 MORTGAGE TRUST COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES, CLASS T333-B

 

	
Class T333-B Pass-Through Rate:  Net Mortgage Rate on the Tower 333 Trust Subordinate Companion Loan

	
 

	
CUSIP:     [08162QBL2]6

                  [U0812VAT3]7

                  [08162QBM0]8

 

ISIN:         [US08162QBL23]9

                  [USU0812VAT36]10

                  [US08162QBM06]11

	 	 	 
	
Original Aggregate Certificate
Balance of the Class T333-B Certificates: $25,892,000

	
 

	
Initial Certificate Balance of this Certificate: $[__]

	 	 	 
	
First Distribution Date: June 17, 2020

	
 

	
Cut-off Date: The close of business on the later of the related Due Date of such Mortgage Loan in May 2020 (or, in the case of any Mortgage Loan or Trust Subordinate Companion Loan that has its first Due Date after May 2020, the date that would have been its Due Date in May 2020 under the terms of that Mortgage Loan and Trust Subordinate Companion Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage Loan

	 	 	 
	
Assumed Final Distribution Date:  April 2030

	
 

	
No.: T333-B-[__]

 

This certifies that [              ] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class T333-B Certificates.  The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans and the Trust Subordinate Companion Loans secured by first liens on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer.  The Trust Fund was created, and the Mortgage Loans and the Trust Subordinate Companion Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below).  The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

 

6
For Rule 144A Certificates
7
For Regulation S Certificates
8
For IAI Certificates
9
For Rule 144A Certificates
10
For Regulation S Certificates
11
For IAI Certificates

 

     A-18-4

     

    

 

The Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), between the Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”), Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”), Wells Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), and Wells Fargo Bank, National Association, as certificate administrator (in such capacity, the “Certificate Administrator”), as custodian and as paying agent, evidences the issuance of the Class A-2, Class A-3, Class A-4, Class A-SB, Class X-A, Class A-S, Class B, Class C, Class D, Class S, Class R, Class RR, Class BX-A, Class BX-B, Class BX-C, Class T333-A, Class T333-B, Class T333-C, Class T333-D, Class 825S-A, Class 825S-B, Class 825S-C, Class 825S-D and Class 825S-E Certificates and the BX-VRR Interest, the T333-VRR Interest and the 825S-VRR Interest (the “Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”) and the creation of the RR Interest.  This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement.  To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.  Each Holder of this Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured by income.

 

The Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling and Servicing Agreement.  In the event that there is any conflict between any provision of this Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable, if any, allocable to the Class T333-B Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement.  “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh day of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in June 2020.  Holders of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During
each Interest Accrual Period (as defined below), interest on the Class T333-B Certificates will be calculated based on a
360-day year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.

 

     A-18-5

     

    

 

Interest accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.  The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which such Distribution Date occurs.  Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs.  Such distributions shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record Date, (i) by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth therefor in the Certificate Register.  The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders.  If any Certificates
as to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been
surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail
a second notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive
the final distribution with respect thereto.  If within one year after the second notice not all of such Certificates shall
have been surrendered for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps
to contact the remaining non-tendering Certificateholders concerning surrender of their Certificates.  The costs and expenses
of holding such funds in trust and of contacting such Certificateholders shall be paid out of such funds.  Subject to applicable
state escheatment laws, if within two years after the second notice any such Certificates shall not have been surrendered for
cancellation, the Paying Agent shall distribute to the Certificate Administrator all amounts distributable to the Holders thereof,
and the Certificate Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its
termination as Certificate Administrator under the Pooling and Servicing Agreement and the transfer of such amounts to a successor
Certificate Administrator and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R
Certificateholders.  No interest shall accrue or be payable to any Certificateholder on any amount held under the Pooling
and Servicing Agreement or by the Certificate Administrator as a result of such Certificateholder’s failure to surrender
its Certificate(s) for final payment thereof in accordance with the Pooling and Servicing Agreement.  Any such amounts transferred
to the Certificate Administrator may be

 

     A-18-6

     

    

 

invested in Permitted Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Trust Subordinate Companion Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder (other than the Trust Subordinate Companion Loans, which are assets of the Trust Fund) therein):  (i) such Mortgage Loans and Trust Subordinate Companion Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans and Trust Subordinate Companion Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans and Trust Subordinate Companion Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, the BX Industrial Portfolio Gain-on-Sale Reserve Account, the Tower 333 Gain-on-Sale Reserve Account, the 825 South Hill Gain-on-Sale Reserve Account and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties and the Trust Subordinate Companion Loans; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage Loans (and in the case of GACC, the Trust Subordinate Companion Loans); (xiii) the Lower-Tier Regular Interests; (xiv) the Trust Subordinate Companion Loan REMIC Regular Interests; and (xv) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related Borrower).  As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.

 

This Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of the Certificate Administrator.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and

 

     A-18-7

     

    

 

transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.  Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination as the Certificate being surrendered.  Such Certificates shall be delivered by the Certificate Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

Prior to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement.  In connection with any transfer to an Institutional Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer.  The Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator and the Trustee without the consent of any of the Certificateholders, the RR Interest
Owner, the BX-VRR Interest Owner, the T333-VRR Interest Owner, the 825S-VRR Interest Owner or any Serviced Companion Loan Noteholders,
(i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions of the Pooling and Servicing
Agreement or any Custodial Agreement to conform or be consistent with or in furtherance of the statements made in the Offering
Circular or the BX Industrial Portfolio Loan-Specific Offering Circular, the Tower 333 Loan-Specific Offering Circular or the
825 South Hill Loan-Specific Offering Circular with respect to the Certificates, the RR Interest, the Trust or the Pooling and
Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement
which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement;
(iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account;
provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the
related Distribution Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder
or RR Interest Owner, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such

 

     A-18-8

     

    

 

amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder, RR Interest Owner or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material respect the interests of any Certificateholder, RR Interest Owner or any holder of a Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies; provided that such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder or RR Interest Owner not consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such Rating Agency Confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event is not continuing, the Directing Holder, determine that the commercial mortgage backed securities industry standard for such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the status of any Trust REMIC as a REMIC or the status

 

     A-18-9

     

    

 

of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders or the RR Interest Owner, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website; and (x) to modify, eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule or any other regulation applicable to the risk retention requirements for this securitization transaction are amended or repealed, to the extent required to comply with any such amendment or to modify or eliminate the risk retention requirements in the event of such repeal, as evidenced by an Opinion of Counsel.

 

The Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee with the prior written consent of the RR Interest Owner (if affected by such amendment) and the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of the Certificateholders, the RR Interest Owner or the Serviced Companion Loan Noteholders; provided that no such amendment may:

 

	
 

	
(i)

	
reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans, Trust Subordinate Companion Loans or Serviced Whole Loans which are required to be distributed on any Certificate or the RR Interest, without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes or the RR Interest Owner, as applicable, affected thereby or which are required to be distributed to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

	
 

	
(ii)

	
reduce the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove the requirement to obtain consent of any Companion Loan Noteholder or Holder of the Loan-Specific Certificates, in any such case without the consent of the Holders of all Certificates of such Class then-outstanding or

 

     A-18-10

     

    

 

such Companion Loan Noteholder or Holder of the Loan-Specific Certificates, as applicable;

 

	
 

	
(iii)

	
adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then outstanding;

 

	
 

	
(iv)

	
change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller; or

 

	
 

	
(v)

	
amend the Servicing Standard without the consent of 100% of the Certificateholders and the RR Interest Owner or receipt of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further, the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC, the Trust Subordinate Companion Loan REMIC or the Upper-Tier REMIC as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator
and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates and the RR Interest (other than
the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders and
the RR Interest Owner as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment)
to the Certificateholders, the RR Interest Owner and the Serviced Companion Loan Noteholders of all amounts held by or on behalf
of the Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing
Agreement to be so paid on the Distribution Date following the receipt or collection of the last payment due on any Mortgage Loan,
Trust 

 

     A-18-11

     

    

 

Subordinate Companion Loan and REO Property (as applicable) included in the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose. 

 

     A-18-12

     

    

 

IN WITNESS WHEREOF, the Certificate Administrator has caused this Class T333-B Certificate to be duly executed.

 

Dated:  May 29, 2020

 

	
 

	
WELLS FARGO BANK, NATIONAL
ASSOCIATION, not in its individual capacity
but solely as Certificate Administrator

	
 

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
 

	
Name:

	
 

	
 

	
 

	
Title:

	
 

 

Certificate of Authentication

 

This is one of the Class T333-B Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:  May 29, 2020

 

	
 

	
WELLS FARGO BANK, NATIONAL
ASSOCIATION, not in its individual capacity
but solely as Authenticating Agent

	
 

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
 

	
Name:

	
 

	
 

	
 

	
Title:

	
 

  

     A-18-13

     

    

 

EXHIBIT A-19

 

FORM OF CLASS T333-C [RULE 144A]1 [REG S]2 [IAI]3 CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]4

 

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) TO AN INSTITUTION THAT IS A NON-”U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, OR (3) UPON INITIAL ISSUANCE ONLY, TO INSTITUTIONS THAT ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT (“REGULATION D”) AND ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D (COLLECTIVELY, “INSTITUTIONAL ACCREDITED INVESTORS”), AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THE INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH 

 

 

1 For
Rule 144A Global Certificates only.
2
For Reg S Global Certificates only.
3
For IAI Certificates only.
4
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

     A-19-1

     

    

 

CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT.  A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QIB OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QIB WITHIN THE MEANING OF RULE 144A.

 

ANY HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE RISK RETENTION CONSULTATION PARTIES, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.  NEITHER THE CERTIFICATES NOR THE UNDERLYING TRUST SUBORDINATE COMPANION LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.  ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

TRANSFERS AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

THIS CERTIFICATE
MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT PLAN OR
OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE, OR ANY PERSON ACTING ON BEHALF OF ANY
SUCH PLAN OR USING THE ASSETS OF SUCH PLAN (INCLUDING AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS WITHIN THE MEANING
OF  

 

     A-19-2

     

    

 

DEPARTMENT OF LABOR REGULATION § 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) TO ACQUIRE THIS CERTIFICATE, UNLESS (A) SUCH PERSON IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a)(1) OF REGULATION D OF THE SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT OF 1933, AND (B) THE ACQUISITION, HOLDING AND DISPOSITION OF THE CERTIFICATES BY SUCH PERSON WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER ERISA OR SECTION 4975 OF THE CODE (OR A NON-EXEMPT VIOLATION OF SIMILAR LAW).

 

FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

[THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE OFFERING OF THE CERTIFICATES, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]5

 

 

5
For Reg S Global Certificates only.

 

     A-19-3

     

    

 

BMARK 2020-IG3 MORTGAGE TRUST COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES, CLASS T333-C

 

	
Class T333-C Pass-Through Rate:  Net Mortgage Rate on the Tower 333 Trust Subordinate Companion Loan

	
 

	
CUSIP:     [08162QBN8]6

                  [U0812VAU0]7

                  [08162QBP3]8

 

ISIN:         [US08162QBN88]9

                  [USU0812VAU09]10

                  [US08162QBP37]11

	 	 	 
	
Original Aggregate Certificate
Balance of the Class T333-C Certificates: $26,103,000

	
 

	
Initial Certificate Balance of this Certificate: $[__]

	 	 	 
	
First Distribution Date: June 17, 2020

	
 

	
Cut-off Date: The close of business on the later of the related Due Date of such Mortgage Loan in May 2020 (or, in the case of any Mortgage Loan or Trust Subordinate Companion Loan that has its first Due Date after May 2020, the date that would have been its Due Date in May 2020 under the terms of that Mortgage Loan and Trust Subordinate Companion Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage Loan

	 	 	 
	
Assumed Final Distribution Date:  April 2030

	
 

	
No.: T333-C-[__]

 

This certifies that [              ] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class T333-C Certificates.  The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans and the Trust Subordinate Companion Loans secured by first liens on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer.  The Trust Fund was created, and the Mortgage Loans and the Trust Subordinate Companion Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below).  The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

 

6
For Rule 144A Certificates
7
For Regulation S Certificates
8
For IAI Certificates
9
For Rule 144A Certificates
10 For
                                           Regulation S Certificates
11
                                    For IAI Certificates

 

     A-19-4

     

    

 

The Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), between the Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”), Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”), Wells Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), and Wells Fargo Bank, National Association, as certificate administrator (in such capacity, the “Certificate Administrator”), as custodian and as paying agent, evidences the issuance of the Class A-2, Class A-3, Class A-4, Class A-SB, Class X-A, Class A-S, Class B, Class C, Class D, Class S, Class R, Class RR, Class BX-A, Class BX-B, Class BX-C, Class T333-A, Class T333-B, Class T333-C, Class T333-D, Class 825S-A, Class 825S-B, Class 825S-C, Class 825S-D and Class 825S-E Certificates and the BX-VRR Interest, the T333-VRR Interest and the 825S-VRR Interest (the “Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”) and the creation of the RR Interest.  This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement.  To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.  Each Holder of this Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured by income.

 

The Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling and Servicing Agreement.  In the event that there is any conflict between any provision of this Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable, if any, allocable to the Class T333-C Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement.  “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh day of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in June 2020.  Holders of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During
each Interest Accrual Period (as defined below), interest on the Class T333-C Certificates will be calculated based on a
360-day year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.

 

     A-19-5

     

    

 

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-19-6

     

    

 

invested in Permitted Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Trust Subordinate Companion Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder (other than the Trust Subordinate Companion Loans, which are assets of the Trust Fund) therein):  (i) such Mortgage Loans and Trust Subordinate Companion Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans and Trust Subordinate Companion Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans and Trust Subordinate Companion Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, the BX Industrial Portfolio Gain-on-Sale Reserve Account, the Tower 333 Gain-on-Sale Reserve Account, the 825 South Hill Gain-on-Sale Reserve Account and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties and the Trust Subordinate Companion Loans; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage Loans (and in the case of GACC, the Trust Subordinate Companion Loans); (xiii) the Lower-Tier Regular Interests; (xiv) the Trust Subordinate Companion Loan REMIC Regular Interests; and (xv) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related Borrower).  As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.

 

This Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of the Certificate Administrator.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and

 

     A-19-7

     

    

 

transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.  Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination as the Certificate being surrendered.  Such Certificates shall be delivered by the Certificate Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

Prior to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement.  In connection with any transfer to an Institutional Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer.  The Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator and the Trustee without the consent of any of the Certificateholders, the RR Interest
Owner, the BX-VRR Interest Owner, the T333-VRR Interest Owner, the 825S-VRR Interest Owner or any Serviced Companion Loan Noteholders,
(i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions of the Pooling and Servicing
Agreement or any Custodial Agreement to conform or be consistent with or in furtherance of the statements made in the Offering
Circular or the BX Industrial Portfolio Loan-Specific Offering Circular, the Tower 333 Loan-Specific Offering Circular or the
825 South Hill Loan-Specific Offering Circular with respect to the Certificates, the RR Interest, the Trust or the Pooling and
Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement
which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement;
(iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account;
provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the
related Distribution Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder
or RR Interest Owner, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such 

 

     A-19-8

     

    

 

amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder, RR Interest Owner or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material respect the interests of any Certificateholder, RR Interest Owner or any holder of a Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies; provided that such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder or RR Interest Owner not consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such Rating Agency Confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event is not continuing, the Directing Holder, determine that the commercial mortgage backed securities industry standard for such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the status of any Trust REMIC as a REMIC or the status

 

     A-19-9

     

    

 

of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders or the RR Interest Owner, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website; and (x) to modify, eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule or any other regulation applicable to the risk retention requirements for this securitization transaction are amended or repealed, to the extent required to comply with any such amendment or to modify or eliminate the risk retention requirements in the event of such repeal, as evidenced by an Opinion of Counsel.

 

The Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee with the prior written consent of the RR Interest Owner (if affected by such amendment) and the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of the Certificateholders, the RR Interest Owner or the Serviced Companion Loan Noteholders; provided that no such amendment may:

 

	
 

	
(i)

	
reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans, Trust Subordinate Companion Loans or Serviced Whole Loans which are required to be distributed on any Certificate or the RR Interest, without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes or the RR Interest Owner, as applicable, affected thereby or which are required to be distributed to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

	
 

	
(ii)

	
reduce the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove the requirement to obtain consent of any Companion Loan Noteholder or Holder of the Loan-Specific Certificates, in any such case without the consent of the Holders of all Certificates of such Class then-outstanding or

  

     A-19-10

     

    

 

such Companion Loan Noteholder or Holder of the Loan-Specific Certificates, as applicable;

 

	
 

	
(iii)

	
adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then outstanding;

 

	
 

	
(iv)

	
change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller; or

 

	
 

	
(v)

	
amend the Servicing Standard without the consent of 100% of the Certificateholders and the RR Interest Owner or receipt of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further, the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC, the Trust Subordinate Companion Loan REMIC or the Upper-Tier REMIC as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator
and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates and the RR Interest (other than
the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders and
the RR Interest Owner as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment)
to the Certificateholders, the RR Interest Owner and the Serviced Companion Loan Noteholders of all amounts held by or on behalf
of the Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing
Agreement to be so paid on the Distribution Date following the receipt or collection of the last payment due on any Mortgage Loan,
Trust 

 

     A-19-11

     

    

 

Subordinate Companion Loan and REO Property (as applicable) included in the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose. 

 

     A-19-12

     

    

 

IN WITNESS WHEREOF, the Certificate Administrator has caused this Class T333-C Certificate to be duly executed.

 

Dated:  May 29, 2020

 

	
 

	
WELLS FARGO BANK, NATIONAL
ASSOCIATION, not in its individual capacity
but solely as Certificate Administrator

	
 

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
 

	
Name:

	
 

	
 

	
 

	
Title:

	
 

 

Certificate of Authentication

 

This is one of the Class T333-C Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:  May 29, 2020

 

	
 

	
WELLS FARGO BANK, NATIONAL
ASSOCIATION, not in its individual capacity
but solely as Authenticating Agent

	
 

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
 

	
Name:

	
 

	
 

	
 

	
Title:

	
 

     A-19-13

     

    

 

EXHIBIT A-20

 

FORM OF CLASS T333-D [RULE 144A]1 [REG S]2 [IAI]3 CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]4

 

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) TO AN INSTITUTION THAT IS A NON-”U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, OR (3) UPON INITIAL ISSUANCE ONLY, TO INSTITUTIONS THAT ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT (“REGULATION D”) AND ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D (COLLECTIVELY, “INSTITUTIONAL ACCREDITED INVESTORS”), AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THE INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH 

 

 

1 For
Rule 144A Global Certificates only.
2
For Reg S Global Certificates only.
3
For IAI Certificates only.
4
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

     A-20-1

     

    

 

CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT.  A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QIB OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QIB WITHIN THE MEANING OF RULE 144A.

 

ANY HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE RISK RETENTION CONSULTATION PARTIES, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.  NEITHER THE CERTIFICATES NOR THE UNDERLYING TRUST SUBORDINATE COMPANION LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.  ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

TRANSFERS AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

THIS CERTIFICATE
MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT PLAN OR
OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAW”), OR ANY PERSON
ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN (INCLUDING AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS
WITHIN THE  

 

     A-20-2

     

    

 

MEANING OF DEPARTMENT OF LABOR REGULATION § 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) TO ACQUIRE THIS CERTIFICATE, UNLESS (A)(I) SUCH PERSON IS AN “INSURANCE COMPANY GENERAL ACCOUNT” WITHIN THE MEANING OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60, AND (II) ALL CONDITIONS OF SECTIONS I AND III OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 WILL BE MET WITH RESPECT TO SUCH INSURANCE COMPANY GENERAL ACCOUNT’S ACQUISITION, HOLDING AND DISPOSITION OF THIS CERTIFICATE, OR (B) WITH RESPECT TO THE ACQUISITION, HOLDING OR DISPOSITION OF THIS CERTIFICATE BY ANY PLAN SUBJECT TO SIMILAR LAW, SUCH ACQUISITION, HOLDING AND DISPOSITION BY SUCH PLAN WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT VIOLATION OF SIMILAR LAW.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

[THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE OFFERING OF THE CERTIFICATES, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]5

 

 

5
For Reg S Global Certificates only.

 

     A-20-3

     

    

 

BMARK 2020-IG3 MORTGAGE TRUST COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES, CLASS T333-D

 

	
Class T333-D Pass-Through Rate:  Net Mortgage Rate on the Tower 333 Trust Subordinate Companion Loan

	
 

	
CUSIP:     [08162QBQ1]6

                  [U0812VAV8]7

                  [08162QBR9]8

 

ISIN:         [US08162QBQ10]9

                  [USU0812VAV81]10

                  [US08162QBR92]11

	 	 	 
	
Original Aggregate Certificate
Balance of the Class T333-D Certificates: $5,232,000

	
 

	
Initial Certificate Balance of this Certificate: $[__]

	 	 	 
	
First Distribution Date: June 17, 2020

	
 

	
Cut-off Date: The close of business on the later of the related Due Date of such Mortgage Loan in May 2020 (or, in the case of any Mortgage Loan or Trust Subordinate Companion Loan that has its first Due Date after May 2020, the date that would have been its Due Date in May 2020 under the terms of that Mortgage Loan and Trust Subordinate Companion Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage Loan

	 	 	 
	
Assumed Final Distribution Date:  April 2030

	
 

	
No.: T333-D-[__]

 

This certifies that [              ] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class T333-D Certificates.  The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans and the Trust Subordinate Companion Loans secured by first liens on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer.  The Trust Fund was created, and the Mortgage Loans and the Trust Subordinate Companion Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below).  The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

 

6
For Rule 144A Certificates
7
For Regulation S Certificates
8
For IAI Certificates
9
For Rule 144A Certificates
10
For Regulation S Certificates
11 For
                                              IAI Certificates

 

     A-20-4

     

    

 

The Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), between the Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”), Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”), Wells Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), and Wells Fargo Bank, National Association, as certificate administrator (in such capacity, the “Certificate Administrator”), as custodian and as paying agent, evidences the issuance of the Class A-2, Class A-3, Class A-4, Class A-SB, Class X-A, Class A-S, Class B, Class C, Class D, Class S, Class R, Class RR, Class BX-A, Class BX-B, Class BX-C, Class T333-A, Class T333-B, Class T333-C, Class T333-D, Class 825S-A, Class 825S-B, Class 825S-C, Class 825S-D and Class 825S-E Certificates and the BX-VRR Interest, the T333-VRR Interest and the 825S-VRR Interest (the “Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”) and the creation of the RR Interest.  This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement.  To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.  Each Holder of this Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured by income.

 

The Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling and Servicing Agreement.  In the event that there is any conflict between any provision of this Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable, if any, allocable to the Class T333-D Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement.  “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh day of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in June 2020.  Holders of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During
each Interest Accrual Period (as defined below), interest on the Class T333-D Certificates will be calculated based on a
360-day year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.

 

     A-20-5

     

    

 

Interest accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.  The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which such Distribution Date occurs.  Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs.  Such distributions shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record Date, (i) by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth therefor in the Certificate Register.  The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders.  If any Certificates
as to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been
surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail
a second notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive
the final distribution with respect thereto.  If within one year after the second notice not all of such Certificates shall
have been surrendered for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps
to contact the remaining non-tendering Certificateholders concerning surrender of their Certificates.  The costs and expenses
of holding such funds in trust and of contacting such Certificateholders shall be paid out of such funds.  Subject to applicable
state escheatment laws, if within two years after the second notice any such Certificates shall not have been surrendered for
cancellation, the Paying Agent shall distribute to the Certificate Administrator all amounts distributable to the Holders thereof,
and the Certificate Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its
termination as Certificate Administrator under the Pooling and Servicing Agreement and the transfer of such amounts to a successor
Certificate Administrator and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R
Certificateholders.  No interest shall accrue or be payable to any Certificateholder on any amount held under the Pooling
and Servicing Agreement or by the Certificate Administrator as a result of such Certificateholder’s failure to surrender
its Certificate(s) for final payment thereof in accordance with the Pooling and Servicing Agreement.  Any such amounts transferred
to the Certificate Administrator may be 

 

     A-20-6

     

    

 

invested in Permitted Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Trust Subordinate Companion Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder (other than the Trust Subordinate Companion Loans, which are assets of the Trust Fund) therein):  (i) such Mortgage Loans and Trust Subordinate Companion Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans and Trust Subordinate Companion Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans and Trust Subordinate Companion Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, the BX Industrial Portfolio Gain-on-Sale Reserve Account, the Tower 333 Gain-on-Sale Reserve Account, the 825 South Hill Gain-on-Sale Reserve Account and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties and the Trust Subordinate Companion Loans; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage Loans (and in the case of GACC, the Trust Subordinate Companion Loans); (xiii) the Lower-Tier Regular Interests; (xiv) the Trust Subordinate Companion Loan REMIC Regular Interests; and (xv) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related Borrower).  As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.

 

This Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of the Certificate Administrator.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and

 

     A-20-7

     

    

 

transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.  Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination as the Certificate being surrendered.  Such Certificates shall be delivered by the Certificate Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

Prior to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement.  In connection with any transfer to an Institutional Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer.  The Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator and the Trustee without the consent of any of the Certificateholders, the RR Interest
Owner, the BX-VRR Interest Owner, the T333-VRR Interest Owner, the 825S-VRR Interest Owner or any Serviced Companion Loan Noteholders,
(i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions of the Pooling and Servicing
Agreement or any Custodial Agreement to conform or be consistent with or in furtherance of the statements made in the Offering
Circular or the BX Industrial Portfolio Loan-Specific Offering Circular, the Tower 333 Loan-Specific Offering Circular or the
825 South Hill Loan-Specific Offering Circular with respect to the Certificates, the RR Interest, the Trust or the Pooling and
Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement
which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement;
(iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account;
provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the
related Distribution Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder
or RR Interest Owner, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such

 

     A-20-8

     

    

 

amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder, RR Interest Owner or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material respect the interests of any Certificateholder, RR Interest Owner or any holder of a Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies; provided that such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder or RR Interest Owner not consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such Rating Agency Confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event is not continuing, the Directing Holder, determine that the commercial mortgage backed securities industry standard for such provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the status of any Trust REMIC as a REMIC or the status

 

     A-20-9

     

    

 

of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders or the RR Interest Owner, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website; and (x) to modify, eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule or any other regulation applicable to the risk retention requirements for this securitization transaction are amended or repealed, to the extent required to comply with any such amendment or to modify or eliminate the risk retention requirements in the event of such repeal, as evidenced by an Opinion of Counsel.

 

The Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee with the prior written consent of the RR Interest Owner (if affected by such amendment) and the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of the Certificateholders, the RR Interest Owner or the Serviced Companion Loan Noteholders; provided that no such amendment may:

 

	
 

	
(i)

	
reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans, Trust Subordinate Companion Loans or Serviced Whole Loans which are required to be distributed on any Certificate or the RR Interest, without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes or the RR Interest Owner, as applicable, affected thereby or which are required to be distributed to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

	
 

	
(ii)

	
reduce the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove the requirement to obtain consent of any Companion Loan Noteholder or Holder of the Loan-Specific Certificates, in any such case without the consent of the Holders of all Certificates of such Class then-outstanding or

  

     A-20-10

     

    

 

such Companion Loan Noteholder or Holder of the Loan-Specific Certificates, as applicable;

 

	
 

	
(iii)

	
adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then outstanding;

 

	
 

	
(iv)

	
change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller; or

 

	
 

	
(v)

	
amend the Servicing Standard without the consent of 100% of the Certificateholders and the RR Interest Owner or receipt of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further, the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC, the Trust Subordinate Companion Loan REMIC or the Upper-Tier REMIC as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator
and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates and the RR Interest (other than
the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders and
the RR Interest Owner as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment)
to the Certificateholders, the RR Interest Owner and the Serviced Companion Loan Noteholders of all amounts held by or on behalf
of the Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing
Agreement to be so paid on the Distribution Date following the receipt or collection of the last payment due on any Mortgage Loan,
Trust 

 

     A-20-11

     

    

 

Subordinate Companion Loan and REO Property (as applicable) included in the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose. 

 

     A-20-12

     

    

 

IN WITNESS WHEREOF, the Certificate Administrator has caused this Class T333-D Certificate to be duly executed.

 

Dated:  May 29, 2020

 

	
 

	
WELLS FARGO BANK, NATIONAL
ASSOCIATION, not in its individual capacity
but solely as Certificate Administrator

	
 

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
 

	
Name:

	
 

	
 

	
 

	
Title:

	
 

 

Certificate of Authentication

 

This is one of the Class T333-D Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:  May 29, 2020

 

	
 

	
WELLS FARGO BANK, NATIONAL
ASSOCIATION, not in its individual capacity
but solely as Authenticating Agent

	
 

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
 

	
Name:

	
 

	
 

	
 

	
Title:

	
 

  

     A-20-13

     

    

 

EXHIBIT
A-21

 

FORM
OF T333-VRR INTEREST CERTIFICATE

 

THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE RISK RETENTION CONSULTATION PARTIES, THE TRUSTEE OR ANY
OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL
AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”)
TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A
(A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE,
PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES) TO
AN INSTITUTION THAT IS A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN, AND IN ACCORDANCE
WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, OR (3) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES)
UPON INITIAL ISSUANCE ONLY, TO INSTITUTIONS THAT ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1),
(2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT (“REGULATION D”) AND ANY ENTITY IN WHICH ALL OF THE
EQUITY OWNERS ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D (COLLECTIVELY,
“INSTITUTIONAL ACCREDITED INVESTORS”), AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THIS
CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT
PLAN OR OTHER PLAN THAT IS SUBJECTTO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR TO SECTION 4975

 

    A-21-1

     

    

 

OF
THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32)
OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING
PROVISIONS OF ERISA OR THE CODE, OR ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN (INCLUDING AN
ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATION § 2510.3-101, AS
MODIFIED BY SECTION 3(42) OF ERISA) TO ACQUIRE THIS CERTIFICATE.

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS (I) A BENEFICIAL INTEREST IN MULTIPLE “REGULAR INTERESTS”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND
860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, AND (II) A BENEFICIAL INTEREST IN THE EXCESS INTEREST AND PROCEEDS THEREOF
IN THE EXCESS INTEREST DISTRIBUTION ACCOUNT.

 

THIS
CERTIFICATE IS INTENDED TO CONSTITUTE PART OF AN “ELIGIBLE VERTICAL INTEREST” (AS DEFINED IN REGULATION RR PROMULGATED
UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED), AND AS SUCH IS SUBJECT TO VARIOUS PROHIBITIONS ON HEDGING,
TRANSFER AND FINANCING SET FORTH IN REGULATION RR PROMULGATED UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.
THE INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR
AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT.

 

    A-21-2

     

    

 

BMARK
2020-IG3 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, T333-VRR INTEREST

 

	T333-VRR
    Pass-Through Rate:  N/A	 	CUSIP:  [08162QBS7]1

                                                                                    [08162QBT5]2

         

        ISIN:      [US08162QBS75]3

                       [US08162QBT58]4

         

	Original
    Aggregate Certificate Balance of the T333-VRR Certificates: $3,313,000	 	Initial
    Certificate Balance of this Certificate: $[__]
	 	 	 
	First
    Distribution Date: June 17, 2020	 	Cut-off
    Date: The close of business on the later of the related Due Date of such Mortgage Loan in May 2020 (or, in the case of any
    Mortgage Loan or Trust Subordinate Companion Loan that has its first Due Date after May 2020, the date that would have been
    its Due Date in May 2020 under the terms of that Mortgage Loan and Trust Subordinate Companion Loan if a Periodic Payment
    were scheduled to be due in that month) and the date of origination of such Mortgage Loan
	 	 	 
	Assumed
    Final Distribution Date:  April 2030	 	No.:
    T333-VRR-[__]

 

This
certifies that [              ] is the registered
owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the T333-VRR
Interest. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans and the Trust Subordinate
Companion Loans secured by first liens on commercial and multifamily properties and held in trust by the Trustee and serviced
by the Master Servicer. The Trust Fund was created, and the Mortgage Loans and the Trust Subordinate Companion Loans are to be
serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the
acceptance hereof, assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The
Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), between the
Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),

 

 

1
For Rule 144A Certificates 

2
For IAI Certificates 

3
For Rule 144A Certificates 

4
For IAI Certificates  

 

    A-21-3

     

    

 

Wells
Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), and Wells Fargo Bank, National
Association, as certificate administrator (in such capacity, the “Certificate Administrator”), as custodian
and as paying agent, evidences the issuance of the Class A-2, Class A-3, Class A-4, Class A-SB, Class X-A,
Class A-S, Class B, Class C, Class D, Class S, Class R, Class RR, Class BX-A, Class BX-B,
Class BX-C, Class T333-A, Class T333-B, Class T333-C, Class T333-D, Class 825S-A, Class 825S-B,
Class 825S-C, Class 825S-D and Class 825S-E Certificates and the BX-VRR Interest, the T333-VRR Interest and the
825S-VRR Interest (the “Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement
are collectively referred to herein as “Certificateholders”) and the creation of the RR Interest. This Certificate
is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent not defined herein,
capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based
on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest
then distributable, if any, allocable to the T333-VRR Interest for such Distribution Date, all as more fully described in the
Pooling and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh
day of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in June 2020. Holders
of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing
Agreement.

 

During
each Interest Accrual Period (as defined below), interest on the T333-VRR Interest will be calculated based on a 360-day year
consisting of twelve 30-day months on the outstanding Certificate Balance hereof.

 

Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The

 

    A-21-4

     

    

 

“Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located
in the United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire
instructions in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the
form of a standing order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail
to the address set forth therefor in the Certificate Register. The final distribution on each Certificate shall be made in like
manner, but only upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its agent
(which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Holders of
such final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within
two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate
Administrator under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator
and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest
shall accrue or be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate
Administrator as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof
in accordance with the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested
in Permitted Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

    A-21-5

     

    

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Trust
Subordinate Companion Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder (other than the Trust Subordinate
Companion Loans, which are assets of the Trust Fund) therein): (i) such Mortgage Loans and Trust Subordinate Companion Loans
as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all
scheduled or unscheduled payments on or collections in respect of the Mortgage Loans and Trust Subordinate Companion Loans due
after the Cut-off Date; (iii) the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect
of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security agreements related to the Mortgage
Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans and Trust Subordinate Companion
Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts
and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection
Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, the BX Industrial Portfolio
Gain-on-Sale Reserve Account, the Tower 333 Gain-on-Sale Reserve Account, the 825 South Hill Gain-on-Sale Reserve Account and
the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment
income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties;
(xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties and the
Trust Subordinate Companion Loans; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to
document delivery requirements with respect to the Mortgage Loans and the representations and warranties of the related Mortgage
Loan Seller regarding its Mortgage Loans (and in the case of GACC, the Trust Subordinate Companion Loans); (xiii) the Lower-Tier
Regular Interests; (xiv) the Trust Subordinate Companion Loan REMIC Regular Interests; and (xv) the proceeds of the
foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and
any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing Agreement,
withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement,

 

    A-21-6

     

    

 

the
Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the designated transferee
or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination as the Certificate being
surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article V of the Pooling and
Servicing Agreement.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them may treat
the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent or any
agent of any of them shall be affected by notice or knowledge to the contrary.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional
Accredited Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer
to an Institutional Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the
Certificate Registrar’s counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee
to the Certificate Registrar as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection
with such transfer. The Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense
or other governmental charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator and the Trustee without the consent of any of the Certificateholders, the RR Interest
Owner, the BX-VRR Interest Owner, the T333-VRR Interest Owner, the 825S-VRR Interest Owner or any Serviced Companion Loan Noteholders,
(i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions of the Pooling and Servicing
Agreement or any Custodial Agreement to conform or be consistent with or in furtherance of the statements made in the Offering
Circular or the BX Industrial Portfolio Loan-Specific Offering Circular, the Tower 333 Loan-Specific Offering Circular or the
825 South Hill Loan-Specific Offering Circular with respect to the Certificates, the RR Interest, the Trust or the Pooling and
Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement
which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement;
(iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account;
provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the
related Distribution Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder
or RR Interest Owner, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment or
as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC
or the

 

    A-21-7

     

    

 

Grantor
Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid
or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would be a claim
against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator
have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action
is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and
(b) such action will not adversely affect in any material respect the interests of any Certificateholder, RR Interest Owner
or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing
Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that such change
shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other
than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a
Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling
and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material
respect the interests of any Certificateholder, RR Interest Owner or any holder of a Pari Passu Companion Loan not consenting
thereto as evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced
by a Rating Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation
of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current
ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates);
(vii) to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the
then-current ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation
from each of the Rating Agencies; provided that such amendment or supplement shall not adversely affect in any material
respect the interests of any Certificateholder or RR Interest Owner not consenting thereto as evidenced by an Opinion of Counsel,
or any holder of a Serviced Pari Passu Companion Loan not consenting to such revision or addition, as evidenced by an Opinion
of Counsel at the expense of the party requesting such amendment or as evidenced by confirmation of the applicable Rating Agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such Rating Agency Confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (viii) to modify the provisions
of Section 3.06 and Section 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable
Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long
as a Control Termination Event is not continuing, the Directing Holder, determine that the commercial mortgage backed securities
industry standard for such provisions has changed, in order to conform to such industry standard, (b) such modification does
not adversely affect the status of any Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the
relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating
Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities, the applicable rating

 

    A-21-8

     

    

 

agencies
have delivered a confirmation that such action will not result in the downgrade, withdrawal or qualification of its then-current
ratings (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates); (ix) to modify the procedures of the Pooling
and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such amendment shall
not adversely affect in any material respects the interests of any Certificateholders or the RR Interest Owner, as evidenced by
(x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating
Agency rating such Certificates; and provided, further, that the Certificate Administrator shall give notice of
any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website and the Certificate
Administrator shall post such notice to the Certificate Administrator’s Website; and (x) to modify, eliminate or add
to any of its provisions (a) to such extent as will be necessary to comply with the requirements of the Risk Retention Rule,
as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule or any other regulation applicable to
the risk retention requirements for this securitization transaction are amended or repealed, to the extent required to comply
with any such amendment or to modify or eliminate the risk retention requirements in the event of such repeal, as evidenced by
an Opinion of Counsel.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator and the Trustee with the prior written consent of the RR Interest
Owner (if affected by such amendment) and the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders, the RR Interest Owner or the Serviced Companion Loan Noteholders; provided that no
such amendment may:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans, Trust Subordinate Companion Loans or Serviced Whole Loans which are required to
                                         be distributed on any Certificate or the RR Interest, without the consent of the Holders
                                         of Certificates representing all of the Percentage Interests of the Class or Classes
                                         or the RR Interest Owner, as applicable, affected thereby or which are required to be
                                         distributed to any Companion Loan Noteholders without the consent of such Companion Loan
                                         Noteholders;

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the requirement to obtain consent of any Companion
                                         Loan Noteholder or Holder of the Loan-Specific Certificates, in any such case without
                                         the consent of the Holders of all Certificates of such Class then-outstanding or such
                                         Companion Loan Noteholder or Holder of the Loan-Specific Certificates, as applicable;

 

    A-21-9

     

    

 

		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;

 

		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or

 

		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders and the
                                         RR Interest Owner or receipt of Rating Agency Confirmation from each Rating Agency and
                                         confirmation of the applicable rating agencies that such action will not result in the
                                         downgrade, withdrawal or qualification of its then-current ratings of any securities
                                         related to a Companion Loan, if any (provided that such rating agency confirmation
                                         may be considered satisfied in the same manner as any Rating Agency Confirmation may
                                         be considered satisfied with respect to the Certificates).

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, at any time and from
time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion Loan Noteholders, may amend
the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such extent as shall be necessary
to maintain the qualification of the Lower-Tier REMIC, the Trust Subordinate Companion Loan REMIC or the Upper-Tier REMIC as a
REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material state
or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an Opinion
of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the
imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder or
if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator
and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates and the RR Interest (other than
the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders and
the RR Interest Owner as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment)
to the Certificateholders, the RR Interest Owner and the Serviced Companion Loan Noteholders of all amounts held by or on behalf
of the Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing
Agreement to be so paid on the Distribution Date following the receipt or collection of the last payment due on any Mortgage Loan,
Trust Subordinate Companion Loan and REO Property (as applicable) included in the Trust Fund; provided that in no event
shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of
the last survivor of the descendants

 

    A-21-10

     

    

 

of
Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-21-11

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this T333-VRR Interest Certificate to be duly executed.

 

Dated: 
May 29, 2020

 

	 
	WELLS
                                         FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate
                                         Administrator

	 
	 
	 

	 
	By:
	 

	 
	 
	Name:

	 
	 
	Title:

 

Certificate
of Authentication

 

This is one of the T333-VRR Interest Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: 
May 29, 2020

 

	 
	WELLS
                                         FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating
                                         Agent

	 
	 
	 

	 
	By:
	 

	 
	 
	Name:

	 
	 
	Title:

 

    A-21-12

     

    

 

EXHIBIT
A-22

 

FORM
OF CLASS 825S-A [RULE 144A]1 [REG S]2 [IAI]3 CERTIFICATE

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]4

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”)
TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A
(A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE,
PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2)  TO AN INSTITUTION THAT IS A NON-“U.S. PERSON”
IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE
SECURITIES ACT, OR (3)  UPON INITIAL ISSUANCE ONLY, TO INSTITUTIONS THAT ARE “ACCREDITED INVESTORS” WITHIN THE
MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT (“REGULATION D”) AND ANY
ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3)
OR (7) OF REGULATION D (COLLECTIVELY, “INSTITUTIONAL ACCREDITED INVESTORS”), AND (B) IN EACH CASE IN ACCORDANCE
WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH

 

 

1
For Rule 144A Global Certificates only. 

2
For Reg S Global Certificates only. 

3
For IAI Certificates only. 

4
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-22-1

     

    

 

CERTAIN
TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT.  A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT
REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A
QIB OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER
AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QIB WITHIN THE MEANING OF RULE 144A.

 

ANY
HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT
MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE RISK RETENTION CONSULTATION PARTIES, THE TRUSTEE OR ANY
OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING TRUST SUBORDINATE COMPANION LOANS ARE INSURED OR GUARANTEED
BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED
TO BELOW.

 

THIS
CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT
PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE, OR ANY PERSON ACTING ON BEHALF OF ANY
SUCH PLAN OR USING THE ASSETS OF SUCH PLAN (INCLUDING AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS WITHIN THE MEANING
OF

 

    A-22-2

     

    

 

DEPARTMENT
OF LABOR REGULATION § 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) TO ACQUIRE THIS CERTIFICATE, UNLESS (A) SUCH PERSON
IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a)(1) OF REGULATION D OF THE SECURITIES AND EXCHANGE COMMISSION
UNDER THE SECURITIES ACT OF 1933, AND (B) THE ACQUISITION, HOLDING AND DISPOSITION OF THE CERTIFICATES BY SUCH PERSON WILL NOT
CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER ERISA OR SECTION 4975 OF THE CODE (OR A NON-EXEMPT
VIOLATION OF SIMILAR LAW).

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE
CODE OF 1986, AS AMENDED.

 

[THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS
AFTER THE OFFERING OF THE CERTIFICATES, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO
A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]5

 

 

5
For Reg S Global Certificates only.

 

    A-22-3

     

    

 

BMARK
2020-IG3 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS 825S-A

 

	Class 825S-A
    Pass-Through Rate:  Net Mortgage Rate on the 825 South Hill Trust Subordinate Companion Loan	 	CUSIP:
                                         [08162QBU2]6

                                                                                   [U0812VAX4]7

                                                                                   [08162QBV0]8

         

        ISIN:    [US08162QBU22]9

                     [USU0812VAX48]10

                     [US08162QBV05]11

         

	Original
    Aggregate Certificate Balance of the Class 825S-A Certificates: $1,833,000	 	Initial
    Certificate Balance of this Certificate: $[__]
	 	 	 
	First
    Distribution Date: June 17, 2020	 	Cut-off
    Date: The close of business on the later of the related Due Date of such Mortgage Loan in May 2020 (or, in the case of any
    Mortgage Loan or Trust Subordinate Companion Loan that has its first Due Date after May 2020, the date that would have been
    its Due Date in May 2020 under the terms of that Mortgage Loan and Trust Subordinate Companion Loan if a Periodic Payment
    were scheduled to be due in that month) and the date of origination of such Mortgage Loan
	 	 	 
	Assumed
    Final Distribution Date:  March 2027	 	No.:
    825S-A-[__]

 

This
certifies that [              ] is the registered
owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class 825S-A
Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans and the Trust Subordinate
Companion Loans secured by first liens on commercial and multifamily properties and held in trust by the Trustee and serviced
by the Master Servicer. The Trust Fund was created, and the Mortgage Loans and the Trust Subordinate Companion Loans are to be
serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the
acceptance hereof, assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

 

6
For Rule 144A Certificates 

7
For Regulation S Certificates 

8
For IAI Certificates 

9
For Rule 144A Certificates 

10
For Regulation S Certificates 

11
For IAI Certificates

 

    A-22-4

     

    

 

The
Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), between the
Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),
Wells Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), and Wells Fargo Bank,
National Association, as certificate administrator (in such capacity, the “Certificate Administrator”), as
custodian and as paying agent, evidences the issuance of the Class A-2, Class A-3, Class A-4, Class A-SB,
Class X-A, Class A-S, Class B, Class C, Class D, Class S, Class R, Class RR, Class BX-A, Class BX-B,
Class BX-C, Class T333-A, Class T333-B, Class T333-C, Class T333-D, Class 825S-A, Class 825S-B,
Class 825S-C, Class 825S-D and Class 825S-E Certificates and the BX-VRR Interest, the T333-VRR Interest and the
825S-VRR Interest (the “Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement
are collectively referred to herein as “Certificateholders”) and the creation of the RR Interest. This Certificate
is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent not defined herein,
capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based
on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest
then distributable, if any, allocable to the Class 825S-A Certificates for such Distribution Date, all as more fully described
in the Pooling and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as
the eleventh day of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in June
2020. Holders of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling
and Servicing Agreement.

 

During
each Interest Accrual Period (as defined below), interest on the Class 825S-A Certificates will be calculated based on a
360-day year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.

 

    A-22-5

     

    

 

Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding
the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located
in the United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire
instructions in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the
form of a standing order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail
to the address set forth therefor in the Certificate Register. The final distribution on each Certificate shall be made in like
manner, but only upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its agent
(which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Holders of
such final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within
two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate
Administrator under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator
and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest
shall accrue or be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate
Administrator as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof
in accordance with the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be

 

    A-22-6

     

    

 

invested
in Permitted Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Trust
Subordinate Companion Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder (other than the Trust Subordinate
Companion Loans, which are assets of the Trust Fund) therein): (i) such Mortgage Loans and Trust Subordinate Companion Loans
as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all
scheduled or unscheduled payments on or collections in respect of the Mortgage Loans and Trust Subordinate Companion Loans due
after the Cut-off Date; (iii) the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect
of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security agreements related to the Mortgage
Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans and Trust Subordinate Companion
Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts
and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection
Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, the BX Industrial Portfolio
Gain-on-Sale Reserve Account, the Tower 333 Gain-on-Sale Reserve Account, the 825 South Hill Gain-on-Sale Reserve Account and
the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment
income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties;
(xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties and the
Trust Subordinate Companion Loans; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to
document delivery requirements with respect to the Mortgage Loans and the representations and warranties of the related Mortgage
Loan Seller regarding its Mortgage Loans (and in the case of GACC, the Trust Subordinate Companion Loans); (xiii) the Lower-Tier
Regular Interests; (xiv) the Trust Subordinate Companion Loan REMIC Regular Interests; and (xv) the proceeds of the
foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and
any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing Agreement,
withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and

 

    A-22-7

     

    

 

transfer
(executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing
Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling
and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the
name of the designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate
denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance
with Article V of the Pooling and Servicing Agreement.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them may treat
the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent or any
agent of any of them shall be affected by notice or knowledge to the contrary.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional
Accredited Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer
to an Institutional Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the
Certificate Registrar’s counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee
to the Certificate Registrar as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection
with such transfer. The Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense
or other governmental charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator and the Trustee without the consent of any of the Certificateholders, the RR Interest
Owner, the BX-VRR Interest Owner, the T333-VRR Interest Owner, the 825S-VRR Interest Owner or any Serviced Companion Loan Noteholders,
(i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions of the Pooling and Servicing
Agreement or any Custodial Agreement to conform or be consistent with or in furtherance of the statements made in the Offering
Circular or the BX Industrial Portfolio Loan-Specific Offering Circular, the Tower 333 Loan-Specific Offering Circular or the
825 South Hill Loan-Specific Offering Circular with respect to the Certificates, the RR Interest, the Trust or the Pooling and
Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement
which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement;
(iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account;
provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the
related Distribution Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder
or RR Interest Owner, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such

 

    A-22-8

     

    

 

amendment
or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC
or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding,
or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would
be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate
Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such
action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such
tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder, RR Interest
Owner or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing
Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that such change
shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other
than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a
Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling
and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material
respect the interests of any Certificateholder, RR Interest Owner or any holder of a Pari Passu Companion Loan not consenting
thereto as evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced
by a Rating Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation
of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current
ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates);
(vii) to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the
then-current ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation
from each of the Rating Agencies; provided that such amendment or supplement shall not adversely affect in any material
respect the interests of any Certificateholder or RR Interest Owner not consenting thereto as evidenced by an Opinion of Counsel,
or any holder of a Serviced Pari Passu Companion Loan not consenting to such revision or addition, as evidenced by an Opinion
of Counsel at the expense of the party requesting such amendment or as evidenced by confirmation of the applicable Rating Agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such Rating Agency Confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (viii) to modify the provisions
of Section 3.06 and Section 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable
Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long
as a Control Termination Event is not continuing, the Directing Holder, determine that the commercial mortgage backed securities
industry standard for such provisions has changed, in order to conform to such industry standard, (b) such modification does
not adversely affect the status of any Trust REMIC as a REMIC or the status

 

    A-22-9

     

    

 

of
the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each
Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities,
the applicable rating agencies have delivered a confirmation that such action will not result in the downgrade, withdrawal or
qualification of its then-current ratings (provided that such rating agency confirmation may be considered satisfied in
the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix) to
modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act;
provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders
or the RR Interest Owner, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt
of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further, that the
Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information
Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website;
and (x) to modify, eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with
the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention
Rule or any other regulation applicable to the risk retention requirements for this securitization transaction are amended or
repealed, to the extent required to comply with any such amendment or to modify or eliminate the risk retention requirements in
the event of such repeal, as evidenced by an Opinion of Counsel.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator and the Trustee with the prior written consent of the RR Interest
Owner (if affected by such amendment) and the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders, the RR Interest Owner or the Serviced Companion Loan Noteholders; provided that no
such amendment may:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans, Trust Subordinate Companion Loans or Serviced Whole Loans which are required to
                                         be distributed on any Certificate or the RR Interest, without the consent of the Holders
                                         of Certificates representing all of the Percentage Interests of the Class or Classes
                                         or the RR Interest Owner, as applicable, affected thereby or which are required to be
                                         distributed to any Companion Loan Noteholders without the consent of such Companion Loan
                                         Noteholders;

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the requirement to obtain consent of any Companion
                                         Loan Noteholder or Holder of the Loan-Specific Certificates, in any such case without
                                         the consent of the Holders of all Certificates of such Class then-outstanding or

 

    A-22-10

     

    

 

	 	 	such
                                         Companion Loan Noteholder or Holder of the Loan-Specific Certificates, as applicable;

 

		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;

 

		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or

 

		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders and the
                                         RR Interest Owner or receipt of Rating Agency Confirmation from each Rating Agency and
                                         confirmation of the applicable rating agencies that such action will not result in the
                                         downgrade, withdrawal or qualification of its then-current ratings of any securities
                                         related to a Companion Loan, if any (provided that such rating agency confirmation
                                         may be considered satisfied in the same manner as any Rating Agency Confirmation may
                                         be considered satisfied with respect to the Certificates).

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, at any time and from
time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion Loan Noteholders, may amend
the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such extent as shall be necessary
to maintain the qualification of the Lower-Tier REMIC, the Trust Subordinate Companion Loan REMIC or the Upper-Tier REMIC as a
REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material state
or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an Opinion
of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the
imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder or
if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator
and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates and the RR Interest (other than
the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders and
the RR Interest Owner as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment)
to the Certificateholders, the RR Interest Owner and the Serviced Companion Loan Noteholders of all amounts held by or on behalf
of the Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing
Agreement to be so paid on the Distribution Date following the receipt or collection of the last payment due on any Mortgage Loan,
Trust

 

    A-22-11

     

    

 

Subordinate
Companion Loan and REO Property (as applicable) included in the Trust Fund; provided that in no event shall the trust
created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of the last survivor
of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-22-12

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class 825S-A Certificate to be duly executed.

 

Dated: 
May 29, 2020

 

	 
	WELLS
                                         FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate
                                         Administrator

	 
	 
	 

	 
	By:
	 

	 
	 
	Name:

	 
	 
	Title:

 

Certificate
of Authentication

 

This
is one of the Class 825S-A Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: 
May 29, 2020

 

	 
	WELLS
                                         FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating
                                         Agent

	 
	 
	 

	 
	By:
	 

	 
	 
	Name:

	 
	 
	Title:

 

    A-22-13

     

    

 

EXHIBIT
A-23

 

FORM
OF CLASS 825S-B [RULE 144A]1 [REG S]2 [IAI]3 CERTIFICATE

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]4

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”)
TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A
(A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE,
PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2)  TO AN INSTITUTION THAT IS A NON-“U.S. PERSON”
IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE
SECURITIES ACT, OR (3)  UPON INITIAL ISSUANCE ONLY, TO INSTITUTIONS THAT ARE “ACCREDITED INVESTORS” WITHIN THE
MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT (“REGULATION D”) AND ANY
ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3)
OR (7) OF REGULATION D (COLLECTIVELY, “INSTITUTIONAL ACCREDITED INVESTORS”), AND (B) IN EACH CASE IN ACCORDANCE
WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH

 

 

1
For Rule 144A Global Certificates only. 

2
For Reg S Global Certificates only. 

3
For IAI Certificates only. 

4
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-23-1

     

    

 

CERTAIN
TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT.  A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT
REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A
QIB OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER
AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QIB WITHIN THE MEANING OF RULE 144A.

 

ANY
HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT
MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE RISK RETENTION CONSULTATION PARTIES, THE TRUSTEE OR ANY
OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING TRUST SUBORDINATE COMPANION LOANS ARE INSURED OR GUARANTEED
BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED
TO BELOW.

 

THIS
CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT
PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAW”), OR
ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN (INCLUDING AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE
PLAN ASSETS WITHIN THE

 

    A-23-2

     

    

 

MEANING
OF DEPARTMENT OF LABOR REGULATION § 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) TO ACQUIRE THIS CERTIFICATE, UNLESS
(A)(I) SUCH PERSON IS AN “INSURANCE COMPANY GENERAL ACCOUNT” WITHIN THE MEANING OF PROHIBITED TRANSACTION CLASS EXEMPTION
95-60, AND (II) ALL CONDITIONS OF SECTIONS I AND III OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 WILL BE MET WITH RESPECT
TO SUCH INSURANCE COMPANY GENERAL ACCOUNT’S ACQUISITION, HOLDING AND DISPOSITION OF THIS CERTIFICATE, OR (B) WITH RESPECT
TO THE ACQUISITION, HOLDING OR DISPOSITION OF THIS CERTIFICATE BY ANY PLAN SUBJECT TO SIMILAR LAW, SUCH ACQUISITION, HOLDING AND
DISPOSITION BY SUCH PLAN WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NONEXEMPT VIOLATION OF SIMILAR LAW.

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE
CODE OF 1986, AS AMENDED.

 

[THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS
AFTER THE OFFERING OF THE CERTIFICATES, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO
A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]5

 

 

5
For Reg S Global Certificates only.

 

    A-23-3

     

    

 

BMARK
2020-IG3 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS 825S-B

 

	Class 825S-B
    Pass-Through Rate:  Net Mortgage Rate on the 825 South Hill Trust Subordinate Companion Loan	 	CUSIP:
                                         [08162QBW8]6

                                                                                   [U0812VAY2]7

                                                                                   [08162QBX6]8

         

        ISIN:    [US08162QBW87]9

                     [USU0812VAY21]10

                     [US08162QBX60]11

         

	Original
    Aggregate Certificate Balance of the Class 825S-B Certificates: $7,953,000	 	Initial
    Certificate Balance of this Certificate: $[__]
	 	 	 
	First
    Distribution Date: June 17, 2020	 	Cut-off
    Date: The close of business on the later of the related Due Date of such Mortgage Loan in May 2020 (or, in the case of any
    Mortgage Loan or Trust Subordinate Companion Loan that has its first Due Date after May 2020, the date that would have been
    its Due Date in May 2020 under the terms of that Mortgage Loan and Trust Subordinate Companion Loan if a Periodic Payment
    were scheduled to be due in that month) and the date of origination of such Mortgage Loan
	 	 	 
	Assumed
    Final Distribution Date:  March 2027	 	No.:
    825S-B-[__]

 

This
certifies that [              ] is the registered
owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class 825S-B
Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans and the Trust Subordinate
Companion Loans secured by first liens on commercial and multifamily properties and held in trust by the Trustee and serviced
by the Master Servicer. The Trust Fund was created, and the Mortgage Loans and the Trust Subordinate Companion Loans are to be
serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the
acceptance hereof, assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

 

6
For Rule 144A Certificates 

7
For Regulation S Certificates 

8
For IAI Certificates 

9
For Rule 144A Certificates 

10
For Regulation S Certificates 

11
For IAI Certificates

 

    A-23-4

     

    

 

The
Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), between the
Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),
Wells Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), and Wells Fargo Bank,
National Association, as certificate administrator (in such capacity, the “Certificate Administrator”), as
custodian and as paying agent, evidences the issuance of the Class A-2, Class A-3, Class A-4, Class A-SB,
Class X-A, Class A-S, Class B, Class C, Class D, Class S, Class R, Class RR, Class BX-A, Class BX-B,
Class BX-C, Class T333-A, Class T333-B, Class T333-C, Class T333-D, Class 825S-A, Class 825S-B,
Class 825S-C, Class 825S-D and Class 825S-E Certificates and the BX-VRR Interest, the T333-VRR Interest and the
825S-VRR Interest (the “Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement
are collectively referred to herein as “Certificateholders”) and the creation of the RR Interest. This Certificate
is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent not defined herein,
capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based
on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest
then distributable, if any, allocable to the Class 825S-B Certificates for such Distribution Date, all as more fully described
in the Pooling and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as
the eleventh day of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in June
2020. Holders of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling
and Servicing Agreement.

 

During
each Interest Accrual Period (as defined below), interest on the Class 825S-B Certificates will be calculated based on a
360-day year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.

 

    A-23-5

     

    

 

Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding
the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located
in the United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire
instructions in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the
form of a standing order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail
to the address set forth therefor in the Certificate Register. The final distribution on each Certificate shall be made in like
manner, but only upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its agent
(which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Holders of
such final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within
two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate
Administrator under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator
and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest
shall accrue or be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate
Administrator as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof
in accordance with the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be

 

    A-23-6

     

    

 

invested
in Permitted Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Trust
Subordinate Companion Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder (other than the Trust Subordinate
Companion Loans, which are assets of the Trust Fund) therein): (i) such Mortgage Loans and Trust Subordinate Companion Loans
as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all
scheduled or unscheduled payments on or collections in respect of the Mortgage Loans and Trust Subordinate Companion Loans due
after the Cut-off Date; (iii) the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect
of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security agreements related to the Mortgage
Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans and Trust Subordinate Companion
Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts
and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection
Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, the BX Industrial Portfolio
Gain-on-Sale Reserve Account, the Tower 333 Gain-on-Sale Reserve Account, the 825 South Hill Gain-on-Sale Reserve Account and
the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment
income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties;
(xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties and the
Trust Subordinate Companion Loans; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to
document delivery requirements with respect to the Mortgage Loans and the representations and warranties of the related Mortgage
Loan Seller regarding its Mortgage Loans (and in the case of GACC, the Trust Subordinate Companion Loans); (xiii) the Lower-Tier
Regular Interests; (xiv) the Trust Subordinate Companion Loan REMIC Regular Interests; and (xv) the proceeds of the
foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and
any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing Agreement,
withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and

 

    A-23-7

     

    

 

transfer
(executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing
Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling
and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the
name of the designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate
denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance
with Article V of the Pooling and Servicing Agreement.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them may treat
the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent or any
agent of any of them shall be affected by notice or knowledge to the contrary.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional
Accredited Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer
to an Institutional Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the
Certificate Registrar’s counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee
to the Certificate Registrar as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection
with such transfer. The Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense
or other governmental charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator and the Trustee without the consent of any of the Certificateholders, the RR Interest
Owner, the BX-VRR Interest Owner, the T333-VRR Interest Owner, the 825S-VRR Interest Owner or any Serviced Companion Loan Noteholders,
(i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions of the Pooling and Servicing
Agreement or any Custodial Agreement to conform or be consistent with or in furtherance of the statements made in the Offering
Circular or the BX Industrial Portfolio Loan-Specific Offering Circular, the Tower 333 Loan-Specific Offering Circular or the
825 South Hill Loan-Specific Offering Circular with respect to the Certificates, the RR Interest, the Trust or the Pooling and
Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement
which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement;
(iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account;
provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the
related Distribution Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder
or RR Interest Owner, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such

 

    A-23-8

     

    

 

amendment
or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC
or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding,
or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would
be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate
Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such
action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such
tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder, RR Interest
Owner or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing
Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that such change
shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other
than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a
Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling
and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material
respect the interests of any Certificateholder, RR Interest Owner or any holder of a Pari Passu Companion Loan not consenting
thereto as evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced
by a Rating Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation
of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current
ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates);
(vii) to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the
then-current ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation
from each of the Rating Agencies; provided that such amendment or supplement shall not adversely affect in any material
respect the interests of any Certificateholder or RR Interest Owner not consenting thereto as evidenced by an Opinion of Counsel,
or any holder of a Serviced Pari Passu Companion Loan not consenting to such revision or addition, as evidenced by an Opinion
of Counsel at the expense of the party requesting such amendment or as evidenced by confirmation of the applicable Rating Agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such Rating Agency Confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (viii) to modify the provisions
of Section 3.06 and Section 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable
Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long
as a Control Termination Event is not continuing, the Directing Holder, determine that the commercial mortgage backed securities
industry standard for such provisions has changed, in order to conform to such industry standard, (b) such modification does
not adversely affect the status of any Trust REMIC as a REMIC or the status

 

    A-23-9

     

    

 

of
the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each
Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities,
the applicable rating agencies have delivered a confirmation that such action will not result in the downgrade, withdrawal or
qualification of its then-current ratings (provided that such rating agency confirmation may be considered satisfied in
the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix) to
modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act;
provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders
or the RR Interest Owner, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt
of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further, that the
Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information
Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website;
and (x) to modify, eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with
the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention
Rule or any other regulation applicable to the risk retention requirements for this securitization transaction are amended or
repealed, to the extent required to comply with any such amendment or to modify or eliminate the risk retention requirements in
the event of such repeal, as evidenced by an Opinion of Counsel.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator and the Trustee with the prior written consent of the RR Interest
Owner (if affected by such amendment) and the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders, the RR Interest Owner or the Serviced Companion Loan Noteholders; provided that no
such amendment may:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans, Trust Subordinate Companion Loans or Serviced Whole Loans which are required to
                                         be distributed on any Certificate or the RR Interest, without the consent of the Holders
                                         of Certificates representing all of the Percentage Interests of the Class or Classes
                                         or the RR Interest Owner, as applicable, affected thereby or which are required to be
                                         distributed to any Companion Loan Noteholders without the consent of such Companion Loan
                                         Noteholders;

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the requirement to obtain consent of any Companion
                                         Loan Noteholder or Holder of the Loan-Specific Certificates, in any such case without
                                         the consent of the Holders of all Certificates of such Class then-outstanding or

 

    A-23-10

     

    

 

	 	 	such
                                         Companion Loan Noteholder or Holder of the Loan-Specific Certificates, as applicable;

 

		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;

 

		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or

 

		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders and the
                                         RR Interest Owner or receipt of Rating Agency Confirmation from each Rating Agency and
                                         confirmation of the applicable rating agencies that such action will not result in the
                                         downgrade, withdrawal or qualification of its then-current ratings of any securities
                                         related to a Companion Loan, if any (provided that such rating agency confirmation
                                         may be considered satisfied in the same manner as any Rating Agency Confirmation may
                                         be considered satisfied with respect to the Certificates).

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, at any time and from
time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion Loan Noteholders, may amend
the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such extent as shall be necessary
to maintain the qualification of the Lower-Tier REMIC, the Trust Subordinate Companion Loan REMIC or the Upper-Tier REMIC as a
REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material state
or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an Opinion
of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the
imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder or
if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator
and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates and the RR Interest (other than
the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders and
the RR Interest Owner as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment)
to the Certificateholders, the RR Interest Owner and the Serviced Companion Loan Noteholders of all amounts held by or on behalf
of the Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing
Agreement to be so paid on the Distribution Date following the receipt or collection of the last payment due on any Mortgage Loan,
Trust

 

    A-23-11

     

    

 

Subordinate
Companion Loan and REO Property (as applicable) included in the Trust Fund; provided that in no event shall the trust
created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of the last survivor
of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-23-12

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class 825S-B Certificate to be duly executed.

 

Dated: 
May 29, 2020

 

	 
	WELLS
                                         FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate
                                         Administrator

	 
	 
	 

	 
	By:
	 

	 
	 
	Name:

	 
	 
	Title:

 

Certificate
of Authentication

 

This
is one of the Class 825S-B Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: 
May 29, 2020

 

	 
	WELLS
                                         FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating
                                         Agent

	 
	 
	 

	 
	By:
	 

	 
	 
	Name:

	 
	 
	Title:

 

    A-23-13

     

    

EXHIBIT
A-24

 

FORM
OF CLASS 825S-C [RULE 144A]1 [REG S]2 [IAI]3 CERTIFICATE

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]4

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”)
TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A
(A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE,
PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2)  TO AN INSTITUTION THAT IS A NON-“U.S. PERSON”
IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE
SECURITIES ACT, OR (3)  UPON INITIAL ISSUANCE ONLY, TO INSTITUTIONS THAT ARE “ACCREDITED INVESTORS” WITHIN THE
MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT (“REGULATION D”) AND ANY
ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3)
OR (7) OF REGULATION D (COLLECTIVELY, “INSTITUTIONAL ACCREDITED INVESTORS”), AND (B) IN EACH CASE IN ACCORDANCE
WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH

 

 

1
For Rule 144A Global Certificates only. 

2
For Reg S Global Certificates only. 

3
For IAI Certificates only. 

4
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-24-1

     

    

 

CERTAIN
TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT.  A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT
REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A
QIB OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER
AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QIB WITHIN THE MEANING OF RULE 144A.

 

ANY
HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT
MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE RISK RETENTION CONSULTATION PARTIES, THE TRUSTEE OR ANY
OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING TRUST SUBORDINATE COMPANION LOANS ARE INSURED OR GUARANTEED
BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED
TO BELOW.

 

THIS
CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT
PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAW”), OR
ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN (INCLUDING AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE
PLAN ASSETS WITHIN THE

 

    A-24-2

     

    

 

MEANING
OF DEPARTMENT OF LABOR REGULATION § 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) TO ACQUIRE THIS CERTIFICATE, UNLESS
(A)(I) SUCH PERSON IS AN “INSURANCE COMPANY GENERAL ACCOUNT” WITHIN THE MEANING OF PROHIBITED TRANSACTION CLASS EXEMPTION
95-60, AND (II) ALL CONDITIONS OF SECTIONS I AND III OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 WILL BE MET WITH RESPECT
TO SUCH INSURANCE COMPANY GENERAL ACCOUNT’S ACQUISITION, HOLDING AND DISPOSITION OF THIS CERTIFICATE, OR (B) WITH RESPECT
TO THE ACQUISITION, HOLDING OR DISPOSITION OF THIS CERTIFICATE BY ANY PLAN SUBJECT TO SIMILAR LAW, SUCH ACQUISITION, HOLDING AND
DISPOSITION BY SUCH PLAN WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT VIOLATION OF SIMILAR LAW.

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE
CODE OF 1986, AS AMENDED.

 

[THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS
AFTER THE OFFERING OF THE CERTIFICATES, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO
A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]5

 

 

5
For Reg S Global Certificates only.

 

    A-24-3

     

    

 

BMARK
2020-IG3 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS 825S-C

 

	Class 825S-C
    Pass-Through Rate:  Net Mortgage Rate on the 825 South Hill Trust Subordinate Companion Loan	 	CUSIP:
                                         [08162QBY4]6

                                                                                   [U0812VAZ9]7

                                                                                   [08162Q
                                         BZ1]8

         

        ISIN:    [US08162QBY44]9

                     [USU0812VAZ95]10

                      [US08162QBZ19]11

         

	Original
    Aggregate Certificate Balance of the Class 825S-C Certificates: $8,064,000	 	Initial
    Certificate Balance of this Certificate: $[__]
	 	 	 
	First
    Distribution Date: June 17, 2020	 	Cut-off
    Date: The close of business on the later of the related Due Date of such Mortgage Loan in May 2020 (or, in the case of any
    Mortgage Loan or Trust Subordinate Companion Loan that has its first Due Date after May 2020, the date that would have been
    its Due Date in May 2020 under the terms of that Mortgage Loan and Trust Subordinate Companion Loan if a Periodic Payment
    were scheduled to be due in that month) and the date of origination of such Mortgage Loan
	 	 	 
	Assumed
    Final Distribution Date:  March 2027	 	No.:
    825S-C-[__]

 

This
certifies that [              ] is the registered
owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class 825S-C
Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans and the Trust Subordinate
Companion Loans secured by first liens on commercial and multifamily properties and held in trust by the Trustee and serviced
by the Master Servicer. The Trust Fund was created, and the Mortgage Loans and the Trust Subordinate Companion Loans are to be
serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the
acceptance hereof, assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

 

6
For Rule 144A Certificates 

7
For Regulation S Certificates 

8
For IAI Certificates 

9
For Rule 144A Certificates 

10
For Regulation S Certificates 

11
For IAI Certificates

 

    A-24-4

     

    

 

The
Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), between the
Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),
Wells Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), and Wells Fargo Bank,
National Association, as certificate administrator (in such capacity, the “Certificate Administrator”), as
custodian and as paying agent, evidences the issuance of the Class A-2, Class A-3, Class A-4, Class A-SB,
Class X-A, Class A-S, Class B, Class C, Class D, Class S, Class R, Class RR, Class BX-A, Class BX-B,
Class BX-C, Class T333-A, Class T333-B, Class T333-C, Class T333-D, Class 825S-A, Class 825S-B,
Class 825S-C, Class 825S-D and Class 825S-E Certificates and the BX-VRR Interest, the T333-VRR Interest and the
825S-VRR Interest (the “Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement
are collectively referred to herein as “Certificateholders”) and the creation of the RR Interest. This Certificate
is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent not defined herein,
capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based
on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest
then distributable, if any, allocable to the Class 825S-C Certificates for such Distribution Date, all as more fully described
in the Pooling and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as
the eleventh day of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in June
2020. Holders of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling
and Servicing Agreement.

 

During
each Interest Accrual Period (as defined below), interest on the Class 825S-C Certificates will be calculated based on a
360-day year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.

 

    A-24-5

     

    

 

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-24-6

     

    

 

invested
in Permitted Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Trust
Subordinate Companion Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder (other than the Trust Subordinate
Companion Loans, which are assets of the Trust Fund) therein): (i) such Mortgage Loans and Trust Subordinate Companion Loans
as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all
scheduled or unscheduled payments on or collections in respect of the Mortgage Loans and Trust Subordinate Companion Loans due
after the Cut-off Date; (iii) the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect
of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security agreements related to the Mortgage
Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans and Trust Subordinate Companion
Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts
and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection
Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, the BX Industrial Portfolio
Gain-on-Sale Reserve Account, the Tower 333 Gain-on-Sale Reserve Account, the 825 South Hill Gain-on-Sale Reserve Account and
the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment
income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties;
(xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties and the
Trust Subordinate Companion Loans; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to
document delivery requirements with respect to the Mortgage Loans and the representations and warranties of the related Mortgage
Loan Seller regarding its Mortgage Loans (and in the case of GACC, the Trust Subordinate Companion Loans); (xiii) the Lower-Tier
Regular Interests; (xiv) the Trust Subordinate Companion Loan REMIC Regular Interests; and (xv) the proceeds of the
foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and
any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing Agreement,
withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and

 

    A-24-7

     

    

 

transfer
(executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing
Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling
and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the
name of the designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate
denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance
with Article V of the Pooling and Servicing Agreement.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them may treat
the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent or any
agent of any of them shall be affected by notice or knowledge to the contrary.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional
Accredited Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer
to an Institutional Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the
Certificate Registrar’s counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee
to the Certificate Registrar as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection
with such transfer. The Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense
or other governmental charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator and the Trustee without the consent of any of the Certificateholders, the RR Interest
Owner, the BX-VRR Interest Owner, the T333-VRR Interest Owner, the 825S-VRR Interest Owner or any Serviced Companion Loan Noteholders,
(i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions of the Pooling and Servicing
Agreement or any Custodial Agreement to conform or be consistent with or in furtherance of the statements made in the Offering
Circular or the BX Industrial Portfolio Loan-Specific Offering Circular, the Tower 333 Loan-Specific Offering Circular or the
825 South Hill Loan-Specific Offering Circular with respect to the Certificates, the RR Interest, the Trust or the Pooling and
Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement
which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement;
(iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account;
provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the
related Distribution Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder
or RR Interest Owner, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such

 

    A-24-8

     

    

 

amendment
or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC
or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding,
or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would
be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate
Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such
action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such
tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder, RR Interest
Owner or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing
Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that such change
shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other
than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a
Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling
and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material
respect the interests of any Certificateholder, RR Interest Owner or any holder of a Pari Passu Companion Loan not consenting
thereto as evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced
by a Rating Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation
of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current
ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates);
(vii) to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the
then-current ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation
from each of the Rating Agencies; provided that such amendment or supplement shall not adversely affect in any material
respect the interests of any Certificateholder or RR Interest Owner not consenting thereto as evidenced by an Opinion of Counsel,
or any holder of a Serviced Pari Passu Companion Loan not consenting to such revision or addition, as evidenced by an Opinion
of Counsel at the expense of the party requesting such amendment or as evidenced by confirmation of the applicable Rating Agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such Rating Agency Confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (viii) to modify the provisions
of Section 3.06 and Section 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable
Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long
as a Control Termination Event is not continuing, the Directing Holder, determine that the commercial mortgage backed securities
industry standard for such provisions has changed, in order to conform to such industry standard, (b) such modification does
not adversely affect the status of any Trust REMIC as a REMIC or the status

 

    A-24-9

     

    

 

of
the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each
Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities,
the applicable rating agencies have delivered a confirmation that such action will not result in the downgrade, withdrawal or
qualification of its then-current ratings (provided that such rating agency confirmation may be considered satisfied in
the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix) to
modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act;
provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders
or the RR Interest Owner, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt
of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further, that the
Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information
Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website;
and (x) to modify, eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with
the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention
Rule or any other regulation applicable to the risk retention requirements for this securitization transaction are amended or
repealed, to the extent required to comply with any such amendment or to modify or eliminate the risk retention requirements in
the event of such repeal, as evidenced by an Opinion of Counsel.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator and the Trustee with the prior written consent of the RR Interest
Owner (if affected by such amendment) and the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders, the RR Interest Owner or the Serviced Companion Loan Noteholders; provided that no
such amendment may:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans, Trust Subordinate Companion Loans or Serviced Whole Loans which are required to
                                         be distributed on any Certificate or the RR Interest, without the consent of the Holders
                                         of Certificates representing all of the Percentage Interests of the Class or Classes
                                         or the RR Interest Owner, as applicable, affected thereby or which are required to be
                                         distributed to any Companion Loan Noteholders without the consent of such Companion Loan
                                         Noteholders;

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the requirement to obtain consent of any Companion
                                         Loan Noteholder or Holder of the Loan-Specific Certificates, in any such case without
                                         the consent of the Holders of all Certificates of such Class then-outstanding or

 

    A-24-10

     

    

 

	 	 	such
                                         Companion Loan Noteholder or Holder of the Loan-Specific Certificates, as applicable;

 

		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;

 

		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or

 

		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders and the
                                         RR Interest Owner or receipt of Rating Agency Confirmation from each Rating Agency and
                                         confirmation of the applicable rating agencies that such action will not result in the
                                         downgrade, withdrawal or qualification of its then-current ratings of any securities
                                         related to a Companion Loan, if any (provided that such rating agency confirmation
                                         may be considered satisfied in the same manner as any Rating Agency Confirmation may
                                         be considered satisfied with respect to the Certificates).

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, at any time and from
time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion Loan Noteholders, may amend
the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such extent as shall be necessary
to maintain the qualification of the Lower-Tier REMIC, the Trust Subordinate Companion Loan REMIC or the Upper-Tier REMIC as a
REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material state
or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an Opinion
of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the
imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder or
if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator
and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates and the RR Interest (other than
the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders and
the RR Interest Owner as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment)
to the Certificateholders, the RR Interest Owner and the Serviced Companion Loan Noteholders of all amounts held by or on behalf
of the Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing
Agreement to be so paid on the Distribution Date following the receipt or collection of the last payment due on any Mortgage Loan,
Trust

 

    A-24-11

     

    

 

Subordinate
Companion Loan and REO Property (as applicable) included in the Trust Fund; provided that in no event shall the trust
created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of the last survivor
of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-24-12

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class 825S-C Certificate to be duly executed.

 

Dated: 
May 29, 2020

 

	 
	WELLS
        FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator

	 
	 
	 

	 
	By:
	 

	 
	 
	Name:

	 
	 
	Title:

 

Certificate
of Authentication

 

This
is one of the Class 825S-C Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: 
May 29, 2020

 

	 
	WELLS
        FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent

	 
	 
	 

	 
	By:
	 

	 
	 
	Name:

	 
	 
	Title:

 

 

    A-24-13

     

    

 

EXHIBIT
A-25

 

FORM
OF CLASS 825S-D [RULE 144A]1 [REG S]2 [IAI]3 CERTIFICATE

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]4

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”)
TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A
(A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE,
PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2)  TO AN INSTITUTION THAT IS A NON-“U.S. PERSON”
IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE
SECURITIES ACT, OR (3)  UPON INITIAL ISSUANCE ONLY, TO INSTITUTIONS THAT ARE “ACCREDITED INVESTORS” WITHIN THE
MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT (“REGULATION D”) AND ANY
ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3)
OR (7) OF REGULATION D (COLLECTIVELY, “INSTITUTIONAL ACCREDITED INVESTORS”), AND (B) IN EACH CASE IN ACCORDANCE
WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH

 

 

1
For Rule 144A Global Certificates only. 

2
For Reg S Global Certificates only. 

3
For IAI Certificates only. 

4
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-25-1

     

    

 

CERTAIN
TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT.  A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT
REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A
QIB OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER
AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QIB WITHIN THE MEANING OF RULE 144A.

 

ANY
HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT
MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE RISK RETENTION CONSULTATION PARTIES, THE TRUSTEE OR ANY
OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING TRUST SUBORDINATE COMPANION LOANS ARE INSURED OR GUARANTEED
BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED
TO BELOW.

 

THIS
CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT
PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW
THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAW”), OR
ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN (INCLUDING AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE
PLAN ASSETS WITHIN THE

 

    A-25-2

     

    

 

MEANING
OF DEPARTMENT OF LABOR REGULATION § 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) TO ACQUIRE THIS CERTIFICATE, UNLESS
(A)(I) SUCH PERSON IS AN “INSURANCE COMPANY GENERAL ACCOUNT” WITHIN THE MEANING OF PROHIBITED TRANSACTION CLASS EXEMPTION
95-60, AND (II) ALL CONDITIONS OF SECTIONS I AND III OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 WILL BE MET WITH RESPECT
TO SUCH INSURANCE COMPANY GENERAL ACCOUNT’S ACQUISITION, HOLDING AND DISPOSITION OF THIS CERTIFICATE, OR (B) WITH RESPECT
TO THE ACQUISITION, HOLDING OR DISPOSITION OF THIS CERTIFICATE BY ANY PLAN SUBJECT TO SIMILAR LAW, SUCH ACQUISITION, HOLDING AND
DISPOSITION BY SUCH PLAN WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT VIOLATION OF SIMILAR LAW.

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE
CODE OF 1986, AS AMENDED.

 

[THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS
AFTER THE OFFERING OF THE CERTIFICATES, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO
A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]5

 

 

5
For Reg S Global Certificates only.

 

    A-25-3

     

    

 

 

BMARK
2020-IG3 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS 825S-D

 

	Class 825S-D
    Pass-Through Rate:  Net Mortgage Rate on the 825 South Hill Trust Subordinate Companion Loan	 	CUSIP:
                                         [08162QCA5]6

                                                                                   [U0812VBA3]7

                                                                                   [08162QCB3]8

         

        ISIN:    [US08162QCA58]9

                     [USU0812VBA36]10

                     [US08162QCB32]11

         

	Original
    Aggregate Certificate Balance of the Class 825S-D Certificates: $8,838,000	 	Initial
    Certificate Balance of this Certificate: $[__]
	 	 	 
	First
    Distribution Date: June 17, 2020	 	Cut-off
    Date: The close of business on the later of the related Due Date of such Mortgage Loan in May 2020 (or, in the case of any
    Mortgage Loan or Trust Subordinate Companion Loan that has its first Due Date after May 2020, the date that would have been
    its Due Date in May 2020 under the terms of that Mortgage Loan and Trust Subordinate Companion Loan if a Periodic Payment
    were scheduled to be due in that month) and the date of origination of such Mortgage Loan
	 	 	 
	Assumed
    Final Distribution Date:  March 2027	 	No.:
    825S-D-[__]

 

This
certifies that [              ] is the registered
owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class 825S-D
Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans and the Trust Subordinate
Companion Loans secured by first liens on commercial and multifamily properties and held in trust by the Trustee and serviced
by the Master Servicer. The Trust Fund was created, and the Mortgage Loans and the Trust Subordinate Companion Loans are to be
serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the
acceptance hereof, assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

 

6
For Rule 144A Certificates 

7
For Regulation S Certificates 

8
For IAI Certificates 

9
For Rule 144A Certificates 

10
For Regulation S Certificates 

11
For IAI Certificates

 

    A-25-4

     

    

 

The
Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), between the
Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),
Wells Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), and Wells Fargo Bank,
National Association, as certificate administrator (in such capacity, the “Certificate Administrator”), as
custodian and as paying agent, evidences the issuance of the Class A-2, Class A-3, Class A-4, Class A-SB,
Class X-A, Class A-S, Class B, Class C, Class D, Class S, Class R, Class RR, Class BX-A, Class BX-B,
Class BX-C, Class T333-A, Class T333-B, Class T333-C, Class T333-D, Class 825S-A, Class 825S-B,
Class 825S-C, Class 825S-D and Class 825S-E Certificates and the BX-VRR Interest, the T333-VRR Interest and the
825S-VRR Interest (the “Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement
are collectively referred to herein as “Certificateholders”) and the creation of the RR Interest. This Certificate
is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent not defined herein,
capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based
on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest
then distributable, if any, allocable to the Class 825S-D Certificates for such Distribution Date, all as more fully described
in the Pooling and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as
the eleventh day of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in June
2020. Holders of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling
and Servicing Agreement.

 

During
each Interest Accrual Period (as defined below), interest on the Class 825S-D Certificates will be calculated based on a
360-day year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.

 

    A-25-5

     

    

 

Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding
the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located
in the United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire
instructions in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the
form of a standing order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail
to the address set forth therefor in the Certificate Register. The final distribution on each Certificate shall be made in like
manner, but only upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its agent
(which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Holders of
such final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within
two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate
Administrator under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator
and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest
shall accrue or be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate
Administrator as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof
in accordance with the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be

 

    A-25-6

     

    

 

invested
in Permitted Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Trust
Subordinate Companion Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder (other than the Trust Subordinate
Companion Loans, which are assets of the Trust Fund) therein): (i) such Mortgage Loans and Trust Subordinate Companion Loans
as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all
scheduled or unscheduled payments on or collections in respect of the Mortgage Loans and Trust Subordinate Companion Loans due
after the Cut-off Date; (iii) the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect
of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security agreements related to the Mortgage
Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans and Trust Subordinate Companion
Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts
and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection
Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, the BX Industrial Portfolio
Gain-on-Sale Reserve Account, the Tower 333 Gain-on-Sale Reserve Account, the 825 South Hill Gain-on-Sale Reserve Account and
the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment
income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties;
(xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties and the
Trust Subordinate Companion Loans; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to
document delivery requirements with respect to the Mortgage Loans and the representations and warranties of the related Mortgage
Loan Seller regarding its Mortgage Loans (and in the case of GACC, the Trust Subordinate Companion Loans); (xiii) the Lower-Tier
Regular Interests; (xiv) the Trust Subordinate Companion Loan REMIC Regular Interests; and (xv) the proceeds of the
foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and
any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing Agreement,
withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and

 

    A-25-7

     

    

 

transfer
(executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing
Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling
and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the
name of the designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate
denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance
with Article V of the Pooling and Servicing Agreement.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them may treat
the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent or any
agent of any of them shall be affected by notice or knowledge to the contrary.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional
Accredited Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer
to an Institutional Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the
Certificate Registrar’s counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee
to the Certificate Registrar as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection
with such transfer. The Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense
or other governmental charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator and the Trustee without the consent of any of the Certificateholders, the RR Interest
Owner, the BX-VRR Interest Owner, the T333-VRR Interest Owner, the 825S-VRR Interest Owner or any Serviced Companion Loan Noteholders,
(i) to cure any ambiguity or to correct any manifest error; (ii) to cause the provisions of the Pooling and Servicing
Agreement or any Custodial Agreement to conform or be consistent with or in furtherance of the statements made in the Offering
Circular or the BX Industrial Portfolio Loan-Specific Offering Circular, the Tower 333 Loan-Specific Offering Circular or the
825 South Hill Loan-Specific Offering Circular with respect to the Certificates, the RR Interest, the Trust or the Pooling and
Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement
which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement;
(iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account;
provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the
related Distribution Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder
or RR Interest Owner, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such

 

    A-25-8

     

    

 

amendment
or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC
or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding,
or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would
be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate
Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such
action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such
tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder, RR Interest
Owner or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing
Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that such change
shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other
than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a
Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling
and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material
respect the interests of any Certificateholder, RR Interest Owner or any holder of a Pari Passu Companion Loan not consenting
thereto as evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced
by a Rating Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation
of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current
ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates);
(vii) to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the
then-current ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation
from each of the Rating Agencies; provided that such amendment or supplement shall not adversely affect in any material
respect the interests of any Certificateholder or RR Interest Owner not consenting thereto as evidenced by an Opinion of Counsel,
or any holder of a Serviced Pari Passu Companion Loan not consenting to such revision or addition, as evidenced by an Opinion
of Counsel at the expense of the party requesting such amendment or as evidenced by confirmation of the applicable Rating Agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such Rating Agency Confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (viii) to modify the provisions
of Section 3.06 and Section 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable
Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long
as a Control Termination Event is not continuing, the Directing Holder, determine that the commercial mortgage backed securities
industry standard for such provisions has changed, in order to conform to such industry standard, (b) such modification does
not adversely affect the status of any Trust REMIC as a REMIC or the status

 

    A-25-9

     

    

 

of
the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each
Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities,
the applicable rating agencies have delivered a confirmation that such action will not result in the downgrade, withdrawal or
qualification of its then-current ratings (provided that such rating agency confirmation may be considered satisfied in
the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix) to
modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act;
provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders
or the RR Interest Owner, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt
of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further, that the
Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information
Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website;
and (x) to modify, eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with
the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention
Rule or any other regulation applicable to the risk retention requirements for this securitization transaction are amended or
repealed, to the extent required to comply with any such amendment or to modify or eliminate the risk retention requirements in
the event of such repeal, as evidenced by an Opinion of Counsel.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator and the Trustee with the prior written consent of the RR Interest
Owner (if affected by such amendment) and the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders, the RR Interest Owner or the Serviced Companion Loan Noteholders; provided that no
such amendment may:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans, Trust Subordinate Companion Loans or Serviced Whole Loans which are required to
                                         be distributed on any Certificate or the RR Interest, without the consent of the Holders
                                         of Certificates representing all of the Percentage Interests of the Class or Classes
                                         or the RR Interest Owner, as applicable, affected thereby or which are required to be
                                         distributed to any Companion Loan Noteholders without the consent of such Companion Loan
                                         Noteholders;

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the requirement to obtain consent of any Companion
                                         Loan Noteholder or Holder of the Loan-Specific Certificates, in any such case without
                                         the consent of the Holders of all Certificates of such Class then-outstanding or

 

    A-25-10

     

    

 

	 	 	such
                                         Companion Loan Noteholder or Holder of the Loan-Specific Certificates, as applicable;

 

		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;

 

		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or

 

		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders and the
                                         RR Interest Owner or receipt of Rating Agency Confirmation from each Rating Agency and
                                         confirmation of the applicable rating agencies that such action will not result in the
                                         downgrade, withdrawal or qualification of its then-current ratings of any securities
                                         related to a Companion Loan, if any (provided that such rating agency confirmation
                                         may be considered satisfied in the same manner as any Rating Agency Confirmation may
                                         be considered satisfied with respect to the Certificates).

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, at any time and from
time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion Loan Noteholders, may amend
the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such extent as shall be necessary
to maintain the qualification of the Lower-Tier REMIC, the Trust Subordinate Companion Loan REMIC or the Upper-Tier REMIC as a
REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material state
or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an Opinion
of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the
imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder or
if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator
and the Trustee created by the Pooling and Servicing Agreement with respect to the Certificates and the RR Interest (other than
the obligations of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders and
the RR Interest Owner as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment)
to the Certificateholders, the RR Interest Owner and the Serviced Companion Loan Noteholders of all amounts held by or on behalf
of the Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing
Agreement to be so paid on the Distribution Date following the receipt or collection of the last payment due on any Mortgage Loan,
Trust

 

    A-25-11

     

    

 

Subordinate
Companion Loan and REO Property (as applicable) included in the Trust Fund; provided that in no event shall the trust
created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of the last survivor
of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-25-12

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class 825S-D Certificate to be duly executed.

 

Dated: 
May 29, 2020

 

	 
	WELLS
        FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator

	 
	 
	 

	 
	By:
	 

	 
	 
	Name:

	 
	 
	Title:

 

Certificate
of Authentication

 

This
is one of the Class 825S-D Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: 
May 29, 2020

 

	 
	WELLS
        FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent

	 
	 
	 

	 
	By:
	 

	 
	 
	Name:

	 
	 
	Title:

 

 

    A-25-13

     

    

 

EXHIBIT A-26

 

FORM OF CLASS 825S-E [RULE 144A]1 [REG S]2 [IAI]3 CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]4

 

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2)  TO AN INSTITUTION THAT IS A NON-”U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, OR (3)  UPON INITIAL ISSUANCE ONLY, TO INSTITUTIONS THAT ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT (“REGULATION D”) AND ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D (COLLECTIVELY, “INSTITUTIONAL ACCREDITED INVESTORS”), AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THE INITIAL INVESTOR IN THIS CERTIFICATE,
AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED
TO COMPLY WITH  

 

 

1 For Rule 144A Global Certificates only.

2 For Reg S Global Certificates only.

3 For IAI Certificates only.

4 Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-26-1

     

    

 

CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT.  A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QIB OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QIB WITHIN THE MEANING OF RULE 144A.

 

ANY HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE RISK RETENTION CONSULTATION PARTIES, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.  NEITHER THE CERTIFICATES NOR THE UNDERLYING TRUST SUBORDINATE COMPANION LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.  ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

TRANSFERS AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

THIS CERTIFICATE MAY NOT BE PURCHASED
BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN THAT IS SUBJECT
TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”),
OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN (AS
DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW THAT IS, TO A MATERIAL EXTENT,
SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAW”), OR ANY PERSON ACTING ON BEHALF OF
ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN (INCLUDING AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS WITHIN THE  

 

    A-26-2

     

    

 

MEANING OF DEPARTMENT OF LABOR REGULATION § 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) TO ACQUIRE THIS CERTIFICATE, UNLESS (A)(I) SUCH PERSON IS AN “INSURANCE COMPANY GENERAL ACCOUNT” WITHIN THE MEANING OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60, AND (II) ALL CONDITIONS OF SECTIONS I AND III OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 WILL BE MET WITH RESPECT TO SUCH INSURANCE COMPANY GENERAL ACCOUNT’S ACQUISITION, HOLDING AND DISPOSITION OF THIS CERTIFICATE, OR (B) WITH RESPECT TO THE ACQUISITION, HOLDING OR DISPOSITION OF THIS CERTIFICATE BY ANY PLAN SUBJECT TO SIMILAR LAW, SUCH ACQUISITION, HOLDING AND DISPOSITION BY SUCH PLAN WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT VIOLATION OF SIMILAR LAW.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

[THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE OFFERING OF THE CERTIFICATES,
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]5 

 

 

5 For Reg S Global Certificates only.

 

    A-26-3

     

    

 

BMARK 2020-IG3 MORTGAGE TRUST COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES, CLASS 825S-E

 

	
Class 825S-E Pass-Through Rate:  Net Mortgage Rate on the 825 South Hill Trust Subordinate Companion Loan

	
 

	
CUSIP:     [08162QCC1]6
[U0812VBB1]7
[08162QCD9]8

 

ISIN:         [US08162QCC15]9
[USU0812VBB19]10
[US08162QCD97]11

	
 

	
 

	
 

	
 

	
 

	
 

	
Original Aggregate Certificate
Balance of the Class 825S-E Certificates: $9,412,000

	
 

	
Initial Certificate Balance of this Certificate: $[__]

	 	 	 
	
First Distribution Date: June 17, 2020

	
 

	
Cut-off Date: The close of business on the later of the related Due Date of such Mortgage Loan in May 2020 (or, in the case of any Mortgage Loan or Trust Subordinate Companion Loan that has its first Due Date after May 2020, the date that would have been its Due Date in May 2020 under the terms of that Mortgage Loan and Trust Subordinate Companion Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage Loan

	
 

	
 

	
 

	
Assumed Final Distribution Date:  March 2027

	
 

	
No.: 825S-E -[__]

 

This certifies that [              ]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class 825S-E Certificates.  The Trust Fund, described more fully below, consists primarily of a pool of Mortgage
Loans and the Trust Subordinate Companion Loans secured by first liens on commercial and multifamily properties and held in trust
by the Trustee and serviced by the Master Servicer.  The Trust Fund was created, and the Mortgage Loans and the Trust Subordinate
Companion Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below).  The Holder of this
Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling and Servicing
Agreement and is bound thereby. 

 

 

6 For Rule 144A Certificates

7 For Regulation S Certificates

8 For IAI Certificates

9 For Rule 144A Certificates

10 For Regulation S Certificates

11 For IAI Certificates

 

    A-26-4

     

    

 

The Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), between the Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”), Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”), Wells Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), and Wells Fargo Bank, National Association, as certificate administrator (in such capacity, the “Certificate Administrator”), as custodian and as paying agent, evidences the issuance of the Class A-2, Class A-3, Class A-4, Class A-SB, Class X-A, Class A-S, Class B, Class C, Class D, Class S, Class R, Class RR, Class BX-A, Class BX-B, Class BX-C, Class T333-A, Class T333-B, Class T333-C, Class T333-D, Class 825S-A, Class 825S-B, Class 825S-C, Class 825S-D and Class 825S-E Certificates and the BX-VRR Interest, the T333-VRR Interest and the 825S-VRR Interest (the “Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”) and the creation of the RR Interest.  This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement.  To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.  Each Holder of this Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured by income.

 

The Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling and Servicing Agreement.  In the event that there is any conflict between any provision of this Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable, if any, allocable to the Class 825S-E Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement.  “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh day of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in June 2020.  Holders of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During each Interest
Accrual Period (as defined below), interest on the Class 825S-E Certificates will be calculated based on a 360-day year consisting
of twelve 30-day months on the outstanding Certificate Balance hereof. 

 

    A-26-5

     

    

 

Interest accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.  The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which such Distribution Date occurs.  Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs.  Such distributions shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record Date, (i) by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth therefor in the Certificate Register.  The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall, on such date, be
set aside and held for the benefit of the appropriate non-tendering Certificateholders.  If any Certificates as to which
notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto.  If within one year after the second notice not all of such Certificates shall have been
surrendered for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact
the remaining non-tendering Certificateholders concerning surrender of their Certificates.  The costs and expenses of holding
such funds in trust and of contacting such Certificateholders shall be paid out of such funds.  Subject to applicable state
escheatment laws, if within two years after the second notice any such Certificates shall not have been surrendered for cancellation,
the Paying Agent shall distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate
Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination
as Certificate Administrator under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate
Administrator and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. 
No interest shall accrue or be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or
by the Certificate Administrator as a result of such Certificateholder’s failure to surrender its Certificate(s) for final
payment thereof in accordance with the Pooling and Servicing Agreement.  Any such amounts transferred to the Certificate
Administrator may be 

 

    A-26-6

     

    

invested in Permitted Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Trust Subordinate Companion Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder (other than the Trust Subordinate Companion Loans, which are assets of the Trust Fund) therein):  (i) such Mortgage Loans and Trust Subordinate Companion Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans and Trust Subordinate Companion Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans and Trust Subordinate Companion Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, the BX Industrial Portfolio Gain-on-Sale Reserve Account, the Tower 333 Gain-on-Sale Reserve Account, the 825 South Hill Gain-on-Sale Reserve Account and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties and the Trust Subordinate Companion Loans; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage Loans (and in the case of GACC, the Trust Subordinate Companion Loans); (xiii) the Lower-Tier Regular Interests; (xiv) the Trust Subordinate Companion Loan Regular Interests; and (xv) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related Borrower).  As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.

 

This Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of the Certificate Administrator.

 

As provided in the Pooling
and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable
only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and 

 

    A-26-7

     

    

 

transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.  Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination as the Certificate being surrendered.  Such Certificates shall be delivered by the Certificate Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

Prior to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement.  In connection with any transfer to an Institutional Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer.  The Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection with any such transfer.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator and the Trustee without the consent of any of the Certificateholders, the RR Interest Owner, the BX-VRR
Interest Owner, the T333-VRR Interest Owner, the 825S-VRR Interest Owner or any Serviced Companion Loan Noteholders, (i) to
cure any ambiguity or to correct any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement
or any Custodial Agreement to conform or be consistent with or in furtherance of the statements made in the Offering Circular
or the BX Industrial Portfolio Loan-Specific Offering Circular, the Tower 333 Loan-Specific Offering Circular or the 825 South
Hill Loan-Specific Offering Circular with respect to the Certificates, the RR Interest, the Trust or the Pooling and Servicing
Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement which may
be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement; (iii) to
change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder or RR
Interest Owner, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such 

 

    A-26-8

     

    

 

amendment or as evidenced
by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate or add
to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC or the
Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding, or
to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would be
a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator
have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action
is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and
(b) such action will not adversely affect in any material respect the interests of any Certificateholder, RR Interest Owner
or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing
Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that such change
shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other
than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a
Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling
and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material
respect the interests of any Certificateholder, RR Interest Owner or any holder of a Pari Passu Companion Loan not consenting
thereto as evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced
by a Rating Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation
of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current
ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates);
(vii) to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the
then-current ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation
from each of the Rating Agencies; provided that such amendment or supplement shall not adversely affect in any material
respect the interests of any Certificateholder or RR Interest Owner not consenting thereto as evidenced by an Opinion of Counsel,
or any holder of a Serviced Pari Passu Companion Loan not consenting to such revision or addition, as evidenced by an Opinion
of Counsel at the expense of the party requesting such amendment or as evidenced by confirmation of the applicable Rating Agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such Rating Agency Confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (viii) to modify the provisions
of Section 3.06 and Section 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable
Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long
as a Control Termination Event is not continuing, the Directing Holder, determine that the commercial mortgage backed securities
industry standard for such provisions has changed, in order to conform to such industry standard, (b) such modification does
not adversely affect the status of any Trust REMIC as a REMIC or the status 

 

    A-26-9

     

    

 

of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders or the RR Interest Owner, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website; and (x) to modify, eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule or any other regulation applicable to the risk retention requirements for this securitization transaction are amended or repealed, to the extent required to comply with any such amendment or to modify or eliminate the risk retention requirements in the event of such repeal, as evidenced by an Opinion of Counsel.

 

The Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee with the prior written consent of the RR Interest Owner (if affected by such amendment) and the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of the Certificateholders, the RR Interest Owner or the Serviced Companion Loan Noteholders; provided that no such amendment may:

 

	
 

	
(i)

	
reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans, Trust Subordinate Companion Loans or Serviced Whole Loans which are required to be distributed on any Certificate or the RR Interest, without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes or the RR Interest Owner, as applicable, affected thereby or which are required to be distributed to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

	
 

	
(ii)

	
reduce the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove the requirement to obtain consent of any Companion Loan Noteholder or Holder of the Loan-Specific Certificates, in any such case without the consent of the Holders of all Certificates of such Class then-outstanding or

  

    A-26-10

     

    

 

such Companion Loan Noteholder or Holder of the Loan-Specific Certificates, as applicable;

 

	
 

	
(iii)

	
adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then outstanding;

 

	
 

	
(iv)

	
change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller; or

 

	
 

	
(v)

	
amend the Servicing Standard without the consent of 100% of the Certificateholders and the RR Interest Owner or receipt of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further, the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC, the Trust Subordinate Companion Loan REMIC or the Upper-Tier REMIC as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator and the Trustee
created by the Pooling and Servicing Agreement with respect to the Certificates and the RR Interest (other than the obligations
of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders and the RR Interest
Owner as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders,
the RR Interest Owner and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate
Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement to be so paid on
the Distribution Date following the receipt or collection of the last payment due on any Mortgage Loan, Trust 

 

    A-26-11

     

    

 

Subordinate Companion Loan and REO Property (as applicable) included in the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living on the date hereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall
not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose. 

 

    A-26-12

     

    

 

IN WITNESS WHEREOF, the Certificate Administrator has caused this Class 825S-E Certificate to be duly executed.

 

Dated:  May 29, 2020

 

	
 

	
WELLS FARGO BANK, NATIONAL
ASSOCIATION, not in its individual capacity
but solely as Certificate Administrator

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
Name:

	
 

	
 

	
Title:

 

Certificate of Authentication

 

This is one of the Class 825S-E Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:  May 29, 2020

	 	 	 
	 

	WELLS FARGO BANK, NATIONAL
ASSOCIATION, not in its individual capacity
but solely as Authenticating Agent

	 

	 

	 

	 

	By:

	 

	 

	Name:

	 

	Title:

  

    A-26-13

     

    

 

EXHIBIT A-27

 

FORM OF 825S-VRR INTEREST CERTIFICATE

 

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE RISK RETENTION CONSULTATION PARTIES, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES.  NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.  ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES) TO AN INSTITUTION THAT IS A NON-”U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, OR (3) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES) UPON INITIAL ISSUANCE ONLY, TO INSTITUTIONS THAT ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT (“REGULATION D”) AND ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D (COLLECTIVELY, “INSTITUTIONAL ACCREDITED INVESTORS”), AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THIS CERTIFICATE MAY NOT BE PURCHASED
BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN THAT IS SUBJECTTO
THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”),
OR TO SECTION 4975  

 

    A-27-1

     

    

 

OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE, OR ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN (INCLUDING AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATION § 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) TO ACQUIRE THIS CERTIFICATE.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A BENEFICIAL INTEREST IN MULTIPLE “REGULAR INTERESTS” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

THIS CERTIFICATE IS INTENDED TO CONSTITUTE
PART OF AN “ELIGIBLE VERTICAL INTEREST” (AS DEFINED IN REGULATION RR PROMULGATED UNDER SECTION 15G OF THE SECURITIES
EXCHANGE ACT OF 1934, AS AMENDED), AND AS SUCH IS SUBJECT TO VARIOUS PROHIBITIONS ON HEDGING, TRANSFER AND FINANCING SET FORTH
IN REGULATION RR PROMULGATED UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.  THE INITIAL INVESTOR
IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN,
IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. 

 

    A-27-2

     

    

 

BMARK 2020-IG3 MORTGAGE TRUST COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES, 825S-VRR INTEREST

 

	
825S-VRR Interest Pass-Through Rate:  N/A

	
 

	
CUSIP:     [08162QCE7]1
[08162QCF4]2

 

ISIN:        [US08162QCE70]3
[US08162QCF46]4

	
 

	
 

	
 

	
Original Aggregate Certificate Balance of the 825S-VRR Interest: $1,900,000

	
 

	
Initial Certificate Balance of this Certificate: $[__]

	
 

	
 

	
 

	
First Distribution Date: June 17, 2020

	
 

	
Cut-off Date: The close of business on the later of the related Due Date of such Mortgage Loan in May 2020 (or, in the case of any Mortgage Loan or Trust Subordinate Companion Loan that has its first Due Date after May 2020, the date that would have been its Due Date in May 2020 under the terms of that Mortgage Loan and Trust Subordinate Companion Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage Loan

	
 

	
 

	
 

	
Assumed Final Distribution Date:  March 2027

	
 

	
No.: 825S-VRR-[__]

 

This certifies that [              ] is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the 825S-VRR Interest.  The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans and the Trust Subordinate Companion Loans secured by first liens on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer.  The Trust Fund was created, and the Mortgage Loans and the Trust Subordinate Companion Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below).  The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing
Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), between the Depositor, Midland
Loan Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”), Midland
Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”), 

 

 

1 For Rule 144A Certificates

2 For IAI Certificates

3 For Rule 144A Certificates

4 For IAI Certificates

 

    A-27-3

     

    

 

Wells Fargo Bank, National Association, as trustee (in such capacity, the “Trustee”), and Wells Fargo Bank, National Association, as certificate administrator (in such capacity, the “Certificate Administrator”), as custodian and as paying agent, evidences the issuance of the Class A-2, Class A-3, Class A-4, Class A-SB, Class X-A, Class A-S, Class B, Class C, Class D, Class S, Class R, Class RR, Class BX-A, Class BX-B, Class BX-C, Class T333-A, Class T333-B, Class T333-C, Class T333-D, Class 825S-A, Class 825S-B, Class 825S-C, Class 825S-D and Class 825S-E Certificates and the BX-VRR Interest, the T333-VRR Interest and the 825S-VRR Interest (the “Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”) and the creation of the RR Interest.  This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement.  To the extent not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents a beneficial interest in multiple “regular interests” in a “real estate mortgage investment conduit,” as those terms are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.  Each Holder of this Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured by income.

 

The Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling and Servicing Agreement.  In the event that there is any conflict between any provision of this Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable, if any, allocable to the 825S-VRR Interest for such Distribution Date, all as more fully described in the Pooling and Servicing Agreement.  “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh day of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in June 2020.  Holders of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During each Interest Accrual Period (as defined below), interest on the 825S-VRR Interest will be calculated based on a 360-day year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.

 

Interest accrued on this
Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate,
if any, will be payable on the 

 

    A-27-4

     

    

 

related Distribution Date to the extent provided in the Pooling and Servicing Agreement.  The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which such Distribution Date occurs.  Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs.  Such distributions shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record Date, (i) by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth therefor in the Certificate Register.  The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall, on such date, be
set aside and held for the benefit of the appropriate non-tendering Certificateholders.  If any Certificates as to which
notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto.  If within one year after the second notice not all of such Certificates shall have been
surrendered for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact
the remaining non-tendering Certificateholders concerning surrender of their Certificates.  The costs and expenses of holding
such funds in trust and of contacting such Certificateholders shall be paid out of such funds.  Subject to applicable state
escheatment laws, if within two years after the second notice any such Certificates shall not have been surrendered for cancellation,
the Paying Agent shall distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate
Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination
as Certificate Administrator under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate
Administrator and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. 
No interest shall accrue or be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or
by the Certificate Administrator as a result of such Certificateholder’s failure to surrender its Certificate(s) for final
payment thereof in accordance with the Pooling and Servicing Agreement.  Any such amounts transferred to the Certificate
Administrator may be invested in Permitted Investments and all income and gain realized from investment of such funds shall accrue
for its benefit. 

 

    A-27-5

     

    

 

This Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Trust Subordinate Companion Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder (other than the Trust Subordinate Companion Loans, which are assets of the Trust Fund) therein):  (i) such Mortgage Loans and Trust Subordinate Companion Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans and Trust Subordinate Companion Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans and Trust Subordinate Companion Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, the BX Industrial Portfolio Gain-on-Sale Reserve Account, the Tower 333 Gain-on-Sale Reserve Account, the 825 South Hill Gain-on-Sale Reserve Account and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties and the Trust Subordinate Companion Loans; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage Loans (and in the case of GACC, the Trust Subordinate Companion Loans); (xiii) the Lower-Tier Regular Interests; (xiv) the Trust Subordinate Companion Loan REMIC Regular Interests; and (xv)  the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related Borrower).  As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.

 

This Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities of the Certificate Administrator.

 

As provided in the Pooling
and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable
only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement. 
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, 

 

    A-27-6

     

    

 

the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination as the Certificate being surrendered.  Such Certificates shall be delivered by the Certificate Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

Prior to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement.  In connection with any transfer to an Institutional Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer.  The Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable in connection with any such transfer.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator and the Trustee without the consent of any of the Certificateholders, the RR Interest Owner, the BX-VRR
Interest Owner, the T333-VRR Interest Owner, the 825S-VRR Interest Owner or any Serviced Companion Loan Noteholders, (i) to
cure any ambiguity or to correct any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement
or any Custodial Agreement to conform or be consistent with or in furtherance of the statements made in the Offering Circular
or the BX Industrial Portfolio Loan-Specific Offering Circular, the Tower 333 Loan-Specific Offering Circular or the 825 South
Hill Loan-Specific Offering Circular with respect to the Certificates, the RR Interest, the Trust or the Pooling and Servicing
Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement or any Custodial Agreement which may
be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement or any Custodial Agreement; (iii) to
change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder or RR
Interest Owner, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced
by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate or add
to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC or the 

 

    A-27-7

     

    

 

Grantor Trust as a grantor
trust under the relevant provisions of the Code at all times that any Certificate is outstanding, or to avoid or minimize the
risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would be a claim against the Trust
Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate Administrator have received
an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such action is necessary
or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such tax and (b) such
action will not adversely affect in any material respect the interests of any Certificateholder, RR Interest Owner or Companion
Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing Agreement restricting
transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced
by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than the Transferor) to
be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S. Tax Person; (vi) to
revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or any
other change; provided that the required action shall not adversely affect in any material respect the interests of any
Certificateholder, RR Interest Owner or any holder of a Pari Passu Companion Loan not consenting thereto as evidenced in writing
by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies
that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement
any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to
each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies;
provided that such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder
or RR Interest Owner not consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion
Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided
that such Rating Agency Confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of
the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement
Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event is not continuing,
the Directing Holder, determine that the commercial mortgage backed securities industry standard for such provisions has changed,
in order to conform to such industry standard, (b) such modification does not adversely affect the status of any Trust REMIC
as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an
Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of
Serviced Companion Loan Securities, the applicable rating 

 

    A-27-8

     

    

 

agencies have delivered a confirmation that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders or the RR Interest Owner, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website; and (x) to modify, eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule or any other regulation applicable to the risk retention requirements for this securitization transaction are amended or repealed, to the extent required to comply with any such amendment or to modify or eliminate the risk retention requirements in the event of such repeal, as evidenced by an Opinion of Counsel.

 

The Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee with the prior written consent of the RR Interest Owner (if affected by such amendment) and the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of the Certificateholders, the RR Interest Owner or the Serviced Companion Loan Noteholders; provided that no such amendment may:

 

	
 

	
(i)

	
reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans, Trust Subordinate Companion Loans or Serviced Whole Loans which are required to be distributed on any Certificate or the RR Interest, without the consent of the Holders of Certificates representing all of the Percentage Interests of the Class or Classes or the RR Interest Owner, as applicable, affected thereby or which are required to be distributed to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

	
 

	
(ii)

	
reduce the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove the requirement to obtain consent of any Companion Loan Noteholder or Holder of the Loan-Specific Certificates, in any such case without the consent of the Holders of all Certificates of such Class then-outstanding or such Companion Loan Noteholder or Holder of the Loan-Specific Certificates, as applicable;

  

    A-27-9

     

    

 

	
 

	
(iii)

	
adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then outstanding;

 

	
 

	
(iv)

	
change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller; or

 

	
 

	
(v)

	
amend the Servicing Standard without the consent of 100% of the Certificateholders and the RR Interest Owner or receipt of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further, the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC, the Trust Subordinate Companion Loan REMIC or the Upper-Tier REMIC as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator and the Trustee
created by the Pooling and Servicing Agreement with respect to the Certificates and the RR Interest (other than the obligations
of the Certificate Administrator to make certain payments and to send certain notices to Certificateholders and the RR Interest
Owner as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment) to the Certificateholders,
the RR Interest Owner and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate
Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement to be so paid on
the Distribution Date following the receipt or collection of the last payment due on any Mortgage Loan, Trust Subordinate Companion
Loan and REO Property (as applicable) included in the Trust Fund; provided that in no event shall the trust created by
the Pooling and Servicing Agreement continue beyond the expiration of 21 years from the death of the last survivor of the descendants 

 

    A-27-10

     

    

 

of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom, living on the date hereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall
not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose. 

 

    A-27-11

     

    

 

IN WITNESS WHEREOF, the Certificate Administrator has caused this 825S-VRR Interest Certificate to be duly executed.

 

Dated:  May 29, 2020

 

	
 

	
WELLS FARGO BANK, NATIONAL
ASSOCIATION, not in its individual capacity
but solely as Certificate Administrator

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	
Name:

	
 

	
 

	
Title:

 

Certificate of Authentication

 

This is one of the 825S-VRR Interest Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:  May 29, 2020

 

	
 

	
WELLS FARGO BANK, NATIONAL
ASSOCIATION, not in its individual capacity
but solely as Authenticating Agent

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
Name:

	
 

	
Title:

 

    A-27-12

     

    

 

EXHIBIT B

 

MORTGAGE LOAN SCHEDULE

 

    B-1 

     

    

 

BMARK 2020-IG3 - Mortgage Loan
Schedule

 

	ID	Loan Number	Mortgage Loan
    Seller	Mortgage Loan Name
	GACC1	1	GACC	BX Industrial Portfolio
	GACC1.01	1.01	GACC	Bridgewater Center 1
	GACC1.02	1.02	GACC	401 E Laraway Rd
	GACC1.03	1.03	GACC	Rochelle 1
	GACC1.04	1.04	GACC	350A Salem Church Rd
	GACC1.05	1.05	GACC	Romeoville Bldg 1
	GACC1.06	1.06	GACC	251 E Laraway Rd
	GACC1.07	1.07	GACC	7940 Kentucky
	GACC1.08	1.08	GACC	Mountain Top Distribution Center 2
	GACC1.09	1.09	GACC	Enterprise Parkway
	GACC1.10	1.10	GACC	Cavalier I
	GACC1.11	1.11	GACC	1910 International
	GACC1.12	1.12	GACC	Glen Dale
	GACC1.13	1.13	GACC	Romeoville Bldg 2
	GACC1.14	1.14	GACC	Enterprise Distribution Center 1
	GACC1.15	1.15	GACC	2270 Woodale
	GACC1.16	1.16	GACC	2950 Lexington Ave South
	GACC1.17	1.17	GACC	Rivers Bend Center 1B
	GACC1.18	1.18	GACC	DFW Logistics Center (Bldg 4)
	GACC1.19	1.19	GACC	Rivers Bend Center 1C
	GACC1.20	1.20	GACC	Territorial
	GACC1.21	1.21	GACC	Diamond Hill 2
	GACC1.22	1.22	GACC	Rivers Bend Center 2A
	GACC1.23	1.23	GACC	Rivers Bend Center 1A
	GACC1.24	1.24	GACC	Diamond Hill 3
	GACC1.25	1.25	GACC	Whippany Business Center 1
	GACC1.26	1.26	GACC	The Colony Land
	GACC1.27	1.27	GACC	Shawnee Distribution Center 1
	GACC1.28	1.28	GACC	Rivers Bend Center 2B
	GACC1.29	1.29	GACC	7930 Kentucky
	GACC1.30	1.30	GACC	Dues Dr Distribution Center 1
	GACC1.31	1.31	GACC	Gibraltar
	GACC1.31	1.32	GACC	Diamond Hill 1
	GACC1.33	1.33	GACC	DFW Logistics Center (Bldg 3)
	GACC1.34	1.34	GACC	Elk Grove Distribution Center 1
	GACC1.35	1.35	GACC	1000 Lucas Way
	GACC1.36	1.36	GACC	Lakeview
	GACC1.37	1.37	GACC	DFW Logistics Center (Bldg 5)
	GACC1.38	1.38	GACC	9756 International

 

     

     

    

 

	GACC1.39	1.39	GACC	350B Salem Church Rd
	GACC1.40	1.40	GACC	6105 Trenton Ln
	GACC1.41	1.41	GACC	300 Salem Church Rd
	GACC1.42	1.42	GACC	Tower
	GACC1.43	1.43	GACC	1940 Fernbrook Ln
	GACC1.44	1.44	GACC	Production Distribution Center 1
	GACC1.45	1.45	GACC	Culpeper
	GACC1.46	1.46	GACC	Fairfield Distribution Center 1
	GACC1.47	1.47	GACC	Cavalier II
	GACC1.48	1.48	GACC	World Park II
	GACC1.49	1.49	GACC	Diamond Hill 4
	GACC1.50	1.50	GACC	2290-2298 Woodale
	GACC1.51	1.51	GACC	514 Butler Rd
	GACC1.52	1.52	GACC	Northridge II
	GACC1.53	1.53	GACC	2222 Woodale
	GACC1.54	1.54	GACC	Northridge I
	GACC1.55	1.55	GACC	Romeoville Distribution Center 1
	GACC1.56	1.56	GACC	1825 Airport Exchange
	GACC1.57	1.57	GACC	7453 Empire - Bldg C
	GACC1.58	1.58	GACC	Rivers Bend Center 1D
	GACC1.59	1.59	GACC	Heathrow
	GACC1.60	1.6	GACC	2240-2250 Woodale
	GACC1.61	1.61	GACC	273 Industrial Way
	GACC1.62	1.62	GACC	7453 Empire - Bldg B
	GACC1.63	1.63	GACC	7453 Empire - Bldg A
	GACC1.64	1.64	GACC	Rivers Bend Center - Land
	GACC1.65	1.65	GACC	Production Distribution Center 1B
	GACC1.66	1.66	GACC	Bridgewater Center 2
	GACC1.67	1.67	GACC	Laraway Land 1
	GACC1.68	1.68	GACC	Laraway Land 2
	JPMCB/GACC/GSMC2	2	JPMCB/GACC/GSMC	1633 Broadway
	GSMC3	3	GSMC	City National Plaza
	JPMCB/GSMC4	4	JPMCB/GSMC	Moffett Towers Buildings A, B & C
	JPMCB/GSMC4.02	4.01	JPMCB/GSMC	Moffett Towers Building B
	JPMCB/GSMC4.03	4.02	JPMCB/GSMC	Moffett Towers Building C
	JPMCB/GSMC4.01	4.03	JPMCB/GSMC	Moffett Towers Building A
	GACC5	5	GACC	Tower 333
	JPMCB6	6	JPMCB	Chase Center Tower I
	JPMCB7	7	JPMCB	Chase Center Tower II
	GACC8	8	GACC	825 South Hill
	JPMCB9	9	JPMCB	Stonemont Net Lease Portfolio
	JPMCB9.01	9.01	JPMCB	Motorola Solutions
	JPMCB9.02	9.02	JPMCB	MetLife - Bridgewater, NJ

 

     

     

    

 

	JPMCB9.03	9.03	JPMCB	Baxalta
	JPMCB9.04	9.04	JPMCB	Amerigroup Corporation
	JPMCB9.05	9.05	JPMCB	MetLife - Warwick, RI
	JPMCB9.06	9.06	JPMCB	DST Output - El Dorado Hills, CA
	JPMCB9.07	9.07	JPMCB	Tate & Lyle
	JPMCB9.08	9.08	JPMCB	MetLife - Aurora, IL
	JPMCB9.09	9.09	JPMCB	Anthem Blue Cross and Blue Shield
	JPMCB9.10	9.10	JPMCB	DST Output - South Windsor, CT
	JPMCB9.11	9.11	JPMCB	DST Output - Kansas City, MO
	JPMCB9.12	9.12	JPMCB	MetLife - Oriskany, NY
	JPMCB9.13	9.13	JPMCB	MetLife - Dayton, OH
	JPMCB9.14	9.14	JPMCB	Weatherford
	JPMCB9.15	9.15	JPMCB	Anthem
	JPMCB9.16	9.16	JPMCB	AAA Club Alliance
	JPMCB9.17	9.17	JPMCB	MetLife - Convent Station, NJ
	JPMCB9.18	9.18	JPMCB	Eby-Brown - West Mifflin, PA
	JPMCB9.19	9.19	JPMCB	Eby-Brown - Ypsilanti, MI
	JPMCB9.20	9.20	JPMCB	Capital One
	JPMCB9.21	9.21	JPMCB	Eby-Brown - Springfield, OH
	JPMCB9.22	9.22	JPMCB	Anthem Virginia
	JPMCB9.23	9.23	JPMCB	SKF USA
	JPMCB9.24	9.24	JPMCB	United Wisconsin
	JPMCB9.25	9.25	JPMCB	Mylan Technologies
	JPMCB9.26	9.26	JPMCB	First Midwest Bank - Lockport, IL
	JPMCB9.27	9.27	JPMCB	First Midwest Bank - Plainfield, IL
	JPMCB9.28	9.28	JPMCB	First Midwest Bank - Palos Heights, IL
	JPMCB9.29	9.29	JPMCB	First Midwest Bank - Blue Island, IL
	JPMCB9.30	9.3	JPMCB	First Midwest Bank - Highland , IN
	JPMCB9.31	9.31	JPMCB	First Midwest Bank - Morris, IL
	JPMCB9.32	9.32	JPMCB	First Midwest Bank - 2801 West Jefferson Street
    Joliet, IL
	JPMCB9.33	9.33	JPMCB	First Midwest Bank - Chicago Heights, IL
	JPMCB9.34	9.34	JPMCB	First Midwest Bank - Peotone, IL
	JPMCB9.35	9.35	JPMCB	First Midwest Bank - DeKalb, IL
	JPMCB9.36	9.36	JPMCB	First Midwest Bank - Galesburg, IL
	JPMCB9.37	9.37	JPMCB	First Midwest Bank - Schaumburg, IL
	JPMCB9.38	9.38	JPMCB	First Midwest Bank - Country Club Hills, IL
	JPMCB9.39	9.39	JPMCB	First Midwest Bank - 1500 Allanson Road Mundelein,
    IL
	JPMCB9.40	9.40	JPMCB	First Midwest Bank - Crest Hill, IL
	JPMCB9.41	9.41	JPMCB	First Midwest Bank - 1415 West Jefferson Street
    Joliet, IL
	JPMCB9.42	9.42	JPMCB	First Midwest Bank - Knoxville, IL
	JPMCB9.43	9.43	JPMCB	First Midwest Bank - Lansing, IL
	JPMCB9.44	9.44	JPMCB	First Midwest Bank - Zion, IL
	JPMCB9.45	9.45	JPMCB	First Midwest Bank - Genoa, IL

 

     

     

    

 

	JPMCB9.46	9.46	JPMCB	First Midwest Bank - Sycamore,
    IL
	JPMCB9.47	9.47	JPMCB	First Midwest Bank - 411 North Seymour Avenue
    Mundelein, IL
	JPMCB9.48	9.48	JPMCB	First Midwest Bank - 1308 North Richmond Road
    McHenry, IL
	JPMCB9.49	9.49	JPMCB	First Midwest Bank - Crystal Lake, IL
	JPMCB9.50	9.50	JPMCB	First Midwest Bank - Hammond, IN
	JPMCB9.51	9.51	JPMCB	First Midwest Bank - Johnsburg, IL
	JPMCB9.52	9.52	JPMCB	First Midwest Bank - North Chicago, IL
	JPMCB9.53	9.53	JPMCB	First Midwest Bank - Waukegan, IL
	JPMCB9.54	9.54	JPMCB	First Midwest Bank - Dyer, IN
	JPMCB9.55	9.55	JPMCB	First Midwest Bank - Seneca, IL
	JPMCB9.56	9.56	JPMCB	First Midwest Bank - 1301 North Larkin Avenue
    Joliet, IL
	JPMCB9.57	9.57	JPMCB	First Midwest Bank - Crete, IL
	JPMCB9.58	9.58	JPMCB	First Midwest Bank - Champaign, IL
	JPMCB9.59	9.59	JPMCB	First Midwest Bank - East Moline, IL
	JPMCB9.60	9.60	JPMCB	First Midwest Bank - Sandwich, IL
	JPMCB9.61	9.61	JPMCB	First Midwest Bank - Gary, IN
	JPMCB9.62	9.62	JPMCB	First Midwest Bank - Crown Point, IN
	JPMCB9.63	9.63	JPMCB	First Midwest Bank - Griffith, IN
	JPMCB9.64	9.64	JPMCB	First Midwest Bank - Frankfort, IL
	JPMCB9.65	9.65	JPMCB	First Midwest Bank - 4502 West Crystal Lake Road
    McHenry, IL
	JPMCB9.66	9.66	JPMCB	First Midwest Bank - Park Forest, IL
	JPMCB10	10.0 	JPMCB	1501 Broadway

 

     

     

    

 

	Street Address
	Various
	1120 US Highway 22
	401 East Laraway Road
	501 South Steward Road
	350A Salem Church Road
	208-214 South Pinnacle Drive
	251 East Laraway Road
	7940 Kentucky Drive
	1 Philips Drive
	2000 Enterprise Parkway
	1400 Cavalier Boulevard
	1910 International Way
	7100 Holladay Tyler Road
	208-214 South Pinnacle Drive
	10550 Toebben Drive
	2270-2280 Woodale Drive
	2950 Lexington Avenue South
	801 Liberty Way
	2701 Esters Boulevard
	12730 Kingston Avenue
	3 Territorial Court
	1920 Campostella Road
	500 HP Way
	701 Liberty Way
	1960 Diamond Hill Road
	One Apollo Drive
	NWQ of Memorial Drive and Main Street
	8515 Hedge Lane Terrace
	600 HP Way
	7930 Kentucky Drive
	4225 Dues Drive
	455 Gibraltar Drive
	1910 Campostella Road
	2650 Esters Boulevard
	1325 Pratt Boulevard
	1000 Lucas Way
	100-130 Lakeview Parkway
	750 Royal Lane
	9756 International Boulevard

 

     

     

    

 

	350B Salem Church Road
	6105 Trenton Lane North
	300 Salem Church Road
	161 Tower Drive
	1940 Fernbrook Lane North
	100 Production Drive
	13129 Airpark Drive
	375 Northpointe Drive
	3732 Cook Boulevard
	10083-10095 International Boulevard
	2115 Portlock Road
	2290-2298 Woodale Drive
	514 Butler Farm Road
	10446-10456 Lakeridge Parkway
	2222 Woodale Drive
	10430-10444 Lakeridge Parkway
	815 Forestwood Drive
	1825 Airport Exchange Boulevard
	7453 Empire Drive C
	13001 Kingston Avenue
	616 Heathrow Drive
	2240-2250 Woodale Drive
	273 Industrial Way
	7453 Empire Drive Building B
	7453 Empire Drive Building A
	800 HP Way, 501 & 531 HP Way, 12900 Kingston
    Avenue, 413, 429, 513, 519, 601 & 620 Meadowville Road
	100b Production Drive
	1120 US Highway 22
	251 East Laraway Road
	401 East Laraway Road
	1633 Broadway
	515-555 South Flower Street
	Various
	1020 Enterprise Way
	1050 Enterprise Way
	1000 Enterprise Way
	333 108th Avenue Northeast
	1655 3rd Street
	1725 3rd Street
	825 South Hill Street
	Various
	1299 & 1303 East Algonquin Road
	501 U.S. Highway 22

 

     

     

    

 

	1200 Lakeside Drive
	5800 Northampton Boulevard
	700 Quaker Lane
	5220 Robert J. Mathews Parkway
	5450 Prairie Stone Parkway
	177 South Commons Drive
	1831 Chestnut Street
	125 Ellington Road
	2600 Southwest Boulevard
	5950 Airport Road
	9797 Springboro Pike
	19685 Interstate 37 South
	2 & 39 Gannett Drive
	200 Commerce Drive
	334 Madison Avenue
	920 Irwin Run Road
	2085 East Michigan Avenue
	30 7th Avenue South
	1982 Commerce Circle
	602 South Jefferson Street
	41-45 Harmon Avenue
	15200 West Small Road
	20 Houghton Street
	800 South State Street
	24509 West Lockport Street
	12600 South Harlem Avenue
	12015 Western Avenue
	10322 Indianapolis Boulevard
	220 West Main Street
	2801 West Jefferson Street
	1030 Dixie Highway
	200 West Corning Avenue
	130 West Lincoln Highway
	302 East Main Street
	2601 West Schaumburg Road
	4101 183rd Street
	1500 Allanson Road
	16051 Weber Road
	1415 West Jefferson Street
	324 East Main Street
	18120 Torrence Avenue
	3303 Sheridan Road
	601 Pearson Drive

 

     

     

    

 

	1425 DeKalb Avenue
	411 North Seymour Avenue
	1308 North Richmond Road
	170 North Illinois Route 31
	6611 Kennedy Avenue
	3805 North Johnsburg Road
	1011 14th Street
	4000 Northpoint Boulevard
	820 Joliet Street
	224 North Main Street
	1301 North Larkin Avenue
	1290 East Steger Road
	812 West Springfield Avenue
	4150 Kennedy Drive
	321 East Church Street
	1975 West Ridge Road
	10858 Pike Street
	915 West Glen Park Avenue
	7645 West Saint Francis Road
	4502 West Crystal Lake Road
	2 Main Street
	1501 Broadway

 

     

     

    

 

	 	 	 	Mortgage	Original Principal	Cut-off Date	Maturity Date	Due
	City	State	Zip Code	Rate (%)	Balance ($)	Stated Principal Balance ($)	or ARD	Date
	Various	Various 	Various	3.55000	80,000,000	80,000,000	10/9/2026	9
	Bridgewater	NJ	08807	3.55000	5,439,260	5,439,260	 	 
	Joliet	IL	60433	3.55000	3,556,116	3,556,116	 	 
	Rochelle	IL	61068	3.55000	2,908,785	2,908,785	 	 
	Mechanicsburg	PA	17050	3.55000	2,774,275	2,774,275	 	 
	Romeoville	IL	60446	3.55000	2,530,475	2,530,475	 	 
	Joliet	IL	60433	3.55000	2,446,406	2,446,406	 	 
	Florence	KY	41042	3.55000	2,437,999	2,437,999	 	 
	Mountain Top	PA	18707	3.55000	2,026,061	2,026,061	 	 
	Hampton	VA	23666	3.55000	1,967,213	1,967,213	 	 
	Chesapeake	VA	23323	3.55000	1,941,992	1,941,992	 	 
	Hebron	KY	41048	3.55000	1,748,634	1,748,634	 	 
	Glen Dale	MD	20769	3.55000	1,614,124	1,614,124	 	 
	Romeoville	IL	60446	3.55000	1,588,903	1,588,903	 	 
	Independence	KY	41051	3.55000	1,471,206	1,471,206	 	 
	Mounds View	MN	55112	3.55000	1,437,579	1,437,579	 	 
	Eagan	MN	55121	3.55000	1,412,358	1,412,358	 	 
	Chester	VA	23836	3.55000	1,403,951	1,403,951	 	 
	Dallas	TX	75261	3.55000	1,378,731	1,378,731	 	 
	Chester	VA	23836	3.55000	1,328,289	1,328,289	 	 
	Bolingbrook	IL	60440	3.55000	1,303,069	1,303,069	 	 
	Chesapeake	VA	23324	3.55000	1,294,662	1,294,662	 	 
	Chester	VA	23836	3.55000	1,277,848	1,277,848	 	 
	Chester	VA	23836	3.55000	1,261,034	1,261,034	 	 
	Chesapeake	VA	23324	3.55000	1,252,627	1,252,627	 	 
	Whippany	NJ	07981	3.55000	1,235,813	1,235,813	 	 
	The Colony	TX	75056	3.55000	1,193,779	1,193,779	 	 
	Shawnee	KS	66227	3.55000	1,185,372	1,185,372	 	 
	Chester	VA	23836	3.55000	1,168,558	1,168,558	 	 
	Florence	KY	41042	3.55000	1,160,151	1,160,151	 	 
	West Chester	OH	45246	3.55000	1,143,338	1,143,338	 	 
	Bolingbrook	IL	60440	3.55000	1,134,931	1,134,931	 	 
	Chesapeake	VA	23324	3.55000	1,134,931	1,134,931	 	 
	Dallas	TX	75261	3.55000	1,134,931	1,134,931	 	 
	Elk Grove Village	IL	60007	3.55000	1,101,303	1,101,303	 	 
	Hampton	VA	23666	3.55000	1,101,303	1,101,303	 	 
	Vernon Hills	IL	60061	3.55000	1,092,896	1,092,896	 	 
	Dallas	TX	75261	3.55000	1,034,048	1,034,048	 	 
	West Chester	OH	45246	3.55000	983,607	983,607	 	 

 

     

     

    

 

	Mechanicsburg	PA	17050	3.55000	924,758	924,758	 	 
	Plymouth	MN	55442	3.55000	924,758	924,758	 	 
	Mechanicsburg	PA	17050	3.55000	916,351	916,351	 	 
	Burr Ridge	IL	60527	3.55000	907,945	907,945	 	 
	Plymouth	MN	55447	3.55000	907,945	907,945	 	 
	Harrison	OH	45030	3.55000	882,724	882,724	 	 
	Elkwood	VA	22718	3.55000	874,317	874,317	 	 
	Fairfield	OH	45014	3.55000	865,910	865,910	 	 
	Chesapeake	VA	23323	3.55000	849,096	849,096	 	 
	West Chester	OH	45246	3.55000	756,620	756,620	 	 
	Chesapeake	VA	23324	3.55000	739,807	739,807	 	 
	Mounds View	MN	55112	3.55000	689,365	689,365	 	 
	Hampton	VA	23666	3.55000	672,551	672,551	 	 
	Ashland	VA	23005	3.55000	638,924	638,924	 	 
	Mounds View	MN	55112	3.55000	613,703	613,703	 	 
	Ashland	VA	23005	3.55000	588,483	588,483	 	 
	Romeoville	IL	60446	3.55000	554,855	554,855	 	 
	Erlanger	KY	41018	3.55000	504,414	504,414	 	 
	Florence	KY	41042	3.55000	487,600	487,600	 	 
	Chester	VA	23836	3.55000	437,158	437,158	 	 
	Lincolnshire	IL	60069	3.55000	411,938	411,938	 	 
	Mounds View	MN	55112	3.55000	353,090	353,090	 	 
	Benicia	CA	94510	3.55000	306,852	306,852	 	 
	Florence	KY	41042	3.55000	294,241	294,241	 	 
	Florence	KY	41042	3.55000	256,410	256,410	 	 
	Chester	VA	23836	3.55000	33,628	33,628	 	 
	Harrison	OH	45030	3.55000	-	-	 	 
	Bridgewater	NJ	08807	3.55000	-	-	 	 
	Joliet	IL	60433	3.55000	-	-	 	 
	Joliet	IL	60433	3.55000	-	-	 	 
	New York	NY	10019	2.99000	80,000,000	80,000,000	12/6/2029	6
	Los Angeles	CA	90071	2.44000	80,000,000	80,000,000	4/1/2030	1
	Sunnyvale	CA	94089	3.49000	80,000,000	80,000,000	2/6/2030	6
	Sunnyvale	CA	94089	3.49000	27,532,468	27,532,468	 	 
	Sunnyvale	CA	94089	3.49000	27,532,468	27,532,468	 	 
	Sunnyvale	CA	94089	3.49000	24,935,065	24,935,065	 	 
	Bellevue	WA	98004	3.13942	79,300,000	79,300,000	4/6/2030	6
	San Francisco	CA	94158	3.52190	36,427,500	36,427,500	3/10/2025	10
	San Francisco	CA	94158	3.52220	31,072,500	31,072,500	3/10/2025	10
	Los Angeles	CA	90014	3.32000	62,000,000	61,674,769	3/1/2027	1
	Various	Various	Various	4.69920	55,000,000	55,000,000	1/10/2025	10
	Schaumburg	IL	60196	4.69920	5,230,470	5,230,470	 	 
	Bridgewater	NJ	08807	4.69920	5,075,816	5,075,816	 	 

 

     

     

    

 

	Bannockburn	IL	60015	4.69920	3,649,741	3,649,741	 	 
	Norfolk	VA	23502	4.69920	3,238,876	3,238,876	 	 
	Warwick	RI	02818	4.69920	3,040,697	3,040,697	 	 
	El Dorado Hills	CA	95762	4.69920	2,915,000	2,915,000	 	 
	Hoffman Estates	IL	60192	4.69920	2,716,762	2,716,762	 	 
	Aurora	IL	60504	4.69920	2,252,681	2,252,681	 	 
	Saint Louis	MO	63103	4.69920	2,064,195	2,064,195	 	 
	South Windsor	CT	06074	4.69920	1,957,822	1,957,822	 	 
	Kansas City	MO	64108	4.69920	1,827,308	1,827,308	 	 
	Oriskany	NY	13424	4.69920	1,759,584	1,759,584	 	 
	Dayton	OH	45342	4.69920	1,740,259	1,740,259	 	 
	Elmendorf	TX	78211	4.69920	1,643,578	1,643,578	 	 
	South Portland	ME	04106	4.69920	1,479,232	1,479,232	 	 
	Newark	DE	19713	4.69920	865,314	865,314	 	 
	Convent Station	NJ	07960	4.69920	850,805	850,805	 	 
	West Mifflin	PA	15122	4.69920	850,805	850,805	 	 
	Ypsilanti	MI	48198	4.69920	797,649	797,649	 	 
	Saint Cloud	MN	56301	4.69920	739,616	739,616	 	 
	Springfield	OH	45504	4.69920	725,108	725,108	 	 
	Roanoke	VA	24011	4.69920	705,784	705,784	 	 
	Falconer	NY	14733	4.69920	700,968	700,968	 	 
	New Berlin	WI	53151	4.69920	638,119	638,119	 	 
	Saint Albans	VT	05478	4.69920	555,886	555,886	 	 
	Lockport	IL	60441	4.69920	473,773	473,773	 	 
	Plainfield	IL	60544	4.69920	473,773	473,773	 	 
	Palos Heights	IL	60463	4.69920	425,432	425,432	 	 
	Blue Island	IL	60406	4.69920	352,892	352,892	 	 
	Highland	IN	46322	4.69920	348,076	348,076	 	 
	Morris	IL	60450	4.69920	309,427	309,427	 	 
	Joliet	IL	60435	4.69920	247,530	247,530	 	 
	Chicago Heights	IL	60411	4.69920	245,568	245,568	 	 
	Peotone	IL	60468	4.69920	232,070	232,070	 	 
	DeKalb	IL	60115	4.69920	212,686	212,686	 	 
	Galesburg	IL	61401	4.69920	202,995	202,995	 	 
	Schaumburg	IL	60194	4.69920	198,238	198,238	 	 
	Country Club Hills	IL	60478	4.69920	188,546	188,546	 	 
	Mundelein	IL	60060	4.69920	177,843	177,843	 	 
	Crest Hill	IL	60403	4.69920	164,346	164,346	 	 
	Joliet	IL	60435	4.69920	163,395	163,395	 	 
	Knoxville	IL	61448	4.69920	159,530	159,530	 	 
	Lansing	IL	60438	4.69920	154,654	154,654	 	 
	Zion	IL	60099	4.69920	152,276	152,276	 	 
	Genoa	IL	60135	4.69920	140,205	140,205	 	 

 

     

     

    

 

	Sycamore	IL	60178	4.69920	135,389	135,389	 	 
	Mundelein	IL	60060	4.69920	130,989	130,989	 	 
	McHenry	IL	60050	4.69920	130,989	130,989	 	 
	Crystal Lake	IL	60014	4.69920	130,514	130,514	 	 
	Hammond	IN	46323	4.69920	113,151	113,151	 	 
	Johnsburg	IL	60051	4.69920	112,141	112,141	 	 
	North Chicago	IL	60064	4.69920	107,324	107,324	 	 
	Waukegan	IL	60085	4.69920	106,314	106,314	 	 
	Dyer	IN	46311	4.69920	105,838	105,838	 	 
	Seneca	IL	61360	4.69920	91,805	91,805	 	 
	Joliet	IL	60435	4.69920	89,962	89,962	 	 
	Crete	IL	60417	4.69920	89,427	89,427	 	 
	Champaign	IL	61820	4.69920	86,989	86,989	 	 
	East Moline	IL	61244	4.69920	77,357	77,357	 	 
	Sandwich	IL	60548	4.69920	77,357	77,357	 	 
	Gary	IN	46408	4.69920	73,492	73,492	 	 
	Crown Point	IN	46307	4.69920	72,005	72,005	 	 
	Griffith	IN	46319	4.69920	67,665	67,665	 	 
	Frankfort	IL	60423	4.69920	58,032	58,032	 	 
	McHenry	IL	60050	4.69920	55,595	55,595	 	 
	Park Forest	IL	60466	4.69920	42,335	42,335	 	 
	New York	NY	10036	3.03200	25,000,000	25,000,000	1/6/2030	6

 

     

     

    

 

	 	 	Interest	 	 	 	 	 
	Current Monthly	Servicing	Accrual	Letter of	Post-ARD	Part of	Leasehold	Current Mezzanine
	Debt Service ($)	Fee Rate (%)	Method	Credit	Revised Rate	Whole Loan	Interest	or Subordinate Debt
	239,953.70	0.00250	Actual/360	No	 	Yes	Various	Yes
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Leasehold	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Leasehold	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Leasehold	 
	 	 	 	 	 	 	Fee	 

 

     

     

    

 

	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	202,101.85	0.0025	Actual/360	No	 	Yes	Fee	Yes
	164,925.93	0.0025	Actual/360	No	 	Yes	Fee	No
	235,898.15	0.00250	Actual/360	No	 	Yes	Fee	Yes
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	210,344.91	0.00250	Actual/360	No	 	Yes	Fee	Yes
	108,396.56	0.00250	Actual/360	No	 	Yes	Fee	Yes
	92,469.67	0.00250	Actual/360	No	 	Yes	Fee	Yes
	333,924.08	0.23250	30/360	No	 	Yes	Fee	Yes
	218,371.39	0.00250	Actual/360	No	 	Yes	Various	Yes
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 

 

     

     

    

 

	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Leasehold	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 

 

     

     

    

 

	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	 	 	 	 	 	 	Fee	 
	64,043.98	0.00250	Actual/360	No	 	Yes	Fee	No

 

     

     

    
 

EXHIBIT C-1

 

FORM OF TRANSFEREE AFFIDAVIT

  

AFFIDAVIT PURSUANT TO

SECTION 860E(e)(4) OF THE

INTERNAL REVENUE CODE OF

1986, AS AMENDED

 

	STATE
    OF NEW YORK	)	 
	 	)	ss:
	COUNTY
    OF NEW YORK	)	 

 

                                     ,
being first duly sworn, deposes and says:

 

1.              
That he/she is a                                      
of                                      
(the “Purchaser”), a                                      
duly organized and existing under the laws of the State of                                      
on behalf of which he/she makes this affidavit.

 

2.              
That the Purchaser’s Taxpayer Identification Number is                             .

 

3.              
That the Purchaser of the Benchmark 2020-IG3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-IG3,
Class R (the “Class R Certificate”) is a Permitted Transferee (as defined in Article I of the Pooling and Servicing
Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”)), between J.P. Morgan Chase Commercial
Mortgage Securities Corp., as depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer
and special servicer, and Wells Fargo Bank, National Association, as trustee, as certificate administrator, as paying agent and
as custodian, or is acquiring the Class R Certificate for the account of, or as agent (including as a broker, nominee, or other
middleman) for, a Permitted Transferee and has received from such person or entity an affidavit substantially in the form of this
affidavit.

 

4.              
That the Purchaser historically has paid its debts as they have come due and intends to pay its debts as they come due in
the future and the Purchaser intends to pay taxes associated with holding the Class R Certificate as they become due.

 

5.              
That the Purchaser understands that it may incur tax liabilities with respect to the Class R Certificate in excess of any
cash flow generated by the Class R Certificate.

 

6.              
That the Purchaser will not transfer the Class R Certificate to any person or entity from which the Purchaser has not received
an affidavit substantially in the form of this affidavit or as to which the Purchaser has actual knowledge that the requirements
set forth in paragraph 3, paragraph 4 or paragraph 7 hereof are not satisfied or that the Purchaser has reason to know does not
satisfy the requirements set forth in paragraph 4 hereof.

 

7.              
That the Purchaser is not a Disqualified Non-U.S. Tax Person and is not purchasing the Class R Certificate for the account
of, or as an agent (including as a broker,

 

    C-1-1

     

    

 

nominee or other middleman) for, a Disqualified Non-U.S. Tax Person and is otherwise
a Permitted Transferee.

 

8.              
That the Purchaser agrees to such amendments of the Pooling and Servicing Agreement as may be required to further effectuate
the restrictions on transfer of the Class R Certificate to a “disqualified organization,” an agent thereof, or a person
that does not satisfy the requirements of paragraph 4, paragraph 7 and paragraph 11 hereof.

 

9.              
That the Purchaser, pursuant to Section 4.04 of the Pooling and Servicing Agreement, agrees to the designation of the Certificate
Administrator as the “partnership representative” (within the meaning of Code Section 6223) of each Trust REMIC.

 

10.           
The Purchaser agrees to be bound by and to abide by the provisions of Section 5.02 of the Pooling and Servicing Agreement
concerning registration of the transfer and exchange of the Class R Certificate.

 

11.           
The Purchaser will not cause income from the Class R Certificate to be attributable to a foreign permanent establishment
or fixed base, within the meaning of an applicable income tax treaty, of the Purchaser or any other U.S. Tax Person.

 

12.           
Check the applicable paragraph:

 

☐              The
present value of the anticipated tax liabilities associated with holding the Class R Certificate, as applicable, does not exceed
the sum of:

 

(i)            
the present value of any consideration given to the Purchaser to acquire such Class R Certificate;

 

(ii)            the present value of the expected future distributions on such Certificate; and

 

(iii)           the present value of the anticipated tax savings associated with holding such Class R Certificate as the related REMIC generates
losses.

 

For purposes of this calculation,
(i) the Purchaser is assumed to pay tax at the rate currently specified in Code Section 11(b) (but the tax rate in Code Section
55(b)(1)(B) may be used in lieu of the rate specified in Code Section 11(b) if the Purchaser has been subject to the alternative
minimum tax under Code Section 55 in the preceding two years and will compute its taxable income in the current taxable year using
the alternative minimum tax rate) and (ii) present values are computed using a discount rate equal to the short term Federal rate
prescribed by Code Section 1274(d) for the month of the transfer and the compounding period used by the Purchaser.

 

☐             The
transfer of the Class R Certificate complies with U.S. Treasury Regulations Section 1.860E-1(c)(5) and (6) and, accordingly,

 

    C-1-2

     

    

 

(i)            
the Purchaser is an “eligible corporation,” as defined in U.S. Treasury Regulations Section 1.860E-1(c)(6)(i),
as to which income from the Class R Certificate will only be taxed in the United States;

 

(ii)            at
the time of the transfer, and at the close of the Purchaser’s two fiscal years preceding the year of the transfer, the Purchaser
had gross assets for financial reporting purposes (excluding any obligation of a person related to the Purchaser within the meaning
of U.S. Treasury Regulations Section 1.860E-1(c)(6)(ii)) in excess of $100 million and net assets in excess of $10 million;

 

(iii)           the Purchaser will transfer the Class R Certificate only to another “eligible corporation,” as defined in U.S.
Treasury Regulations Section 1.860E-1(c)(6)(i), in a transaction that satisfies the requirements of Section 1.860E-1(c)(4)(i),
(ii) and (iii) and Section 1.860E-1(c)(5) of the U.S. Treasury Regulations; and

 

(iv)           the Purchaser determined the consideration paid to it to acquire the Class R Certificate based on reasonable market assumptions
(including, but not limited to, borrowing and investment rates, prepayment and loss assumptions, expense and reinvestment assumptions,
tax rates and other factors specific to the Purchaser) that it has determined in good faith.

 

☐             None
of the above.

 

Capitalized terms used
but not defined herein have the respective meanings ascribed to such terms in the Pooling and Servicing Agreement.

 

IN WITNESS WHEREOF,
the Purchaser has caused this instrument to be executed on its behalf by its                                            
this          day of                        ,
20     .

	 	 	 
	 	[The Purchaser]

	 	 	 
		By:	 
	 	 	Name:

Title:

 

    C-1-3

     

    

 

Personally appeared before
me the above named                                 ,
known or proved to me to be the same person who executed the foregoing instrument and to be the of the Purchaser, and acknowledged
to me that he/she executed the same as his/her free act and deed and the free act and deed of the Purchaser.

 

Subscribed and sworn
before me this          day of                        ,
20     .

 

_________________________________________

 

NOTARY PUBLIC

 

COUNTY OF  ______________________________

 

STATE OF ________________________________

 

My commission expires the         
day of                        ,
20     .

 

    C-1-4

     

    

 

EXHIBIT C-2

 

FORM OF TRANSFEROR LETTER

 

[Date]

 

Wells Fargo Bank, National Association

600 South 4th Street, 7th Floor

MAC N9300-070

Minneapolis, Minnesota 55479

Attention: CTS – Certificate Transfers Benchmark 2020-IG3 Mortgage Trust

 

		Re:	Pooling
                                         and Servicing Agreement (“Pooling and Servicing Agreement”) relating to the
                                         Benchmark 2020-IG3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
                                         2020-IG3, Class R 

 

Ladies and Gentlemen:

 

[Transferor] has reviewed
the attached affidavit of [Transferee], and has no actual knowledge that such affidavit is not true or that [Transferee] is not
a Permitted Transferee (as defined in the Pooling and Servicing Agreement defined in the attached affidavit) and has no actual
knowledge or reason to know that the information contained in the attached affidavit is not true. No purpose of [Transferor] relating
to the transfer of the Class R Certificate by [Transferor] to [Transferee] is or will be to impede the assessment of any
tax.

	 	 	 
	 	Very truly yours,

	 	 
	 	[Transferor]

 

	By:	 	 
	 	Name:

Title:	 

  

    C-2-1

     

    

 

EXHIBIT C-3

 

[RESERVED]

 

    C-3-1

     

    

 

EXHIBIT C-4

 

[RESERVED]

 

    C-4-1

     

    

 

EXHIBIT C-5

 

FORM
OF TRANSFEREE Certificate for TRANSFERS OF THE Class RR CERTIFICATES, the rr INTEREST, the BX-VRR Interest, the T333-VRR Interest
OR THE 825S-VRR INTEREST

 

[Date]

 

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Risk Retention Custody – Benchmark 2020-IG3

with a copy to:

riskretentioncustody@wellsfargo.com

 

German American Capital Corporation

60 Wall Street

New York, New York 10005

Attention: Lainie Kaye

 

J.P. Morgan Chase Commercial Mortgage Securities Corp.

383 Madison Avenue, 8th Floor

New York, New York 10179

Attention: Kunal K. Singh

E-mail: US_CMBS_Notice@jpmorgan.com

 

		Re:	Benchmark
                                         2020-IG3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-IG3
                                         (the “Certificates”) issued pursuant to the Pooling and Servicing
                                         Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”),
                                         between J.P. Morgan Chase Commercial Mortgage Securities Corp., as Depositor, Midland
                                         Loan Services, a Division of PNC Bank, National Association, as Master Servicer and Special
                                         Servicer, and Wells Fargo Bank, National Association, as Trustee, Certificate Administrator,
                                         Paying Agent and Custodian. 

 

Ladies and Gentlemen:

 

[_____] (the “Purchaser”)
hereby certifies, represents and warrants to you, in your respective capacities as Certificate Registrar, Retaining Sponsor and
Depositor, that:

 

1.              
The Purchaser is acquiring from [__________] (the “Transferor”) [$[_____] principal balance of the Class
RR Certificates][$[____] RR Interest Balance of the RR Interest] [$[______] certificate balance of the [BX-VRR Interest][T333-VRR
Interest][825S-VRR Interest] (the “Transferred Interest”)]

 

    C-5-1

     

    

 

2.              
The Purchaser is aware that, following its acquisition of the Transferred Interest, the Certificate Registrar will not register
any transfer of the Transferred Interest by the Purchaser unless the transferee, or such transferee’s agent, delivers to
the Certificate Registrar, among other things, a certificate in substantially the same form as this certificate. The Purchaser
expressly agrees that it will not consummate any such transfer if it knows or believes that any representation contained in such
certificate is false.

 

3.              
The Purchaser is not and will not become (a) an employee benefit plan or other plan subject to the fiduciary responsibility
provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) or to Section 4975 of
the Internal Revenue Code of 1986, as amended (the “Code”), or a governmental plan (as defined in Section 3(32)
of ERISA) or other plan that is subject to any federal, state or local law that is, to a material extent, similar to the forgoing
provisions of ERISA or the Code (“Similar Law”) (each, a “Plan”), or (b) any person acting
on behalf of any such Plan or using the assets of any such Plan (including an entity whose underlying assets include plan assets
within the meaning of U.S. Department of Labor Regulation Section 2510.3-101, as modified by Section 3(42) of ERISA).

 

4.              
Check one of the following:

 

☐             The
Purchaser certifies, represents and warrants to you, in your respective capacities as Certificate Registrar, Retaining Sponsor
and Depositor, that the transfer will occur during the Transfer Restriction Period and that:

 

A.            The
Purchaser is a “majority-owned affiliate”, as such term is defined in the Risk Retention Rule, of the Transferor (a
“Majority-Owned Affiliate”).

 

B.             The
Purchaser is not acquiring the Transferred Interest as a nominee, trustee or agent for any person that is not a Majority-Owned
Affiliate, and that for so long as it retains its interest in the Transferred Interest (or until the end of the Transfer Restriction
Period, if earlier), it will remain a Majority-Owned Affiliate.

 

C.             The
Purchaser consents to any additional restrictions or arrangements that shall be deemed necessary upon advice of counsel to constitute
a reasonable arrangement to ensure that its ownership of the Transferred Interest will satisfy the risk retention requirements
of the Transferor, in its capacity as [the retaining sponsor][an originator] under the Risk Retention Rule.

 

☐             The
Purchaser certifies, represents and warrants to you, in your respective capacities as Certificate Registrar, Retaining Sponsor
and Depositor, that the transfer will occur after the termination of the Transfer Restriction Period.

 

☐             [[FOR
RR INTEREST ONLY:] The Purchaser certifies, represents and warrants to each of the addressees hereto that:

 

A.             The
Purchaser is a Permitted Lender;

 

    C-5-2

     

    

 

B.             The
Purchaser is not acquiring an interest in the RR Interest as a nominee, trustee or agent for any person that is not a Permitted
Lender, and that for so long as it retains its interest in the RR Interest, it will remain a Permitted Lender; and

 

C.             The
Purchaser consents to any additional restrictions or arrangements that shall be deemed necessary upon advice of counsel to constitute
a reasonable arrangement to ensure that its ownership of the Transferred Interest will satisfy the risk retention requirements
of the Transferor, in its capacity as [the retaining sponsor][an originator] under the Risk Retention Rule.]

 

☐             The
Purchaser certifies, represents and warrants to you, in your respective capacities as Certificate Registrar, Retaining Sponsor
and Depositor, that the transfer will occur after the termination of the Transfer Restriction Period.

 

Capitalized terms used
but not defined herein have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

IN WITNESS WHEREOF,
the Purchaser has caused this instrument to be duly executed on its behalf by its duly authorized senior officer this ___day of
_________, 20__.

	 	 	 
	 	[PURCHASER]

	 	 	 
		By:	 
	 	 	Name:

Title:

  

    C-5-3

     

    

 

The foregoing certificate
is hereby confirmed, and the transfer is accepted, as of the date first above written:

  

[APPLICABLE RETAINING PARTY]

 

	By:	 	 
	 	Name:

Title:	 

 

[Medallion Stamp Guarantee]

 

GERMAN AMERICAN CAPITAL CORPORATION

 

	By:	 	 
	 	Name:

Title:	 

 

	By:	 	 
	 	Name:

Title:	 

 

[Medallion Stamp Guarantee]

 

J.P. MORGAN CHASE COMMERCIAL
MORTGAGE SECURITIES CORP.

 

	By:	 	 
	 	Name:

Title:	 

 

	By:	 	 
	 	Name:

Title:	 

 

    C-5-4

     

    

 

[Medallion Stamp Guarantee]

 

    C-5-5

     

    

 

EXHIBIT C-6

 

FORM
OF TRANSFEROR Certificate for TransferS of

THE Class RR CERTIFICATES, the rr INTEREST, the BX-VRR Interest, 

the T333-VRR Interest OR THE 825S-VRR INTEREST

 

[Date]

 

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Risk Retention Custody – Benchmark 2020-IG3

with a copy to:

riskretentioncustody@wellsfargo.com

 

German American Capital Corporation

60 Wall Street

New York, New York 10005

Attention: Lainie Kaye

 

J.P. Morgan Chase Commercial Mortgage Securities Corp.

383 Madison Avenue, 8th Floor

New York, New York 10179

Attention: Kunal K. Singh

E-mail: US_CMBS_Notice@jpmorgan.com

 

		Re:	Benchmark
                                         2020-IG3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-IG3
                                         (the “Certificates”) 

 

Ladies and Gentlemen:

 

This letter is delivered
to you in connection with the transfer by [______] (the “Transferor”) to [______] (the “Transferee”)
of [$[_____] principal balance of the Class RR Certificates (the “Transferred Interest”)][Class RR Certificates][$[____]
RR Interest Balance of the RR Interest][$[____] of the certificate balance of the [BX-VRR Interest][T333-VRR Interest][825S-VRR
Interest]].

 

The Certificates were
issued and the RR Interest was created pursuant to the Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling
and Servicing Agreement”), between J.P. Morgan Chase Commercial Mortgage Securities Corp., as depositor, Midland Loan
Services, a Division of PNC Bank, National Association, as master servicer and special servicer, and Wells Fargo Bank, National
Association, as trustee, certificate administrator, paying agent and custodian. All capitalized terms used but not otherwise defined
herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. The

 

    C-6-1

     

    

 

Transferor hereby certifies, represents
and warrants to you, in your respective capacities as Certificate Registrar, Retaining Sponsor and Depositor, that:

 

1.              
The transfer is in compliance with Sections 5.01 and 5.02 of the Pooling and Servicing Agreement.

 

2.              
Check one of the following:

 

☐              The
Transferor certifies, represents and warrants to you that the transfer will occur during the Transfer Restriction Period and that:

 

A.             The
Transferee is a “majority-owned affiliate”, as such term is defined in the Risk Retention Rule, of the Transferor.

 

B.             To
the Transferor’s knowledge, the Transferee is not acquiring the Transferred Interest as a nominee, trustee or agent for any
person that is not a “majority-owned affiliate”, as such term is defined in the Risk Retention Rule, of the Transferor,
and that for so long as it retains its interest in the Transferred Interest, it will remain a “majority-owned affiliate”,
as such term is defined in the Risk Retention Rule, of the Transferor.

 

☐             The
Transferor certifies, represents and warrants to you that the transfer will occur after the termination of the Transfer Restriction
Period.

 

☐             [[FOR
RR INTEREST ONLY:] The Transferor certifies, represents and warrants to each of the addressees hereto that:

 

A.             The
Transferor is a Permitted Lender;

 

B.             The
Transferor is not acquiring an interest in the RR Interest as a nominee, trustee or agent for any person that is not a Permitted
Lender, and that for so long as it retains its interest in the RR Interest, it will remain a Permitted Lender; and

 

C.             The
Transferor consents to any additional restrictions or arrangements that shall be deemed necessary upon advice of counsel to constitute
a reasonable arrangement to ensure that its ownership of the Transferred Interest will satisfy the risk retention requirements
of the Transferor, in its capacity as [the retaining sponsor][an originator] under the Risk Retention Rule.]

 

☐             The
Transferor certifies, represents and warrants to you that the transfer will occur after the termination of the Transfer Restriction
Period.

 

3.             The
Transferor understands that the Transferee has delivered to you a Transferee Certificate in the form attached to the Pooling and
Servicing Agreement as Exhibit C-5. The Transferor does not know or believe that any representation contained therein is
false.

 

IN WITNESS WHEREOF, the
Transferor has caused this instrument to be duly executed on its behalf by its duly authorized senior officer this ___day of _________,
20__.

 

    C-6-2

     

    

	 	 	 
	 	[TRANSFEROR]

	 	 	 
		By:	 
	 	 	Name:

Title:

 

The foregoing certificate
is hereby confirmed, and the transfer is accepted, as of the date first above written:

 

[APPLICABLE RETAINING PARTY]

 

	By:	 	 
	 	Name:

Title:	 

 

[Medallion Stamp Guarantee]

 

GERMAN AMERICAN CAPITAL CORPORATION

 

	By:	 	 
	 	Name:

Title:	 

 

	By:	 	 
	 	Name:

Title:	 

 

[Medallion Stamp Guarantee]

 

J.P. MORGAN CHASE COMMERCIAL
MORTGAGE SECURITIES CORP.

 

	By:	 	 
	 	Name:

Title:	 

 

    C-6-3

     

    

 

	By:	 	 
	 	Name:

Title:	 

 

[Medallion Stamp Guarantee]

 

    C-6-4

     

    

 

EXHIBIT D-1

 

FORM OF INVESTMENT REPRESENTATION LETTER

 

Wells Fargo Bank, National Association

600 South 4th Street, 7th Floor

MAC N9300-070

Minneapolis, Minnesota 55479

Attention: CTS – Certificate Transfers Benchmark 2020-IG3 Mortgage Trust

 

J.P. Morgan Chase Commercial Mortgage Securities Corp.

383 Madison Avenue, 8th Floor

New York, New York 10179

Attention: Kunal K. Singh

E-mail: US_CMBS_Notice@jpmorgan.com

 

		Re:	Transfer
                                         of Benchmark 2020-IG3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
                                         2020-IG3: Class [   ] 

 

Ladies and Gentlemen:

 

This letter is delivered
pursuant to Section 5.02 of the Pooling and Servicing Agreement dated as of May 1, 2020 (the “Pooling and Servicing Agreement”),
entered into between J.P. Morgan Chase Commercial Mortgage Securities Corp., as depositor, Midland Loan Services, a Division of
PNC Bank, National Association, as master servicer and special servicer, and Wells Fargo Bank, National Association, as trustee,
certificate administrator, paying agent and custodian, on behalf of the holders of Benchmark 2020-IG3 Mortgage Trust Commercial
Mortgage Pass-Through Certificates, Series 2020-IG3 (the “Certificates”) with respect to the transfer by [__________]
(the “Seller”) to the undersigned (the “Purchaser”) of [$_____ aggregate Certificate Balance][_____%
Percentage Interest] of Class [_____] Certificates, in certificated fully registered form (such registered interest, the “Certificate”).
Terms used but not defined herein shall have the meanings ascribed thereto in the Pooling and Servicing Agreement.

 

In connection with such
transfer, the undersigned hereby represents and warrants to you as follows:

 

[For Institutional Accredited
Investors only] 1. The Purchaser is an institutional “accredited investor” within the meaning of Rule 501 (a)(1), (2),
(3) or (7) of Regulation D promulgated under the Securities Act of 1933, as amended (the “Securities Act”),
or an entity in which all of the equity owners are such accredited investors (an “Institutional Accredited Investor”),
and has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of
the investment in the Certificate, and the Purchaser and any accounts for which the Purchaser is acting are each able to bear the
economic risk of the investment. The Purchaser is acquiring the Certificate for its own account or for one or more accounts (each
of which is an Institutional Accredited Investor) as to each of which the Purchaser exercises sole

 

    D-1-1

     

    

 

investment discretion. The Purchaser
hereby undertakes to reimburse the Trust for any costs incurred by it in connection with this transfer.

 

[For Qualified Institutional
Buyers only] 1. The Purchaser is a “qualified institutional buyer” within the meaning of Rule 144A (“Rule
144A”) promulgated under the Securities Act of 1933, as amended (the “Securities Act”). The Purchaser
is aware that the transfer is being made in reliance on Rule 144A, and the Purchaser has had the opportunity to obtain the information
required to be provided pursuant to paragraph (d)(4)(i) of Rule 144A.

 

1.              
The Purchaser’s intention is to acquire the Certificate (a) for investment for the Purchaser’s own account or
(b) for reoffer, resale, pledge or other transfer to (i) “qualified institutional buyers” within the meaning of, and
in transactions complying with, Rule 144A promulgated under the Securities Act, (ii) entities qualifying as “accredited investors”
within the meaning of Rule 501(a)(1), (2), (3) or (7) of Regulation D promulgated under the Securities Act, or any entity in which
all of the equity owners are such accredited investors, or (iii) pursuant to any other exemption from the registration requirements
of the Securities Act, subject in the case of this clause (iii) to (a) the receipt by the Certificate Registrar of a letter substantially
in the form hereof, (b) the receipt by the Certificate Registrar of an opinion of counsel acceptable to the Certificate Registrar
that such reoffer, resale, pledge or transfer is in compliance with the Securities Act, (c) the receipt by the Certificate Registrar
of such other evidence acceptable to the Certificate Registrar that such reoffer, resale, pledge or transfer is in compliance with
the Securities Act and other applicable laws (including applicable state and foreign securities laws), and (d) a written undertaking
to reimburse the Trust for any costs incurred by it in connection with the proposed transfer. It understands that the Certificate
(and any subsequent Certificate) has not been registered under the Securities Act, by reason of a specified exemption from the
registration provisions of the Securities Act which depends upon, among other things, the bona fide nature of the Purchaser’s
investment intent (or intent to resell to only certain investors in certain exempted transactions) as expressed herein.

 

2.              
The Purchaser acknowledges that the Certificate (and any Certificate issued on transfer or exchange thereof) has not been
registered or qualified under the Securities Act or the securities laws of any State or any other jurisdiction, and that the Certificate
cannot be reoffered, resold, pledged or otherwise transferred unless it is registered or qualified thereunder or unless an exemption
from such registration or qualification is available.

 

3.              
The Purchaser has reviewed the [Offering Circular, dated May 22, 2020, relating to [certain of the] the Certificates (the
“Offering Circular”)] [the Loan-Specific Offering Circular, dated May 22, 2020 relating to certain of the Certificates
(the “Loan-Specific Offering Circular”)] and the agreements and other materials referred to therein and has
had the opportunity to ask questions and receive answers concerning the terms and conditions of the transactions contemplated by
the Offering Circular [and the Loan-Specific Offering Circular].

 

4.              
The Purchaser hereby undertakes to be bound by the terms and conditions of the Pooling and Servicing Agreement in its capacity
as an owner of a Certificate or Certificates, as the case may be (each, a “Certificateholder”), in all respects
as if it were a

 

    D-1-2

     

    

 

signatory thereto. This undertaking is made for the benefit of the Trust, the Trustee, the Certificate Administrator,
the Certificate Registrar and all Certificateholders present and future.

 

5.              
The Purchaser will not sell or otherwise transfer any portion of the Certificate, except in compliance with Section 5.02
of the Pooling and Servicing Agreement.

 

6.              
Check one of the following:

 

☐              The
Purchaser is a “U.S. Tax Person” (as defined below) and it has attached hereto an Internal Revenue Service (“IRS”)
Form W-9 (or successor form).

 

☐              The
Purchaser is not a “U.S. Tax Person” (as defined below) and under applicable law in effect on the date hereof, no taxes
will be required to be withheld by the Certificate Registrar (or its agent) with respect to distributions to be made on the Certificate(s).
The Purchaser has attached hereto [(i) a duly executed IRS Form W-8BEN or IRS Form W-8BEN-E (or successor form), which identifies
such Purchaser as the beneficial owner of the Certificate(s) and states that such Purchaser is not a U.S. Tax Person, (ii) two
duly executed copies of IRS Form W-8IMY (and all appropriate attachments) or (iii)]* two duly executed copies of IRS Form W-8ECI
(or successor form), which identify such Purchaser as the beneficial owner of the Certificate(s) and state that interest and original
issue discount on the Certificate(s) is, or is expected to be, effectively connected with a U.S. trade or business. The Purchaser
agrees to provide to the Certificate Registrar updated [IRS Forms W-8BEN, IRS Forms W-8BEN-E, IRS Forms W-8IMY or]* IRS Forms W-8ECI[,
as the case may be]*, any applicable successor IRS forms, or such other certifications as the Certificate Registrar may reasonably
request, on or before the date that any such IRS form or certification expires or becomes obsolete, or promptly after the occurrence
of any event requiring a change in the most recent IRS form of certification furnished by it to the Certificate Registrar.

 

For purposes of this
paragraph 7, “U.S. Tax Person” means a citizen or resident of the United States, a corporation, partnership
(except to the extent provided in applicable Treasury Regulations), or other entity created or organized in or under the laws of
the United States, any state thereof or the District of Columbia, including any entity treated as a corporation or partnership
for federal income tax purposes, an estate whose income is subject to United States federal income tax regardless of its source,
or a trust if a court within the United States is able to exercise primary supervision over the administration of such trust, and
one or more such U.S. Tax Persons have the authority to control all substantial decisions of such trust (or, to the extent provided
in applicable Treasury Regulations, certain trusts in existence on August 20, 1996 that have elected to be treated as U.S. Tax
Persons).

 

Please make all payments
due on the Certificates: **

 

(a)            
by wire transfer to the following account at a bank or entity in New York, New York, having appropriate facilities therefor:

 

 

 

*     Delete
for Class R.

 

**  Only
to be filled out by Purchasers of Individual Certificates. Please select (a) or (b).

  

    D-1-3

     

    

 

	 	Account number:	 	 
	 	 	 	 
	 	Institution:	 	 

  

		(b)	by mailing a check or draft to the following address:

  

	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

	 	 	 
	 	Very truly yours,

	 	 
	 	[Purchaser]
	 	 	 
		By:	 
	 	 	Name:

Title:

 

Dated:  ________________, 20___

 

    D-1-4

     

    

 

EXHIBIT D-2

 

FORM OF ERISA REPRESENTATION LETTER

 

[Date]

 

Wells Fargo Bank, National Association

600 South 4th Street, 7th Floor

MAC N9300-070

Minneapolis, Minnesota 55479

Attention: CTS – Certificate Transfers Benchmark 2020-IG3 Mortgage Trust

 

J.P. Morgan Chase Commercial Mortgage Securities Corp.

383 Madison Avenue, 8th Floor

New York, New York 10179

Attention: Real Estate Structured Finance – Securitization Group

 

		Re:	Benchmark
                                         2020-IG3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-IG3,
                                         Class [    ] 

 

Ladies and Gentlemen:

 

_______________ (the
“Purchaser”) intends to purchase from _______________ (the “Seller”) [$_____ initial Certificate
Balance][$_____ initial Notional Amount][or _____% Percentage Interest] of Benchmark 2020-IG3 Mortgage Trust Commercial Mortgage
Pass-Through Certificates, Series 2020-IG3, Class [_____], CUSIP No. _____ (the “Certificates”), issued
pursuant to the Pooling and Servicing Agreement dated as of May 1, 2020 (the “Pooling and Servicing Agreement”),
between J.P. Morgan Chase Commercial Mortgage Securities Corp., as depositor, Midland Loan Services, a Division of PNC Bank, National
Association, as master servicer and special servicer, and Wells Fargo Bank, National Association, as trustee, certificate administrator,
paying agent and custodian. All capitalized terms used herein and not otherwise defined shall have the meaning set forth in the
Pooling and Servicing Agreement. The Purchaser hereby certifies, represents and warrants to, and covenants with, the Depositor,
the Certificate Administrator, the Certificate Registrar and the Trustee that:

 

The Purchaser is not
and will not become (a) an employee benefit plan or other plan subject to the fiduciary responsibility provisions of the Employee
Retirement Income Security Act of 1974, as amended (“ERISA”) or to Section 4975 of the Internal Revenue Code
of 1986, as amended (the “Code”), or a governmental plan (as defined in Section 3(32) of ERISA) or other plan
that is subject to any federal, state or local law that is, to a material extent, similar to the forgoing provisions of ERISA or
the Code (“Similar Law”) (each, a “Plan”), or (b) any person acting on behalf of any such
Plan or using the assets of any such Plan (including an entity whose underlying assets include plan assets within the meaning of
U.S. Department of Labor Regulation Section 2510.3-101, as modified by Section 3(42) of ERISA), other than (except in the case
of the Class S and Class R Certificates, the VRR Interest, the BX-VRR Interest, the T333-VRR Interest and the 825S-VRR Interest)
an insurance company using the assets of its general account under circumstances whereby such purchase and the subsequent holding
of such

 

    D-2-1

     

    

 

Certificate by such insurance company would be exempt from the prohibited transaction provisions of Section 406 and 407
of ERISA and Code Section 4975 under Sections I and III of PTCE 95-60, or, in the case of a Plan subject to Similar Law, where
the acquisition, holding and disposition of such Certificate will not constitute or result in a non-exempt violation of any Similar
Law.

 

IN WITNESS WHEREOF,
the Purchaser hereby executes this ERISA Representation Letter on this ___ day of ___, 20__.

	 	 	 
	 	Very truly yours,

	 	 
	 	[Purchaser]
	 	 	 
		By:	 
	 	 	Name:

Title:

 

    D-2-2

     

    

 

EXHIBIT E

 

FORM OF REQUEST FOR RELEASE

 

[Date]

 

Wells Fargo Bank, National Association

1055 10th Avenue SE

Minneapolis, Minnesota 55414

Attention: Document Custody Group – Benchmark 2020-IG3 Mortgage Trust

 

		Re:	Pooling and
                                         Servicing Agreement (“Pooling and Servicing Agreement”) relating to Benchmark
                                         2020-IG3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-IG3 

 

Dear __________________:

 

In connection with the
administration of the Mortgage Files held by, or on behalf of, you as Custodian under the Pooling and Servicing Agreement, the
undersigned hereby requests a release of the Mortgage File (or the portion thereof specified below) held by you as Custodian with
respect to the following described Mortgage Loan or Trust Subordinate Companion Loan for the reason indicated below:

 

Mortgagor’s Name:
__________________

 

Address: __________________________

 

Asset No.: _________________________

 

If only particular documents
in the Mortgage File are requested, please specify which:

 

Reason for requesting
file (or portion thereof):

 

	 	 	 	1.	Mortgage Loan and/or Trust Subordinate Companion Loan paid in full. Such [Master Servicer] [Special
Servicer][Other Servicer][Other Special Servicer] hereby certifies that all amounts received in connection with the [Mortgage Loan][Trust
Subordinate Companion Loan] have been or will be, following such [Master Servicer’s] [Special Servicer’s] [Other Servicer’s][Other
Special Servicer’s] release of the Mortgage File, credited to the Collection Account pursuant to the Pooling and Servicing
Agreement.

 

	 	 		2.	The Mortgage Loan and/or Trust Subordinate Companion Loan is being foreclosed.

 

    E-1

     

    

 

	 	 		3.	Other. (Describe)

 

The undersigned acknowledges
that the above Mortgage File (or requested portion thereof) will be held by the undersigned in accordance with the provisions of
the [Pooling and Servicing Agreement][Other Pooling and Servicing Agreement] and will be returned to you or your designee within
ten (10) days of our receipt thereof, unless [the [Other Servicer][Other Special Servicer] requires such Mortgage File pursuant
to the applicable Intercreditor Agreement or Other Pooling and Servicing Agreement.][the [Mortgage Loan][Trust Subordinate Companion
Loan] has been paid in full or otherwise liquidated, in which case the Mortgage File (or such portion thereof) will be retained
by us permanently, or unless the [Mortgage Loan][Trust Subordinate Companion Loan] is being foreclosed,] in which case the Mortgage
File (or such portion thereof) will be returned when no longer required by us for such purpose.

 

Capitalized terms used
but not defined herein shall have the meaning ascribed to them in the Pooling and Servicing Agreement.

  

	 	[MASTER SERVICER][SPECIAL SERVICER][OTHER
SERVICER][OTHER SPECIAL SERVICER]
	 	 	 
		By:	 
	 	 	Name:

Title:

  

    E-2

     

    

 

EXHIBIT F

 

SECURITIES LEGEND

 

THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE
OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”)
TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A
(A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE,
PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES) TO
AN INSTITUTION THAT IS A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS DEFINED IN, AND IN ACCORDANCE
WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, OR (3) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES)
UPON INITIAL ISSUANCE ONLY, TO INSTITUTIONS THAT ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2),
(3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT (“REGULATION D”) AND ANY ENTITY IN WHICH ALL OF THE EQUITY
OWNERS ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D (COLLECTIVELY,
“INSTITUTIONAL ACCREDITED INVESTORS”), AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THE INITIAL INVESTOR IN THIS CERTIFICATE,
AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED
TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. A TRANSFEREE IS ALSO REQUIRED TO
DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE POOLING AND SERVICING AGREEMENT IF
SUCH TRANSFEREE IS A QIB OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR, AND MAY ALSO
BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QIB WITHIN THE MEANING OF RULE 144A.

 

    F-1

     

    

 

EXHIBIT G

 

FORM OF REGULATION S TRANSFER CERTIFICATE

 

Wells Fargo Bank, National Association

600 South 4th Street, 7th Floor

MAC N9300-070

Minneapolis, Minnesota 55479

Attention: CTS – Certificate Transfers Benchmark 2020-IG3 Mortgage Trust

 

		Re:	Transfer
                                         of Benchmark 2020-IG3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
                                         2020-IG3, Class [    ] 

 

Ladies and Gentlemen:

 

This certificate is delivered
pursuant to Section 5.02 of the Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”),
and executed in connection with the above referenced transaction, on behalf of the holders of the Benchmark 2020-IG3 Mortgage Trust
Commercial Mortgage Pass Through Certificates, Series 2020-IG3, Class [_] (the “Certificates”) in connection
with the transfer by the undersigned (the “Transferor”) to                                      
(the “Transferee”) of $                    
Certificate Balance of Certificates, in fully registered form (each, an “Individual Certificate”), or a beneficial
interest of such aggregate Certificate Balance in the Regulation S Global Certificate (the “Global Certificate”)
maintained by The Depository Trust Company or its successor as Depositary under the Pooling and Servicing Agreement (such transferred
interest, in either form, being the “Transferred Interest”).

 

In connection with such
transfer, the Transferor does hereby certify that such transfer has been effected in accordance with the transfer restrictions
set forth in the Pooling and Servicing Agreement and the Certificates and (i) with respect to transfers made in accordance with
Regulation S (“Regulation S”) promulgated under the Securities Act of 1933, as amended (the “Securities
Act”), the Transferor does hereby certify that:

 

(1)        the
offer of the Transferred Interest was not made to a person in the United States;

 

[(2)      at the time the
buy order was originated, the Transferee was an institution that was outside the United States or the Transferor and any person
acting on its behalf reasonably believed that the Transferee was an institution that was outside the United States;]*

 

[(2)      the transaction
was executed with a Transferee that was an institution or reasonably believed to be an institution by the Transferor or anyone
acting on its behalf in, on or through the facilities of a designated offshore securities market and neither there undersigned
nor

 

 

 

*
Insert one of these two provisions, which come from the definition of “offshore transaction” in Regulation S.

 

    G-1

     

    

 

any person acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States;]*

 

(3)       no
directed selling efforts have been made in contravention of the requirements of Rule 903(b) or 904(b) of Regulation S, as applicable;
and

 

(4)       the
transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act.

 

or (ii) with respect to transfers made
in reliance on Rule 144 under the Securities Act, the Transferor does hereby certify that the Certificates that are being transferred
are not “restricted securities” as defined in Rule 144 under the Securities Act.

 

This certificate and
the statements contained herein are made for your benefit and the benefit of the Depositor, the Certificate Administrator, the
Trustee, the Master Servicer and the Special Servicer.

 

	 	[Insert Name of Transferor]
	 	 	 
		By:	 
	 	 	Name:

Title:

 

Dated: ________________, 20     

 

    G-2

     

    

 

EXHIBIT H

 

FORM OF TRANSFER CERTIFICATE

FOR EXCHANGE OR TRANSFER FROM RULE 144A

GLOBAL CERTIFICATE TO REGULATION S GLOBAL

CERTIFICATE DURING THE RESTRICTED PERIOD

 

(Exchanges or transfers pursuant to Section
5.02(c)(ii)(A) of 

the Pooling and Servicing Agreement)

 

Wells Fargo Bank, National Association

600 South 4th Street, 7th Floor

MAC N9300-070

Minneapolis, Minnesota 55479

Attention: CTS – Certificate Transfers Benchmark 2020-IG3 Mortgage Trust

 

		Re:	Transfer
                                         of Benchmark 2020-IG3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
                                         2020-IG3, Class [    ] 

 

Reference is hereby made
to the Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), and
executed in connection with the above-referenced transaction. Capitalized terms used but not defined herein shall have the meanings
given to them in the Pooling and Servicing Agreement.

 

This letter relates to
US $                    
aggregate Certificate Balance of Certificates (the “Certificates”) which are held in the form of Rule 144A Global
Certificate (CUSIP No.                     )
with the Depository in the name of [insert name of transferor] (the “Transferor”). The Transferor has requested
a transfer of such beneficial interest for an interest in the Regulation S Global Certificate (CUSIP No.                     )
to be held with [Euroclear] [Clearstream]* (Common Code) through the Depositary.

 

In connection with such
request and in respect of such Certificates, the Transferor does hereby certify that such transfer has been effected in accordance
with the Transfer restrictions set forth in the Pooling and Servicing Agreement and pursuant to and in accordance with Regulation
S under the Securities Act of 1933, as amended (the “Securities Act”), and accordingly the Transferor does hereby
certify that:

 

(1)       the
offer of the Certificates was not made to a person in the United States,

 

[(2)      at the time the
buy order was originated, the transferee was an institution that was outside the United States or the Transferor and any persons
acting on its behalf reasonably believed that the Transferee was outside the United States,]**

 

 

 

*
Select appropriate depository.

 

**
Insert one of these two provisions, which come from the definition of “offshore transaction” in Regulation S.

 

    H-1

     

    

 

[(2)      the transaction
was executed with a Transferee that was an institution or reasonably believed to be an institution by the Transferor or anyone
acting on its behalf in, on or through the facilities of a designated offshore securities market and neither the Transferor nor
any person acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States,]*

 

(3)       no
directed selling efforts have been made in contravention of the requirements of Rule 903(b) or 904(b) of Regulation S, as applicable,
and

 

(4)       the
transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act.

 

This certificate and
the statements contained herein are made for your benefit and the benefit of the Depositor, the Certificate Administrator, the
Trustee, the Master Servicer and the Special Servicer.

 

	 	[Insert Name of Transferor]
	 	 	 
		By:	 
	 	 	Name:

Title:

 

Dated: ________________, 20__

 

    H-2

     

    

 

EXHIBIT I

 

FORM OF TRANSFER CERTIFICATE

FOR EXCHANGE OR TRANSFER FROM RULE 144A

GLOBAL CERTIFICATE TO REGULATION S GLOBAL

CERTIFICATE AFTER THE RESTRICTED PERIOD

 

(Exchange or transfers pursuant to

Section 5.02(c)(ii)(B) of the Pooling and Servicing Agreement)

 

Wells Fargo Bank, National Association

600 South 4th Street, 7th Floor

MAC N9300-070

Minneapolis, Minnesota 55479

Attention: CTS – Certificate Transfer Services (CMBS) Benchmark 2020-IG3 Mortgage Trust

 

		Re:	Transfer
                                         of Benchmark 2020-IG3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
                                         2020-IG3, Class [    ] 

 

Reference is hereby made
to the Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), and
executed in connection with the above referenced transaction. Capitalized terms used but not defined herein shall have the meanings
given to them in the Pooling and Servicing Agreement.

 

The letter relates to
U.S. $                    
aggregate Certificate Balance of Certificates (the “Certificates”) which are held in the form of the Rule 144A
Global Certificate (CUSIP No.                     )
with the Depository in the name of [insert name of transferor] (the “Transferor”). The Transferor has requested
a transfer of such beneficial interest in the Certificates for an interest in the Regulation S Global Certificate (Common Code
No.                     ).

 

In connection with such
request, and in respect of such Certificates, the Transferor does hereby certify that such transfer has been effected in accordance
with the transfer restrictions set forth in the Pooling and Servicing Agreement and, (i) with respect to transfers made in reliance
on Regulation S under the Securities Act of 1933, as amended (the “Securities Act”), the Transferor does hereby
certify that:

 

(1)       the
offer of the Certificates was not made to a person in the United States,

 

[(2)      at the time the
buy order was originated, the transferee was an institution that was outside the United States or the Transferor and any person
acting on its behalf reasonably believed that the transferee was outside the United States,]*

 

 

 

*
Insert one of these two provisions, which come from the definition of “offshore transaction” in Regulation S.

 

    I-1

     

    

 

[(2)      the transaction
was executed with a Transferee that was an institution or reasonably believed to be an institution by the Transferor or anyone
acting on its behalf in, on or through the facilities of a designated offshore securities market and neither the Transferor nor
any person acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States,]*

 

(3)       no
directed selling efforts have been made in contravention of the requirements of Rule 903(b) or 904(b) of Regulation S, as applicable,
and

 

(4)       the
transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act;

 

or (ii) with respect to transfers made
in reliance on Rule 144 under the Securities Act, the Transferor does hereby certify that the Certificates that are being transferred
are not “restricted securities” as defined in Rule 144 under the Securities Act.

 

This certificate and
the statements contained herein are made for your benefit and the benefit of the Depositor, the Certificate Administrator, the
Trustee, the Master Servicer and the Special Servicer.

 

	 	[Insert Name of Transferor]
	 	 	 
		By:	 
	 	 	Name:

Title:

 

Dated: _______________, 20___

 

    I-2

     

    

 

EXHIBIT J

 

FORM OF TRANSFER CERTIFICATE

FOR EXCHANGE OR TRANSFER FROM REGULATION S GLOBAL

CERTIFICATE TO RULE 144A GLOBAL CERTIFICATE DURING THE RESTRICTED PERIOD

 

(Exchange or transfers pursuant to Section
5.02(c)(ii)(C)

of the Pooling and Servicing Agreement)

 

Wells Fargo Bank, National Association

600 South 4th Street, 7th Floor

MAC N9300-070

Minneapolis, Minnesota 55479

Attention: CTS – Certificate Transfers Benchmark 2020-IG3 Mortgage Trust

 

		Re:	Transfer
                                         of Benchmark 2020-IG3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
                                         2020-IG3, Class [    ] 

 

Reference is hereby made
to the Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), and
executed in connection with the above referenced transaction. Capitalized terms used but not defined herein shall have the meanings
given to them in the Pooling and Servicing Agreement.

 

This letter relates to
U.S. $                    
aggregate Certificate Balance of Certificates (the “Certificates”) which are held in the form of the Regulation
S Global Certificate (CUSIP No.                     )
with [Euroclear] [Clearstream]* (Common Code                     )
through the Depository in the name of [insert name of transferor] (the “Transferor”). The Transferor has requested
a transfer of such beneficial interest in the Certificates for an interest in the Regulation 144A Global Certificate (CUSIP No.
                    ).

 

In connection with such
request, and in respect of such Certificates, the Transferor does hereby certify that such Certificates are being transferred in
accordance with (i) the transfer restrictions set forth in the Pooling and Servicing Agreement and (ii) Rule 144A under the Securities
Act to a transferee that the Transferor reasonably believes is purchasing the Certificates for its own account with respect to
which the transferee exercises sole investment discretion and the transferee and any such account is “qualified institutional
buyer” within the meaning of Rule 144A, in each case in a transaction meeting the requirements of Rule 144A and in accordance
with any applicable securities laws of any state of the United States or an jurisdiction.

 

This certificate and
the statements contained herein are made for your benefit and the benefit of the Depositor, the Certificate Administrator, the
Trustee, the Master Servicer and the Special Servicer.

 

 

 

*
Select appropriate depositary. 

 

    J-1

     

    

 

	 	[Insert Name of Transferor]
	 	 	 
		By:	 
	 	 	Name:

Title:

 

Dated: ______________, 20__

 

    J-2

     

    

 

EXHIBIT K

 

FORM OF DISTRIBUTION DATE STATEMENT

 

    K-1

     

    

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	BENCHMARK 2020-IG3 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2020-IG3	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Distribution Date:	6/17/20
	Record Date:	5/29/20
	Determination Date:	6/11/20

	 	 	 	 	 	 	 	 	 
	 	 	 	 	DISTRIBUTION
    DATE STATEMENT	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	Table
    of Contents	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	STATEMENT
    SECTIONS	PAGE(s)	 	 	 
	 	 	 	 	Certificate Distribution Detail	2	 	 	 
	 	 	 	 	Certificate Factor Detail	3	 	 	 
	 	 	 	 	Reconciliation Detail	4	 	 	 
	 	 	 	 	Other Required Information	5	 	 	 
	 	 	 	 	Cash Reconciliation Detail	6	 	 	 
	 	 	 	 	Current Mortgage Loan and Property Stratification
    Tables	7 - 9	 	 	 
	 	 	 	 	Mortgage Loan Detail	10	 	 	 
	 	 	 	 	NOI Detail	11	 	 	 
	 	 	 	 	Principal Prepayment Detail	12	 	 	 
	 	 	 	 	Historical Detail	13	 	 	 
	 	 	 	 	Delinquency Loan Detail	14	 	 	 
	 	 	 	 	Specially Serviced Loan Detail	15 - 16	 	 	 
	 	 	 	 	Advance Summary	17	 	 	 
	 	 	 	 	Modified Loan Detail	18	 	 	 
	 	 	 	 	Historical Liquidated Loan Detail	19	 	 	 
	 	 	 	 	Historical Bond / Collateral Realized Loss Reconciliation	20	 	 	 
	 	 	 	 	Interest Shortfall Reconciliation Detail	21 - 22	 	 	 
	 	 	 	 	Defeased Loan Detail	23	 	 	 
	 	 	 	 	Supplemental Reporting	24	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Depositor	 	 	 	Master
    Servicer	 	 	 	Special
    Servicer	 	 	 
	 	 	

J.P. Morgan Chase Commercial
Mortgage Securities Corp.
383 Madison Avenue
8th Floor
New York, NY 10179

 

Contact:  General Information Number

Phone Number:      (212) 834-3813
	 	 	 	Midland Loan Services, a Division of 

PNC Bank, National Association
10851 Mastin Street

Building 82, Suite 300

Overland Park, KS 66210

    

                                                                                                                                        

                                                                                                                                       

                                                                                                                                       Contact:    askmidlandls.com
Phone Number:    (913) 253-9000

	 	 	 	
    Midland Loan Services, a Division of 

PNC Bank, National Association
10851 Mastin Street

Building 82, Suite 300

Overland Park, KS 66210

                                                                                                                                              

                                                                                                                                               

                                                                                                                                              

                                                                                                                                              

Contact:    askmidlandls.com
Phone Number:    (913) 253-9000

                                                                                                                                              

	 	 	 
	This report is compiled by Wells Fargo Bank, N.A. from information provided by third parties. Wells Fargo Bank, N.A. has not independently confirmed the accuracy of the information.	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Please visit www.ctslink.com for additional information and if applicable, any special notices and any credit risk retention notices. In addition, certificateholders may register online for email notification when special notices are posted. For information or assistance please call 866-846-4526.	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 

  

     Page 1 of 24

     

    

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	BENCHMARK 2020-IG3 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2020-IG3	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Distribution Date:	6/17/20
	Record Date:	5/29/20
	Determination Date:	6/11/20

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Certificate
    Distribution Detail	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Class	 	 CUSIP	 	Pass-Through

    Rate	 	Original

    Balance	 	Beginning

    Balance	 	Principal

    Distribution	 	Interest

    Distribution	 	Prepayment

    Premium	 	Realized
    Loss/
 Additional Trust

    Fund Expenses	Total

    Distribution	Ending

    Balance	Current

     Subordination

    Level (1)	 	 
	 	 	A-2	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A-3	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A-4	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A-SB	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A-S	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	B	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	C	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	D	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	BX-A	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	BX-B	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	BX-C	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	BX-VRR Int	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	T333-A	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	T333-B	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	T333-C	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	T333-D	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	T333-VRR Int	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	825S-A	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	825S-B	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	825S-C	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	825S-D	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	825S-E	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	825S-VRR Int	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	S	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	R	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	Totals	 	 	 	 	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Class	 	 CUSIP	 	Pass-Through

    Rate	Original

    Notional
 Amount	Beginning

    Notional

    Amount	 	Interest

    Distribution	 	Prepayment

    Premium	 	Total

    Distribution	Ending

    Notional

    Amount	 	 	 	 	 	 	 	 
	 	 	X-A	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	 	 	 	 	 
	 	 	(1)
                                         Calculated by taking (A) the sum of the ending certificate balance of all classes less (B) the sum of
(i) the ending balance of the designated class and (ii) the ending certificate balance of all classes which are not subordinate
to the designated class and dividing the result by (A).

 

 

 

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

     Page 2 of 24

     

    

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	BENCHMARK 2020-IG3 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2020-IG3	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Distribution Date:	6/17/20
	Record Date:	5/29/20
	Determination Date:	6/11/20

	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	Certificate
    Factor Detail
	 	 	 	 	 	 	 	 	 	 
	 	Class	CUSIP	Beginning

                                         Balance
	Principal

                                         Distribution
	Interest

                                         Distribution
	Prepayment

                                         Premium
	Realized
                                         Loss/

                                         Additional Trust

                                         Fund Expenses
	Ending

                                         Balance
	 
	 	 
	 	 
	 	A-2	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A-3	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A-4	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A-SB	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A-S	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	B	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	C	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	D	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	BX-A	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	BX-B	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	BX-C	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	BX-VRR Int	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	T333-A	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	T333-B	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	T333-C	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	T333-D	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	T333-VRR Int	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	825S-A	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	825S-B	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	825S-C	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	825S-D	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	825S-E	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	S	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	R	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	 	 	 	 	 	 	 	 	 
	 	Class	CUSIP	Beginning

        Notional

        Amount
	Interest

        Distribution
	Prepayment

        Premium
	Ending

        Notional

        Amount
	 	 	 
	 	 	 	 
	 	 	 	 
	 	X-A	 	0.00000000	0.00000000	0.00000000	0.00000000	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	

                    
	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 

 

     Page 3 of 24

     

    

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	BENCHMARK 2020-IG3 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2020-IG3	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Distribution Date:	6/17/20
	Record Date:	5/29/20
	Determination Date:	6/11/20

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Reconciliation
    Detail	 	 
	 	 	Principal
    Reconciliation	 	 
	 	 	 	 	Stated
    Beginning 

    Principal Balance	 	Unpaid
    Beginning

    Principal Balance	 	Scheduled
    

    Principal	 	Unscheduled
    Principal	 	Principal
    Adjustments	 	Realized
    Loss	 	Stated
    Ending

    Principal Balance	 	Unpaid
    Ending

    Principal Balance	 	Current
    Principal

    Distribution Amount	 	 
	 	 	Total	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Certificate
    Interest Reconciliation	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Class	 	Accrual

    Dates	 	Accrual

    Days	 	Accrued

    Certificate

    Interest	 	Net
    Aggregate

    Prepayment

    Interest Shortfall	 	Distributable

    Certificate

    Interest	 	Distributable

    Certificate Interest

    Adjustment	 	WAC
    CAP

    Shortfall	 	Interest
    

    Shortfall/(Excess)	 	Interest

    Distribution	 	Remaining
    Unpaid

    Distributable

    Certificate Interest	 	 
	 	 	A-2	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	A-3	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	A-4	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	A-SB	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	X-A	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	A-S	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	B	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	C	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	D	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	BX-A	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	BX-B	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	BX-C	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	BX-VRR Int	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	T333-A	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	T333-B	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	T333-C	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	T333-D	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	T333-VRR Int	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	825S-A	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	825S-B	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	825S-C	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	825S-D	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	825S-E	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	825S-VRR Int	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  	 	 
	 	 	Totals	 	 	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

     Page 4 of 24

     

    

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	BENCHMARK 2020-IG3 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2020-IG3	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Distribution Date:	6/17/20
	Record Date:	5/29/20
	Determination Date:	6/11/20

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Other
    Required Information	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Available Distribution Amount  (1)	 	    0.00	 		 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	    	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	Appraisal Reduction Amount	 	 	 	 
	 	 		 	 	 	 	Loan

    Number	 	 	Appraisal	 	 	Cumulative	 	 	Most
    Recent	 	 	 
	 	 		 	 	 	 	 	 	Reduction	 	 	ASER	 	 	App.
                                         Reduction

	 	 	 
	 	 	 	 	 	 	 	 	 	Effected	 	 	Amount	 	 	Date	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	Total	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	(1) The Available Distribution Amount includes any Prepayment Premiums and Yield Maintenance Charges.
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

     Page 5 of 24

     

    

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	BENCHMARK 2020-IG3 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2020-IG3	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Distribution Date:	6/17/20
	Record Date:	5/29/20
	Determination Date:	6/11/20

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Cash
    Reconciliation Detail	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Total Funds Collected	 	 	 	Total Funds Distributed	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Interest:	 	 	 	Fees:	 	 	 
	 	Scheduled Interest	0.00	 	 	Master Servicing Fee - Midland Loan Services	0.00	 	 
	 	Interest reductions
    due to Nonrecoverability Determinations	0.00	 	 	Certificate Administrator/Trustee Fee - Wells Fargo Bank, N.A.	0.00	 	 
	 	Interest Adjustments	0.00	 	 	CREFC® Intellectual Property Royalty License Fee	0.00	 	 
	 	Deferred Interest	0.00	 	 			 	 
	 	ARD Interest	0.00	 	 	Total Fees		0.00	 
	 	Default Interest
    and Late Payment Charges	0.00	 	 		 	 	 
	 	Net Prepayment Interest
Shortfall	0.00	 	 			 	 
	 	Net Prepayment Interest
    Excess	0.00	 	 		 	 	 
	 	Extension Interest	0.00	 	 		 		 
	 	Interest Reserve
    Withdrawal	0.00	 	 	Additional Trust
    Fund Expenses:	 		 
	 	Total Interest
    Collected	 	0.00	 	Reimbursement for
    Interest on Advances	0.00	 	 
	 	 	 	 	 	ASER Amount	0.00	 	 
	 	Principal:	 	 	 	Special Servicing
    Fee	0.00	 	 
	 	Scheduled Principal	0.00	 	 	Attorney Fees &
    Expenses	0.00	 	 
	 	Unscheduled Principal	0.00	 	 	Bankruptcy Expense	0.00	 	 
	 	Principal Prepayments	0.00	 	 	Taxes Imposed on
    Trust Fund	0.00	 	 
	 	Collection of Principal
    after Maturity Date	0.00	 	 	Non-Recoverable Advances	0.00	 	 
	 	Recoveries from
    Liquidation and Insurance Proceeds	0.00	 	 	Workout-Delayed Reimbursement
    Amounts	0.00	 	 
	 	Excess of Prior
    Principal Amounts paid	0.00	 	 	Other Expenses	0.00	 	 
	 	Curtailments	0.00	 	 	Total Additional
    Trust Fund Expenses		0.00	 
	 	Negative Amortization	0.00	 	 				 
	 	Principal Adjustments	0.00	 	 	Interest Reserve
    Deposit	 	0.00	 
	 	Total Principal
    Collected		0.00 	 		 		 
	 	 	 	 	 	 	 	 	 
	 	Other:	 	 	 	Payments to Certificateholders
    & Others:	 	 	 
	 	Prepayment Penalties/Yield
    Maintenance Charges	0.00	 	 	Interest Distribution	0.00	 	 
	 	Repayment Fees	0.00	 	 	Principal Distribution	0.00	 	 
	 	Borrower Option Extension
    Fees	0.00	 	 	Prepayment Penalties/Yield
    Maintenance Charges 	0.00	 	 
	 	Excess Liquidation
    Proceeds	0.00	 	 	Borrower Option Extension
    Fees	0.00	 	 
	 	Net Swap Counterparty
    Payments Received	0.00	 	 	Net Swap Counterparty
    Payments Received	0.00	 	 
	 	Total Other Collected		0.00	 	Total Payments
    to Certificateholders & Others		0.00	 
	 	Total Funds Collected	 	0.00	 	Total Funds
    Distributed	 	0.00	 
	 	 	 	 	 	 	 	 	 

 

     Page 6 of 24

     

    

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	BENCHMARK 2020-IG3 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2020-IG3	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Distribution Date:	6/17/20
	Record Date:	5/29/20
	Determination Date:	6/11/20

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Current
        Mortgage Loan and Property Stratification Tables

        Aggregate
        Pool
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Scheduled
    Balance	 	State
    (3)	 
	 	 	 	 	 
	 	Scheduled
    

    Balance	#
                                         of

        loans

        	Scheduled

        Balance

        	%
                                         of

        Agg.

        Bal.

        	WAM

        (2)

        	WAC	Weighted

        Avg
        DSCR (1)

        	 	State	#
                                         of

        Props.

        	Scheduled

        Balance

        	%
                                         of

        Agg.

        Bal.

        	WAM

        (2)

        	WAC	Weighted

        Avg
        DSCR (1)

        	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	Totals	 	 	 	 	 	 	 
	 	 	 
	 	 	 
	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 
	 		 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

     Page 7 of 24

     

    
 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	BENCHMARK 2020-IG3 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2020-IG3	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Distribution Date:	6/17/20
	Record Date:	5/29/20
	Determination Date:	6/11/20

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Current
    Mortgage Loan and Property Stratification Tables

    Aggregate Pool	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Debt
    Service Coverage Ratio	 	Property
    Type (3)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Debt
    Service

    Coverage Ratio	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (1)	 	Property
    Type	#
    of

    Props.	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (1)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	Totals	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Note
    Rate	 	Seasoning	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Note

    Rate	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (1)	 	Seasoning	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (1)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	Totals	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	See
    footnotes on last page of this section.	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

     Page 8 of 24

     

    

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	BENCHMARK 2020-IG3 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2020-IG3	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Distribution Date:	6/17/20
	Record Date:	5/29/20
	Determination Date:	6/11/20

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Current
    Mortgage Loan and Property Stratification Tables

    Aggregate Pool	 
	 	 	 	 	 
	 	Anticipated
    Remaining Term (ARD and Balloon Loans)	 	Remaining
    Stated Term (Fully Amortizing Loans)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Anticipated
    Remaining

    Term (2)	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM (2)	WAC	Weighted

    Avg DSCR (1)	 	Remaining
    Stated

    Term	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (1)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	Totals	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Remaining
    Amortization Term (ARD and Balloon Loans)	 	Age
    of Most Recent NOI	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Remaining
    Amortization

    Term	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM (2)	WAC	Weighted

    Avg DSCR (1)	 	Age
    of Most

    Recent NOI	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (1)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	Totals	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	

(1) Debt Service
Coverage Ratios are updated periodically as new NOI figures become available from borrowers on an asset level. In all cases the
most current DSCR provided by the Servicer is used. To the extent that no DSCR is provided by the Servicer, information from the
offering document is used. The Trustee makes no representations as to the accuracy of the data provided by the borrower for this
calculation.

	 
	 	 	 
	 	(2) Anticipated
                     Remaining Term and WAM are each calculated based upon the term from the current month to the earlier of the
                     Anticipated Repayment Date, if applicable, and the Maturity Date. 

	 
	 	 	 
	 	(3) Data
                     in this table was calculated by allocating pro-rata the current loan information to the properties based
                     upon the Cut-Off Date balance of each property as disclosed in the offering document.

	 
	 	 	 
	 	The Scheduled Balance Totals reflect
    the aggregate balances of all pooled loans as reported in the CREFC Loan Periodic Update File. To the extent that the Scheduled
    Balance Total figure for the “State” and “Property” stratification tables is not equal to the sum
    of the scheduled balance figures for each state or property, the difference is explained by loans that have been modified
    into a split loan structure. The “State” and “Property” stratification tables do not include the balance
    of the subordinate note (sometimes called the B-piece or a “hope note”) of a loan that has been modified into
    a split-loan structure. Rather, the scheduled balance for each state or property only reflects the balance of the senior note
    (sometimes called the A-piece) of a loan that has been modified into a split-loan structure.	 
	 	 	 
	 	Note: There are no Hyper-Amortization
    Loans included in the Mortgage Pool.	 
	 	 	 	 	 

 

     Page 9 of 24

     

    

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	BENCHMARK 2020-IG3 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2020-IG3	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Distribution Date:	6/17/20
	Record Date:	5/29/20
	Determination Date:	6/11/20

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Mortgage
    Loan Detail	 
	 	 	 
	 	Loan

    Number	ODCR
    	Property

    Type (1)	City	State	Interest

    Payment	Principal

    Payment	Gross

    Coupon	Anticipated
    

    Repayment

    Date	Maturity

    Date	Neg.

    Amort

    (Y/N)	Beginning

    Scheduled

    Balance	Ending

    Scheduled

    Balance	Paid

    Thru

    Date	Appraisal

    Reduction

    Date	Appraisal

    Reduction

    Amount	Res.

    Strat.

    (2)	Mod.

    Code

    (3)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	(1)
    Property Type Code	(2)
    Resolution Strategy Code	(3)
    Modification Code
	 	 	 
	 	MF 	-	Multi-Family	SS

	-	Self Storage

	1	-	Modification	7	-	REO	11	-	Full Payoff	1	-	Maturity Date Extension	6	-	Capitalization on Interest	 
	 	RT 	-	Retail	98	-	Other

	2 	-	Foreclosure	8	-	Resolved	12 	 -	Reps and
    Warranties  	2	-	Amortization Change	7	-	Capitalization on Taxes	 
	 	HC	-	Health Care	SE	-	Securities

	3	-	Bankruptcy	9	-	Pending Return	13	-	TBD	3	-	Principal Write-Off	8	-	Other	 
	 	 IN	-	Industrial	CH	-	Cooperative
                                         Housing

	4	-	Extension			to Master Servicer	98	-	Other	4	-	Blank	9	-	Combination	 
	 	MH	-	Mobile Home Park	WH	-	Warehouse	5	-	Note Sale	10	- 	Deed in Lieu Of				5	-	Temporary Rate Reduction  	10	-	Forbearance

	 
	 	OF 	-	Office	ZZ

	-	Missing Information

	6	-	DPO

	 	 	Foreclosure

	 	 	 	 	 	 	 	 	 	 
	 	MU

	-	Mixed Use

	SF	-	Single Family

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	LO

	-	Lodging	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

     Page 10 of 24

     

    

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	BENCHMARK 2020-IG3 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2020-IG3	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Distribution Date:	6/17/20
	Record Date:	5/29/20
	Determination Date:	6/11/20

	 	 	 	 	 	 	 	 	 	 	 	 
	 	NOI
    Detail	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	Loan

    Number	ODCR	Property

    Type	City	State	Ending

    Scheduled

    Balance	Most

    Recent

    Fiscal NOI (1)	Most

    Recent

    NOI (1)	Most
    Recent

    NOI Start

    Date	Most
    Recent

    NOI End

    Date	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	Total	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	(1)
                                         The Most Recent Fiscal NOI and Most Recent NOI fields correspond to the financial data
                                         reported by the Master Servicer. An NOI of 0.00 means the Master Servicer did not report
                                         NOI figures in their loan level reporting.

	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 

 

     Page 11 of 24

     

    

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	BENCHMARK 2020-IG3 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2020-IG3	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Distribution Date:	6/17/20
	Record Date:	5/29/20
	Determination Date:	6/11/20

	 	 	 	 	 	 	 	 	 
	 	Principal
    Prepayment Detail	 
	 	 	 	 	 	 	 	 	 
	 	Loan
    Number	Loan
    Group	Offering
    Document
Cross-Reference	Principal
    Prepayment Amount	Prepayment
    Penalties	 
	 	Payoff
    Amount	Curtailment
    Amount	Prepayment
    

    Premium	Yield
    Maintenance
Charge	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

     Page 12 of 24

     

    

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	BENCHMARK 2020-IG3 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2020-IG3	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Distribution Date:	6/17/20
	Record Date:	5/29/20
	Determination Date:	6/11/20

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Historical
    Detail	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Delinquencies	Prepayments	Rate
    and Maturities	 
	 	Distribution	30-59
    Days	60-89
    Days	90
    Days or More	Foreclosure	REO	Modifications	Curtailments	Payoff	Next
    Weighted Avg.	WAM 	 
	 	Date	#	Balance	#	Balance	#	Balance	#	Balance	#	Balance	#	Balance	#	Amount 	#	Amount	Coupon	Remit	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Note: Foreclosure and REO Totals
    are excluded from the delinquencies.	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 

 

     Page 13 of 24

     

    

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	BENCHMARK 2020-IG3 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2020-IG3	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Distribution Date:	6/17/20
	Record Date:	5/29/20
	Determination Date:	6/11/20

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Delinquency
    Loan Detail	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Loan
    Number	Offering

    Document

    Cross-Reference	#
    of

    Months

    Delinq.	Paid
    Through

    Date	Current

    P & I

    Advances	Outstanding

    P & I

    Advances **	Status
    of

    Loan  (1)	Resolution

    Strategy

    Code  (2)	Servicing
Transfer
    Date	Foreclosure

    Date	Actual

    Principal

    Balance	Outstanding

    Servicing

    Advances	Bankruptcy

    Date	REO

    Date	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	(1)
    Status of Mortgage Loan	 	 	(2)
    Resolution Strategy Code	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	A	-	Payment Not Received	0	- Current	4	-	Performing Matured Balloon

	1	-	Modification	7	-	REO	11	-	Full Payoff

	 	 
	 	 	 	 	But Still in Grace Period	1	- 30-59 Days Delinquent	5 	-	Non Performing Matured
    Balloon	2 	-	Foreclosure	8	-	Resolved	12	-	Reps
    and Warranties	 	 
	 	 	 	 	Or Not Yet Due	2	- 60-89 Days Delinquent	6	-	121+ Days Delinquent	3 	-	Bankruptcy	9	-	Pending Return	13	-	TBD	 	 
	 	 	B	-	Late Payment But Less	3	- 90-120 Days Delinquent	 	 	 	4 	-	Extension			to Master Servicer	98	-	Other

	 	 
	 	 	 	 	Than 30 Days Delinquent	 	 	 	 	 	5 	-	Note Sale	10	 -	Deed
                                      In Lieu Of

				 	 
	 	 	** Outstanding P & I Advances
    include the current period advance.	6	-	DPO	 	 	Foreclosure	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

     Page 14 of 24

     

    

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	BENCHMARK 2020-IG3 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2020-IG3	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Distribution Date:	6/17/20
	Record Date:	5/29/20
	Determination Date:	6/11/20

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Specially
    Serviced Loan Detail - Part 1	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Loan

    Number	Offering

    Document

    Cross-Reference	Servicing

    Transfer

    Date	Resolution

    Strategy

    Code (1)	Scheduled

    Balance	Property

    Type (2)	State	Interest

    Rate	Actual

    Balance	Net

    Operating

    Income	DSCR

    Date	DSCR	Note

    Date	Maturity

    Date	Remaining

    Amortization

    Term	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	(1)
    Resolution Strategy Code	(2)
    Property Type Code	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	1	-  Modification	7	-	REO	11	-	Full Payoff	MF	-	Multi-Family	SS	-	Self Storage

	 
	 	2	-  Foreclosure	8	-	Resolved	12	- 	Reps and Warranties	RT	-	Retail	98	-	Other

	 
	 	3	-  Bankruptcy	9	-	Pending Return	13	-	TBD	HC	-	Health Care	SE	-	Securities

	 
	 	4	-  Extension			to Master Servicer	98	-	Other	IN	-	Industrial	CH	-	Cooperative Housing

	 
	 	5	-  Note Sale	10	 -	Deed in Lieu Of				MH	-	Mobile Home Park	WH	-	Warehouse

	 
	 	6	-  DPO	 	 	Foreclosure	 	 	 	OF

	-	Office

	ZZ

	- 	Missing Information

	 
	 	 	 	 	 	 	 	 	 	MU

	- 	Mixed Use

	SF 	- 	Single Family 	 
	 	 	 	 	 	 	 	 	 	LO

	- 	Lodging

	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

     Page 15 of 24

     

    

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	BENCHMARK 2020-IG3 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2020-IG3	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Distribution Date:	6/17/20
	Record Date:	5/29/20
	Determination Date:	6/11/20

	 	 	 	 	 	 	 	 	 	 	 
	 	Specially
    Serviced Loan Detail - Part 2	 
	 	 	 	 	 	 	 	 	 	 	 
	 	Loan

    Number	Offering

    Document

     Cross-Reference 	Resolution

    Strategy

    Code (1)	Site

    Inspection

    Date	

    Phase 1 Date	Appraisal
    Date	Appraisal

    Value	Other
    REO

    Property Revenue	Comment
                                         from Special Servicer

	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	(1)
    Resolution Strategy Code	(2)
    Property Type Code          	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	1	-  Modification	7	-	REO	11	-	Full Payoff	MF	-	Multi-Family	SS	-	Self Storage

	 
	 	2	-  Foreclosure	8	-	Resolved	12	- 	Reps and Warranties	RT	-	Retail	98	-	Other

	 
	 	3	-  Bankruptcy	9	-	Pending Return	13	-	TBD	HC	-	Health Care	SE	-	Securities

	 
	 	4	-  Extension			to Master Servicer	98	-	Other	IN	-	Industrial	CH	-	Cooperative Housing

	 
	 	5	-  Note Sale	10	 -	Deed in Lieu Of				MH	-	Mobile Home Park	WH	-	Warehouse

	 
	 	6	-  DPO	 	 	Foreclosure	 	 	 	OF

	-	Office

	ZZ

	-	Missing Information

	 
	 	 	 	 	 	 	 	 	 	MU

	-	Mixed Use

	SF 	-	Single Family 	 
	 	 	 	 	 	 	 	 	 	LO

	-	Lodging

	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

     Page 16 of 24

     

    

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	BENCHMARK 2020-IG3 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2020-IG3	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Distribution Date:	6/17/20
	Record Date:	5/29/20
	Determination Date:	6/11/20

	 	 	 	 	 	 	 
	Advance
    Summary
	 	 	 	 	 	 	 
	 	Loan
    Group 	Current
    P&I

    Advances	Outstanding
    P&I

    Advances	Outstanding
    Servicing

    Advances	Current
    Period Interest

    on P&I and Servicing

    Advances Paid	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	Totals	0.00	0.00	0.00	0.00	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

     Page 17 of 24

     

    

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	BENCHMARK 2020-IG3 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2020-IG3	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Distribution Date:	6/17/20
	Record Date:	5/29/20
	Determination Date:	6/11/20

	 	 	 	 	 	 	 	 	 	 
	 	Modified
    Loan Detail	 
	 	 	 	 	 	 	 	 	 	 
	 	Loan

    Number	Offering

    Document

    Cross-Reference	Pre-Modification

    Balance	Post-Modification

    Balance	Pre-Modification

    Interest Rate	Post-Modification

    Interest Rate	Modification

    Date	Modification
    Description	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 

 

     Page 18 of 24

     

    

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	BENCHMARK 2020-IG3 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2020-IG3	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Distribution Date:	6/17/20
	Record Date:	5/29/20
	Determination Date:	6/11/20

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Historical
    Liquidated Loan Detail	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Distribution

    Date	ODCR	Beginning

    Scheduled

    Balance	Fees,

    Advances,

    and Expenses *	Most
    Recent

    Appraised

    Value or BPO	Gross
    Sales

    Proceeds or

    Other Proceeds	Net
    Proceeds

    Received on

    Liquidation	Net
    Proceeds

    Available for

    Distribution	Realized
    

    Loss to Trust	Date
    of Current

    Period Adj.

    to Trust	Current
    Period

    Adjustment

    to Trust	Cumulative

    Adjustment

    to Trust	Loss
    to Loan

    with Cum

    Adj. to Trust	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Current
    Total	 	 	 	 	 	 	 	 	 	 	 	 
	 	Cumulative
    Total	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	*
    Fees, Advances and Expenses also include outstanding P & I advances and unpaid fees (servicing, trustee, etc.).	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

     Page 19 of 24

     

    

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	BENCHMARK 2020-IG3 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2020-IG3	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Distribution Date:	6/17/20
	Record Date:	5/29/20
	Determination Date:	6/11/20

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Historical
    Bond/Collateral Loss Reconciliation Detail	 
	 	 	 
	 	Distribution

    Date	 	 	Offering

    Document

    Cross-Reference	 	 	Beginning

    Balance

    at Liquidation	 	 	Aggregate

    Realized Loss

    on Loans	 	 	Prior
    Realized

    Loss Applied

    to Certificates	 	 	Amounts

    Covered by

    Credit Support	 	 	Interest

    (Shortages)/

    Excesses	 	 	Modification

    /Appraisal

    Reduction Adj.	 	 	Additional

    (Recoveries)

    /Expenses	 	 	Realized
    Loss

    Applied to

    Certificates to Date	 	 	Recoveries
    of

    Realized Losses

    Paid as Cash	 	 	(Recoveries)/

    Losses Applied to

    Certificate Interest	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	   	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals     	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

     Page 20 of 24

     

    

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	BENCHMARK 2020-IG3 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2020-IG3	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Distribution Date:	6/17/20
	Record Date:	5/29/20
	Determination Date:	6/11/20

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Interest
    Shortfall Reconciliation Detail - Part 1	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Offering

    Document

    Cross-

    Reference	 	 	Stated

    Principal

    Balance at

    Contribution	 	 	Current

    Ending

    Scheduled

    Balance	 	 	Special
    Servicing Fees	 	 	ASER	 	 	(PPIS)
    Excess	 	 	Non-Recoverable

    (Scheduled

    Interest)	 	 	Interest
    on

    Advances	 	 	Modified
    Interest

    Rate (Reduction)

    /Excess	 
	Monthly	 	 	Liquidation	 	Work
    Out
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

     Page 21 of 24

     

    

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	BENCHMARK 2020-IG3 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2020-IG3	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Distribution Date:	6/17/20
	Record Date:	5/29/20
	Determination Date:	6/11/20

	 	 	 	 	 	 	 	 	 
	 	Interest
    Shortfall Reconciliation Detail - Part 2	 
	 	 	 	 	 	 	 	 	 
	 	Offering

    Document

    Cross-Reference	Stated
    Principal

    Balance at

    Contribution	Current
    Ending

    Scheduled

    Balance	Reimb
    of Advances to the Servicer	 Other
     (Shortfalls)/ 

     Refunds	Comments	 
	Current
    Month	Left
    to Reimburse

    Master Servicer
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 
	 	Interest
    Shortfall Reconciliation Detail Part 2 Total	0.00	 	 	 
	 	Interest
    Shortfall Reconciliation Detail Part 1 Total	0.00	 	 	 
	 	Total
    Interest Shortfall Allocated to Trust	0.00	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

     Page 22 of 24

     

    

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	BENCHMARK 2020-IG3 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2020-IG3	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Distribution Date:	6/17/20
	Record Date:	5/29/20
	Determination Date:	6/11/20

 

 

	 	 	 	 	 	 	 	 
	 	Defeased Loan Detail	 
	 	 	 	 	 	 	 	 
	 	Loan Number	Offering Document

Cross-Reference	Ending Scheduled
    

    Balance	Maturity Date	Note Rate	Defeasance Status	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 

 

     Page 23 of 24

     

    

  

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	BENCHMARK 2020-IG3 Mortgage Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2020-IG3	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Distribution Date:	6/17/20
	Record Date:	5/29/20
	Determination Date:	6/11/20

	 	 	 
	 	 	 
	 	Supplemental Reporting	 
	 	 	 
	 	 	 
	 	 	 
	 	Disclosable
                                         Special Servicer Fees, Loan Event of Default, Servicer Termination Event or Special Servicer
                                         Termination Event information would be disclosed here.

	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

     Page 24 of 24

     

    
 

EXHIBIT
L-1A

 

Form
of Investor Certification for Non-Borrower PartY AND/OR 

Risk Retention Consultation Party

(for Persons other than the Directing holder, a Controlling 

Class Certificateholder,
a BX Industrial Portfolio Controlling

 Class Certificateholder, a Tower 333 Controlling Class 

Certificateholder AND/OR An 825 South
Hill CONTROLLING CLASS 

CERTIFICATEHOLDER)

 

[Date]

 

Wells
Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services – Benchmark 2020-IG3 Mortgage Trust

Email: trustadministrationgroup@wellsfargo.com

cts.cmbs.bond.admin@wellsfargo.com

 

		Re:	Pooling
                                         and Servicing Agreement (“Pooling and Servicing Agreement”) relating to Benchmark
                                         2020-IG3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-IG3 	 

 

In
accordance with the requirements for obtaining certain information under the Pooling and Servicing Agreement with respect to the
above-referenced certificates (the “Certificates”), the undersigned hereby certifies and agrees as follows:

 

1.         The undersigned is either a certificateholder, beneficial owner or prospective purchaser of the above-referenced Class ___ Certificates
or is a Risk Retention Consultation Party, and is not the Directing Holder, a Controlling Class Certificateholder, a BX Industrial
Portfolio Controlling Class Certificateholder, a Tower 333 Controlling Class Certificateholder or an 825 South Hill Controlling
Class Certificateholder.

 

2.         In the case of an Offered Certificate, the undersigned has received a copy of the Offering Circular.

 

3.         The undersigned is not a Borrower Party or a Risk Retention Consultation Party.

 

4.         The undersigned is requesting access pursuant to the Pooling and Servicing Agreement to certain information (the “Information”)
on the Certificate Administrator’s Website.

 

In
consideration of the disclosure to the undersigned of the Information, or the access thereto, the undersigned shall keep the Information
confidential (except from such outside persons as are assisting it in making an evaluation in connection with purchasing the related
Certificates, from its accountants and attorneys, and otherwise from such governmental or

 

     L-1A-1

     

    

 

banking authorities or agencies to which
the undersigned is subject), and such Information shall not, without the prior written consent of the Depositor, be otherwise
disclosed by the undersigned or by its officers, directors, partners, employees, agents or representatives (collectively, the
“Representatives”) in any manner whatsoever, in whole or in part.

 

The
undersigned shall not use or disclose the Information in any manner which could result in a violation of any provision of the
Securities Act of 1933, as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended,
or would require registration of any Certificate not previously registered pursuant to Section 5 of the Securities Act.

 

5.         The undersigned shall be fully liable for any breach of this agreement by itself or any of its Representatives and shall indemnify
the Depositor, the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer, the Initial Purchasers,
the Loan-Specific Initial Purchasers and the Trust Fund for any loss, liability or expense incurred thereby with respect to any
such breach by the undersigned or any of its Representatives.

 

6.         The undersigned agrees that each time it accesses the Certificate Administrator’s Website, the undersigned is deemed to
have recertified that the representations and covenants contained herein remain true and correct.

 

7.         Capitalized terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing
Agreement.

 

BY
ITS CERTIFICATION HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have
caused, its name to be signed hereto by its duly authorized signatory, as of the date certified.

 

	 	By:	 
	 	 	Title:

    Company:

    Phone:

     L-1A-2

     

    

 

EXHIBIT
L-1B

 

Form
of Investor Certification for Non-Borrower PartY (for the 

directing holder, a Controlling Class Certificateholder a BX 

Industrial
Portfolio Controlling Class Certificateholder, a 

Tower 333 Controlling Class Certificateholder AND/OR An 825 

South Hill CONTROLLING
CLASS CERTIFICATEHOLDER)

 

[Date]

 

	Midland
    Loan Services, a Division of PNC Bank, National Association

    10851 Mastin Street, Suite 700

    Overland Park, Kansas 66210

    Attention: Executive Vice President – Division Head

    Facsimile: (888) 706-3565	Wells
    Fargo Bank, National Association

    9062 Old Annapolis Road

    Columbia, Maryland 21045

    Attention:  Corporate Trust Services – Benchmark 2020-IG3

    Email: trustadministrationgroup@wellsfargo.com

    cts.cmbs.bond.admin@wellsfargo.com
	 	 

		Re:	Pooling
                                         and Servicing Agreement (“Pooling and Servicing Agreement”) relating to Benchmark
                                         2020-IG3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-IG3 	 

 

In
accordance with the requirements for obtaining certain information under the Pooling and Servicing Agreement with respect to the
above-referenced certificates (the “Certificates”), the undersigned hereby certifies and agrees as follows:

 

1.         The undersigned is either the Directing Holder, a Controlling Class Certificateholder, a BX Industrial Portfolio Controlling Class
Certificateholder, a Tower 333 Controlling Class Certificateholder or an 825 South Hill Controlling Class Certificateholder.

 

2.         The undersigned is not a Borrower Party.

 

3.         The undersigned is requesting access pursuant to the Pooling and Servicing Agreement to certain information (the “Information”)
on the Certificate Administrator’s Website.

 

In
consideration of the disclosure to the undersigned of the Information, or the access thereto, the undersigned shall keep the Information
confidential (except from such outside persons as are assisting it in making an evaluation in connection with purchasing the related
Certificates, from its accountants and attorneys, and otherwise from such governmental or banking authorities or agencies to which
the undersigned is subject), and such Information shall not, without the prior written consent of the Depositor, be otherwise
disclosed by the undersigned or by its officers, directors, partners, employees, agents or representatives (collectively, the
“Representatives”) in any manner whatsoever, in whole or in part, unless required to do so by law, regulation
or legal, judicial or administrative process; provided, however, that the confidentiality requirement detailed above
shall not apply to information which

 

     L-1B-1

     

    

 

(i) is already in the undersigned’s possession, (ii) is or becomes publicly available
other than as a result of a disclosure by the undersigned in breach of this agreement or (iii) is or becomes available to the
undersigned from a source other than the Certificate Administrator’s Website.

 

The
undersigned shall not use or disclose the Information in any manner which could result in a violation of any provision of the
Securities Act of 1933, as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended,
or would require registration of any Certificate not previously registered pursuant to Section 5 of the Securities Act.

 

4.         The undersigned shall be fully liable for any breach of this agreement by itself or any of its Representatives and shall indemnify
the Depositor, the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer, the Initial Purchasers,
the Loan-Specific Initial Purchasers and the Trust Fund for any loss, liability or expense incurred thereby with respect to any
such breach by the undersigned or any of its Representatives.

 

5.         At any time the undersigned becomes a Borrower Party with respect to any Mortgage Loan, the undersigned shall deliver the certification
attached as Exhibit L-1D to the Pooling and Servicing Agreement and shall deliver to the applicable parties the notices attached
as Exhibit L-1E and Exhibit L-1F to the Pooling and Servicing Agreement.

 

6.         The undersigned agrees that each time it accesses the Certificate Administrator’s Website, the undersigned is deemed to
have recertified that the representations and covenants contained herein remain true and correct.

 

7.         The undersigned hereby certifies that an executed copy of this certification in paper form has been delivered in accordance with
the notice provisions of the Pooling and Servicing Agreement to each of the addressees listed above (a) by overnight courier or
(b) mailed by registered mail, postage prepaid.

 

8.         Capitalized terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing
Agreement.

 

BY
ITS CERTIFICATION HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have
caused, its name to be signed hereto by its duly authorized signatory, as of the date certified.

 

	 	By:	 
	 	 	Title:

    Company:

    Phone:

 

     L-1B-2

     

    

 

EXHIBIT
L-1C

 

Form
of Investor Certification for Borrower PartY

(for Persons other than the Directing Holder, a Controlling 

Class Certificateholder,
a BX Industrial Portfolio Controlling 

Class Certificateholder, a Tower 333 Controlling Class 

Certificateholder, An 825 South Hill
CONTROLLING CLASS 

CERTIFICATEHOLDER AND/OR A RISK RETENTION CONSULTATION PARTY)

 

[Date]

 

	Midland
    Loan Services, a Division of PNC Bank, National Association

    10851 Mastin Street, Suite 700

    Overland Park, Kansas 66210

    Attention: Executive Vice President – Division Head

    Facsimile: (888) 706-3565	Wells
    Fargo Bank, National Association

    9062 Old Annapolis Road

    Columbia, Maryland 21045

    Attention:  Corporate Trust Services – Benchmark 2020-IG3

    Email: trustadministrationgroup@wellsfargo.com

    cts.cmbs.bond.admin@wellsfargo.com
	 	 

		Re:	Pooling
                                         and Servicing Agreement (“Pooling and Servicing Agreement”) relating to Benchmark
                                         2020-IG3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-IG3 	 

 

In
accordance with the requirements for obtaining certain information under the Pooling and Servicing Agreement with respect to the
above-referenced certificates (the “Certificates”), the undersigned hereby certifies and agrees as follows:

 

1.         The undersigned is either a certificateholder, beneficial owner or prospective purchaser of the above-referenced Class ___ Certificates,
and is not the Directing Holder, a Controlling Class Certificateholder, a BX Industrial Portfolio Controlling Class Certificateholder,
a Tower 333 Controlling Class Certificateholder or an 825 South Hill Controlling Class Certificateholder.

 

2.         The undersigned is a Borrower Party.

 

3.         The undersigned is requesting access pursuant to the Pooling and Servicing Agreement to the Distribution Date Statements on the
Certificate Administrator’s Website.

 

In
consideration of the disclosure to the undersigned of the Distribution Date Statements, or the access thereto, the undersigned
shall keep the Distribution Date Statements confidential (except from such outside persons as are assisting it in making an evaluation
in connection with purchasing the related Certificates, from its accountants and attorneys, and otherwise from such governmental
or banking authorities or agencies to which the undersigned is subject), and such Distribution Date Statements shall not, without
the prior written consent of the Depositor, be otherwise disclosed by the undersigned or by its officers, directors, partners,

 

     L-1C-1

     

    

 

employees, agents or representatives (collectively, the “Representatives”) in any manner whatsoever, in whole
or in part.

 

The
undersigned shall not use or disclose the Distribution Date Statements in any manner which could result in a violation of any
provision of the Securities Act of 1933, as amended (the “Securities Act”), or the Securities Exchange Act
of 1934, as amended, or would require registration of any Certificate not previously registered pursuant to Section 5 of the Securities
Act.

 

4.         The undersigned shall be fully liable for any breach of this agreement by itself or any of its Representatives and shall indemnify
the Depositor, the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer, the Initial Purchasers,
the Loan-Specific Initial Purchasers and the Trust Fund for any loss, liability or expense incurred thereby with respect to any
such breach by the undersigned or any of its Representatives.

 

5.         The undersigned agrees that each time it accesses the Certificate Administrator’s Website, the undersigned is deemed to
have recertified that the representations and covenants contained herein remain true and correct.

 

6.         Capitalized terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing
Agreement.

 

BY
ITS CERTIFICATION HEREOF, the undersigned shall be deemed to have caused its name to be signed hereto by its duly authorized signatory,
as of the date certified.

 

	 	By:	 
	 	 	Title:

    Company:

    Phone:

 

     L-1C-2

     

    

 

EXHIBIT
L-1D

 

Form
of Investor Certification for Borrower PartY

(for the Directing Holder, a Controlling Class 

CertificateholdeR, a BX Industrial Portfolio
Controlling Class 

Certificateholder, a Tower 333 Controlling Class 

Certificateholder AND/OR An 825 South Hill CONTROLLING CLASS

CERTIFICATEHOLDER)

 

[Date]

 

	Midland
    Loan Services, a Division of PNC Bank, National Association

    10851 Mastin Street, Suite 700

    Overland Park, Kansas 66210

    Attention: Executive Vice President – Division Head

    Facsimile: (888) 706-3565	Wells
    Fargo Bank, National Association

    9062 Old Annapolis Road

    Columbia, Maryland 21045

    Attention:  Corporate Trust Services – Benchmark 2020-IG3

    Email: trustadministrationgroup@wellsfargo.com

    cts.cmbs.bond.admin@wellsfargo.com
	 	 

		Re:	Pooling and Servicing Agreement (“Pooling and
Servicing Agreement”) relating to Benchmark 2020-IG3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
2020-IG3 	 

 

In
accordance with the requirements for obtaining certain information under the Pooling and Servicing Agreement with respect to the
above-referenced certificates (the “Certificates”), the undersigned hereby certifies and agrees as follows:

 

1.         The undersigned is [the Directing Holder][a Controlling Class Certificateholder][a BX Industrial Portfolio Controlling Class Certificateholder][a
Tower 333 Controlling Class Certificateholder][an 825 South Hill Controlling Class Certificateholder].

 

2.         The undersigned is a Borrower Party with respect to the following Excluded Controlling Class Mortgage Loans:

 

[IDENTIFY
EXCLUDED CONTROLLING CLASS MORTGAGE LOANS] (the “Excluded Controlling Class Mortgage Loans”)

 

3.         Except with respect to the Excluded Controlling Class Mortgage Loans, the undersigned is requesting access pursuant to the Pooling
and Servicing Agreement to certain information (the “Information”) on the Certificate Administrator’s
Website.

 

In
consideration of the disclosure to the undersigned of the Information, or the access thereto, the undersigned shall keep the Information
confidential (except from such outside persons as are assisting it in making an evaluation in connection with purchasing the related
Certificates, from its accountants and attorneys, and otherwise from such governmental or banking authorities or agencies to which
the undersigned is subject), and such Information shall

 

     L-1D-1

     

    

 

not, without the prior written consent of the Depositor, be otherwise
disclosed by the undersigned or by its officers, directors, partners, employees, agents or representatives (collectively, the
“Representatives”) in any manner whatsoever, in whole or in part.

 

The
undersigned shall not use or disclose the Information in any manner which could result in a violation of any provision of the
Securities Act of 1933, as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended,
or would require registration of any Certificate not previously registered pursuant to Section 5 of the Securities Act.

 

4.         The undersigned hereby acknowledges and agrees that it is prohibited from accessing, reviewing and using Excluded Information
(as defined in the Pooling and Servicing Agreement) relating to the Excluded Controlling Class Mortgage Loans to the extent the
undersigned receives access to such Excluded Information on the Certificate Administrator’s website or otherwise receives
access to such Excluded Information in connection with its duties, or exercise of its rights pursuant to the Pooling and Servicing
Agreement.

 

5.         The undersigned shall be fully liable for any breach of this agreement by itself or any of its Representative and shall indemnify
each party to the Pooling and Servicing Agreement, the Initial Purchasers, the Loan-Specific Initial Purchasers and the Trust
Fund for any loss, liability or expense incurred thereby with respect to any such breach by the undersigned or any of its Representatives.

 

6.         To the extent the undersigned receives access to any Excluded Information on the Certificate Administrator’s Website or
otherwise receives access to such Excluded Information, the undersigned shall be deemed to have agreed that it (i) will not directly
or indirectly provide such Excluded Information to the related Borrower or (A) any employees or personnel of the undersigned or
any Affiliate involved in the management of any investment in the related Borrower or the related Mortgaged Property or (B) to
its actual knowledge, any non-Affiliate that holds a direct or indirect ownership interest in the related Borrower, and (ii) will
maintain sufficient internal controls and appropriate policies and procedures in place in order to comply with the obligations
described in clause (i) above.

 

7.         The undersigned agrees that each time it accesses the Certificate Administrator’s Website, the undersigned is deemed to
have recertified that the representations and covenants contained herein remain true and correct.

 

8.         The undersigned hereby certifies that an executed copy of this certification in paper form has been delivered in accordance with
the notice provisions of the Agreement to each of the addressees listed above (a) by overnight courier or (b) mailed by registered
mail, postage prepaid.

 

9.         Capitalized terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing
Agreement.

 

[BY
ITS CERTIFICATION HEREOF, the undersigned shall be deemed to have caused its name to be signed hereto by its duly authorized signatory,
as of the date certified.]

 

     L-1D-2

     

    

  

	 	 	[Directing
Holder][Controlling Class 

Certificateholder][BX Industrial Portfolio 

Controlling Class Certificateholder][Tower 

333 Controlling
Class Certificateholder][825 

South Hill Controlling Class 

Certificateholder]
	 	 	 
	By:	 	 
	 	Title:

    Company:

    Phone:	 

 

     L-1D-3

     

    

 

EXHIBIT
L-1E

 

FORM
OF NOTICE OF EXCLUDED CONTROLLING CLASS HOLDER

 

[Date]

 

	Midland
    Loan Services, a Division of PNC Bank, National Association

    10851 Mastin Street, Suite 700

    Overland Park, Kansas 66210

    Attention: Executive Vice President – Division Head

    Facsimile: (888) 706-3565	Wells
    Fargo Bank, National Association

    9062 Old Annapolis Road

    Columbia, Maryland 21045

    Attention:  Corporate Trust Services – Benchmark 2020-IG3

    Email: trustadministrationgroup@wellsfargo.com

    cts.cmbs.bond.admin@wellsfargo.com
	 	 

		Re:	Pooling
                                         and Servicing Agreement (“Pooling and Servicing Agreement”) relating to Benchmark
                                         2020-IG3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-IG3 	 

 

THIS
NOTICE IDENTIFIES AN “EXCLUDED CONTROLLING CLASS MORTGAGE LOAN” RELATING TO THE Benchmark 2020-IG3 MORTGAGE TRUST
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2020-IG3, REQUIRING ACTION BY YOU AS THE RECIPIENT PURSUANT TO SECTION 3.32
OF THE POOLING AND SERVICING AGREEMENT.

 

In
accordance with Section 4.02(b) of the Pooling and Servicing Agreement, with respect to the above-referenced certificates (the
“Certificates”), the undersigned (the “Excluded Controlling Class Holder”) hereby certifies
and agrees as follows:

 

1.        
The undersigned is [the Directing Holder] [a Controlling Class Certificateholder][a BX Industrial Portfolio Controlling Class
Certificateholder][a Tower 333 Controlling Class Certificateholder][an 825 South Hill Controlling Class Certificateholder] as
of the date hereof.

 

2.         The undersigned has become an Excluded Controlling Class Holder with respect to the following Mortgage Loan(s) (“Excluded
Controlling Class Mortgage Loans”):

	Mortgage
    Loan Number	ODCR	Loan
    Name	Borrower
    Name
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

     L-1E-1

     

    

 

3.        
As of the date above, the undersigned is the beneficial owner of the following certificates, and is providing the below information
to the addressees hereto for purposes of their compliance with the Pooling and Servicing Agreement, including, the Certificate
Administrator’s determination as to whether a Consultation Termination Event or Control Termination Event is in effect with
respect to the Excluded Controlling Class Mortgage Loans listed in paragraph 2 if any such mortgage loan is an Excluded Mortgage
Loan:

	CUSIP	Class	Outstanding
    

Certificate Balance	Initial
    Certificate 

Balance
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

4.         The undersigned is simultaneously providing notice to the Certificate Administrator in the form of Exhibit L-1F to the Pooling
and Servicing Agreement, requesting termination of access to any Excluded Information. The undersigned acknowledges that it is
not permitted to access and shall not access any Excluded Information relating to the Excluded Controlling Class Mortgage Loans
on the Certificate Administrator’s website unless and until it has (i) delivered notice of the termination of the related
Excluded Controlling Class Holder status and (ii) submitted a new investor certification in accordance with Section 4.02(b) of
the Pooling and Servicing Agreement.

 

5.         The undersigned agrees to indemnify and hold harmless each party to the Pooling and Servicing Agreement, the Initial Purchasers,
the Loan-Specific Initial Purchasers and the Trust Fund from any damage, loss, cost or liability (including legal fees and expenses
and the cost of enforcing this indemnity) arising out of or resulting from any unauthorized access by the undersigned or any agent,
employee, representative or person acting on its behalf of any Excluded Information relating to the Excluded Controlling Class
Mortgage Loans listed in Paragraph 2 above.

 

Capitalized
terms used but not defined herein have the respective meanings given to them in the Pooling and Servicing Agreement.

 

IN
WITNESS WHEREOF, the undersigned has made the representations above and shall be deemed to have caused its name to be signed hereto
by its duly authorized officer, as of the day and year written above.

 

     L-1E-2

     

    

 

	 	[Directing
    Holder][Controlling Class 

Certificateholder][BX Industrial Portfolio 

Controlling Class Certificateholder][Tower 

333 Controlling
    Class Certificateholder][825 

South Hill Controlling Class 

Certificateholder]
	 	 	 
	 	By:	 
	 	 	Name:

    Title:

    Phone:

    Email:

    Address:

  

     L-1E-3

     

    

 

EXHIBIT
L-1F

 

FORM
OF NOTICE OF EXCLUDED CONTROLLING CLASS HOLDER TO CERTIFICATE ADMINISTRATOR

 

[Date]

 

Via:
Email

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services – Benchmark 2020-IG3

trustadministrationgroup@wellsfargo.com

cts.cmbs.bond.admin@wellsfargo.com

 

with
a copy to:

Wells Fargo Bank, National Association

8480 Stagecoach Circle

Frederick, Maryland 21701-4747

Attention: Benchmark 2020-IG3

 

		Re:	Pooling
                                         and Servicing Agreement (“Pooling and Servicing Agreement”) relating to Benchmark
                                         2020-IG3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-IG3 	 

 

In
accordance with Section 4.02(b) of the Pooling and Servicing Agreement, with respect to the above-referenced certificates (the
“Certificates”), the undersigned (the “Excluded Controlling Class Holder”) hereby directs
you as follows:

 

1.         The undersigned is the [Directing Holder][a Controlling Class Certificateholder][a BX Industrial Portfolio Controlling Class Certificateholder][a
Tower 333 Controlling Class Certificateholder][an 825 South Hill Controlling Class Certificateholder] as of the date hereof.

 

2.         The undersigned has become an Excluded Controlling Class Holder with respect to the following Mortgage Loan(s) (“Excluded
Controlling Class Mortgage Loans”):

 

	Mortgage
    Loan Number	ODCR	Loan
    Name	Borrower
    Name
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

     L-1F-1

     

    

 

3.         The following USER IDs for CTSLink are affiliated with the undersigned and access to any information on the Certificate Administrator’s
Website with respect to the Benchmark 2020-IG3 Mortgage Trust securitization should be revoked as to such users:

 

	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

4.         The undersigned acknowledges that it is not permitted to access and shall not access any Excluded Information with respect to
such Excluded Controlling Class Mortgage Loans on the Certificate Administrator’s website unless and until it (i) is no
longer an Excluded Controlling Class Holder with respect to such Excluded Controlling Class Mortgage Loans, (ii) has delivered
notice of the related Excluded Controlling Class Holder status and (iii) has submitted an investor certification in the form of
Exhibit L-1E to the Pooling and Servicing Agreement.

 

Capitalized
terms used but not defined herein have the respective meanings given to them in the Pooling and Servicing Agreement.

 

IN
WITNESS WHEREOF, the undersigned has made the representations above and shall be deemed to have caused its name to be signed hereto
by its duly authorized officer, as of the day and year written above.

 

	 	[Directing
    Holder][Controlling Class 

Certificateholder][BX Industrial Portfolio 

Controlling Class Certificateholder][Tower 

333 Controlling
    Class Certificateholder][825 

South Hill Controlling Class 

Certificateholder]
	 	 	 
	 	By:	 
	 	 	Name:

    Title:

    Phone:

    Email:

    Address:

 

     L-1F-2

     

    

 

 

The
undersigned hereby acknowledges that

access to CTSLink has been revoked for

the users listed in Paragraph 3.

 

WELLS
FARGO BANK, NATIONAL ASSOCIATION,

Certificate Administrator

	 	 	 
	By:	 	 
	 	

        Name:

Title:
 
	 

 

 

     L-1F-3

     

    

 

EXHIBIT L-1G

 

FORM OF CERTIFICATION OF THE DIRECTING
HOLDER

 

[Date]

 

	Midland Loan Services, a Division of PNC Bank, National Association

10851 Mastin Street, Suite 700

Overland Park, Kansas 66210

Attention: Executive Vice President – Division Head

Facsimile: (888) 706-3565	Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention:  Corporate Trust Services – Benchmark 2020-IG3

Email: trustadministrationgroup@wellsfargo.com

cts.cmbs.bond.admin@wellsfargo.com
	 	 
	J.P. Morgan Chase Commercial Mortgage Securities Corp.

383 Madison Avenue, 8th Floor

New York, New York  10179

Attention:  Kunal K. Singh

E-mail: US_CMBS_Notice@jpmorgan.com	 

 

		Re:	Pooling and
                                         Servicing Agreement (“Pooling and Servicing Agreement”) relating to Benchmark
                                         2020-IG3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-IG3 

 

In accordance with Section
3.29(a) of the Pooling and Servicing Agreement, the undersigned hereby certifies and agrees as follows:

 

1.             The undersigned has been appointed to act as the Directing Holder.

 

2.             The undersigned is not a Borrower Party.

 

3.             If the undersigned becomes a Borrower Party with respect to any Mortgage Loan, the undersigned agrees to and shall deliver
the certification attached as Exhibit L-1D to the Pooling and Servicing Agreement and shall deliver to the applicable parties the
notices attached as Exhibit L-1E and Exhibit L-1F to the Pooling and Servicing Agreement.

 

4.             The undersigned hereby certifies that an executed copy of this certification in paper form has been delivered in accordance
with the notice provisions of the Pooling and Servicing Agreement to each of the addressees listed above (a) by overnight courier
or (b) mailed by registered mail, postage prepaid.

 

5.             Capitalized terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing
Agreement.

 

     L-1G-1

     

    

 

[BY ITS CERTIFICATION
HEREOF, the undersigned shall be deemed to have caused its name to be signed hereto by its duly authorized signatory, as of the
date certified.]

 

	 	[Directing Holder][Controlling
Class Certificateholder][BX Industrial Portfolio Controlling Class Certificateholder][Tower 333 Controlling Class Certificateholder][825
South Hill Controlling Class Certificateholder]
	 	 
	 	By:	 
	 	 	Title:
	 	 	Company:
	 	 	Phone:

  

     L-1G-2

     

    

 

EXHIBIT L-1H

 

FORM OF CERTIFICATION OF A RISK RETENTION
CONSULTATION PARTY

 

[Date]

 

	Midland Loan Services, a Division of PNC Bank, National Association

10851 Mastin Street, Suite 700

Overland Park, Kansas 66210

Attention: Executive Vice President – Division Head

Facsimile: (888) 706-3565	Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention:  Corporate Trust Services – Benchmark 2020-IG3

Email: trustadministrationgroup@wellsfargo.com

cts.cmbs.bond.admin@wellsfargo.com
	 	 
	Wells Fargo Bank, National Association

600 South 4th Street, 7th Floor

MAC N9300-070

Minneapolis, Minnesota 55479

Attention:  CTS – Certificate Transfers Benchmark 2020-IG3	J.P. Morgan Chase Commercial Mortgage Securities Corp.

383 Madison Avenue, 8th Floor

New York, New York  10179

Attention: Kunal K. Singh, email: US_CMBS_Notice@jpmorgan.com

 

		Re:	Benchmark 2020-IG3 Mortgage Trust
                                         Commercial Mortgage Pass-Through Certificates, Series 2020-IG3, [VRR Interest][BX-VRR
                                         Interest][T333-VRR Interest][825S-VRR Interest] 

 

In accordance with Section
3.29 of the Pooling and Servicing Agreement, the undersigned hereby certifies and agrees as follows:

 

1.             The undersigned has been appointed to act as the [VRR1 Risk Retention Consultation Party][VRR2 Risk Retention Consultation
Party][VRR3 Risk Retention Consultation Party][BX Industrial Portfolio Risk Retention Consultation Party][Tower 333 Risk Retention
Consultation Party][825 South Hill Risk Retention Consultation Party].

 

2.             The undersigned is not a Borrower Party.

 

3.             The undersigned hereby certifies that an executed copy of this certification in paper form has been delivered in accordance
with the notice provisions of the Pooling and Servicing Agreement to each of the addressees listed above (a) by overnight courier
or (b) mailed by registered mail, postage prepaid.

 

4.             The contact information for the undersigned for all notices and other communications is as follows:

 

[_____]

 

     L-1H-1

     

    

 

5.             Capitalized terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing
Agreement.

 

BY ITS CERTIFICATION
HEREOF, the undersigned shall have caused, or shall be deemed to have caused its name to be signed hereto by its duly authorized
signatory, as of the date certified.

 

	 	[RISK RETENTION CONSULTATION
PARTY]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

  

Dated: _______

 

     L-1H-2

     

    

 

EXHIBIT L-2

 

FORM OF FINANCIAL MARKET PUBLISHER CERTIFICATION

 

This Certification has been prepared
for provision of information to the market data providers listed in Paragraph 1 below pursuant to the direction of the Depositor.

 

In connection with the
Benchmark 2020-IG3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-IG3 (the “Certificates”)
issued pursuant to the Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”),
entered into between J.P. Morgan Chase Commercial Mortgage Securities Corp., as depositor, Midland Loan Services, a Division of
PNC Bank, National Association, as master servicer and special servicer, and Wells Fargo Bank, National Association, as trustee,
certificate administrator, paying agent and custodian, the undersigned hereby certifies and agrees as follows:

 

1.             The undersigned is an employee or agent of Bloomberg, L.P., Trepp, LLC, Intex Solutions, Inc., BlackRock Financial Management,
Inc., Interactive Data Corporation, CMBS.com, Inc., Markit Group Limited, Moody’s Analytics, MBS Data, LLC, RealINSIGHT,
KBRA Analytics, Inc., Thomson Reuters Corporation and DealView Technologies Ltd., a market data provider that has been given access
to the Distribution Date Statements, CREFC® reports and supplemental notices delivered or made available pursuant
to Section 4.02 of the Pooling and Servicing Agreement to Privileged Persons on www.ctslink.com (the “Website”)
by request of the Depositor.

 

2.             The undersigned agrees that each time it accesses the Website, the undersigned is deemed to have recertified that the representation
above remains true and correct.

 

3.             Capitalized terms used but not defined herein shall have the respective meanings assigned thereto in the agreement pursuant
to which the Certificates were issued.

 

BY ITS CERTIFICATION
HEREOF, the undersigned has made the representations above and shall be deemed to have caused its name to be signed hereto by its
duly authorized signatory, as of the date certified.

 

    L-2-1

     

    

 

EXHIBIT M

 

FORM OF NOTIFICATION FROM CUSTODIAN

 

[DATE]

 

To the Persons Listed on the attached Schedule A

 

		Re:	Pooling and
                                         Servicing Agreement (“Pooling and Servicing Agreement”) relating to
                                         Benchmark 2020-IG3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
                                         2020-IG3 

 

Ladies and Gentlemen:

 

In accordance with Section
2.02 of the Pooling and Servicing Agreement, the undersigned, as Custodian, hereby notifies you that, based upon the review required
under the Pooling and Servicing Agreement, the Mortgage File for each Mortgage Loan or Trust Subordinate Companion Loan set forth
on the attached defect schedule contains a document or documents which (i) has not been executed or received, (ii) has not been
recorded or filed (if required), (iii) is unrelated to the Mortgage Loans and Trust Subordinate Companion Loan identified in the
Mortgage Loan Schedule, (iv) appears not to be what they purport to be or has been torn in any materially adverse manner or (v)
is mutilated or otherwise defaced, in each case as more fully described on the attached defect schedule.

 

The Custodian has no
responsibility to determine, and expresses no opinion with respect thereto, whether any document or opinion is legal, valid, binding
or enforceable, whether the text of any assignment or endorsement is in proper or recordable form (except, if applicable, to determine
if the Trustee is the assignee or endorsee), whether any document has been recorded in accordance with the requirements of any
applicable jurisdiction, whether a blanket assignment is permitted in any applicable jurisdiction, or whether any Person executing
any document or rendering any opinion is authorized to do so or whether any signature thereon is genuine.

 

Capitalized words and
phrases used herein shall have the respective meanings assigned to them in the above-captioned Pooling and Servicing Agreement.

 

	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, as Custodian

	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    M-1

     

    

 

SCHEDULE A

TO

FORM OF NOTIFICATION FROM CUSTODIAN

 

JPMorgan Chase Bank, National Association

383 Madison Avenue, 8th Floor

New York, New York 10179

Attention: Kunal K. Singh

E-mail: US_CMBS_Notice@jpmorgan.com

 

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services (CMBS) – Benchmark 2020-IG3

 

with copies to:

cts.cmbs.bond.admin@wellsfargo.com; and

trustadministrationgroup@wellsfargo.com

 

Midland Loan Services, a Division of PNC Bank, National Association

10851 Mastin Street, Suite 700

Overland Park, Kansas 66210

Attention: Executive Vice President – Division Head

Facsimile: (888) 706-3565

 

with a copy to:

Stinson LLP

1201 Walnut Street, Suite 2900

Kansas City, Missouri 64106-2150

Attention: Kenda K. Tomes

Facsimile: (816) 412-9338

Email: kenda.tomes@stinson.com

 

To the applicable Mortgage Loan Seller:

[JPMorgan Chase Bank, National Association

383 Madison Avenue, 8th Floor

New York, New York 10179

Attention: Kunal Singh

Email: US_CMBS_Notice@jpmorgan.com

 

    M-2

     

    

 

with a copy to:

JPMorgan Chase Bank, National Association

4 New York Plaza, 21st Floor

New York, New York 10004

Attention: SPG Legal

Email: US_CMBS_Notice@jpmorgan.com]

 

[German American Capital Corporation

60 Wall Street

New York, New York 10005

Attention: Lainie Kaye

 

with a copy via email to:

cmbs.requests@db.com]

 

[Goldman Sachs Mortgage Company

200 West Street

New York, New York 10282

Attention: Leah Nivison

Email: leah.nivison@gs.com]

 

    M-3

     

    

 

DEFECT SCHEDULE

TO FORM OF NOTIFICATION FROM CUSTODIAN

  

    M-4

     

    

 

EXHIBIT N-1

 

FORM OF CLOSING DATE CUSTODIAN CERTIFICATION

 

[Date]

 

[                 ]

[                 ]

[                 ]

Attention: [                 ]

 

		Re:	Pooling and Servicing Agreement
                                         (“Pooling and Servicing Agreement”) relating to Benchmark 2020-IG3
                                         Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-IG3 

 

In accordance with Section 2.02
of the Pooling and Servicing Agreement, the Custodian hereby certifies that, with respect to each Mortgage Loan and Trust Subordinate
Companion Loan listed on the Mortgage Loan Schedule attached hereto as Schedule A, (a) the Custodian has in its possession the
documents specified in clause (i) of the definition of “Mortgage File”, (b) the foregoing documents delivered or caused
to be delivered by the Mortgage Loan Sellers as described in clause (a) above have been reviewed by it or by a Custodian on
its behalf and appear regular on their face, appear to be executed and purports to relate to such Mortgage Loan or Trust Subordinate
Companion Loan, except as identified on the schedule attached hereto, and (c) each of the documents specified in Section 2.01(a)(ii),
2.01(a)(vii), 2.01(a)(xi) and 2.01(a)(xix) of the Pooling and Servicing Agreement have been received, have been executed, appear
to be what they purport to be, purport to be recorded or filed (as applicable) and have not been torn in any materially adverse
manner or mutilated or otherwise defaced, and that such documents relate to the Mortgage Loans and Trust Subordinate Companion
Loans identified in the Mortgage Loan Schedule.

 

Capitalized terms used
but not defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement.

 

	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, as Custodian

	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    N-1-1

     

    

 

SCHEDULE A 

TO CLOSING DATE CUSTODIAN CERTIFICATION

 

MORTGAGE LOAN SCHEDULE

 

    N-1-2

     

    

 

EXHIBIT N-2

 

FORM OF POST-CLOSING CUSTODIAN CERTIFICATION

 

[Date]

 

[                 ]

[                 ]

[                 ]

Attention: [                 ]

 

		Re:	Pooling and
                                         Servicing Agreement (“Pooling and Servicing Agreement”) relating to
                                         Benchmark 2020-IG3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
                                         2020-IG3 

 

In accordance with Section 2.02
of the Pooling and Servicing Agreement, the Custodian hereby certifies, subject to the terms of the Pooling and Servicing Agreement,
that, with respect to each Mortgage Loan or Trust Subordinate Companion Loan listed on the Mortgage Loan Schedule attached hereto
as Schedule A, all documents (other than documents referred to in clauses (xix) and (xx) of Section 2.01(a) of the Pooling and
Servicing Agreement and the documents referred to in clauses (iii), (iv)(B), (v)(B) and (viii)(B) of Section 2.01(a) of the Pooling
and Servicing Agreement and the assignments of financing statements referred to in clause (xiii) of Section 2.01(a) of the Pooling
and Servicing Agreement) referred to in Section 2.01(a) of the Pooling and Servicing Agreement (in the case of the documents referred
to in Section 2.01(a)(iv), (vi), (viii), (ix), (x), (xi), (xii) through (xvi) and (xviii) through (xx) of the Pooling and Servicing
Agreement, as identified to it in writing as a document required to be delivered by the related Mortgage Loan Seller) and any original
recorded documents included in the delivery of a Mortgage File have been received, have been executed, appear to be what they purport
to be, purport to be recorded or filed (as applicable) and have not been torn in any materially adverse manner or mutilated or
otherwise defaced, and that such documents relate to the Mortgage Loans and Trust Subordinate Companion Loans identified in the
Mortgage Loan Schedule, in each case, except as set forth on the attached schedule hereto.

 

Capitalized terms used
but not defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement.

 

	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, as Custodian

	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

  

    N-2-1

     

    

 

SCHEDULE A 

TO POST-CLOSING CUSTODIAN CERTIFICATION

 

MORTGAGE LOAN SCHEDULE

 

    N-2-2

     

    

 

EXHIBIT O

 

FORM OF TRUSTEE BACKUP CERTIFICATION

 

Benchmark 2020-IG3 Mortgage Trust (The
“Trust”)

 

The undersigned, __________,
a __________ of Wells Fargo Bank, National Association, on behalf of Wells Fargo Bank, National Association, as trustee (in such
capacity, the “Trustee”), under that certain Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling
and Servicing Agreement”), between J.P. Morgan Chase Commercial Mortgage Securities Corp., as depositor, Midland Loan
Services, a Division of PNC Bank, National Association, as master servicer and special servicer, and Wells Fargo Bank, National
Association, as trustee, certificate administrator (in such capacity, the “Certificate Administrator”), paying
agent and custodian, certifies to [       ], J.P. Morgan Chase Commercial Mortgage Securities
Corp. and its officers, directors and affiliates, to the extent that the following information is within the Trustee’s normal
area of responsibilities and duties under the Pooling and Servicing Agreement, and with the knowledge and intent that they will
rely upon this certification, that:

 

1.             I am responsible for reviewing the activities performed by the Trustee and based on my knowledge and the compliance reviews
conducted in preparing the Trustee compliance statements required for inclusion on Form 10-K pursuant to Item 1123 of Regulation
AB, and except as disclosed to the Certificate Administrator and to the Depositor, the Trustee has fulfilled its obligations in
all material respects under the Pooling and Servicing Agreement; and

 

2.             The report on assessment of compliance with servicing criteria applicable to the Trustee for asset-backed securities with
respect to the Trustee or any Servicing Function Participant retained by the Trustee and related attestation report on assessment
of compliance with servicing criteria applicable to it required to be included in the annual report on Form 10-K for the Relevant
Period in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 has been provided to the Depositor
and to the Certificate Administrator for inclusion as an exhibit to such Form 10-K. Any material instances of noncompliance described
in such reports have been provided to the Certificate Administrator and the Depositor for disclosure in such annual report on Form
10-K.

 

Capitalized terms used
but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.

 

    O-1

     

    

 

Date:                                        

 

	 

	WELLS
FARGO BANK, NATIONAL ASSOCIATION

	 	 
	 

	By:

	

	 	 	Name:
	 

	 

	Title:

    

    O-2

     

    

 

EXHIBIT P

 

FORM OF CUSTODIAN BACKUP CERTIFICATION

 

Benchmark 2020-IG3 Mortgage Trust (The
“Trust”)

 

The undersigned, __________,
a __________ of Wells Fargo Bank, National Association, on behalf of Wells Fargo Bank, National Association, as custodian (in such
capacity, the “Custodian”), under that certain Pooling and Servicing Agreement, dated as of May 1, 2020 (the
“Pooling and Servicing Agreement”), entered into between J.P. Morgan Chase Commercial Mortgage Securities Corp.,
as depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer and special servicer, and
Wells Fargo Bank, National Association, as trustee, certificate administrator, paying agent and custodian, certifies to [       ],
J.P. Morgan Chase Commercial Mortgage Securities Corp. and its officers, directors and affiliates, to the extent that the following
information is within the Custodian’s normal area of responsibilities and duties under the Pooling and Servicing Agreement,
and with the knowledge and intent that they will rely upon this certification, that:

 

1.             I am responsible for reviewing the activities performed by the Custodian and based on my knowledge and the compliance reviews
conducted in preparing the Custodian compliance statements required for inclusion on Form 10-K pursuant to Item 1123 of Regulation
AB, and except as disclosed to the Certificate Administrator and to the Depositor, the Custodian has fulfilled its obligations
in all material respects under the Pooling and Servicing Agreement; and

 

2.             The report on assessment of compliance with servicing criteria applicable to the Custodian for asset-backed securities with
respect to the Custodian or any Servicing Function Participant retained by the Custodian and related attestation report on assessment
of compliance with servicing criteria applicable to it required to be included in the annual report on Form 10-K for the Relevant
Period in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 has been provided to the Depositor
and to the Certificate Administrator for inclusion as an exhibit to such Form 10-K. Any material instances of noncompliance described
in such reports have been provided to the Certificate Administrator and the Depositor for disclosure in such annual report on Form
10-K.

 

Capitalized terms used
but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.

 

    P-1

     

    

 

Date:                                        

 

	 

	WELLS
FARGO BANK, NATIONAL ASSOCIATION

	 	 
	 

	By:

	

	 	 	Name:
	 

	 

	Title:

  

    P-2

     

    

 

EXHIBIT Q

 

FORM OF CERTIFICATE ADMINISTRATOR BACKUP
CERTIFICATION

 

Benchmark 2020-IG3 Mortgage Trust (The
“Trust”)

 

The undersigned, __________,
a __________ of Wells Fargo Bank, National Association, on behalf of Wells Fargo Bank, National Association, as certificate administrator,
(in such capacity, the “Certificate Administrator”), paying agent and custodian, under that certain Pooling
and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), between Midland Loan
Services, a Division of PNC Bank, National Association, as master servicer (the “Master Servicer”) and special
servicer (the “Special Servicer”), and Wells Fargo Bank, National Association, as trustee (in such capacity,
the “Trustee”), certificate administrator, custodian and paying agent, certifies to [       ],
J.P. Morgan Chase Commercial Mortgage Securities Corp. and its officers, directors and affiliates, to the extent that the following
information is within the Certificate Administrator’s normal area of responsibilities and duties under the Pooling and Servicing
Agreement, and with the knowledge and intent that they will rely upon this certification, that:

 

1.             I have reviewed the annual report on Form 10-K for the fiscal year [20___] (the “Annual Report”), and
all reports on Form 10-D and Form 8-K to be filed in respect of periods included in the year covered by the Annual Report (collectively
with the Annual Report, the “Reports”), of the Trust;

 

2.             To my knowledge, the Reports taken as a whole, do not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading
with respect to the period covered by the Annual Report;

 

3.             To my knowledge, the distribution information required to be provided by the Certificate Administrator under the Pooling
and Servicing Agreement for inclusion in the Reports is included in the Reports;

 

4.             I am responsible for reviewing the activities performed by the Certificate Administrator under the Pooling and Servicing
Agreement and based on my knowledge and the compliance reviews conducted in preparing the Certificate Administrator compliance
statements required for inclusion on Form 10-K pursuant to Item 1123 of Regulation AB, and except as disclosed on any Reports,
the Certificate Administrator has fulfilled its obligations in all material respects under the Pooling and Servicing Agreement;
and

 

5.             The report on assessment of compliance with servicing criteria applicable to the Certificate Administrator for asset-backed
securities with respect to the Certificate Administrator or any Servicing Function Participant retained by the Certificate Administrator
and related attestation report on assessment of compliance with servicing criteria applicable to it required to be included in
the annual report on Form 10-K for the Relevant Period in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18
and 15d-18 has been provided to the Depositor for inclusion as an exhibit to such Form 10-K. Any material instances of

 

    Q-1

     

    

 

noncompliance
described in such reports have been provided to the Depositor for disclosure in such annual report on Form 10-K.

 

In giving the certifications
above, the Certificate Administrator has reasonably relied on information provided to it by the following unaffiliated persons:
the Master Servicer, the Special Servicer and the Depositor.

 

Capitalized terms used
but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.

 

Date:                                         

 

	 

	WELLS
FARGO BANK, NATIONAL ASSOCIATION

	 	 
	 

	By:

	

	 	 	Name:
	 

	 

	Title:

  

    Q-2

     

    

 

EXHIBIT R

 

[RESERVED]

 

    R-1

     

    

 

EXHIBIT S

 

[RESERVED]

 

    S-1

     

    

 

EXHIBIT T

 

FORM OF MASTER SERVICER BACKUP CERTIFICATION

 

Benchmark 2020-IG3 Mortgage Trust (the
“Trust”)

 

I, [identify the certifying
individual], a [_______________] of Midland Loan Services, a Division of PNC Bank, National Association (the “Master Servicer”)
under that certain Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”),
between J.P. Morgan Chase Commercial Mortgage Securities Corp., as depositor, the Master Servicer, Midland Loan Services, a Division
of PNC Bank, National Association, as special servicer (the “Special Servicer”), and Wells Fargo Bank, National
Association, as trustee, as certificate administrator (in such capacity, the “Certificate Administrator”), as
paying agent and as custodian, on behalf of the Master Servicer, certify to [Name of Certifying Person(s) for Sarbanes-Oxley Certification],
the Depositor, each Other Depositor and their respective officers, directors and affiliates, and with the knowledge and intent
that they will rely upon this certification, that:

 

1.             Based on my knowledge, with respect to the period ending [December 31, 20__] (the “Relevant Period”),
and assuming the accuracy of the statements required to be made by the Special Servicer, [each applicable Other Servicer and each
applicable Other Special Servicer] in the backup certificate[s] delivered by the Special Servicer, [each applicable Other Servicer
and each applicable Other Special Servicer] relating to the Relevant Period, all servicing information and all reports required
to be submitted by the Master Servicer to the Certificate Administrator pursuant to Sections 3.13(a) and 3.13(c) of the Pooling
and Servicing Agreement for inclusion in the annual report on Form 10-K for the Relevant Period and inclusion in all reports on
Form 10-D or Form 8-K (the “Servicer Reports”) have been submitted by the Master Servicer to the Certificate
Administrator for inclusion in these reports;

 

2.             Based on my knowledge, and assuming the accuracy of the statements required to be made by the Special Servicer, [each applicable
Other Servicer and each applicable Other Special Servicer] in the backup certificate[s] delivered by the Special Servicer, [each
applicable Other Servicer and each applicable Other Special Servicer] relating to the Relevant Period, the master servicing information
contained in the Servicer Reports, taken as a whole, does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by these reports;

 

3.             I am, or a servicing officer under my supervision is, responsible for reviewing the activities performed by the Master Servicer
under the Pooling and Servicing Agreement and based upon my knowledge and the annual compliance reviews conducted in preparing
the servicer compliance statements required for inclusion on Form 10-K pursuant to Item 1123 of Regulation AB with respect to the
Master Servicer, and except as disclosed in the compliance certificate delivered by the Master Servicer under Section 10.11 of
the Pooling and Servicing Agreement, the Master Servicer has fulfilled its obligations under the Pooling and Servicing Agreement
in all material respects in the year to which such report applies;

 

    T-1

     

    

 

4.             The accountants that are to deliver the annual attestation report on assessment of compliance with the Relevant Servicing
Criteria in respect of the Master Servicer with respect to the Trust’s fiscal year _____ have been provided all information
relating to the Master Servicer’s assessment of compliance with the Relevant Servicing Criteria in order to enable them to
conduct a review in compliance with the standards for attestation engagements issued or adopted by the PCAOB; and

 

5.             The report on assessment of compliance with servicing criteria applicable to the Master Servicer for asset-backed securities
with respect to the Master Servicer or any Servicing Function Participant retained by the Master Servicer and related attestation
report on assessment of compliance with servicing criteria applicable to it required to be included in the annual report on Form
10-K for the Relevant Period in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 has been provided
to the Depositor and to the Certificate Administrator for inclusion as an exhibit to such Form 10-K. Any material instances of
noncompliance described in such reports have been provided to the Certificate Administrator and the Depositor for disclosure in
such annual report on Form 10-K.

 

In giving the certification
above, I have reasonably relied on and make no certification as to information provided to me by the following unaffiliated parties:
[name(s) of servicer, sub-servicer, co-servicer, Other Servicer, Other Special Servicer or Other Trustee not retained by the master
servicer giving certification] and, notwithstanding the foregoing certifications, neither I nor Master Servicer makes any certification
under the foregoing clauses (2) and (3) with respect to the information in the Servicing Reports that is in turn dependent upon
information provided by the Special Servicer under the Pooling and Servicing Agreement or by any Other Servicer, Other Special
Servicer or Other Trustee.

 

Capitalized terms used
but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.

 

Date:                                         

 

	 	MIDLAND LOAN SERVICES, A DIVISION
OF PNC BANK, NATIONAL ASSOCIATION
	 	 
	 

	By:

	

	 	 	Name:
	 

	 

	Title:

 

    T-2

     

    

 

EXHIBIT U

 

FORM OF SPECIAL SERVICER BACKUP CERTIFICATION

 

Benchmark 2020-IG3 Mortgage Trust (the
“Trust”)

 

I, [identify the certifying
individual], a [_______________ ] of Midland Loan Services, a Division of PNC Bank, National Association,
as special servicer (in such capacity, the “Special Servicer”) under that certain Pooling and Servicing Agreement
dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), between J.P. Morgan Chase Commercial Mortgage
Securities Corp., as depositor, Wells Fargo Bank, National Association, as trustee, certificate administrator (in such capacity,
the “Certificate Administrator”), paying agent and custodian, and Midland Loan Services, a Division of PNC Bank,
National Association, as master servicer (in such capacity, the “Master Servicer”) and the Special Servicer,
on behalf of the Special Servicer, certify to [Name of Certifying Person(s) for Sarbanes-Oxley Certification], the Depositor, each
Other Depositor and their respective officers, directors and affiliates, and with the knowledge and intent that they will rely
upon this certification, that:

 

1.             Based on my knowledge, with respect to the period ending [December 31, 20__] (the “Relevant Period”),
all servicing information and all required reports required to be submitted by the Special Servicer to the Master Servicer, the
Depositor, Trustee or Certificate Administrator, as applicable, pursuant to the Pooling and Servicing Agreement for inclusion in
the annual report on Form 10-K for the Relevant Period and inclusion in all reports on Form 10-D or Form 8-K (the “Special
Servicer Reports”) have been submitted by the Special Servicer to the Master Servicer, the Depositor, the Trustee or
the Certificate Administrator, as applicable, for inclusion in these reports;

 

2.             Based on my knowledge, the special servicing information contained in the Special Servicer Reports, taken as a whole, does
not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made therein,
in light of the circumstances under which such statements were made, not misleading with respect to the period covered by these
reports;

 

3.             I am, or an officer under my supervision is, responsible for reviewing the activities performed by the Special Servicer
under the Pooling and Servicing Agreement and based upon my knowledge and the annual compliance reviews conducted in preparing
the servicer compliance statements required in this report under Item 1123 of Regulation AB with respect to the Special Servicer,
and except as disclosed in the compliance certificate delivered by the Special Servicer under Section 10.11 of the Pooling and
Servicing Agreement, the Special Servicer has fulfilled its obligations under the Pooling and Servicing Agreement in all material
respects in the year to which such report applies;

 

4.             The accountants that are to deliver the annual attestation report on assessment of compliance with the Relevant Servicing
Criteria in respect of the Special Servicer with respect to the Trust’s fiscal year _____ have been provided all information
relating to the Special Servicer assessment of compliance with the Relevant Servicing Criteria, in order to

 

    U-1

     

    

 

enable
them to conduct a review in compliance with the standards for attestation engagements issued or adopted by the PCAOB; and

 

5.             The report on assessment of compliance with servicing criteria applicable to the Special Servicer for asset-backed securities
with respect to the Special Servicer or any Servicing Function Participant retained by the Special Servicer and related attestation
report on assessment of compliance with servicing criteria applicable to it required to be included in the annual report on Form
10-K for the Relevant Period in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 has been provided
to the Depositor and to the Certificate Administrator for inclusion as an exhibit to such Form 10-K. Any material instances of
noncompliance described in such reports have been provided to the Certificate Administrator and the Depositor for disclosure in
such annual report on Form 10-K.

 

Capitalized terms used
but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.

 

Date:__________________         

 

	 	MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION 
	 	 
	 

	By:

	

	 	 	Name:
	 

	 

	Title:

  

    U-2

     

    

 

EXHIBIT V

 

FORM OF SUB-SERVICER BACKUP CERTIFICATION

 

Benchmark 2020-IG3 Mortgage Trust (the
“Trust”)

 

As contemplated by
Section 10.08 of that certain Pooling and Servicing Agreement dated as of May 1, 2020 (the “Pooling and Servicing
Agreement”), between J.P. Morgan Chase Commercial Mortgage Securities Corp., as depositor, Midland Loan Services, a
Division of PNC Bank, National Association, as master servicer (the “Master Servicer”) and special
servicer (the “Special Servicer”), and Wells Fargo Bank, National Association, as trustee, certificate
administrator (in such capacity, the “Certificate Administrator”), paying agent and custodian, [identify
the certifying individual], a __________ of  __________ , a  __________ [corporation] (the
“Sub-Servicer”) as Sub-Servicer in connection with the sub-servicing of one or more Mortgage Loans and/or
Serviced Companion Loan under the Pooling and Servicing Agreement, on behalf of the Sub-Servicer, certify to [Name of Each
Certifying Person for Sarbanes-Oxley Certification], the Depositor, each Other Depositor, the Master Servicer and their
officers, directors and affiliates, and with the knowledge and intent that they will rely upon this certification, that:

 

1.           I
have reviewed the Servicer Reports and Sub-Servicer Reports (each as defined below) relating to the Mortgage Loans and/or Serviced
Companion Loan delivered by the Sub-Servicer to the Master Servicer, pursuant to the Sub-Servicing Agreement dated [___________],
20[__] by and between the Sub-Servicer and the Master Servicer (the “Sub-Servicing Agreement”);

 

2.           Based
on my knowledge, with respect to the period ending [December 31, 20__] (the “Relevant Period”), all servicing
information and all reports required to be submitted by the Sub-Servicer to the Certificate Administrator pursuant to the Pooling
and Servicing Agreement (the “Servicer Reports”) for inclusion in the annual report on Form 10-K for the Relevant
Period and inclusion in all reports on Form 10-D or Form 8-K have been submitted by the Sub-Servicer to the Certificate Administrator
for inclusion in these reports;

 

3.           Based
on my knowledge, with respect to the Relevant Period, all servicing information and all reports required to be submitted by the
Sub-Servicer to the Master Servicer pursuant to the Sub-Servicing Agreement (the “Sub-Servicer Reports”) have
been submitted by the Sub-Servicer to the Master Servicer;

 

4.           Based
on my knowledge, the sub-servicer information contained in the Servicer Reports and Sub-Servicer Reports, taken as a whole, does
not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in
light of the circumstances under which such statements were made, not misleading with respect to the period covered by these reports;

 

5.           Based
upon my knowledge and the annual compliance review performed as required under Section [__] of the Sub-Servicing Agreement, and
except as disclosed in the compliance certificate delivered pursuant to Section [__] of the Sub-Servicing Agreement, the

 

    V-1

     

    

 

Sub-Servicer
has fulfilled its obligations under the Sub-Servicing Agreement in all material respects;

 

6.           [I
am, or a servicing officer under my supervision is, responsible for reviewing the activities performed by the Sub-Servicer under
the Sub-Servicing Servicing Agreement and based upon my knowledge and the annual compliance reviews conducted in preparing the
servicer compliance statements for inclusion on Form 10-K pursuant Item 1123 of Regulation AB with respect to the Sub-Servicer,
and except as disclosed in the compliance certificate delivered by the Sub-Servicer under Section [__] of the Sub-Servicing Agreement,
the Sub-Servicer has fulfilled its obligations under the Sub-Servicing Agreement in all material respects in the year which such
report applies];

 

7.           The
accountants that are to deliver the annual attestation report on assessment of compliance with the Relevant Servicing Criteria
in respect of the Sub-Servicer with respect to the Trust’s fiscal year _____ have been provided all information relating
to the Sub-Servicer’s assessment of compliance with the Relevant Servicing Criteria, in order to enable them to conduct a
review in compliance with the standards for attestation engagements issued or adopted by the PCAOB; and

 

8.           The
report on assessment of compliance with servicing criteria applicable to the Sub-Servicer for asset-backed securities with respect
to the Sub-Servicer or any Servicing Function Participant retained by the Sub-Servicer and related attestation report on assessment
of compliance with servicing criteria applicable to it required to be included in the annual report on Form 10-K for the Relevant
Period in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 has been provided to the Depositor
and to the Certificate Administrator for inclusion as an exhibit to such Form 10-K. Any material instances of noncompliance described
in such reports have been provided to the Certificate Administrator and the Depositor for disclosure in such annual report on Form
10-K.

 

Capitalized terms used
but not defined herein have the meanings set forth in the Sub-Servicing Agreement, or if not defined in the Sub-Servicing Agreement,
then the meanings set forth in the Pooling and Servicing Agreement.

 

Date: _______________ 

 

	 

	[Insert
NAME OF SUB-SERVICER]

	 	 
	 

	By:

	

	 	 	Name:
	 

	 

	Title:

 

    V-2

     

    

 

EXHIBIT W

 

FORM OF SARBANES-OXLEY CERTIFICATION

 

I, [identify the certifying
individual], certify that:

 

1.           I
have reviewed this report on Form 10-K and all reports on Form 10-D required to be filed in respect of the period covered by this
report on Form 10-K of the Benchmark 2020-IG3 Mortgage Trust (the “Exchange Act periodic reports”);

 

2.           Based
on my knowledge, the Exchange Act periodic reports, taken as a whole, do not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report;

 

3.           Based
on my knowledge, all of the distribution, servicing and other information required to be provided under Form 10-D for the period
covered by this report is included in the Exchange Act periodic reports;

 

4.           Based
on my knowledge and the servicer compliance statements required in this report under Item 1123 of Regulation AB, and except as
disclosed in the Exchange Act periodic reports, the servicers have fulfilled their obligations under the servicing agreements in
all material respects; and

 

5.           All
of the reports on assessment of compliance with servicing criteria for asset-backed securities and their related attestation reports
on assessment of compliance with servicing criteria for asset-backed securities required to be included in this report in accordance
with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 have been included as an exhibit to this report, except
as otherwise disclosed in this report. Any material instances of noncompliance described in such reports have been disclosed in
this report on Form 10-K.

 

    W-1

     

    

 

In giving the certifications
above, I have reasonably relied on information provided to me by the following unaffiliated parties: Midland Loan Services, a Division
of PNC Bank, National Association, Wells Fargo Bank, National Association and [list any sub-servicers].

 

Dated: _______________

 

	
 

	
 

	
 

	
[_____]

	
 

	
(Senior officer in charge of securitization of the depositor)

 

    W-2

     

    

 

EXHIBIT X

 

MORTGAGE LOAN SELLER SUB-SERVICERS

 

None.

 

    X-1

     

    

 

EXHIBIT Y

 

[RESERVED]

 

    Y-1

     

    

 

EXHIBIT Z

 

FORM OF NRSRO CERTIFICATION

 

[Date]

 

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services – Benchmark 2020-IG3 Mortgage Trust

 

with copies to:

ct.cmbs.bond.admin@wellsfargo.com, and

trustadministrationgroup@wellsfargo.com

 

		Re:	Benchmark 2020-IG3
                                         Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-IG3

 

In accordance with the
Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Agreement”), and executed in connection with
the above-referenced transaction, with respect to the certificates issued thereunder (the “Certificates”), the
undersigned hereby certifies as follows:

 

1.           (a)           The undersigned
is a Rating Agency; or

 

(b)           The
undersigned is a nationally recognized statistical rating organization and either (x) has provided the Depositor with the appropriate
certifications under Exchange Act Rule 17g-5(e), had access to the Depositor’s 17g-5 website prior to the Closing Date, is
requesting access pursuant to the Agreement to certain information (the “Information”) on such 17g-5 website
pursuant to the provisions of the Agreement, and agrees that any confidentiality agreement applicable to the undersigned with respect
to the information obtained from the Depositor’s 17g-5 website prior to the Closing Date shall also be applicable to information
obtained from the 17g-5 Information Provider’s Website (including without limitation, to any information received by the
Depositor for posting on the 17g-5 Information Provider’s Website), or (y), if the undersigned did not have access to the
Depositor’s 17g-5 website prior to the Closing Date, it hereby agrees that it shall be bound by the provisions of the confidentiality
agreement attached hereto as Annex A which shall be applicable to it with respect to any information obtained from the 17g-5
Information Provider’s Website, including any information that is obtained from the section of the 17g-5 Information Provider’s
Website that hosts the Depositor’s 17g-5 website after the Closing Date.

 

2.           The
undersigned either (a) has not accessed information pursuant to Rule 17g–5(a)(3) ten (10) or more times during the most recently
ended calendar year, or (b) has

 

    Z-1

     

    

 

determined and maintained credit ratings for at least 10% of the issued securities and money market
instruments for which it accessed information pursuant to Rule 17g–5(a)(3)(iii) in the calendar year prior to the year covered
by the SEC Certification, if it accessed such information for 10 or more issued securities or money market instruments.

 

3.           The
undersigned agrees that each time it accesses the 17g-5 Information Provider’s Website, it is deemed to have recertified
that the representations herein contained remain true and correct.

 

Capitalized terms used
but not defined herein shall have the respective meanings assigned thereto in the Agreement.

 

BY ITS CERTIFICATION
HEREOF, the undersigned has made the representations above and shall be deemed to have caused its name to be signed hereto by its
duly authorized signatory, as of the date certified.

 

    Z-2

     

    

 

ANNEX A

 

CONFIDENTIALITY AGREEMENT

 

This Confidentiality
Agreement (the “Confidentiality Agreement”) is made in connection with [________] (together with its affiliates,
“[_______]”, the “Furnishing Entities” and each a “Furnishing Entity”) furnishing
certain financial, operational, structural and other information relating to the issuance of the Benchmark 2020-IG3 Mortgage Trust
Commercial Mortgage Pass-Through Certificates (the “Certificates”) pursuant to the Pooling and Servicing Agreement,
dated as of May 1, 2020 (the “Pooling and Servicing Agreement”), between J.P. Morgan Chase Commercial Mortgage
Securities Corp., as depositor, Midland Loan Services, a Division of PNC Bank, National Association, as master servicer and special
servicer, and Wells Fargo Bank, National Association, as trustee, certificate administrator, paying agent and custodian, and the
assets underlying or referenced by the Certificates, including the identity of, and financial information with respect to borrowers,
sponsors, guarantors, managers and lessees with respect to such assets (together, the “Collateral”) to you (the
“NRSRO”) through the website of Wells Fargo Bank, National Association, as 17g-5 Information Provider under
the Pooling and Servicing Agreement, including the section of the 17g-5 Information Provider’s website that hosts the Depositor’s
17g-5 website after the Closing Date (as defined in the Pooling and Servicing Agreement). Information provided by each Furnishing
Entity is labeled as provided by the specific Furnishing Entity.

 

1.            Definition
of Confidential Information. For purposes of this Confidentiality Agreement, the term “Confidential Information”
shall include the following information (irrespective of its source or form of communication, including information obtained by
you through access to this site) that may be furnished to you by or on behalf of a Furnishing Entity in connection with the issuance
or monitoring of a rating with respect to the Certificates: (x) all data, reports, interpretations, forecasts, records, agreements,
legal documents and other information (such information, the “Evaluation Material”) and (y) any of the terms,
conditions or other facts with respect to the transactions contemplated by the Pooling and Servicing Agreement, including the status
thereof; provided, however, that the term Confidential Information shall not include information which:

 

		-	was or becomes generally available to the public (including through filing with the Securities
and Exchange Commission or disclosure in an offering document) other than as a result of a disclosure by you or a NRSRO Representative
(as defined in Section 2(c)(i) below) in violation of this Confidentiality Agreement;

 

		-	was or is lawfully obtained by you from a source other than a Furnishing Entity or its representatives
that (i) is reasonably believed by you to be under no obligation to maintain the information as confidential and (ii) provides
it to you without any obligation to maintain the information as confidential; or

 

		-	is independently developed by the NRSRO without reference to any Confidential Information.

 

    Z-3

     

    

 

2.            Information
to Be Held in Confidence.

 

(a)          You
will use the Confidential Information solely for the purpose of determining or monitoring a credit rating on the Certificates and,
to the extent that any information used is derived from but does not reveal any Confidential Information, for benchmarking, modeling
or research purposes (the “Intended Purpose”).

 

(b)          You
acknowledge that you are aware that the United States and state securities laws impose restrictions on trading in securities when
in possession of material, non-public information and that the NRSRO will advise (through policy manuals or otherwise) each NRSRO
Representative who is informed of the matters that are the subject of this Confidentiality Agreement to that effect.

 

(c)          You
will treat the Confidential Information as private and confidential. Subject to Section 4, without the prior written consent of
the applicable Furnishing Entity, you will not disclose to any person any Confidential Information, whether such Confidential Information
was furnished to you before, on or after the date of this Confidentiality Agreement. Notwithstanding the foregoing, you may:

 

(i)            disclose
the Confidential Information to any of the NRSRO’s affiliates, directors, officers, employees, legal representatives, agents
and advisors (each, a “NRSRO Representative”) who, in the reasonable judgment of the NRSRO, need to know such
Confidential Information in connection with the Intended Purpose; provided, that, prior to disclosure of the Confidential
Information to a NRSRO Representative, the NRSRO shall have taken reasonable precautions to ensure, and shall be satisfied, that
such NRSRO Representative will act in accordance with this Confidentiality Agreement;

 

(ii)           solely
to the extent required for compliance with Rule 17g-5(a)(3) of the Act (17 C.F.R. 240.17g-5), post the Confidential Information
to the NRSRO’s password protected website; and

 

(iii)          use
information derived from the Confidential Information in connection with an Intended Purpose, if such derived information does
not reveal any Confidential Information.

 

3.            Disclosures
Required by Law. If you or any NRSRO Representative is requested or required (orally or in writing, by interrogatory, subpoena,
civil investigatory demand, request for information or documents, deposition or similar process relating to any legal proceeding,
investigation, hearing or otherwise) to disclose any Confidential Information, you agree to provide the relevant Furnishing Entity
with notice as soon as practicable (except in the case of regulatory or other governmental inquiry, examination or investigation,
and otherwise to the extent practical and permitted by law, regulation or regulatory or other governmental authority) that a request
to disclose the Confidential Information has been made so that the relevant Furnishing Entity may seek an appropriate protective
order or other reasonable assurance that confidential treatment will be accorded the Confidential Information if it so chooses.
Unless otherwise required by a court or other governmental or regulatory authority to do so, and provided that you been informed
by written notice that the related Furnishing Entity is

 

    Z-4

     

    

 

seeking a protective order or other reasonable assurance for confidential
treatment with respect to the requested Confidential Information, you agree not to disclose the Confidential Information while
the Furnishing Entity’s effort to obtain such a protective order or other reasonable assurance for confidential treatment
is pending. You agree to reasonably cooperate with each Furnishing Entity in its efforts to obtain a protective order or other
reasonable assurance that confidential treatment will be accorded to the portion of the Confidential Information that is being
disclosed, at the sole expense of such Furnishing Entity; provided, however, that in no event shall the NRSRO be
required to take a position that such information should be entitled to receive such a protective order or reasonable assurance
as to confidential treatment. If a Furnishing Entity succeeds in obtaining a protective order or other remedy, you agree to comply
with its terms with respect to the disclosure of the Confidential Information, at the sole expense of such Furnishing Entity. If
a protective order or other remedy is not obtained or if the relevant Furnishing Entity waives compliance with the provisions of
this Confidentiality Agreement in writing, you agree to furnish only such information as you are legally required to disclose,
at the sole expense of the relevant Furnishing Entity.

 

4.            Obligation
to Return Evaluation Material. Promptly upon written request by or on behalf of the relevant Furnishing Entity, all material
or documents, including copies thereof, that contain Evaluation Material will be destroyed or, in your sole discretion, returned
to the relevant Furnishing Entity. Notwithstanding the foregoing, (a) the NRSRO may retain one or more copies of any document or
other material containing Evaluation Material to the extent necessary for legal or regulatory compliance (or compliance with the
NRSRO’s internal policies and procedures designed to ensure legal or regulatory compliance) and (b) the NRSRO may retain
any portion of the Evaluation Material that may be found in backup tapes or other archive or electronic media or other documents
prepared by the NRSRO and any Evaluation Material obtained in an oral communication; provided, that any Evaluation Material
so retained by the NRSRO will remain subject to this Confidentiality Agreement and the NRSRO will remain bound by the terms of
this Confidentiality Agreement.

 

5.            Violations
of this Confidentiality Agreement.

 

(a)          The
NRSRO will be responsible for any breach of this Confidentiality Agreement by you, the NRSRO or any NRSRO Representative.

 

(b)          You
agree promptly to advise each relevant Furnishing Entity in writing of any misappropriation or unauthorized disclosure or use by
any person of the Confidential Information which may come to your attention and to take all steps reasonably requested by such
Furnishing Entity to limit, stop or otherwise remedy such misappropriation, or unauthorized disclosure or use.

 

(c)          You
acknowledge and agree that the Furnishing Entities would not have an adequate remedy at law and would be irreparably harmed in
the event that any of the provisions of this Confidentiality Agreement were not performed in accordance with their specific terms
or were otherwise breached. It is accordingly agreed that each Furnishing Entity shall be entitled to specific performance and
injunctive relief to prevent breaches of this Confidentiality Agreement and to specifically enforce the terms and provisions hereof,
in addition to any other remedy to which a Furnishing Entity may be entitled at law or in equity. It is further understood and
agreed that no failure to or delay in

 

    Z-5

     

    

 

exercising any right, power or privilege hereunder shall preclude any other or further exercise
of any right, power or privilege.

 

6.            Term.
Notwithstanding the termination or cancellation of this Confidentiality Agreement and regardless of whether the NRSRO has provided
a credit rating on a Security, your obligations under this Confidentiality Agreement will survive indefinitely.

 

7.            Governing
Law. This Confidentiality Agreement and any claim, controversy or dispute arising under the Confidentiality Agreement, the
relationships of the parties and/or the interpretation and enforcement of the rights and duties of the parties shall be governed
by and construed in accordance with the laws of the State of New York applicable to agreements made and to be performed within
such State.

 

8.            Amendments.
This Confidentiality Agreement may be modified or waived only by a separate writing by the NRSRO and each Furnishing Entity.

 

9.            Entire
Agreement. This Confidentiality Agreement represents the entire agreement between you and the Furnishing Entities relating
to the treatment of Confidential Information heretofore or hereafter reviewed or inspected by you. This agreement supersedes all
other understandings and agreements between us relating to such matters; provided, however, that, if the terms of
this Confidentiality Agreement conflict with another agreement relating to the Confidential Information that specifically states
that the terms of such agreement shall supersede, modify or amend the terms of this Confidentiality Agreement, then to the extent
the terms of this Confidentiality Agreement conflict with such agreement, the terms of such agreement shall control notwithstanding
acceptance by you of the terms hereof by entry into this website.

 

10.          Contact
Information. Notices for each Furnishing Entity under this Confidentiality Agreement, shall be directed as set forth below:

 

[__________________]

 

    Z-6

     

    

 

EXHIBIT AA-1

 

FORM OF TRANSFEROR CERTIFICATE

FOR TRANSFER OF THE EXCESS SERVICING FEE RIGHTS

 

[Date]

 

JPMorgan Chase Bank, National Association

383 Madison Avenue, 8th Floor

New York, New York 10179

Attention: Kunal K. Singh

E-mail: US_CMBS_Notice@jpmorgan.com

 

		Re:	J.P. Morgan
                                         Chase Commercial Mortgage Securities Corp., Benchmark 2020-IG3 Mortgage Trust Commercial
                                         Mortgage Pass-Through Certificates, Series 2020-IG3

 

Ladies and Gentlemen:

 

This letter is delivered
to you in connection with the transfer by _________________ (the “Transferor”) to _________________ (the “Transferee”)
of the Excess Servicing Fee Right established under the Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling
and Servicing Agreement”), and executed with respect to the above-referenced transaction. All capitalized terms used
but not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement. The Transferee
hereby certifies, represents and warrants to you, as Depositor, that:

 

1.           The
Transferor is the lawful owner of the right to receive the Excess Servicing Fees with respect to the Mortgage Loans and the Trust
Subordinate Companion Loans for which _________________ is the Master Servicer (the “Excess Servicing Fee Right”),
with the full right to transfer the Excess Servicing Fee Right free from any and all claims and encumbrances whatsoever.

 

2.           Neither
the Transferor nor anyone acting on its behalf has (a) offered, transferred, pledged, sold or otherwise disposed of the Excess
Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security to any person in any manner,
(b) solicited any offer to buy or accept a transfer, pledge or other disposition of the Excess Servicing Fee Right, any interest
in the Excess Servicing Fee Right or any other similar security from any person in any manner, (c) otherwise approached or negotiated
with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security with
any person in any manner, (d) made any general solicitation with respect to the Excess Servicing Fee Right, any interest in the
Excess Servicing Fee Right or any other similar security by means of general advertising or in any other manner, or (e) taken any
other action, which (in the case of any of the acts described in clauses (a) through (e) hereof) would constitute a distribution
of the Excess Servicing Fee Right under the Securities Act of 1933, as amended (the “Securities Act”), or would
render the disposition of the Excess Servicing Fee Right a violation of Section 5 of the Securities Act or any state securities
laws, or would require registration or

 

    AA-1-1

     

    

 

qualification of the Excess Servicing Fee Right pursuant to the Securities Act or any state
securities laws.

 

	 

	Very
truly yours,

	 

	 

	 

	By:

	

	 	 	Name:
	 

	 

	Title:

 

    AA-1-2

     

    

 

EXHIBIT AA-2

 

FORM OF TRANSFEREE CERTIFICATE

FOR TRANSFER OF THE EXCESS SERVICING FEE RIGHTS

 

[Date]

 

JPMorgan Chase Bank, National Association

383 Madison Avenue, 8th Floor

New York, New York 10179

Attention: Kunal K. Singh

E-mail: US_CMBS_Notice@jpmorgan.com

 

Midland Loan Services, a Division of PNC Bank, National Association

10851 Mastin Street, Suite 700

Overland Park, Kansas 66210

Attention: Executive Vice President – Division Head

Facsimile: (888) 706-3565

 

		Re:	J.P. Morgan
                                         Chase Commercial Mortgage Securities Corp., Benchmark 2020-IG3 Mortgage Trust Commercial
                                         Mortgage Pass-Through Certificates, Series 2020-IG3

 

Ladies and Gentlemen:

 

This letter is delivered
to you in connection with the transfer by _________________ (the “Transferor”) to _________________ (the “Transferee”)
of the Excess Servicing Fee Right established under the Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling
and Servicing Agreement”), entered into and executed with respect to the above-referenced transaction. All capitalized
terms used but not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing Agreement.
The Transferee hereby certifies, represents and warrants to you, as the Depositor and the Master Servicer, that:

 

1.           The
Transferee is acquiring the right to receive Excess Servicing Fees with respect to the Mortgage Loans and the Trust Subordinate
Companion Loans as to which __________________ is the applicable Master Servicer (the “Excess Servicing Fee Right”)
for its own account for investment and not with a view to or for sale or transfer in connection with any distribution thereof,
in whole or in part, in any manner which would violate the Securities Act of 1933, as amended (the “Securities Act”),
or any applicable state securities laws.

 

2.           The
Transferee understands that (a) the Excess Servicing Fee Right has not been and will not be registered under the Securities Act
or registered or qualified under any applicable state securities laws, (b) none of the Depositor, the Trustee, Certificate Administrator
or the Certificate Registrar is obligated so to register or qualify the Excess Servicing Fee Right, and (c) the Excess Servicing
Fee Right may not be resold or transferred unless it is (i) registered pursuant to the Securities Act and registered or qualified
pursuant to any applicable state securities laws or (ii) sold or transferred in transactions which are exempt from such registration

 

    AA-2-1

     

    

 

and qualification and (A) the Depositor has received a certificate from the prospective transferor substantially in the form attached
as Exhibit AA-1 to the Pooling and Servicing Agreement, and (B) each of the Master Servicer and the Depositor have received a certificate
from the prospective transferee substantially in the form attached as Exhibit AA-2 to the Pooling and Servicing Agreement.

 

3.           The
Transferee understands that it may not sell or otherwise transfer the Excess Servicing Fee Right or any interest therein except
in compliance with the provisions of Section 3.12 of the Pooling and Servicing Agreement, which provisions it has carefully reviewed.

 

4.           Neither
the Transferee nor anyone acting on its behalf has (a) offered, pledged, sold, disposed of or otherwise transferred the Excess
Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security to any person in any manner,
(b) solicited any offer to buy or accept a pledge, disposition or other transfer of the Excess Servicing Fee Right, any interest
in the Excess Servicing Fee Right or any other similar security from any person in any manner, (c) otherwise approached or negotiated
with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security with
any person in any manner, (d) made any general solicitation with respect to the Excess Servicing Fee Right, any interest in the
Excess Servicing Fee Right or any other similar security by means of general advertising or in any other manner, or (e) taken any
other action with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar
security, which (in the case of any of the acts described in clauses (a) through (e) above) would constitute a distribution of
the Excess Servicing Fee Right under the Securities Act, would render the disposition of the Excess Servicing Fee Right a violation
of Section 5 of the Securities Act or any state securities law or would require registration or qualification of the Excess Servicing
Fee Right pursuant thereto. The Transferee will not act, nor has it authorized or will it authorize any person to act, in any manner
set forth in the foregoing sentence with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right
or any other similar security.

 

5.           The
Transferee has been furnished with all information regarding (a) the Depositor, (b) the Excess Servicing Fee Right and any payments
thereon, (c) the Pooling and Servicing Agreement and the Trust Fund created pursuant thereto, (d) the nature, performance and servicing
of the Mortgage Loans and the Trust Subordinate Companion Loans, and (e) all related matters that it has requested.

 

6.           The
Transferee is (a) a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act or (b)
an “accredited investor” as defined in any of paragraphs (1), (2), (3) and (7) of Rule 501(a) under the Securities
Act or an entity in which all of the equity owners come within such paragraphs. The Transferee has such knowledge and experience
in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Excess Servicing
Fee Right; the Transferee has sought such accounting, legal and tax advice as it has considered necessary to make an informed investment
decision; and the Transferee is able to bear the economic risks of such investment and can afford a complete loss of such investment.

 

    AA-2-2

     

    

 

7.           The
Transferee agrees (i) to keep all information relating to the Trust, the Trust Fund and the parties to the Pooling and Servicing
Agreement, and made available to it, confidential, (ii) not to use or disclose such information in any manner which could result
in a violation of any provision of the Securities Act or would require registration of the Excess Servicing Fee Right or any Certificate
pursuant to the Securities Act, and (iii) not to disclose such information, and to cause its officers, directors, partners, employees,
agents or representatives not to disclose such information, in any manner whatsoever, in whole or in part, to any other Person
other than such holder’s auditors, legal counsel and regulators, except to the extent such disclosure is required by law,
court order or other legal requirement or to the extent such information is of public knowledge at the time of disclosure by such
holder or has become generally available to the public other than as a result of disclosure by such holder; provided, however,
that such holder may provide all or any part of such information to any other Person who is contemplating an acquisition of the
Excess Servicing Fee Right if, and only if, such Person (x) confirms in writing such prospective acquisition and (y) agrees in
writing to keep such information confidential, not to use or disclose such information in any manner which could result in a violation
of any provision of the Securities Act or would require registration of the Excess Servicing Fee Right or any Certificates pursuant
to the Securities Act and not to disclose such information, and to cause its officers, directors, partners, employees, agents or
representatives not to disclose such information, in any manner whatsoever, in whole or in part, to any other Person other than
such Persons’ auditors, legal counsel and regulators.

 

8.           The
Transferee acknowledges that the holder of the Excess Servicing Fee Right shall not have any rights under the Pooling and Servicing
Agreement except as set forth in Section 3.12(a) of the Pooling and Servicing Agreement, and that the Excess Servicing Fee Rate
may be reduced to the extent provided in the Pooling and Servicing Agreement.

 

	 

	Very
truly yours,

	 

	 

	 

	By:

	

	 	 	Name:
	 

	 

	Title:

 

    AA-2-3

     

    

 

EXHIBIT BB

 

[RESERVED]

 

    BB-1

     

    

 

EXHIBIT CC

 

ADDITIONAL DISCLOSURE NOTIFICATION

 

**SEND VIA FAX TO (410)715-2380 AND VIA
EMAIL TO cts.sec.notifications@wellsfargo.com AND [_____] AND VIA OVERNIGHT MAIL TO THE ADDRESSES IMMEDIATELY BELOW**

 

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services – Benchmark 2020-IG3 Mortgage Trust

 

with copies to:

ct.cmbs.bond.admin@wellsfargo.com, and

trustadministrationgroup@wellsfargo.com

 

JPMorgan Chase Bank, National Association

383 Madison Avenue, 8th Floor

New York, New York 10179

Attention: Kunal K. Singh

E-mail: US_CMBS_Notice@jpmorgan.com

 

		Re:	**Additional Form [10-D][10-K][8-K] Disclosure Required **

 

Ladies and Gentlemen:

 

In accordance with Section
[10.06][10.07][10.09] of the Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Pooling and Servicing Agreement”),
between J.P. Morgan Chase Commercial Mortgage Securities Corp., as depositor, Midland Loan Services, a Division of PNC Bank, National
Association, as master servicer (the “Master Servicer”) and special servicer (the “Special Servicer”),
and Wells Fargo Bank, National Association, as trustee and certificate administrator (in such capacity, the “Certificate
Administrator”), paying agent and custodian, the undersigned, as , hereby notifies you that certain events have come
to our attention that [will] [may] need to be disclosed on Form [10-D][10-K][8-K].

 

Description of Additional
Form [10-D][10-K][8-K] Disclosure:

 

    CC-1

     

    

 

List of any Attachments
hereto to be included in the Additional Form [10-D][10-K][8-K] Disclosure:

 

Any inquiries related
to this notification should be directed to __________, phone number: __________; email address: __________.

 

	 	[NAME
    OF PARTY], as [role]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    CC-2

     

    

 

EXHIBIT DD-1

 

FORM OF POWER OF ATTORNEY BY TRUSTEE
FOR MASTER SERVICER 

 

After recording, return to:

Legal Department

Midland Loan Services

P. O. Box 25965

Shawnee Mission, KS 66225-5965

 

LIMITED POWER OF ATTORNEY TO

MIDLAND LOAN SERVICES,

A DIVISION OF PNC BANK, NATIONAL ASSOCIATION,

FROM WELLS FARGO BANK, NATIONAL ASSOCIATION,

AS TRUSTEE, FOR THE BENEFIT OF THE HOLDERS OF

BENCHMARK 2020-IG3 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2020-IG3

 

KNOW ALL BY THESE PRESENTS:

 

WHEREAS,
J.P. Morgan Chase Commercial Mortgage Securities Corp., as Depositor, Midland Loan Services,
a division of PNC Bank, National Association, as Master Servicer (the “Servicer”) and as Special Servicer, Wells
Fargo Bank, National Association, as Trustee (the “Trustee”) and Certificate Administrator, entered into a Pooling
and Servicing Agreement dated as of May 1, 2020 (the “PSA”), pertaining to a securitization trust formed for
the benefit of the registered holders of Benchmark 2020-IG3 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
2020-IG3 (the “Trust”), and which provides in part that the Servicer shall administer and service certain “Mortgage
Loans” and provide services to the “Mortgagors” as those terms are defined in the PSA, for the benefit of the
Trustee in accordance with the terms of the PSA and the Mortgage Loans; and

 

WHEREAS, pursuant to
the terms of the PSA, the Servicer is granted certain powers, responsibilities and authority in connection with its servicing and
administration of the Mortgage Loans subject to the terms of the PSA; and

 

WHEREAS, the Trustee
has been requested by the Servicer pursuant to Section 3.01(a) of the PSA to grant this Limited Power of Attorney to the Servicer
to enable the Servicer to execute and deliver, on behalf of the Trustee, certain documents and instruments related to the Mortgage
Loans thereby empowering the Servicer to take such actions as it deems necessary to comply with its servicing, administrative and
management duties under and in accordance with the PSA.

 

    DD-1-1

     

    

 

NOW, THEREFORE, KNOW
ALL BY THESE PRESENTS:

 

Wells Fargo Bank, National
Association, a nationally chartered banking association, not in its individual or banking capacity, but solely in its capacity
as trustee for the registered holders of the above referenced Trust (the “Trustee”) under the PSA, does make,
constitute and appoint Midland Loan Services, a division of PNC Bank, National Association, with principal corporate offices at
10851 Mastin Street, Suite 700, Overland Park, Kansas 66210, as Servicer, by and through its designated officers, as the Trustee’s
true and lawful attorney-in-fact with respect to the Mortgage Loans and each mortgaged property and related collateral (the “Mortgaged
Property”) held by the Trustee to secure the obligations of the Mortgage Loans in its capacity as Trustee, and in Trustee’s
name, place and stead, to prepare, complete, execute, deliver, record and file on behalf of the registered holders and the Trustee,
and in any event in accordance with the terms of the PSA; (i) customary consents or waivers and other instruments and documents
including, without limitation, estoppel certificates, financing statements, continuation statements, title endorsements and reports
and other documents and instruments necessary to preserve and maintain the validity, enforceability, perfection and priority of
the lien on the Mortgaged Property; (ii) to consent to assignments and assumptions or substitutions, and transfers of interest
of the Mortgagors, in each case subject to and in accordance with the terms of the Mortgage Loan and subject to the provisions
of the PSA; (iii) to collect any insurance proceeds, condemnation proceeds and liquidation proceeds in accordance with the terms
of the Mortgage Loan; (iv) to consent to any subordinate financing to be secured by any Mortgaged Property to the extent that such
consent is required pursuant to the terms of the Mortgage Loan or which otherwise is required under the PSA; (v) to consent to
the application of any proceeds of insurance policies or condemnation awards to the restoration of the related Mortgaged Property
or to repayment of the Mortgage Loans or otherwise, in each case in accordance with the terms of the Mortgage Loans; (vi) to execute
any and all instruments necessary or appropriate for judicial or nonjudicial foreclosure of, the taking of a deed in lieu of foreclosure
with respect to, or the conversion of title to any Mortgaged Property securing a Mortgage Loan owned by the Trustee and serviced
by the Servicer for the Trustee, and, consistent with the authority granted by the PSA, to take any and all actions on behalf of
the Trustee in connection with maintaining and defending the enforceability of such Mortgage Loan obligation and the collection
thereof including, without limitation, the execution of any and all instruments necessary or appropriate in defense of and for
the collection and enforcement of said Mortgage Loan obligation in accordance with the terms of the PSA; (vii) to execute and deliver
documents relating to the management, operation, maintenance, repair, leasing and marketing of the Mortgaged Properties, including
agreements and requests by the Mortgagors with respect to modifications of the management of the Mortgaged Properties or the replacement
of managers; (viii) to exercise all rights, powers and privileges granted or provided to the holder of the Mortgage Loan under
their respective terms including all rights of approval and consent thereunder; (ix) to enter into lease subordination agreements,
non-disturbance and attornment agreements or other leasing or rental arrangements which may be requested by the Mortgagors or their
tenants in accordance with the terms of the Mortgage Loan; (x) to join the Mortgagor in granting, modifying or releasing any easements,
covenants, conditions, restrictions, equitable servitudes, or land use or zoning requirements with respect to the Mortgaged Properties
to the extent such does not adversely affect the value of the Mortgaged Property; (xi) to execute and deliver, on behalf of the
Trustee, any and all instruments of satisfaction or cancellation, or of partial or full release or discharge and all other comparable
instruments, with respect to the Mortgage Loans and the Mortgaged Property; (xii) to draw upon, replace, substitute, release or
amend any letters of credit standing as collateral under the Mortgage Loans; and (xiii) to apply amounts in the various escrow
accounts set up under the Mortgage Loans pursuant to the terms provided for therein.

 

    DD-1-2

     

    

 

ARTICLE I

 

The enumeration of
particular powers hereinabove is not intended in any way to limit the grant to the Servicer as the Trustee’s attorney-in-fact
of full power and authority with respect to the Mortgage Loans consistent with the PSA to execute and deliver any such documents,
instrument or other writing, as fully, to all intents and purposes, as the Trustee might or could do if personally present, hereby
ratifying and confirming whatsoever such attorney-in-fact shall and may do by virtue hereof; and the Trustee agrees and represents
to those dealing with such attorney-in-fact that they may rely upon this limited power of attorney until termination of the limited
power of attorney under the provisions of Article III below. As between and among the Trustee, the registered holders, the Trust,
and the Servicer, the Servicer may not exercise any right, authority or power granted by this instrument in a manner which would
violate the terms of the PSA or the servicing standard imposed on the Servicer by the PSA, but any and all third parties dealing
with the Servicer as the Trustee’s attorney-in-fact may rely completely, unconditionally and conclusively on the Servicer’s
authority and need not make inquiry about whether the Servicer is acting pursuant to the PSA or such standard. Any purchaser, title
company, recorder’s office or other third party may rely upon a written statement by the Servicer that any particular loan
or property in question and the release thereof is subject to and included under this power of attorney and the PSA.

 

ARTICLE II

 

Any act or thing lawfully
done by the Servicer, and otherwise authorized under this Limited Power of Attorney, shall be binding on the Trustee and the Trustee’s
successors and assigns.

 

ARTICLE III

 

This Limited Power
of Attorney shall continue in full force and effect until the earliest occurrence of any of the following events, unless sooner
revoked in writing by the Trustee:

 

		(i)	the suspension or termination of this Limited Power of Attorney by the Trustee;

 

		(ii)	the transfer of servicing under the PSA from the Servicer to another servicer;

 

		(iii)	the termination, resignation or removal of the Trustee as trustee of such Trust;

 

		(iv)	the appointment of a receiver or conservator with respect to the business of the Servicer;

 

		(v)	the filing of a voluntary or involuntary petition in bankruptcy by or against the Servicer;

 

		(vi)	the termination of the PSA; or

 

		(vii)	the termination of the Servicer.

 

Nothing herein shall
be deemed to amend or modify the PSA or the respective rights, duties or obligations of the Trustee, or the Servicer thereunder,
and nothing herein shall constitute a waiver of any rights or remedies thereunder.

 

    DD-1-3

     

    

 

IN WITNESS WHEREOF,
the Trustee has caused this instrument to be executed and its corporate seal to be affixed hereto by its officer duly authorized
as of the __ day of May 2020.

 

		Wells Fargo Bank, National Association,
as Trustee, for the benefit of the Holders of Benchmark 2020-IG3 Mortgage Trust Commercial Mortgage Pass- Through Certificates,
Series 2020-IG3 (and not in its individual capacity)
	 	 	 
	(SEAL)	By:	 	 	 
		 	 
	 	Name:	 
	 	 	 
	 	Title:	 	 	 
	 	 	 	 

	ATTEST:	 
	 	 
	 	 
	 	 
	 	 
	Witness	 
	 	 
	Witness	 

 

	STATE OF
    MARYLAND	)	 
	 	) ss.	 
	COUNTY OF HOWARD	)	 

  

On this ____ day of May, 2020, before
me personally appeared , to me ____________________ personally known, who, being by me duly sworn, did acknowledge and say
that she is the ___________ of Wells Fargo Bank, National Association, a nationally chattered banking association, and
acknowledged to me that she executed the foregoing instrument on behalf of Wells Fargo Bank, National Association, as
Trustee, for the benefit of the Holders of Benchmark 2020-IG3 Mortgage Trust Commercial Mortgage PassThrough Certificates,
Series 2020-IG3 (and not in its individual capacity). -

 

	 	Notary
    Public:
	 	My
    Commission expires:

 

    DD-1-4

     

    

 

EXHIBIT DD-2

 

FORM OF POWER OF ATTORNEY BY TRUSTEE
FOR SPECIAL SERVICER 

 

After recording, return to:

Legal Department Midland Loan Services P.O. Box 25965

Shawnee Mission, KS 66225-5965

 

LIMITED POWER OF ATTORNEY

TO MIDLAND LOAN SERVICES,

A DIVISION OF PNC BANK, NATIONAL ASSOCIATION,

FROM WELLS FARGO BANK, NATIONAL ASSOCIATION,

AS TRUSTEE, FOR THE BENEFIT OF THE HOLDERS OF

BENCHMARK 2020-IG3 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2020-IG3

 

KNOW ALL BY THESE PRESENTS:

 

WHEREAS,
J.P. Morgan Chase Commercial Mortgage Securities Corp., as Depositor, Midland Loan Services,
a division of PNC Bank, National Association, as Master Servicer and as Special Servicer (the “Special Servicer”),
and Wells Fargo Bank, National Association, as Trustee (the “Trustee”) and Certificate Administrator, entered
into a Pooling and Servicing Agreement dated as of May 1, 2020 (the “PSA”), pertaining to a securitization trust
formed for the benefit of the registered holders of Benchmark 2020-IG3 Mortgage Trust Commercial Mortgage Pass-Through Certificates,
Series 2020-IG3 (the “Trust”), and which provides in part that the Special Servicer shall administer and service
certain “Mortgage Loans” and provide services to the “Mortgagors” as those terms are defined in the PSA,
for the benefit of the Trustee in accordance with the terms of the PSA and the Mortgage Loans; and

 

WHEREAS, pursuant to
the terms of the PSA, the Special Servicer is granted certain powers, responsibilities and authority in connection with its servicing
and administration of the Mortgage Loans subject to the terms of the PSA; and

 

WHEREAS, the Trustee
has been requested by the Special Servicer pursuant to Section 3.01(a) of the PSA to grant this Limited Power of Attorney to the
Special Servicer to enable the Special Servicer to execute and deliver, on behalf of the Trustee, certain documents and instruments
related to the Mortgage Loans thereby empowering the Special Servicer to take such actions as it deems necessary to comply with
its servicing, administrative and management duties under and in accordance with the PSA.

 

    DD-2-1

     

    

 

NOW, THEREFORE, KNOW
ALL BY THESE PRESENTS:

 

Wells Fargo Bank, National
Association, a nationally chartered banking association, not in its individual or banking capacity, but solely in its capacity
as trustee for the registered holders of the above referenced Trust (the “Trustee”) under the PSA, does make,
constitute and appoint Midland Loan Services, a division of PNC Bank, National Association, with principal corporate offices at
10851 Mastin Street, Suite 700, Overland Park, Kansas 66210, as Special Servicer, by and through its designated officers, as the
Trustee’s true and lawful attorney-in-fact with respect to the Mortgage Loans and each mortgaged property and related collateral
(the “Mortgaged Property”) held by the Trustee to secure the obligations of the Mortgage Loans in its capacity
as Trustee, and in Trustee’s name, place and stead, to prepare, complete, execute, deliver, record and file on behalf of
the registered holders and the Trustee, and in any event in accordance with the terms of the PSA; (i) customary consents or waivers
and other instruments and documents including, without limitation, estoppel certificates, financing statements, continuation statements,
title endorsements and reports and other documents and instruments necessary to preserve and maintain the validity, enforceability,
perfection and priority of the lien on the Mortgaged Property; (ii) to consent to assignments and assumptions or substitutions,
and transfers of interest of the Mortgagors, in each case subject to and in accordance with the terms of the Mortgage Loan and
subject to the provisions of the PSA; (iii) to collect any insurance proceeds, condemnation proceeds and liquidation proceeds in
accordance with the terms of the Mortgage Loan; (iv) to consent to any subordinate financing to be secured by any Mortgaged Property
to the extent that such consent is required pursuant to the terms of the Mortgage Loan or which otherwise is required under the
PSA; (v) to consent to the application of any proceeds of insurance policies or condemnation awards to the restoration of the related
Mortgaged Property or to repayment of the Mortgage Loans or otherwise, in each case in accordance with the terms of the Mortgage
Loans; (vi) to execute any and all instruments necessary or appropriate for judicial or nonjudicial foreclosure of, the taking
of a deed in lieu of foreclosure with respect to, or the conversion of title to any Mortgaged Property securing a Mortgage Loan
owned by the Trustee and serviced by the Special Servicer for the Trustee, and, consistent with the authority granted by the PSA,
to take any and all actions on behalf of the Trustee in connection with maintaining and defending the enforceability of such Mortgage
Loan obligation and the collection thereof including, without limitation, the execution of any and all instruments necessary or
appropriate in defense of and for the collection and enforcement of said Mortgage Loan obligation in accordance with the terms
of the PSA; (vii) to execute and deliver documents relating to the management, operation, maintenance, repair, leasing and marketing
of the Mortgaged Properties, including agreements and requests by the Mortgagors with respect to modifications of the management
of the Mortgaged Properties or the replacement of managers; (viii) to exercise all rights, powers and privileges granted or provided
to the holder of the Mortgage Loan under their respective terms including all rights of approval and consent thereunder; (ix) to
enter into lease subordination agreements, non-disturbance and attornment agreements or other leasing or rental arrangements which
may be requested by the Mortgagors or their tenants in accordance with the terms of the Mortgage Loan; (x) to join the Mortgagor
in granting, modifying or releasing any easements, covenants, conditions, restrictions, equitable servitudes, or land use or zoning
requirements with respect to the Mortgaged Properties to the extent such does not adversely affect the value of the Mortgaged Property;
(xi) to execute and deliver, on behalf of the Trustee, any and all instruments of satisfaction or cancellation, or of partial or
full release or discharge and all other comparable instruments, with respect to the Mortgage Loans and the Mortgaged Property;
(xii) to draw upon, replace, substitute, release or amend any letters of credit standing as collateral under the Mortgage Loans;
and (xiii) to apply amounts in the various escrow accounts set up under the Mortgage Loans pursuant to the terms provided for therein.

 

    DD-2-2

     

    

 

ARTICLE I

 

The enumeration of
particular powers hereinabove is not intended in any way to limit the grant to the Special Servicer as the Trustee’s attorney-in-fact
of full power and authority with respect to the Mortgage Loans consistent with the PSA to execute and deliver any such documents,
instrument or other writing, as fully, to all intents and purposes, as the Trustee might or could do if personally present, hereby
ratifying and confirming whatsoever such attorney-in-fact shall and may do by virtue hereof; and the Trustee agrees and represents
to those dealing with such attorney-in-fact that they may rely upon this limited power of attorney until termination of the limited
power of attorney under the provisions of Article III below. As between and among the Trustee, the registered holders, the Trust,
and the Special Servicer, the Special Servicer may not exercise any right, authority or power granted by this instrument in a manner
which would violate the terms of the PSA or the servicing standard imposed on the Special Servicer by the PSA, but any and all
third parties dealing with the Special Servicer as the Trustee’s attorney-in-fact may rely completely, unconditionally and
conclusively on the Special Servicer’s authority and need not make inquiry about whether the Special Servicer is acting pursuant
to the PSA or such standard. Any purchaser, title company, recorder’s office or other third party may rely upon a written
statement by the Special Servicer that any particular loan or property in question and the release thereof is subject to and included
under this power of attorney and the PSA.

 

ARTICLE II

 

Any act or thing lawfully
done by the Special Servicer, and otherwise authorized under this Limited Power of Attorney, shall be binding on the Trustee and
the Trustee’s successors and assigns.

 

ARTICLE III

 

This Limited Power
of Attorney shall continue in full force and effect until the earliest occurrence of any of the following events, unless sooner
revoked in writing by the Trustee:

 

		(i)	the suspension or termination of this Limited Power of Attorney by the Trustee;

 

		(ii)	the transfer of servicing under the PSA from the Special Servicer to another servicer;

 

		(iii)	the termination, resignation or removal of the Trustee as trustee of such Trust;

 

		(iv)	the appointment of a receiver or conservator with respect to the business of the Special Servicer;

 

		(v)	the filing of a voluntary or involuntary petition in bankruptcy by or against the Special Servicer;

 

		(vi)	the termination of the PSA; or

 

		(vii)	the termination of the Special Servicer.

 

Nothing herein shall
be deemed to amend or modify the PSA or the respective rights, duties or obligations of the Trustee, or the Special Servicer thereunder,
and nothing herein shall constitute a waiver of any rights or remedies thereunder.

 

    DD-2-3

     

    

 

IN WITNESS WHEREOF,
the Trustee has caused this instrument to be executed and its corporate seal to be affixed hereto by its officer duly authorized
as of the __ day of May 2020.

 

		Wells Fargo Bank, National Association,
as Trustee, for the benefit of the Holders of Benchmark 2020-IG3 Mortgage Trust Commercial Mortgage Pass- Through Certificates,
Series 2020-IG3 (and not in its individual capacity)
	 	 	 
	(SEAL)	By:	 	 	 
		 	 
	 	Name:	 
	 	 	 
	 	Title:	 	 	 
	 	 	 	 

	ATTEST:	 
	 	 
	 	 
	 	 
	 	 
	Witness	 
	 	 
	Witness	 

 

	STATE OF
    MARYLAND	)	 
	 	) ss.	 
	COUNTY OF HOWARD	)	 

   

On this _____ day of May, 2020,
before me personally appeared, to me ____________________ personally known, who, being by me duly sworn, did acknowledge and
say that she is the ____________ of Wells Fargo Bank, National Association, a nationally chattered banking association, and
acknowledged to me that she executed the foregoing instrument on behalf of Wells Fargo Bank, National Association, as
Trustee, for the benefit of the Holders of Benchmark 2020-IG3 Mortgage Trust Commercial Mortgage Pass- Through Certificates,
Series 2020-IG3 (and not in its individual capacity).-

 

	 	Notary
    Public:
	 	My
    Commission expires:

  

    DD-2-4

     

    

 

EXHIBIT EE

 

FORM OF NON-SERVICED MORTGAGE LOAN NOTIFICATION

 

	[Other Depositor]

[Address Line 1]

[Address Line 2]

Attn: [Contact Person]	[Other Trustee]*

[Address Line 1]

[Address Line 2]

Attn: [Contact Person]

*If the Other Trustee is comprised of multiple entities (such as a separate trustee and certificate administrator), this form shall be addressed to each such entity
	 	 
	[Other Servicer]

[Address Line 1]

[Address Line 2]

Attn: [Contact Person]	[Other Special Servicer]

[Address Line 1]

[Address Line 2]

Attn: [Contact Person]
	 	 
	[Other Operating Advisor]

[Address Line 1]

[Address Line 2]

Attn: [Contact Person]	[Other Asset Representations Reviewer]

[Address Line 1]

[Address Line 2]

Attn: [Contact Person]

 

		Re:	[Other Securitization
                                         Trust]

 

Ladies and Gentlemen:

 

Reference is hereby made
to the [Trust][Pooling] and Servicing Agreement, dated as of [_____] (the “Other Pooling and Servicing Agreement”),
between [_____], as Depositor, [_____], as master servicer, [_____], as special servicer, [_____], as certificate administrator
and as trustee, and [_____], as operating advisor and asset representations reviewer. Capitalized terms used but not defined herein
shall have the meanings given to them (or an analogous term) in the Other Pooling and Servicing Agreement.

 

The undersigned is the
certificate administrator under the Pooling and Servicing Agreement, dated as of May 1, 2020 (the “IG3 PSA”),
between J.P. Morgan Chase Commercial Mortgage Securities Corp., as depositor (the “IG3 Depositor”), Midland
Loan Services, a Division of PNC Bank, National Association, as master servicer (the “IG3 Master Servicer”)
and special servicer (the “IG3 Special Servicer”), Wells Fargo Bank, National Association, as trustee (in such
capacity, the “IG3 Trustee”) and certificate administrator (in such capacity, the “IG3 Certificate
Administrator”), paying agent and custodian, pursuant to which the Benchmark 2020-IG3 Mortgage Trust (the “IG3
Trust”) was established and the [1633 Broadway][City National Plaza][Moffett Towers Buildings A, B & C][Chase Center
Tower I][Chase Center Tower II] [Stonemont Net Lease Portfolio][1501 Broadway] Companion Loan was transferred to the IG3 Trust
as of May 29, 2020 (the “Closing Date”).

 

    EE-1

     

    

 

The undersigned hereby
notifies you that, as of the Closing Date:

 

1.           Wells
Fargo Bank, National Association, as trustee under the IG3 PSA, is the holder of the [1633 Broadway][City National Plaza][Moffett
Towers Buildings A, B & C][Chase Center Tower I][Chase Center Tower II] [Stonemont Net Lease Portfolio][1501 Broadway] Companion
Loan.

 

2.           The
[1633 Broadway][City National Plaza][Moffett Towers Buildings A, B & C][Chase Center Tower I][Chase Center Tower II] [Stonemont
Net Lease Portfolio][1501 Broadway] Mortgage Loan [is][is not] a Significant Obligor (as such term is defined in the IG3 PSA) under
the IG3 PSA.

 

3.           The
contact information for the IG3 Depositor, IG3 Trustee, the IG3 Certificate Administrator, the IG3 Master Servicer, the IG3 Special
Servicer, each Rating Agency (as defined in the IG3 PSA) and the Directing Holder (as defined in the IG3 PSA) with respect to the
[1633 Broadway][City National Plaza][Moffett Towers Buildings A, B & C][Chase Center Tower I][Chase Center Tower II] [Stonemont
Net Lease Portfolio][1501 Broadway] Companion Loan are as set forth on Schedule I attached hereto.

 

4.           You
are directed to remit to Midland Loan Services, a Division of PNC Bank, National Association, as the IG3 Master Servicer, to the
collection account set forth on Schedule II attached hereto no later than one (1) Business Day after each Determination Date (as
defined in the IG3 PSA) all amounts payable to, and to forward, deliver or otherwise make available, as the case may be, to Midland
Loan Services, a Division of PNC Bank, National Association, as IG3 Master Servicer, no later than one (1) Business Day after each
Determination Date (as defined in the IG3 PSA) all reports, statements, documents, communications and other information that are
to be forwarded, delivered or otherwise made available to, the holder of the [1633 Broadway][City National Plaza][Moffett Towers
Buildings A, B & C][Chase Center Tower I][Chase Center Tower II] [Stonemont Net Lease Portfolio][1501 Broadway] Intercreditor
Agreement, as applicable.

 

5.           The
IG3 Trust is subject to the reporting requirements of the Securities Exchange Act of 1934, as it may be amended from time to time.

 

6.           A
copy of an executed version of the IG3 PSA is [attached hereto][enclosed herewith].

 

Thank you for your attention
to this matter.

 

    EE-2

     

    

 

	 	Wells Fargo Bank, National Association,
as Certificate Administrator for the Holders of the Benchmark 2020-IG3 Mortgage Trust Pass-Through Certificates, Series 2020-IG3
	 	 	 
	 	By:	 
	 	 	[Name]
	 	 	[Title]

 

    EE-3

     

    

 

SCHEDULE
I

 

TO
FORM OF NOTICE FROM THE CERTIFICATE ADMINISTRATOR

REGARDING [NON-SERVICED WHOLE LOAN]

 

	IG3
    Depositor:	JPMorgan
                                         Chase Bank, National Association

                                         383 Madison Avenue, 8th Floor

                                         New York, New York 10179

                                         Attention: Kunal K. Singh

                                         E-mail: US_CMBS_Notice@jpmorgan.com

         

	IG3
    Trustee:	Wells
                                         Fargo Bank, National Association

                                         9062 Old Annapolis Road

                                         Columbia, Maryland 21045-1951

                                         Attention: Corporate Trust Services (CMBS) – Benchmark 2020-IG3

         

        with
        copies to:

        

        cts.cmbs.bond.admin@wellsfargo.com; and

 trustadministrationgroup@wellfargo.com

         

	IG3
    Certificate Administrator:	Wells
                                         Fargo Bank, National Association

                                         9062 Old Annapolis Road

                                         Columbia, Maryland 21045-1951

                                         Attention: Corporate Trust Services – Benchmark 2020-IG3

         

        with
        copies to:

        

        ct.cmbs.bond.admin@wellsfargo.com; and

        trustadministrationgroup@wellsfargo.com

         

	IG3
    Master Servicer:	Midland
                                         Loan Services, a Division of PNC Bank, National Association

                                         10851 Mastin Street, Suite 700

                                         Overland Park, Kansas 66210

                                         Attention: Executive Vice President – Division Head

                                         Facsimile: (888) 706-3565

         

        with
        a copy to:

        

        Stinson LLP

        1201 Walnut Street, Suite 2900

        Kansas City, Missouri 64106-2150

        Attention: Kenda K. Tomes

         

 

     EE-4

     

    

 

		Facsimile:
                                         (816) 412-9338

                                         Email: kenda.tomes@stinson.com

         

	IG3
    Special Servicer:	Midland
                                         Loan Services, a Division of PNC Bank, National Association

                                         10851 Mastin Street, Suite 700

                                         Overland Park, Kansas 66210

                                         Attention: Executive Vice President – Division Head

                                         Facsimile: (888) 706-3565

                                         

        

        with
        a copy to:

        

        Stinson LLP

        1201 Walnut Street, Suite 2900

        Kansas City, Missouri 64106-2150

        Attention: Kenda K. Tomes

        Facsimile: (816) 412-9338

        Email: kenda.tomes@stinson.com

         

	IG3
    Rating Agencies:	Moody’s
                                         Investors Service, Inc.

                                         7 World Trade Center

                                         250 Greenwich Street

                                         New York, New York 10007

                                         Attention: Commercial Mortgage Surveillance Group

                                         E-mail: CMBSSurveillance@moodys.com

         

        Fitch
        Ratings, Inc.

        300 West 57th Street

        New York, NY 10019

        Attention: Commercial Mortgage Surveillance Group

         

        DBRS,
        Inc.

        4 World Trade Center, 48th Floor

        150 Greenwich Street

        New York, New York 10007

        Attention: CMBS Surveillance

        Email: cmbs.surveillance@dbrs.com

         

 

     EE-5

     

    

 

SCHEDULE
II TO FORM OF NOTICE 

 

FROM
THE CERTIFICATE ADMINISTRATOR

REGARDING [NON-SERVICED WHOLE LOAN] 

 

Account: Collection
Account

 

Account
#: [______]

 

		Title:	Midland
                                         Loan Services, a Division of PNC Bank, National Association, as Master Servicer, on behalf
                                         of Wells Fargo Bank, National Association, as Trustee, for the benefit of the Holders
                                         of J.P. Morgan Chase Commercial Mortgage Securities Corp., Benchmark 2020-IG3 Mortgage
                                         Trust Commercial Mortgage Pass-Through Certificates, Series 2020-IG3 Collection Account

 

		Location:	[___]

 

     EE-6

     

    

 

EXHIBIT
FF

 

FORM
OF SERVICED COMPANION LOAN NOTEHOLDER CERTIFICATION

 

[Date]

 

Midland
Loan Services, a Division of PNC Bank, National Association

10851 Mastin Street, Suite 700

Overland Park, Kansas 66210

Attention: Executive Vice President – Division Head

Facsimile: (888) 706-3565

 

Wells
Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services – Benchmark 2020-IG3

 

with
copies to:

ct.cmbs.bond.admin@wellsfargo.com, and

trustadministrationgroup@wellsfargo.com

 

		Re:	Benchmark
                                         2020-IG3 Mortgage Trust – Companion Loan

 

In
accordance with the requirements for obtaining certain information under the Pooling and Servicing Agreement (the “Agreement”),
dated as of May 1, 2020, between J.P. Morgan Chase Commercial Mortgage Securities Corp., as depositor, Midland Loan Services,
a Division of PNC Bank, National Association, as master servicer and special servicer, and Wells Fargo Bank, National Association,
as trustee, certificate administrator, paying agent and custodian, with respect to any Companion Loan (as defined in the Agreement),
the undersigned hereby certifies and agrees as follows:

 

1.           The undersigned is a Companion Loan Noteholder (as defined in the Agreement).

 

2.           The undersigned is requesting access pursuant to the Agreement to certain information (the “Information”) on
the Certificate Administrator’s Website.

 

In
consideration of the disclosure to the undersigned of the Information, or the access thereto, the undersigned shall keep the Information
confidential (except from such outside persons as are assisting it in making an evaluation in connection with purchasing the related
Certificates, from its accountants and attorneys, and otherwise from such governmental or banking authorities or agencies to which
the undersigned is subject), and such Information shall not, without the prior written consent of the Depositor, be otherwise
disclosed by the undersigned or by its officers, directors, partners, employees, agents or representatives (collectively, the
“Representatives”) in any manner, in whole or in part.

 

     FF-1

     

    

 

The
undersigned shall not use or disclose the Information in any manner which could result in a violation of any provision of the
Securities Act of 1933, as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended,
or would require registration of any Certificate not previously registered pursuant to Section 5 of the Securities Act.

 

3.           The undersigned agrees that each time it accesses the Certificate Administrator’s Website, the undersigned is deemed to
have recertified that the representations contained herein remain true and correct.

 

4.           The undersigned shall be fully liable for any breach of this agreement by itself or any of its Representatives and shall indemnify
the Depositor, the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer, the Initial Purchasers,
the Loan-Specific Initial Purchasers and the Trust Fund for any loss, liability or expense incurred thereby with respect to any
such breach by the undersigned or any of its Representatives.

 

5.           Capitalized terms used but not defined herein shall have the respective meanings assigned thereto in the Agreement.

 

IN
WITNESS WHEREOF, the undersigned has caused its name to be signed hereto by its duly authorized officer, as of the day and year
written above.

 

	 	[Companion
Loan Noteholder]
	 	 	 
	 	By:	 
	 	 	Title:

    Company:

    Phone:

 

 

     FF-2

     

    

 

EXHIBIT
GG

 

[RESERVED]

 

     GG-1

     

    

 

EXHIBIT
HH

 

[RESERVED]

 

     HH-1

     

    

 

EXHIBIT
II

 

[RESERVED]

 

     II-1

     

    

 

EXHIBIT
JJ

 

[RESERVED]

 

     JJ-1

     

    

 

EXHIBIT
KK

 

[RESERVED]

 

     KK-1

     

    

 

EXHIBIT
LL

 

[RESERVED]

 

     LL-1

     

    

 

EXHIBIT
MM

 

FORM
OF CERTIFICATE ADMINISTRATOR RECEIPT OF THE RETAINED CERTIFICATES

 

[Date]

 

[Retaining
Party]

 

		Re:	Benchmark 2020-IG3 Mortgage Trust Commercial Mortgage
Pass-Through Certificates, Series 2020-IG3 (J.P. Morgan Chase Commercial Mortgage Securities Corp. as Depositor) 	 

 

In
accordance with Section 5.02(m) of the Pooling and Servicing Agreement, dated as of May 1, 2020 (the “Agreement”),
pursuant to which the captioned series of commercial mortgage pass-through certificates (the “Certificates”)
were issued and the RR Interest was created, the undersigned, as Certificate Administrator, hereby acknowledges receipt and possession
of, and further agrees that it will hereafter hold in the Retained Interest Safekeeping Account, the Certificates identified on
Schedule I attached hereto (the “Subject Certificates”), which constitute some or all of the [Class RR Certificates][RR
Interest][BX-VRR Interest][T333-VRR Interest][825S-VRR Interest], for the benefit of [Retaining Party], the registered holder
of the Subject Certificates, pursuant to the Agreement. Payments on the Subject Certificates will be made to the registered holder
thereof in accordance with the Agreement, including pursuant to any written wiring instructions provided in accordance with the
Agreement [and/or attached hereto].

 

This
receipt is solely for the benefit of the addressee and is non-transferable. Possession of this receipt by any other Person will
not entitle such Person to delivery of, or any rights in respect of, the Subject Certificates. The Subject Certificates are subject
to the restrictions on transfer set forth in, and may not be released from the Retained Interest Safekeeping Account except in
accordance with, the Agreement.

 

Capitalized
terms used but not defined herein shall have the respective meanings set forth in the Agreement.

 

	 	WELLS
    FARGO BANK, NATIONAL 

    Association,

    not in its individual capacity

    but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Name:

    Title:

  

     MM-1

     

    

 

Schedule
I

 

Certificates
Registered in the Name of [Retaining Party]

 

	Class

(CUSIP)
	Certificate

No. 
	Initial

Certificate Balance 

	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

     MM-2

     

    

 

[Wiring
Instructions]

 

     MM-3

     

    

 

EXHIBIT
NN

 

Form
of NOTICE OF PURCHASE OF A BX INDUSTRIAL Portfolio 

CONTROLLING CLASS CERTIFICATE, a Tower 333 Controlling CLass 

Certificate and/or
an 825 South Hill COntrolling Class 

Certificate

 

[Date]

 

Wells
Fargo Bank, National Association

     as Certificate Administrator

9062 Old Annapolis Road

Columbia,
Maryland 21045-1951

Attention:
Corporate Trust Services (CMBS) 

Benchmark
2020-IG3

 

		Re:	Benchmark 2020-IG3 Mortgage Trust Commercial Mortgage
Pass-Through Certificates, Series 2020-IG3 (the “Certificates”) issued pursuant to the Pooling and Servicing Agreement
(the “Pooling and Servicing Agreement”), dated as of May 1, 2020, between J.P. Morgan Chase Commercial Mortgage Securities
Corp., as Depositor, Midland Loan Services, a Division of PNC Bank, National Association, as Master Servicer and Special Servicer,
and Wells Fargo Bank, National Association, as Certificate Administrator and Trustee. 	 

 

This
letter is delivered to you, pursuant to Section 3.35(c) of the Pooling and Servicing Agreement in connection with the transfer
by ____________ (the “Transferor”) to us (the “Transferee”) of $__________________ original
principal balance of the Class [BX-A][BX-B][BX-C][T333-A][T333-B][T333-C][T333-D][825S-A][825S-B][825S-C][825S-D][825S-E] Certificates,
representing [_____]% of the Class [BX-A][BX-B][BX-C][T333-A][T333-B][T333-C][T333-D][825S-A][825S-B][825S-C][825S-D][825S-E]
Certificates. The Loan-Specific Certificates were issued pursuant to the Pooling and Servicing Agreement.

 

	 	1.	Our
name and address is as follows:	 
			 	 
	 	 	 	 
	 	 	 	 
	 	 	Contact Info: [Tel/Email]	 

 

		2.	[IF
                                         APPLICABLE] We hereby certify, represent and warrant to you, as Certificate Administrator,
                                         that we are purchasing a majority interest in the Class [BX-A][BX-B][BX-C][T333-A][T333-B][T333-C][T333-D][825S-A][825S-B][825S-C][825S-D][825S-E]
                                         Certificates.

 

     NN-1

     

    

 

All
capitalized terms used but not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing
Agreement.

 

	 	Very
truly yours,
	 	 
	 	      (Transferee)
	 	 	 
	 	By:	 
	 	 	 
	 	 	Name:

    Title:

 

     NN-2

     

    

 

SCHEDULE
I

 

[Reserved]

 

     Sch. I-1

     

    

 

SCHEDULE
II

 

SERVICING
CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

 

The
assessment of compliance to be delivered shall address, at a minimum, the criteria identified below as “Relevant Servicing
Criteria” (with each Servicing Function Participant deemed to be responsible for the items applicable to the functions it
is performing and for which the party that retained such Servicing Function Participant is responsible):

 

	Relevant
    Servicing Criteria	Applicable
    Party(ies)
	Reference	Criteria	 
	 	General
    Servicing Considerations	 
	1122(d)(1)(i)	Policies
    and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction
    agreements.	Cert.
    Admin.

    Master Servicer

    Special Servicer
	1122(d)(1)(ii)	If
    any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third
    party’s performance and compliance with such servicing activities.	Cert.
    Admin.

    Master Servicer

    Special Servicer
	1122(d)(1)(iii)	Any
    requirements in the transaction agreements to maintain a back-up servicer for the mortgage loans are maintained.	N/A
	1122(d)(1)(iv)	A
    fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout
    the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements.	Master
    Servicer

    Special Servicer
	1122(d)(1)(v)	Aggregation
    of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information.	Master
    Servicer

    Special Servicer

    Certificate Administrator
	 	Cash
    Collection and Administration	 
	1122(d)(2)(i)	Payments
    on mortgage loans are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than
    two business days following receipt, or such other number of days specified in the transaction agreements.	Master
    Servicer

    Special Servicer
	1122(d)(2)(ii)	Disbursements
    made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.	Cert.
    Admin.

 

 

     Sch. II-1

     

    

 

	Relevant
    Servicing Criteria	Applicable
    Party(ies)
	Reference	Criteria	 
	1122(d)(2)(iii)	Advances
    of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such
    advances, are made, reviewed and approved as specified in the transaction agreements.	Trustee

    Master Servicer

    Special Servicer
	1122(d)(2)(iv)	The
    related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization,
    are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements.	Cert.
    Admin.

    Master Servicer

    Special Servicer
	1122(d)(2)(v)	Each
    custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements.  For
    purposes of this criterion, “federally insured depository institution” with respect to a foreign financial institution
    means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act.	Cert.
    Admin.

    Master Servicer

    Special Servicer
	1122(d)(2)(vi)	Unissued
    checks are safeguarded so as to prevent unauthorized access.	Cert.
    Admin.

    Master Servicer

    Special Servicer
	1122(d)(2)(vii)	Reconciliations
    are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related
    bank clearing accounts.  These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar
    days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed
    and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling
    items.  These reconciling items are resolved within 90 calendar days of their original identification, or such other
    number of days specified in the transaction agreements.	Cert.
    Admin.

    Master Servicer

    Special Servicer
	 	Investor
    Remittances and Reporting	 

 

     Sch. II-2

     

    

 

	Relevant
    Servicing Criteria	Applicable
    Party(ies)
	Reference	Criteria	 
	1122(d)(3)(i)	Reports
    to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements
    and applicable Commission requirements.  Specifically, such reports (A) are prepared in accordance with timeframes
    and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified
    in the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with
    investors’ or the trustee’s records as to the total unpaid principal balance and number of mortgage loans serviced
    by the Master Servicer.	Cert.
    Admin.

    

	1122(d)(3)(ii)	Amounts
    due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth
    in the transaction agreements.	Cert.
    Admin.
	1122(d)(3)(iii)	Disbursements
    made to an investor are posted within two business days to the Master Servicer’s investor records or Certificate Administrator’s
    investor records, or such other number of days specified in the transaction agreements.	Cert.
    Admin.

     
	1122(d)(3)(iv)	Amounts
    remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.	Cert.
    Admin.
	 	Pool
    Asset Administration	 
	1122(d)(4)(i)	Collateral
    or security on mortgage loans is maintained as required by the transaction agreements or related mortgage loan documents.	Custodian

    Master Servicer

    Special Servicer
	1122(d)(4)(ii)	Mortgage
    loan and related documents are safeguarded as required by the transaction agreements.	Custodian
	1122(d)(4)(iii)	Any
    additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or
    requirements in the transaction agreements.	Master
    Servicer

    Special Servicer

 

     Sch. II-3

     

    

 

	Relevant
    Servicing Criteria	Applicable
    Party(ies)
	Reference	Criteria	 
	1122(d)(4)(iv)	Payments
    on mortgage loans, including any payoffs, made in accordance with the related mortgage loan documents are posted to the Master
    Servicer’s obligor records maintained no more than two business days after receipt, or such other number of days specified
    in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related
    mortgage loan documents.	Master
    Servicer
	1122(d)(4)(v)	The
    Master Servicer’s records regarding the mortgage loans agree with the Master Servicer’s records with respect to
    an obligor’s unpaid principal balance.	Master
    Servicer
	1122(d)(4)(vi)	Changes
    with respect to the terms or status of an obligor’s mortgage loans (e.g., loan modifications or re-agings) are made,
    reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents.	Master
    Servicer

    Special Servicer
	1122(d)(4)(vii)	Loss
    mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and
    repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements
    established by the transaction agreements.	Special
    Servicer

    

	1122(d)(4)(viii)	Records
    documenting collection efforts are maintained during the period a mortgage loan is delinquent in accordance with the transaction
    agreements.  Such records are maintained on at least a monthly basis, or such other period specified in the transaction
    agreements, and describe the entity’s activities in monitoring delinquent mortgage loans including, for example, phone
    calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment).	Master
    Servicer

    Special Servicer
	1122(d)(4)(ix)	Adjustments
    to interest rates or rates of return for mortgage loans with variable rates are computed based on the related mortgage loan
    documents.	Master
    Servicer

 

     Sch. II-4

     

    

 

	Relevant
    Servicing Criteria	Applicable
    Party(ies)
	Reference	Criteria	 
	1122(d)(4)(x)	Regarding
    any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor’s
    mortgage loan documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest
    on such funds is paid, or credited, to obligors in accordance with applicable mortgage loan documents and state laws; and
    (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related mortgage loans, or such
    other number of days specified in the transaction agreements.	Master
    Servicer
	1122(d)(4)(xi)	Payments
    made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates,
    as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer
    at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.	Master
    Servicer
	1122(d)(4)(xii)	Any
    late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer’s
    funds and not charged to the obligor, unless the late payment was due to the obligor’s error or omission.	Master
    Servicer
	1122(d)(4)(xiii)	Disbursements
    made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the servicer,
    or such other number of days specified in the transaction agreements.	Master
    Servicer
	1122(d)(4)(xiv)	Delinquencies,
    charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.	Master
    Servicer
	1122(d)(4)(xv)	Any
    external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained
    as set forth in the transaction agreements.	N/A

 

At
all times that the Master Servicer and Special Servicer are the same entity, the Master Servicer and the Special Servicer may
provide a combined assessment of compliance in respect of their combined responsibilities under Section 1122 of Regulation AB.

 

     Sch. II-5

     

    

 

SCHEDULE
III

 

Class
A-SB Planned Principal Balance

 

	Distribution
                                         Date

        
	 	Balance($)

        
	 	Distribution
                                         Date

        
	 	Balance($) 

	6/15/2020	 	 $14,101,873.98
    	 	4/15/2025	 	 $4,330,091.17
    
	7/15/2020	 	 $13,946,318.77
    	 	5/15/2025	 	 $4,147,500.70
    
	8/15/2020	 	 $13,790,333.20
    	 	6/15/2025	 	 $3,964,405.06
    
	9/15/2020	 	 $13,633,916.06
    	 	7/15/2025	 	 $3,780,802.86
    
	10/15/2020	 	 $13,477,066.17
    	 	8/15/2025	 	 $3,596,692.68
    
	11/15/2020	 	 $13,319,782.33
    	 	9/15/2025	 	 $3,412,073.14
    
	12/15/2020	 	 $13,162,063.34
    	 	10/15/2025	 	 $3,226,942.82
    
	1/15/2021	 	 $13,003,907.99
    	 	11/15/2025	 	 $3,041,300.31
    
	2/15/2021	 	 $12,845,315.08
    	 	12/15/2025	 	 $2,855,144.18
    
	3/15/2021	 	 $12,686,283.40
    	 	1/15/2026	 	 $2,668,473.02
    
	4/15/2021	 	 $12,526,811.72
    	 	2/15/2026	 	 $2,481,285.40
    
	5/15/2021	 	 $12,366,898.84
    	 	3/15/2026	 	 $2,293,579.90
    
	6/15/2021	 	 $12,206,543.53
    	 	4/15/2026	 	 $2,105,355.08
    
	7/15/2021	 	 $12,045,744.58
    	 	5/15/2026	 	 $1,916,609.51
    
	8/15/2021	 	 $11,884,500.74
    	 	6/15/2026	 	 $1,727,341.74
    
	9/15/2021	 	 $11,722,810.80
    	 	7/15/2026	 	 $1,537,550.33
    
	10/15/2021	 	 $11,560,673.52
    	 	8/15/2026	 	 $1,347,233.83
    
	11/15/2021	 	 $11,398,087.66
    	 	9/15/2026	 	 $1,156,390.78
    
	12/15/2021	 	 $11,235,051.98
    	 	10/15/2026	 	 $   965,019.74
    
	1/15/2022	 	 $11,071,565.23
    	 	11/15/2026	 	 $   773,119.24
    
	2/15/2022	 	 $10,907,626.18
    	 	12/15/2026	 	 $   580,687.81
    
	3/15/2022	 	 $10,743,233.55
    	 	1/15/2027	 	 $   387,723.99
    
	4/15/2022	 	 $10,578,386.10
    	 	2/15/2027	 	 $   194,226.30
    
	5/15/2022	 	 $10,413,082.58
    	 	3/15/2027
    and thereafter	 	$0.00
	6/15/2022	 	 $10,247,321.71
    	 	 	 	 
	7/15/2022	 	 $10,081,102.25
    	 	 	 	 
	8/15/2022	 	 $  9,914,422.90
    	 	 	 	 
	9/15/2022	 	 $  9,747,282.41
    	 	 	 	 
	10/15/2022	 	 $  9,579,679.50
    	 	 	 	 
	11/15/2022	 	 $  9,411,612.89
    	 	 	 	 
	12/15/2022	 	 $  9,243,081.29
    	 	 	 	 
	1/15/2023	 	 $  9,074,083.43
    	 	 	 	 
	2/15/2023	 	 $  8,904,618.00
    	 	 	 	 
	3/15/2023	 	 $  8,734,683.72
    	 	 	 	 
	4/15/2023	 	 $  8,564,279.29
    	 	 	 	 
	5/15/2023	 	 $  8,393,403.40
    	 	 	 	 
	6/15/2023	 	 $  8,222,054.76
    	 	 	 	 
	7/15/2023	 	 $  8,050,232.05
    	 	 	 	 
	8/15/2023	 	 $  7,877,933.97
    	 	 	 	 
	9/15/2023	 	 $  7,705,159.20
    	 	 	 	 
	10/15/2023	 	 $  7,531,906.42
    	 	 	 	 
	11/15/2023	 	 $  7,358,174.31
    	 	 	 	 
	12/15/2023	 	 $  7,183,961.53
    	 	 	 	 
	1/15/2024	 	 $  7,009,266.76
    	 	 	 	 
	2/15/2024	 	 $  6,834,088.67
    	 	 	 	 
	3/15/2024	 	 $  6,658,425.93
    	 	 	 	 
	4/15/2024	 	 $  6,482,277.19
    	 	 	 	 
	5/15/2024	 	 $  6,305,641.09
    	 	 	 	 
	6/15/2024	 	 $  6,128,516.31
    	 	 	 	 
	7/15/2024	 	 $  5,950,901.48
    	 	 	 	 
	8/15/2024	 	 $  5,772,795.25
    	 	 	 	 
	9/15/2024	 	 $  5,594,196.26
    	 	 	 	 
	10/15/2024	 	 $  5,415,103.14
    	 	 	 	 
	11/15/2024	 	 $  5,235,514.53
    	 	 	 	 
	12/15/2024	 	  $
    5,055,429.07 	 	 	 	 
	1/15/2025	 	 $
     4,874,845.36 	 	 	 	 
	2/15/2025	 	 $  4,693,762.04
    	 	 	 	 
	3/15/2025	 	 $4,512,177.87
    	 	 	 	 

     Sch. III-1

     

    

 

SCHEDULE
IV

 

ADDITIONAL
FORM 10-D DISCLOSURE

  

For
so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, the parties identified
in the “Party Responsible” column (with each Servicing Function Participant deemed to be responsible for the following
items for which the party that retained such Servicing Function Participant is responsible) are obligated pursuant to Section
10.06 of the Pooling and Servicing Agreement to disclose to each Other Trustee and Other Depositor any information described in
the corresponding Form 10-D Item described in the “Item on Form 10-D” column to the extent such party has actual knowledge
(and in the case of financial statements required to be provided in connection with Item 6 below, possession) of such information
(other than information as to itself). Each of the Certificate Administrator, the Paying Agent, the Trustee, the Master Servicer,
the Special Servicer (in its capacity as such), each Other Trustee and the Other Depositor shall be entitled to rely on the accuracy
of the Offering Circular and the offering materials with respect to any related Other Securitization Trust (other than information
with respect to itself that is set forth in or omitted from such offering materials or the Offering Circular), in the absence
of specific written notice to the contrary from the Depositor, Other Depositor or Mortgage Loan Sellers. Each of the Certificate
Administrator, the Paying Agent, the Trustee, the Master Servicer, the Special Servicer (in its capacity as such), each Other
Trustee and the Other Depositor shall be entitled to conclusively assume that there is no “significant obligor” other
than a party identified as such in the prospectus supplement relating to the Other Securitization. For this Benchmark 2020-IG3
Mortgage Trust Pooling and Servicing Agreement and any Other Securitization Trust, each of the Certificate Administrator, the
Paying Agent, the Trustee, the Master Servicer, the Special Servicer (in its capacity as such), each Other Trustee and the Other
Depositor shall be entitled to assume that there is no provider of credit enhancement, liquidity or derivative instruments within
the meaning of Items 1114 or 1115 of Regulation AB other than a party identified as such in the Offering Circular and the offering
materials with respect to any related Other Securitization Trust.

 

	Item
    on Form 10-D	Party
    Responsible
	Item
    1: Distribution and Pool Performance Information: Only with respect to any information required by 1121 which is NOT included
    on the Distribution Date Statement	●     Each
        Master Servicer (only with respect to 1121(a)(12) as to non-Specially Serviced Loans)

        

        ●     Special
        Servicer (only with respect to 1121(a)(12) as to Specially Serviced Loans)

        

        ●     Depositor

        

        ●     Certificate
        Administrator

        

	Item
    2: Legal Proceedings:

    Item 1117 of Regulation AB (to the extent material to Certificateholders)	●    
        Master Servicer (as to itself)

        

        ●    
        Special Servicer (as to itself)

        

        ●    
        Trustee (as to itself)

  

    Sch. IV-1

     

    

 

	 	●    
        Certificate Administrator (as to itself)

        

        ●    
        Depositor (as to itself)

        

        ●    
        Any other Reporting Servicer (as to itself)

        

        ●     Trustee/Certificate
        Administrator/Master Servicer/Depositor/Special Servicer as to the Trust

        

        ●     Each
        Mortgage Loan Seller

        

        ●     Originators
        under Item 1110 of Regulation AB (to be provided by the Depositor)

        

        ●     Party
        under Item 1100(d)(1) of Regulation AB (to be provided by the Depositor) 

	Item
    3:  Sale of Securities and Use of Proceeds	●     Depositor
	Item
    4:  Defaults Upon Senior Securities	●    
        Certificate Administrator

        ●    
        Trustee

	Item
    5:  Submission of Matters to a Vote of Security Holders	●     Certificate
    Administrator
	Item
    6:  Significant Obligors of Pool Assets	●     Master
    Servicer
	Item
    7:  Significant Enhancement Provider Information	●     N/A
	Item
    8:  Other Information (information required to be disclosed on Form 8-K that was not properly disclosed)	●     Any
    party responsible for disclosure items on Form 8-K to the extent of such items
	Item
    9:  Exhibits	●    
        Depositor (exhibits required by Item 601 of Regulation S-K, such as material agreements)

        ●    
        Certificate Administrator (Monthly Statement to Certificateholders)

 

    Sch. IV-2

     

    

 

SCHEDULE
V

 

ADDITIONAL
FORM 10-K DISCLOSURE

 

For
so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, the parties identified
in the “Party Responsible” column (with each Servicing Function Participant deemed to be responsible for the following
items for which the party that retained such Servicing Function Participant is responsible) are obligated pursuant to Section
10.07 of the Pooling and Servicing Agreement to disclose to each Other Trustee Party and the Other Depositor any information
described in the corresponding Form 10-K Item described in the “Item on Form 10-K” column to the extent such party
has actual knowledge (and in the case of financial statements required to be provided in connection with 1112(b) below, possession)
of such information (other than information as to itself). Each of the Certificate Administrator, the Paying Agent, the Trustee,
the Master Servicer, the Special Servicer (in its capacity as such), each Other Trustee and the Other Depositor shall be entitled
to rely on the accuracy of the Offering Circular and the offering materials with respect to any related Other Securitization Trust
(other than information with respect to itself that is set forth in or omitted from such offering materials or the Offering Circular),
in the absence of specific written notice to the contrary from the Depositor, the Other Depositor or Mortgage Loan Sellers. Each
of the Certificate Administrator, the Paying Agent, the Trustee, the Master Servicer, the Special Servicer (in its capacity as
such), each Other Trustee and the Other Depositor shall be entitled to conclusively assume that there is no “significant
obligor” other than a party identified as such in the prospectus supplement relating to the Other Securitization. For this
Benchmark 2020-IG3 Mortgage Trust Pooling and Servicing Agreement and any Other Securitization, each of the Certificate Administrator,
the Paying Agent, the Trustee, the Master Servicer, the Special Servicer (in its capacity as such), each Other Trustee and the
Other Depositor shall be entitled to assume that there is no provider of credit enhancement, liquidity or derivative instruments
within the meaning of Items 1114 or 1115 of Regulation AB other than a party identified as such in the Offering Circular and the
offering materials with respect to any related Other Securitization Trust.

 

	Item
    on Form 10-K	Party
    Responsible
	Item
    1B: Unresolved Staff Comments	●     Depositor
	Item
    9B:  Other Information (information required to be disclosed on Form 8-K that was not properly disclosed)	●     Any
    party responsible for disclosure items on Form 8-K to the extent of such items
	Item
    15:  Exhibits, Financial Statement Schedules	●     Certificate
        Administrator

        ●     Depositor

	Additional
    Item:

    Disclosure per Item 1112(b)(1) of Regulation AB	●     Master
    Servicer
	Additional
    Item:

    Disclosure per Items 1114(b)(2) and 1115(b) of Regulation AB	●     N/A

 

    Sch. V-1

     

    

 

	Additional
    Item:

    Disclosure per Item 1117 of Regulation AB (to the extent material to Certificateholders)	●     Master
        Servicer (as to itself)

        ●     Special
        Servicer (as to itself)

        ●     Certificate
        Administrator (as to itself)

        ●     Trustee
        (as to itself)

        ●     Depositor
        (as to itself)

        ●     Any
        other Reporting Servicer (as to itself)

        ●     Trustee/Certificate
        Administrator/Master Servicer/Depositor/Special Servicer as to the Trust

        ●     Each
        Mortgage Loan Seller

        ●     Originators
        under Item 1110 of Regulation AB (to be provided by the Depositor)

        ●     Party
        under Item 1100(d)(1) of Regulation AB (to be provided by the Depositor)

        
	Additional
    Item:

    Disclosure per Item 1119 of Regulation AB	●     Master
        Servicer (as to itself) (to the extent material to Certificateholders and only as to affiliations under 1119(a) with the
        Trustee, Certificate Administrator, Special Servicer or a sub-servicer meeting any of the descriptions in Item 1108(a)(3))

        ●     Special
        Servicer (as to itself) (to the extent material to Certificateholders and only as to affiliations under 1119(a) with the
        Trustee, Certificate Administrator, Master Servicer or a sub-servicer meeting any of the descriptions in Item 1108(a)(3))

        ●     Certificate
        Administrator (as to itself) (to the extent material to Certificateholders)

        ●     Trustee
        (as to itself) (to the extent material to Certificateholders)

        ●     Depositor
        (as to itself)

        ●     Depositor
        (as to the Trust)

        ●     Each
        Mortgage Loan Seller

        ●     Originators
        under Item 1110 of Regulation AB (to be provided by the Depositor)

        ●     Party
        under Item 1100(d)(1) of Regulation AB (to be provided by the Depositor)

 

    Sch. V-2

     

    

 

SCHEDULE
VI

 

FORM
8-K DISCLOSURE INFORMATION

 

For
so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, the parties identified
in the “Party Responsible” column (with each Servicing Function Participant deemed to be responsible for the following
items for which the party that retained such Servicing Function Participant is responsible) are obligated pursuant to Section
10.09 of the Pooling and Servicing Agreement to disclose to each Other Trustee and the Other Depositor the occurrence of any
event described in the corresponding Form 8-K Item described in the “Item on Form 8-K” column to the extent such party
has actual knowledge of such information (other than information as to itself). Each of the Certificate Administrator, the Paying
Agent, the Trustee, the Master Servicer, the Special Servicer (in its capacity as such), each Other Trustee and the Other Depositor
shall be entitled to rely on the accuracy of the Offering Circular and the offering materials with respect to any related Other
Securitization Trust (other than information with respect to itself that is set forth in or omitted from such offering materials
or the Offering Circular), in the absence of specific written notice to the contrary from the Depositor, the Other Depositor or
Mortgage Loan Sellers. Each of the Certificate Administrator, the Paying Agent, the Trustee, the Master Servicer, the Special
Servicer (in its capacity as such), each Other Trustee and the Other Depositor shall be entitled to conclusively assume that there
is no “significant obligor” other than a party identified as such in the prospectus supplement relating to the Other
Securitization. For this Benchmark 2020-IG3 Mortgage Trust Pooling and Servicing Agreement and any Other Securitization, each
of the Certificate Administrator, the Paying Agent, the Trustee, the Master Servicer, the Special Servicer (in its capacity as
such), each Other Trustee and the Other Depositor shall be entitled to assume that there is no provider of credit enhancement,
liquidity or derivative instruments within the meaning of Items 1114 or 1115 of Regulation AB other than a party identified as
such in the Offering Circular and the offering materials with respect to any related Other Securitization Trust.

 

	Item
    on Form 8-K	Party
    Responsible 
	Item
    1.01- Entry into a Material Definitive Agreement

    

    Disclosure is required regarding entry into or amendment of any definitive agreement that is material to the securitization,
    even if depositor is not a party.  

    

    Examples: servicing agreement, custodial agreement.	●     Trustee/Certificate
    Administrator/Master Servicer/Depositor/Special Servicer as to the Trust (only as to the agreements such entity is a party
    to or entered into on behalf of the Trust)
	Item
    1.02- Termination of a Material Definitive Agreement

    

    Disclosure is required regarding termination of  any definitive agreement that is material to the	●     Trustee/Certificate
    Administrator/Master Servicer/Depositor/Special Servicer as to the Trust  (only as to the agreements such entity
    is a party to or entered into on behalf of the Trust)

 

    Sch. VI-1

     

    

 

	Item
    on Form 8-K	Party
    Responsible 
	securitization
    (other than expiration in accordance with its terms), even if depositor is not a party.  

    

    Examples: servicing agreement, custodial agreement.	 
	Item
    1.03- Bankruptcy or Receivership	●     Depositor
	Item
    2.04- Triggering Events that Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet
    Arrangement

    

    Includes an early amortization, performance trigger or other event, including event of default, that would materially alter
    the payment priority/distribution of cash flows/amortization schedule.

    

    Disclosure will be made of events other than waterfall triggers which are disclosed in the monthly statements to the certificateholders.	●     Depositor

        ●     Certificate
        Administrator

         

	Item
    3.03- Material Modification to Rights of Security Holders

    

    Disclosure is required of any material modification to documents defining the rights of Certificateholders, including the
    Pooling and Servicing Agreement.	●     Certificate
    Administrator
	Item
    5.03- Amendments of Articles of Incorporation or Bylaws; Change of Fiscal Year

    

    Disclosure is required of any amendment “to the governing documents of the issuing entity”.	●     Depositor
	Item
    5.06 – Change in Shell Company Status	●     Depositor
	Item
    5.07 – Submission of Matters to a Vote of Security Holders	●     Depositor
	Item
    5.08 – Shareholder Director Nomination	●     Depositor
	Item
    6.01- ABS Informational and Computational Material	●     Depositor
	Item
    6.02- Change of Servicer or Trustee 

    

    Requires disclosure of any removal, replacement, substitution or addition of any master servicer, affiliated servicer, other
    servicer servicing 10% or more of pool assets at time of report, other	●     Master
        Servicer (as to itself or a servicer retained by it)

        ●     Special
        Servicer (as to itself or a servicer retained by it)

        ●     Certificate
        Administrator (as to itself or an entity retained by it)

 

    Sch. VI-2

     

    

  

	Item
    on Form 8-K	Party
    Responsible 
	material
    servicers or trustee.	
        ●     Trustee

        ●     Depositor

	Reg
    AB disclosure about any new servicer or master servicer is also required.	●     Master
    Servicer or Special Servicer, as applicable
	Reg
    AB disclosure about any new Trustee is also required.	●     Trustee
	Reg
    AB disclosure about any new Certificate Administrator is also required.	●     Certificate
    Administrator
	Item
    6.03- Change in Credit Enhancement or Other External Support	N/A
	Item
    6.04- Failure to Make a Required Distribution	●     Certificate
    Administrator
	Item
    6.05- Securities Act Updating Disclosure	●     Depositor
	Item
    7.01- Regulation FD Disclosure	●     Depositor
	Item
    8.01 – Other Events

    

    Any event, with respect to which information is not otherwise called for in Form 8-K, that the registrant deems of importance
    to certificateholders.	●     Depositor
	Item
    9.01 – Financial Statements and Exhibits	●     Responsible
    party for reporting/disclosing the financial statement or exhibit

 

    Sch. VI-3

     

    

 

SCHEDULE
VII

 

INITIAL
SERVICED COMPANION LOAN NOTEHOLDERS

 

	Loan	Companion
    Holder
	BX
    Industrial Portfolio	Initial
        Note A-1-A-2, A-1-A-3, A-1-A-4, A-1-A-5, A-1-A-6, A-1-A-7, A-1-A-8, A-1-C-1, A-1-C-2, A-1-D and A-2 Holders:

         

        Deutsche
        Bank AG, New York Branch

        60 Wall Street, 10th Floor

        New York, New York 10005

        Attention: Robert W. Pettinato, Jr.

        Facsimile No.: (212) 797-4489

        E-mail: Robert.Pettinato@db.com

         

        with
        a copy to:

        Deutsche
        Bank AG, New York Branch

        60 Wall Street, 10th Floor

        New York, New York 10005

        Attention: General Counsel

        Facsimile No. (646) 736-5721

	Tower
    333	Initial
        Note B and C Holder:

         

        DBR
        Investments Co. Limited

        60 Wall Street, 10th Floor

        New York, New York 10005

        Attention: Robert W. Pettinato, Jr.

        Facsimile No.: (212) 797-4489

        E-mail: Robert.Pettinato@db.com

         

        with
        a copy to:

        DBR
        Investments Co. Limited

        60 Wall Street, 10th Floor

        New York, New York 10005

        Attention: General Counsel

        Facsimile No. (646) 736-5721

         

        Note
        A-1 and A-2 Holder:

         

        Midland
        Loan Services, a Division of PNC Bank, National Association

        10851
        Mastin Street, Suite 700

        Overland
        Park, Kansas 66210

        Attention:
        Executive Vice President – Division Head

        Facsimile:
        (888) 706-3565

         

        with
        a copy to:

        

        Stinson LLP

        1201 Walnut Street, Suite 2900

        Kansas City, Missouri 64106-2150

        Attention: Kenda K. Tomes

        Facsimile: (816) 412-9338

 

    Sch. VII-1

     

    

 

	 	Email:
    kenda.tomes@stinson.com
	825
    South Hill	Initial
        Note A-1 Holder:

        American
        General Life Insurance Company

        c/o
        AIG Investments

        777
        S. Figueroa Street, 16th Floor

        Los
        Angeles, California 90017-5800

        

        Attention:
        VP-Servicing, Commercial Mortgage Lending

         

        with
        a copy to:

         

        Katten
        Muchin Rosenman LLP

        2029
        Century Park East, Suite 2600

        Los
        Angeles, California 90067-3012

        Attention:
        Adam J. Engel, Esq.

         

        Initial
        Note A-2 Holder:

         

        The
        United States Life Insurance Company in the City of New York

        c/o
        AIG Investments

        777
        S. Figueroa Street, 16th Floor

        Los
        Angeles, California 90017-5800

        Attention:
        VP-Servicing, Commercial Mortgage Lending

         

        with
        a copy to:

         

        Katten
        Muchin Rosenman LLP

        2029
        Century Park East, Suite 2600

        Los
        Angeles, California 90067-3012

        Attention:
        Adam J. Engel, Esq.

         

        Initial
        Note A-3 Holder:

         

        The
        Variable Annuity Life Insurance Company

        c/o
        AIG Investments

        777
        S. Figueroa Street, 16th Floor

        Los
        Angeles, California 90017-5800

        Attention:
        VP-Servicing, Commercial Mortgage Lending

         

        with
        a copy to:

         

        Katten
        Muchin Rosenman LLP

        2029
        Century Park East, Suite 2600

        Los
        Angeles, California 90067-3012

        Attention:
        Adam J. Engel, Esq.

         

 

    Sch. VII-2

     

    

 

SCHEDULE
VIII

 

CONTACT
INFORMATION FOR THE OTHER 17G-5 INFORMATION PROVIDER

 

None.

 

    Sch. VIII-1

     

    

 

SCHEDULE
IX

 

MORTGAGE
LOANS WITH “PERFORMANCE”, “EARN-OUT” OR “HOLDBACK” 

ESCROWS OR RESERVES EXCEEDING 10% OF THE
STATED PRINCIPAL 

BALANCE OF THE MORTGAGE LOAN OR WHOLE LOAN, AS APPLICABLE, AS 

OF THE CUT-OFF DATE

 

	Loan
    No.	Loan	Reserve
    Type	Amount
	5	Tower
    333	TI/LC	$51,939,067

 

    Sch. IX-1Exhibit 4.5

 

 

EXECUTION VERSION

 

	 

 

GS MORTGAGE SECURITIES CORPORATION II
 

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

 

PENTALPHA SURVEILLANCE LLC,

 

as Operating Advisor 

 

 

 

TRUST AND SERVICING AGREEMENT

Dated
as of December 20, 2019

 

 

 

BWAY Trust 2019-1633
Commercial Mortgage Pass-Through Certificates, Series 2019-1633

 

	 

 

 

     

     

    

 

	 	TABLE
    OF CONTENTS	 
	 	 	 
	 	ARTICLE
    1	 
	 	 	 
	 	DEFINITIONS	 
	 	 	 
	Section
    1.1	Definitions	5
	Section
    1.2	Interpretation	62
	Section
    1.3	Certain
    Calculations in Respect of the Trust Loan or the Whole Loan	62
	 	 	 
	 	ARTICLE
    2	 
	 	 	 
	 	DECLARATION
    OF TRUST; ORIGINAL ISSUANCE OF CERTIFICATES	 
	 	 	 
	Section
    2.1	Creation
    and Declaration of Trust; Conveyance of the Trust Loan	65
	Section
    2.2	Acceptance
    by the Trustee, the Custodian and the Certificate Administrator	69
	Section
    2.3	Representations
    and Warranties of the Trustee	70
	Section
    2.4	Representations
    and Warranties of the Servicer	72
	Section
    2.5	Representations
    and Warranties of the Special Servicer	73
	Section
    2.6	Representations
    and Warranties of the Depositor	74
	Section
    2.7	Representations
    and Warranties of the Certificate Administrator	75
	Section
    2.8	Representations
    and Warranties of the Operating Advisor	77
	Section
    2.9	Representations
    and Warranties Contained in the Loan Purchase Agreement	78
	Section
    2.10	Execution
    and Delivery of Certificates; Issuance of Uncertificated Lower-Tier Interests	82
	Section
    2.11	Miscellaneous
    REMIC Provisions	82
	Section
    2.12	Resignation
    Upon Prohibited Risk Retention Affiliation	82
	 	 	 
	 	ARTICLE
    3	 
	 	 	 
	 	ADMINISTRATION
    AND SERVICING OF THE WHOLE LOAN	 
	 	 	 
	 	 	 
	Section
    3.1	Servicer
    to Act as the Servicer; Special Servicer to Act as the Special Servicer	83
	Section
    3.2	Sub-Servicing
    Agreements	84
	Section
    3.3	Cash
    Management Account	86
	Section
    3.4	Collection
    Account	86
	Section
    3.5	Distribution
    Account and Threshold Event Cash Collateral Account	91
	Section
    3.6	Foreclosed
    Property Account	93
	Section
    3.7	Appraisal
    Reductions	93
	Section
    3.8	Investment
    of Funds in the Collection Account, Reserve Accounts and the Foreclosed Property Account	97
	Section
    3.9	Payment
    of Taxes, Assessments, etc	99
	Section
    3.10	Appointment
    of Special Servicer	99

    -i-

     

    

	Section
    3.11	Maintenance
    of Insurance and Errors and Omissions and Fidelity Coverage	105
	Section
    3.12	Procedures
    with Respect to the Trust Loan; Realization upon the Property	108
	Section
    3.13	Custodian
    to Cooperate; Release of Items in the Mortgage File	110
	Section
    3.14	Title
    and Management of Foreclosed Property	111
	Section
    3.15	Sale
    of Foreclosed Property	113
	Section
    3.16	Sale
    of Whole Loan and the Trust Loan	115
	Section
    3.17	Servicing
    Compensation	118
	Section
    3.18	Reports
    to the Certificate Administrator; Account Statements	122
	Section
    3.19	[Reserved]	124
	Section
    3.20	[Reserved]	124
	Section
    3.21	Access
    to Certain Documentation Regarding the Whole Loan and Other Information	124
	Section
    3.22	Inspections;
    Collection of Financial Statements	124
	Section
    3.23	Advances	125
	Section
    3.24	Modifications
    of Mortgage Loan Documents	128
	Section
    3.25	Servicer
    and Special Servicer May Own Certificates	130
	Section
    3.26	Rating
    Agency Confirmations	130
	Section
    3.27	The
    Operating Advisor	132
	Section
    3.28	[Reserved]	139
	Section
    3.29	Credit
    Risk Retention	139
	Section
    3.30	[Reserved]	139
	Section
    3.31	Companion
    Loan Intercreditor Matters	139
	 	 	 
	 	ARTICLE
    4	 
	 	 	 
	 	PAYMENTS
    AND STATEMENTS TO CERTIFICATEHOLDERS	 
	 	 	 
	Section
    4.1	Distributions	141
	Section
    4.2	Withholding
    Tax	144
	Section
    4.3	Allocation
    and Distribution of Yield Maintenance Premiums	145
	Section
    4.4	Statements
    to Certificateholders	145
	Section
    4.5	Investor
    Q&A Forum and Investor Registry	148
	 	 	 
	 	ARTICLE
    5	 
	 	 	 
	 	THE
    CERTIFICATES	 
	 	 	 
	Section
    5.1	The
    Certificates	151
	Section
    5.2	Form
    and Registration	153
	Section
    5.3	Registration
    of Transfer and Exchange of Certificates	155
	Section
    5.4	Mutilated,
    Destroyed, Lost or Stolen Certificates	163
	Section
    5.5	Persons
    Deemed Owners	163
	Section
    5.6	Access
    to List of Certificateholders’ Names and Addresses; Special Notices	163
	Section
    5.7	Maintenance
    of Office or Agency	164

    -ii-

     

    

	 	ARTICLE
    6	 
	 	 	 
	 	THE
    DEPOSITOR, THE SERVICER, THE SPECIAL SERVICER, THE OPERATING ADVISOR AND THE DIRECTING HOLDER	 
	 	 	 
	Section
    6.1	Respective
    Liabilities of the Depositor, the Operating Advisor, the Servicer and the Special Servicer	164
	Section
    6.2	Merger
    or Consolidation of the Servicer, the Special Servicer or the Operating Advisor	164
	Section
    6.3	Limitation
    on Liability of the Depositor, the Servicer, the Special Servicer, the Operating Advisor and Others	165
	Section
    6.4	Termination
    of the Special Servicer	166
	Section
    6.5	The
    Directing Holder	168
	Section
    6.6	Servicer
    and Special Servicer Not to Resign	173
	Section
    6.7	Indemnification
    by the Servicer, the Special Servicer, the Operating Advisor and the Depositor	175
	 	 	 
	 	ARTICLE
    7	 
	 	 	 
	 	SERVICER
    TERMINATION EVENTS; SPECIAL SERVICER TERMINATION EVENTS; TERMINATION OF SPECIAL SERVICER WITHOUT CAUSE	 
	 	 	 
	Section
    7.1	Servicer
    Termination Events; Special Servicer Termination Events	175
	Section
    7.2	Trustee
    to Act; Appointment of Successor	180
	Section
    7.3	Notification
    to Certificateholders, the Depositor and the Rating Agency	182
	Section
    7.4	Other
    Remedies of Trustee	183
	Section
    7.5	Waiver
    of Past Servicer Termination Events and Special Servicer Termination Events	183
	Section
    7.6	Trustee
    as Maker of Advances	183
	 	 	 
	 	ARTICLE
    8	 
	 	 	 
	 	THE
    TRUSTEE, THE CUSTODIAN AND CERTIFICATE ADMINISTRATOR	 
	 	 	 
	Section
    8.1	Duties
    of the Trustee, the Custodian and the Certificate Administrator	184
	Section
    8.2	Certain
    Matters Affecting the Trustee and the Certificate Administrator	187
	Section
    8.3	None
    of the Trustee, the Custodian or the Certificate Administrator is Liable for Certificates or the Trust Loan	190
	Section
    8.4	Trustee,
    Custodian and Certificate Administrator May Own Certificates	192
	Section
    8.5	Trustee’s
    and Certificate Administrator’s Fees and Expenses	192
	Section
    8.6	Eligibility
    Requirements for the Trustee, the Custodian and the Certificate Administrator; Errors and Omissions Insurance	192
	Section
    8.7	Resignation
    and Removal of the Trustee, the Custodian or the Certificate Administrator	194

    -iii-

     

    

	Section
    8.8	Successor
    Trustee or Successor Certificate Administrator	195
	Section
    8.9	Merger
    or Consolidation of the Trustee, the Custodian or the Certificate Administrator	196
	Section
    8.10	Appointment
    of Co-Trustee or Separate Trustee	196
	Section
    8.11	Appointment
    of Authenticating Agent	198
	Section
    8.12	Indemnification
    by the Trustee, the Custodian and the Certificate Administrator	199
	Section
    8.13	Certificate
    Administrator and Servicer Not Responsible for Inconsistent Payment Information	199
	Section
    8.14	Access
    to Certain Information	199
	 	 	 
	 	ARTICLE
    9	 
	 	 	 
	 	TERMINATION	 
	 	 	 
	Section
    9.1	Termination	205
	Section
    9.2	Additional
    Termination Requirements	206
	Section
    9.3	Trusts
    Irrevocable	207
	 	 	 
	 	ARTICLE
    10	 
	 	 	 
	 	MISCELLANEOUS
    PROVISIONS	 
	 	 	 
	Section
    10.1	Amendment	207
	Section
    10.2	Recordation
    of Agreement; Counterparts	211
	Section
    10.3	Governing
    Law; Submission to Jurisdiction; Waiver of Jury Trial	211
	Section
    10.4	Notices	212
	Section
    10.5	Notices
    to the Rating Agency	215
	Section
    10.6	Severability
    of Provisions	216
	Section
    10.7	Limitation
    on Rights of Certificateholders	216
	Section
    10.8	Certificates
    Nonassessable and Fully Paid	216
	Section
    10.9	Reproduction
    of Documents	217
	Section
    10.10	No
    Partnership	217
	Section
    10.11	Actions
    of Certificateholders	217
	Section
    10.12	Successors
    and Assigns	217
	Section
    10.13	Acceptance
    by Authenticating Agent, Certificate Registrar	218
	Section
    10.14	Streit
    Act	218
	Section
    10.15	Assumption
    by Trust of Duties and Obligations of the Sponsors Under the Mortgage Loan Documents	218
	Section
    10.16	Notice
    to the Rating Agency	219
	Section
    10.17	Exchange
    Act Rule 17g-5 Procedures	220
	Section
    10.18	Cooperation
    with the Sponsors with Respect to Rights Under the Mortgage Loan Agreement	223

    -iv-

     

    

	 	ARTICLE
    11	 
	 	 	 
	 	EXCHANGE
    ACT REPORTING AND REGULATION AB COMPLIANCE	 
	 	 	 
	Section
    11.1	Intent
    of the Parties; Reasonableness	223
	Section
    11.2	Succession;
    Sub-Servicers; Subcontractors	224
	Section
    11.3	Other
    Securitization Trust’s Filing Obligations	226
	Section
    11.4	Form
    10-D Disclosure	226
	Section
    11.5	Form
    10-K Disclosure	227
	Section
    11.6	Form
    8-K Disclosure	227
	Section
    11.7	Annual
    Compliance Statements	228
	Section
    11.8	Annual
    Reports on Assessment of Compliance with Servicing Criteria	229
	Section
    11.9	Annual
    Independent Public Accountants’ Servicing Report	230
	Section
    11.10	Significant
    Obligor	231
	Section
    11.11	Sarbanes-Oxley
    Backup Certification	232
	Section
    11.12	Indemnification	233
	Section
    11.13	Amendments	234
	Section
    11.14	Termination
    of the Certificate Administrator	234
	Section
    11.15	Termination
    of Sub-Servicing Agreements	234
	Section
    11.16	Notification
    Requirements and Deliveries in Connection with Securitization of a Companion Loan	235
	 	 	 
	 	ARTICLE
    12	 
	 	 	 
	 	REMIC
    ADMINISTRATION	 
	 	 	 
	Section
    12.1	REMIC
    Administration	236
	Section
    12.2	Foreclosed
    Property	240
	Section
    12.3	Prohibited
    Transactions and Activities	241
	Section
    12.4	Indemnification
    with Respect to Certain Taxes and Loss of REMIC Status	242

 

	EXHIBITS	 
	 	 
	Exhibit
    A-1	Form
    of Class A Certificates
	 	 
	Exhibit
    A-2	Form
    of Class B Certificates
	 	 
	Exhibit
    A-3	Form
    of Class HRR Certificates
	 	 
	Exhibit
    A-4	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

    -v-

     

    

	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 of Non-Book Entry Certificate to Temporary Regulation S Global Certificate
	 	 
	Exhibit
    H	Form
    of Transfer Certificate of Non-Book Entry Certificate to Regulation S Global Certificate
	 	 
	Exhibit
    I	Form
    of Transfer Certificate of Non-Book Entry Certificate to Rule 144A Global Certificate
	 	 
	Exhibit
    J-1	Form
    of Investment Representation Letter
	 	 
	Exhibit
    J-2	Form
    of Affidavit Pursuant to Sections 860D(a)(6)(A) and 860E(e)(4) of the Internal Revenue Code of 1986, as Amended
	 	 
	Exhibit
    J-3	Form
    of Transferor Letter
	 	 
	Exhibit
    J-4	Form
    of Transferee Certificate for Transfers of the Class HRR Certificates
	 	 
	Exhibit
    J-5	Form
    of Transferor Certificate for Transfers of the Class HRR Certificates
	 	 
	Exhibit
    J-6	Form
    of Request of Retaining Sponsor Consent for Release of the Class HRR Certificates
	 	 
	Exhibit
    K-1	Form
    of Investor Certification for Non-Borrower Related Parties
	 	 
	Exhibit
    K-2	Form
    of Investor Certification for Borrower Related Parties
	 	 
	Exhibit
    K-3	Form
    of Investor Certification for Exercising Voting Rights
	 	 
	Exhibit
    K-4	Form
    of Certification of the Controlling Class Representative
	 	 
	Exhibit
    L	Applicable
    Servicing Criteria
	 	 
	Exhibit
    M	Form
    of NRSRO Certification
	 	 
	Exhibit
    N	Form
    of Limited Power of Attorney
	 	 
	Exhibit
    O	Form
    of ERISA Representation Letter
	 	 
	Exhibit
    P	Form
    of Notice to Parties of a Control Termination Event / Consultation Termination Event
	 	 
	Exhibit
    Q	Form
    of Online Vendor Certification
	 	 
	Exhibit
    R	Beneficial
    Holder Information Form
	 	 
	Exhibit
    S	[Reserved]
	 	 
	Exhibit
    T	Form
    of Operating Advisor Annual Report

    -vi-

     

    

	Exhibit
    U	Form
    of Notice from Operating Advisor Recommending Replacement of Special Servicer
	 	 
	Exhibit
    V-1	Form
    of Certificate Administrator Receipt of the Class HRR Certificates
	 	 
	Exhibit
    V-2	Form
    of Certificate Administrator Receipt of the Class HRR Certificates Upon Transfer
	 	 
	Exhibit
    W	Form
    of Custodial Certification / Exception Report
	 	 
	Exhibit
    X-1	Form
    of Transferor Certificate for Transfer of the Excess Servicing Fee Rights
	 	 
	Exhibit
    X-2	Form
    of Transferee Certificate for Transfer of the Excess Servicing Fee Rights
	 	 
	Exhibit
    Y-1	Additional
    Form 10-D Disclosure
	 	 
	Exhibit
    Y-2	Additional
    Form 10-K Disclosure
	 	 
	Exhibit
    Y-3	Form
    8-K Disclosure Information
	 	 
	Exhibit
    Y-4	Additional
    Disclosure Notification
	 	 
	Exhibit
    Z	Form
    of Backup Certification
	 	 
	Exhibit
    AA	Initial
    Sub-Servicers

 

    -vii-

     

    

 

THIS
TRUST AND SERVICING AGREEMENT (“Agreement”) is dated as of December 20, 2019, among GS Mortgage
Securities Corporation II, 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 Pentalpha Surveillance 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 10-year mortgage loan (the “Whole Loan”),
evidenced by 32 senior promissory notes and 4 junior promissory notes (the “Notes”).

 

The
Whole Loan was co-originated by Goldman Sachs Bank USA (“GS Bank”),  JPMorgan Chase Bank, National Association
(“JPMCB”), DBR Investments Co. Limited (“DBRI”) and Wells Fargo Bank, National Association
(“WFBNA“ and, together with GS Bank, DBRI and JPMCB, the “Originators”), pursuant to
that certain Loan Agreement, dated as of November 25, 2019 (as amended from time to time, the “Mortgage Loan Agreement”),
by and among the Originators and PGREF I 1633 Broadway Tower, L.P. and PGREF I 1633 Broadway Land, L.P., each a Delaware limited
partnership (collectively, the “Mortgage Loan Borrower”).  As of the Closing Date, the aggregate outstanding
principal balance of the Whole Loan was $1,250,000,000.  The Whole Loan consists of (a) a portion that has an unpaid principal
balance as of the Cut-off Date of $250,000,000 (the “Trust Loan”), and
is evidenced by Note A-1-S-1, Note A-2-S-1, Note A-3-S-1, Note A-4-S-1, Note B-1, Note B-2, Note B-3 and Note B-4 (as the same
may hereafter be amended, restated, replaced, extended, renewed, supplemented, consolidated, severed, split or otherwise modified,
“Note A-1-S-1”, “Note A-2-S-1”,
“Note A-3-S-1”, “Note A-4-S-1”, or the “Trust A
Notes”), Note B-1, Note B-2, Note B-3 and Note B-4 (as the same may hereafter be amended, restated, replaced,
extended, renewed, supplemented, consolidated, severed, split or otherwise modified “Note B-1”, “Note
B-2”, “Note B-3” and “Note B-4” or the “B Notes” and,
together with the Trust A Notes, the “Trust Notes”), and (b) a portion
that has an unpaid principal balance as of the Cut-off Date of $1,000,000,000 (the “Companion
Loan”), and is evidenced by Note A-1-C-1, Note A-1-C-2, Note A-1-C-3, Note A-1-C-4, Note A-1-C-5, Note A-1-C-6,
Note A-1-C-7, Note A-2-C-1, Note A-2-C-2, Note A-2-C-3, Note A-2-C-4, Note A-2-C-5, Note A-2-C-6, Note A-2-C-7, Note A-3-C-1,
Note A-3-C-2, Note A-3-C-3, Note A-3-C-4, Note A-3-C-5, Note A-3-C-6, Note A-3-C-7, Note A-4-C-1, Note A-4-C-2, Note A-4-C-3,
Note A-4-C-4, Note A-4-C-5, Note A-4-C-6 and Note A-4-C-7 (as the same may hereafter be amended, restated, replaced, extended,
renewed, supplemented, consolidated, severed, split or otherwise modified, the “Companion
Loan Notes” and, together with the Trust A Notes, the “A Notes”). The Trust A Notes, the
B Notes and the Companion Loan Notes are collectively referred to herein as the “Notes” and, each, as a “Note”.

 

As
of the Closing Date, GS Bank has assigned all of its right, title and interest in the Trust Loan to Goldman Sachs Mortgage Company
(“GSMC”);

 

     -1-

     

    
As
of the Closing Date, DBRI has assigned all of its right, title and interest in the Trust Loan to German American Capital Corporation
(“GACC” and, together with GSMC, JPMCB and WFBNA, the “Sponsors”);

 

On
the Closing Date, each of the Sponsors sold its respective Sponsor Percentage Interest in the Trust Loan to the Depositor pursuant
to a Trust Loan Purchase and Sale Agreement, dated as of the date hereof, by and between the Sponsors and the Depositor (the “Loan
Purchase Agreement”).

 

As
of the Closing Date, Note A-1-S-1, Note A-1-C-1, Note A-1-C-2, Note A-1-C-3, Note A-1-C-4, Note A-1-C-5, Note A-1-C-6, Note A-1-C-7
and Note B-1 were held by GSMC, Note A-2-S-1, Note A-2-C-1, Note A-2-C-2, Note A-2-C-3, Note A-2-C-4, Note A-2-C-5, Note A-2-C-6,
Note A-2-C-7 and Note B-2 were held by GACC, Note A-3-S-1, Note A-3-C-1, Note A-3-C-2, Note A-3-C-3, Note A-3-C-4, Note A-3-C-5,
Note A-3-C-6, Note A-3-C-7 and Note B-4 were held by JPMCB and Note A-4-S-1, Note A-4-C-1, Note A-4-C-2, Note A-4-C-3, Note A-4-C-4,
Note A-4-C-5, Note A-4-C-6, Note A-4-C-7 and Note B-4 were held by WFBNA.  The relative rights of the respective lenders
in respect of the Whole Loan are set forth in a co-lender agreement dated as of December 20, 2019 (as amended, restated,
supplemented or otherwise modified from time to time, the “Co-Lender Agreement”),
between the holders of the Notes related to the Trust Loan and the holders of the Companion Loan Notes.  From and after the
Closing Date, the entire Whole Loan is to be serviced and administered in accordance with this Agreement.

 

As
provided for herein, the Certificate Administrator shall elect or shall cause elections to be made to treat designated portions
of the Trust Fund for federal income tax purposes as two separate real estate mortgage investment conduits (the “Upper-Tier
REMIC“ and the “Lower-Tier REMIC” and, each, a “Trust
REMIC”).  Each Class of Regular Certificates will represent a single Class of “regular interests”
in the Upper-Tier REMIC, as further described herein.  Each Class of Uncertificated Lower-Tier Interests will represent a
single class of “regular interests” in the Lower-Tier REMIC as further described herein.  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 Trust Loan and the Uncertificated Lower-Tier Interests, the Trust will issue to the Depositor the Class A, Class B,
Class HRR and Class R Certificates (collectively, the “Certificates”),
which Certificates in the aggregate will evidence the entire ownership interest in the Trust.  The Trust Fund consists principally
of the Trust Loan, the Mortgage Loan Documents and all payments under, and proceeds of, the Trust Loan following the Cut-off Date.

 

The
Depositor intends to sell the Certificates to the Initial Purchasers in an offering exempt from the registration requirements
of the federal securities laws.

 

UPPER-TIER
REMIC

 

As
further described in Section 2.12, the Class
A, Class B and Class HRR Certificates will evidence “regular interests” in the Upper-Tier
REMIC created hereunder.  The 

 

     -2-

     

    
Class
UT-R Interest will constitute the sole Class of “residual interests” in the Upper-Tier REMIC created hereunder,
and will be evidenced by the Class R Certificates.  The following table sets forth the class designation, the Pass-Through
Rate and the aggregate initial Certificate Balance (the “Original Certificate Balance”) for each Class of
Certificates and the Class UT-R Interest comprising the interests in the Upper-Tier REMIC created hereunder:

 

	Class
Designation

	 	Approximate
Initial 

Pass-Through Rate 

(per annum) 

	 	Original
Certificate 

Balance 

	Class A

	 	3.06657%(1)

	 	$80,455,000

	Class B

	 	3.06657%(1)

	 	$154,545,000

	Class
HRR

	 	3.06657%(1)

	 	$15,000,000

	Class UT-R

	 	 
None(2)

	 	None(3)

 

 

 

	(1)	For
                                         any Distribution Date, the Pass-Through Rates of the Class A, Class B and Class HRR Certificates
                                         will be a per annum rate equal to the Net Trust Loan Rate for such Distribution
                                         Date.

 

	(2)	The
                                         Class UT-R Interest (evidenced by the Class R Certificates) will not have a Certificate
                                         Balance, will not bear interest and will not be entitled to distributions of Yield Maintenance
                                         Premiums.  Any Available Funds 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 UT-R Interest.

 

LOWER-TIER
REMIC

 

As
further described in Section 2.12, the Class LA, Class LB and Class LHRR Uncertificated Interests will evidence “regular
interests” in the Lower-Tier REMIC created hereunder.  The Class LT-R Interest will constitute the sole Class of “residual
interests” in the Lower-Tier REMIC created hereunder and will be evidenced by the Class R Certificates.  The
following table sets forth the initial Lower-Tier Principal Amounts and Pass-Through Rates for the Uncertificated Lower-Tier Interests
and the Class LT-R Interest comprising the interests in the Lower-Tier REMIC created hereunder:

 

	Class
Designation

	 	Pass-Through
Rate 

	 	Original
Lower-Tier
Principal Amount 

	Class LA

	 	(1)

	 	$80,455,000

	Class
LB

	 	(1)

	 	$154,545,000

	Class LHRR

	 	(1)

	 	$15,000,000

	Class
LT-R

	 	None(2)

	 	None(1)

 

 

 

	(1)	For
                                         any Distribution Date, the Pass-Through Rate for each of the Class LA, Class LB and Class
                                         LHRR Uncertificated Interests shall be the Net Trust Loan Rate for such Distribution
                                         Date.

 

	(2)	The
                                         Class LT-R Interest (evidenced by the Class R Certificates) will not have a Certificate
                                         Balance, will not bear interest and will not be entitled to distributions of Yield Maintenance
                                         Premiums.  Any Available Funds 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).

 

     -3-

     

    
The
Depositor, the Servicer, the Special Servicer, the Certificate Administrator, the Custodian, the Operating Advisor 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.

 

     -4-

     

    
W
I T N E S E T H  T H A T:

 

In
consideration of the mutual agreements herein contained, the parties hereto agree as follows:

 

Article
1

DEFINITIONS

 

Section 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.

 

“15Ga-1
Notice”:  As defined in Section 2.9(a).

 

“15Ga-1
Notice Provider”:  As defined in Section 2.9(a).

 

“17g-5
Information Provider”:  The Certificate Administrator.

 

“17g-5
Information Provider’s Website”:  The 17g-5 Information Provider’s Internet website, which shall
initially be located within the Certificate Administrator’s Website (www.ctslink.com), under the “NRSRO”
tab on the page relating to this transaction, access to which is limited to the Depositor and NRSROs who have provided an NRSRO
Certification to the 17g-5 Information Provider.

 

“Acceptable
Insurance Default”: Any modification or waiver of any material provision in the Mortgage Loan Documents governing the
type, nature or amount of insurance coverage required to be obtained and maintained by the Mortgage Loan Borrower that is approved
or consented to by the Special Servicer pursuant to this Agreement.

 

“Accepted
Servicing Practices”:  As defined in Section 3.1.

 

“Acquisition
Date”:  The date upon which, under the Code (and in particular the REMIC Provisions and Section 856(e)
of the Code), the Trust Fund is deemed to have acquired the Property.

 

“Additional
Servicer”:  Each Affiliate of the Servicer or the Special Servicer that Services the Whole Loan and each
Person who is not an Affiliate of the Servicer, other than the Special Servicer, who Services the Whole Loan as of any date of
determination.

 

“Administrative
Advances”:  As defined in Section 3.4(c).

 

“Administrative
Fee Rate”:  The sum of the Servicing Fee Rate, the Certificate Administrator Fee Rate, the Operating Advisor
Fee Rate and the CREFC® Intellectual Property Royalty License Fee Rate.

 

     -5-

     

    
“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(o).

 

“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. For purposes of this definition and the Mortgage Loan Borrower, any Person that is
a Restricted Holder shall be deemed to be an Affiliate of the Mortgage Loan Borrower.  The Trustee and the Certificate Administrator
may request and rely upon an Officer’s Certificate of the Servicer, the Special Servicer, the Trustee, the Certificate
Administrator, the Mortgage Loan Borrower or the Depositor, as applicable, to determine whether any Person is an Affiliate of
the Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Mortgage Loan Borrower or the Depositor.

 

“Affiliate
Ethical Wall”:  Reasonable policies and procedures to be maintained by an Affiliate of the Depositor, the Servicer,
the Special Servicer, the Certificate Administrator or the Trustee, as applicable, taking into account the nature of its business,
to ensure (1) that such Affiliate will not obtain Confidential Information from the Depositor, the Servicer, the Special
Servicer, the Certificate Administrator or the Trustee, as applicable, and (2) that the Depositor, the Servicer, the Special
Servicer, the Certificate Administrator or the Trustee, as applicable, will not obtain information regarding 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 Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as applicable, on
the other; (ii) such policies and procedures restricting the flow of information operate in both directions so as to include
(a) policies and procedures against the disclosure of Confidential Information from the Depositor, the Servicer, the Special
Servicer, the Certificate Administrator or the Trustee, as applicable, to such Affiliate and (b) policies and procedures
against the disclosure of information regarding Investments in Certificates from such Affiliate to the Depositor, the Servicer,
the Special Servicer, the Certificate Administrator or the Trustee, as applicable; (iii) the senior management personnel
of such Affiliate who have obtained Confidential Information in the course of their exercise of general managerial responsibilities
may not 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.

 

     -6-

     

    
“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
KBRA Permitted Investment Rating”: In the case of any such investment, the short-term debt or deposit account obligations
of which are rated in the highest short-term rating category by KBRA (if then rated by KBRA).

 

“Applicable
Moody’s Permitted Investment Rating”: (A) in the case of such investments with maturities of thirty (30) days
or less, the short-term debt or deposit account obligations of which are rated in the highest short-term or deposit account rating
category by Moody’s or the long-term debt or deposit account obligations of which are rated at least “A2”
by Moody’s, (B) in the case of such investments with maturities of 3 months or less, but more than 30 days, the short-term
obligations of which are rated in the highest short-term rating category by Moody’s or the long-term debt or deposit account
obligations of which are rated at least “A1” by Moody’s, (C) in the case of such investments with maturities
of 6 months or less, but more than 3 months, the short term or deposit account obligations of which are rated in the highest short-term
rating category by Moody’s or the long-term debt or deposit account obligations of which are rated at least “Aa3”
by Moody’s, and (D) in the case of such investments with maturities of more than 6 months, the short-term or deposit account
obligations of which are rated in the highest short term rating category by Moody’s or the long-term or deposit account
obligations of which are rated at least “Aaa” by Moody’s.

 

“Applicable
Servicing Criteria”:  The Servicing Criteria applicable to a specific party, 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, the Special Servicer, the Trustee or the Certificate Administrator,
the term “Applicable Servicing Criteria” may refer to a portion of the Applicable Servicing Criteria applicable
to the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as the case may be.

 

“Applied
Realized Loss Amount”:  All amounts applied to reduce the Certificate Balance of a Class of Certificates
in respect of Realized Losses pursuant to Section 4.1(g).

 

“Appraisal”: 
With respect to the Property or the Foreclosed Property, an appraisal of the 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 Appraiser.  All
calculations

 

     -7-

     

    
under
this Agreement requiring that a “value” or “appraised value” be used with respect to the Property
or the 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).  With
respect to any Appraisal Reduction Amount calculated for purposes of determining an Appraisal Reduction Event, the appraised value
(as determined by updated Appraisals) of the Property securing the Whole Loan will be determined on an “as-is” basis,
based upon the current physical condition, use and zoning of the Property as of the date of the Appraisal.

 

“Appraisal
Reduction Amount”:  As to the Whole Loan and as of any date of determination, an amount equal to the excess
of (i) the outstanding principal balance of the Whole Loan on such date plus the sum of (A) all accrued and unpaid interest
on each Note at the Whole Loan Rate, (B) all unreimbursed Administrative Advances, Property Protection Advances and interest
on all Advances (including advances with respect to a Companion Loan made under an Other Pooling and Servicing Agreement) at the
Advance Rate in respect of the Whole Loan or the Property, (C) the amount of any Advances (including advances with respect
to a Companion Loan made under an Other Pooling and Servicing Agreement) and interest on such Advances previously reimbursed from
principal collections on the Whole Loan that have not otherwise been recovered from the Mortgage Loan 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 Mortgage Loan Agreement over (ii) the
sum of (A)(x) 90% of the appraised value (as determined by an updated appraisal of the Property that was performed within
9 months prior to the Appraisal Reduction Event if the Special Servicer is not aware of any material change in the market or condition
or value of such Property since the date of such appraisal, in which case such appraisal may be used) 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 Loan Documents plus (B) any escrows, letters of credit or reserve amounts with respect
to the Whole Loan, including for taxes and insurance premiums.

 

The
Whole Loan shall be treated as a single loan for purposes of calculating the Appraisal Reduction Amount.  Appraisal Reduction
Amounts with respect to the Whole Loan shall be allocated, first, to the B Notes, on a pro rata and pari passu
basis, up to their respective outstanding principal balance, and then to the Trust A Notes and the Companion Loan Notes on
a pro rata and pari passu basis (based on their relative outstanding principal balances).

 

“Appraisal
Reduction Event”:  With respect to the Whole Loan, the earliest of (i) 60 days after an uncured
payment delinquency (other than a delinquency in respect of the Balloon Payment) occurs in respect of the Whole Loan, (ii) 90 days
after an uncured delinquency occurs in respect of the Balloon Payment for the Whole Loan unless a refinancing is anticipated within
120 days after the Stated Maturity Date of the Whole Loan (as evidenced by (a) a fully executed term sheet, a written refinancing
commitment, letter of intent or otherwise binding application for refinancing or purchase or similar document that is, in each
case, binding upon an acceptable lender, or (b) a signed purchase agreement, in the case of clause (a) or (b), reasonably

 

     -8-

     

    
satisfactory
in form and substance to the Servicer that provides that such refinancing or purchase shall occur within 120 days after the
date on which such balloon payment will become due), in which case 120 days after such uncured delinquency, (iii) 60 days
after a reduction in Monthly Payments, (iv) 60 days after an extension of the Stated Maturity Date of the Whole Loan
(except for an extension within the time periods described in clause (ii) above), (v) immediately after a receiver has
been appointed in respect of the Property on behalf of the Trust or any other creditor, (vi) immediately after the Mortgage
Loan Borrower declares, or becomes the subject of, bankruptcy, insolvency or similar proceedings, admits in writing the inability
to pay its debts as they come due or makes an assignment for the benefit of creditors, or (vii) immediately after the Property
becomes a Foreclosed Property.

 

“Asset
Status Report”:  As defined in Section 3.10(h).

 

“Assignment
of Mortgage”:  An assignment of the Mortgage without recourse, notice of transfer or equivalent instrument,
in recordable form, which is sufficient under the laws of the jurisdiction in which the Property is located to reflect of record
the assignment of the Mortgage to the Trustee on behalf of the Trust Fund; provided, however, that the Trustee,
the Certificate Administrator, the Servicer and the Special Servicer shall not be responsible for determining whether any such
assignment is legally sufficient or in recordable form.

 

“Assumed
Appraised Value”:  As defined in Section 3.7(e).

 

“Assumed
Mortgage Loan Payment Date”:  With respect to the Trust 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 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 Mortgage Loan Payment Date in such calendar month if the Stated 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 Stated 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 that would have been due in respect of the Trust Loan on its Stated
Maturity Date and each subsequent Mortgage Loan Payment Date (or Assumed Mortgage Loan Payment Date) if the Trust Loan had been
required to continue to accrue interest in accordance with its terms in effect immediately prior to, and without regard to the
occurrence of the Stated 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 of the Whole Loan, in respect of the Trust Loan on the last Mortgage Loan Payment Date
(or Assumed Mortgage Loan Payment Date) prior to its foreclosure or acceptance of a deed-in-lieu of foreclosure), in each case
as such terms and amortization schedule may have been modified, and such Stated 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.

 

     -9-

     

    
“Authenticating
Agent”:  As defined in Section 8.11(a).

 

“Available
Funds”:  On each Distribution Date shall be equal to (i)(x) all amounts (other than Yield Maintenance Premiums)
received in respect of principal and interest on the Trust Loan during the related Collection Period or advanced in respect of
interest with respect to such Distribution Date (including, without limitation, any Repurchase Price (or any Sponsor Percentage
Interest of the Repurchase Price) of the Trust Loan, Net Liquidation Proceeds, any mezzanine loan purchase price Condemnation
Proceeds (to the extent not needed for repair or restoration of the affected portion of the Property) and Insurance Proceeds received
by the Trust) excluding payments received that are due on a subsequent Mortgage Loan Payment Date and reduced by (y) the
Available Funds Reduction Amount (other than amounts payable to the Companion Loan Holders), plus, (ii) (x) if such Distribution
Date is the Distribution Date occurring in March of each year (or February, if such Distribution Date is the final Distribution
Date), Withheld Amounts to be withdrawn from the Interest Reserve Account for such Distribution Date, reduced by (y) an amount
equal to the applicable Withheld Amount in the case of the February Distribution Date and any January Distribution Date occurring
in a year that is not a leap year (unless, in either case, such Distribution Date is the final Distribution Date) Available Funds
will not include any amounts allocable to the Companion Loans under the Co-Lender Agreement.

 

“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).

 

“B
Note”: As defined in the Introductory Statement.

 

“Balloon
Payment”:  The payment of the outstanding principal balance of the Whole Loan, Trust Loan or a Companion
Loan, as applicable, together with all unpaid interest, due and payable on the Stated Maturity Date.

 

“Beneficial
Owner”:  With respect to a Global Certificate, the Person who is the beneficial owner of such Certificate
as reflected on the books of the Depository or on the books of a Person maintaining an account with such Depository (directly
as a Depository Participant or indirectly through a Depository Participant, in accordance with the rules of such Depository). 
Each of the Depositor, the Trustee, the Certificate Administrator, the Special Servicer and the Servicer, as applicable, shall
have the right to require, as a condition to acknowledging the status of any Person as a Beneficial Owner under this Agreement,
that such Person provide an Investor Certification, and each of Depositor, the Trustee, the Certificate Administrator, the Special
Servicer and the Servicer shall be entitled to rely on such Investor Certification.

 

“Benefit
Plan”:  As defined in Section 5.3(m).

 

“Borrower
Related Party”:  Any of (a) the Mortgage Loan Borrower, the Borrower Sponsor, any manager or operator of the Property,
any mezzanine borrower or a Restricted Holder, (b) any other person controlling or controlled by or under common control with
the Mortgage Loan Borrower, the Borrower Sponsor, any manager or operator of the Property, any mezzanine borrower or a Restricted
Holder, as applicable, (c) any other person

 

     -10-

     

    
owning,
directly or indirectly, 25% or more of the beneficial interests in the Mortgage Loan Borrower, the Borrower Sponsor, any manager
or operator of the Property, any mezzanine borrower or a Restricted Holder, as applicable, or (d) any other person possessing,
directly or indirectly, the power to direct or cause the direction of the management or policies of the Mortgage Loan Borrower,
the Borrower Sponsor, any manager or operator of the Property, any mezzanine borrower or a Restricted Holder, as applicable, whether
through the ability to exercise voting power, by contract or otherwise.  For the purposes of this definition, “control”
when used with respect to any specific person means the power to direct the management and policies of such person, directly or
indirectly, whether through the ownership of voting securities, by contract or otherwise and the terms “controlling”
and “controlled” have meanings correlative to the foregoing.

 

“Borrower
Sponsor”:  Paramount Group Operating Partnership LP, a Delaware limited partnership, or any successor to all or
substantially all of the assets of such entity.

 

“Breach”: 
As defined in Section 2.9(a).

 

“Business
Day”:  Any day other than a Saturday, Sunday or any other day on which the following are not open for business:
(a) national banks in New York, New York, Overland Park, Kansas, Charlotte, North Carolina, San Francisco, California or Cleveland,
Ohio or (b) the office of the Trustee, the Certificate Administrator, the Servicer, the Special Servicer, the Operating Advisor
or the financial institution that maintains the Collection Account.

 

“Cash
Management Account”:  As defined in the Mortgage Loan Agreement.

 

“Cash
Management Agreement”:  As defined in the Mortgage Loan Agreement.

 

“CERCLA”: 
The Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended.

 

“Certificate”: 
Any Class A, Class B, Class HRR or Class R Certificate.

 

“Certificate
Administrator”: Wells Fargo Bank, National Association, a national banking association, in its capacity as certificate
administrator, or if any successor certificate administrator is appointed as herein provided, such certificate administrator. 
Wells Fargo Bank, National Association shall perform its obligations as Certificate Administrator hereunder through its Corporate
Trust Services Division.

 

“Certificate
Administrator Fee”: With respect to the Trust Loan and for any Distribution Date, an amount accrued during the related
Whole Loan Interest Accrual Period at the Certificate Administrator Fee Rate on the outstanding principal balance of the Trust
Loan as of the close of business on the Distribution Date in such Whole Loan Interest Accrual Period; provided that such
amounts shall be computed for the same period and on the same interest accrual basis respecting which any related principal and
interest payment due or deemed due on the Trust Loan is computed and shall be prorated for partial periods.  A portion of
the Certificate Administrator Fee, 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.

 

     -11-

     

    
“Certificate
Administrator Fee Rate”: 0.0130% per annum.

 

“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.

 

“Certificate
Balance”:  With respect to any outstanding Class of Sequential Pay Certificates at any date, an amount
equal to the aggregate Certificate Balance of such Class as set forth in Section 5.1(a) 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(g) on all previous Distribution Dates.  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
Interest Accrual Period”:  With respect to the Certificates for any Distribution Date, the calendar month
preceding the calendar month in which such Distribution Date occurs

 

“Certificate
Register” and “Certificate Registrar”:  The register
maintained and the registrar appointed pursuant to Section 5.3(a).

 

“Certificateholder”
or “Holder”:  With respect to any Certificate, the Person in
whose name a Certificate is registered in the Certificate Register; provided, however, that solely for the
purposes of providing, distributing or otherwise making available any reports, statements 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 or other information has received from such Beneficial Owner information and a written certification reasonably
acceptable to such Person regarding its name, and address and beneficial ownership of a Certificate; and provided further that, solely for the purposes of giving any consent or taking of any action pursuant to this Agreement (except as
set forth in the following sentence), any Certificate beneficially owned by the Servicer, the Special Servicer, the
Certificate Administrator, the Trustee, any Borrower Related Party, or any of their subservicers or respective Affiliates
shall be deemed not to be outstanding and the Voting Rights to which it is entitled shall not be taken into account in
determining whether the requisite percentage of Voting Rights necessary to effect any such consent or take any such action
has been obtained.  For purposes of obtaining the consent of Certificateholders to an amendment of this Agreement, any
Certificate beneficially owned by the Certificate Administrator, the Trustee, the Servicer, the Special Servicer or any
Affiliates thereof shall be deemed to be outstanding, provided that if such amendment relates to the termination,
increase in compensation or material reduction of obligations of the Certificate Administrator, the Trustee, the Servicer or
the Special Servicer, as applicable, or benefit the Certificate Administrator, the Trustee, the Servicer or the Special
Servicer, as applicable in its capacity as such or any of its affiliates (other than solely in its

 

     -12-

     

    
capacity
as a Certificateholder) in any material respect, then such Certificate will be deemed not to be outstanding; provided,
however, that if an Affiliate of the Certificate Administrator, the Trustee, the Servicer or the Special Servicer has provided
an Investor Certification in which it has certified as to the existence of an Affiliate Ethical Wall between it and the Trustee,
the Certificate Administrator, the Servicer or the Special Servicer (other than any replacement of the Special Servicer by the
Directing Holder under this Agreement), as applicable, then any Certificates beneficially owned by such Affiliate will be deemed
to be outstanding. The Certificate Administrator and the Certificate Registrar may obtain and conclusively rely upon an Officer’s
Certificate of the Trustee, the Servicer, the Special Servicer, any Borrower Related Party or any sub-servicer to determine whether
a Certificate is beneficially owned by an Affiliate of any of them. Notwithstanding the foregoing, the restrictions above shall
not apply (i) 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 (but not if it is a Borrower Related Party) or (ii) to any Affiliate of
the Depositor, the Servicer, the Special Servicer, the Trustee or the Certificate Administrator that has provided an Investor
Certification in which it has certified as to the existence of certain policies and procedures restricting the flow of information
between it and the Depositor, the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable.

 

“Certificateholder
Quorum”:  In connection with any solicitation of votes in connection with the replacement of the Special Servicer
(other than at the recommendation of the Operating Advisor), the holders of Sequential Pay Certificates evidencing at least 66
2/3% of the aggregate Voting Rights (taking into account application of any Appraisal Reduction Amounts to notionally reduce the
Certificate Balance of the Sequential Pay Certificates) of all Sequential Pay Certificates on an aggregate basis.

 

“Class”: 
With respect to the Certificates, all of the Certificates bearing the same alphabetical 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”:  As set forth in the Upper-Tier REMIC section of the Introductory Statement of this
Agreement.

 

“Class B
Certificate”:  A Certificate executed and authenticated by the Certificate Administrator in substantially
the form set forth in Exhibit A-2 hereto and designated as a Class B Certificate.

 

“Class B
Pass-Through Rate”:  As set forth in the Upper-Tier REMIC section of the Introductory Statement of this
Agreement.

 

“Class
HRR Certificate”:  A Certificate executed and authenticated by the Certificate Administrator in substantially
the form set forth in Exhibit A-3 hereto and designated as a Class HRR Certificate.  The Class HRR Certificates also
represent beneficial ownership of an interest in the Excess Liquidation Proceeds Option.

 

     -13-

     

    
“Class
HRR Pass-Through Rate”:  As set forth in the Upper-Tier REMIC section of the Introductory Statement of this Agreement.

 

“Class LA
Uncertificated Interest”:  A regular interest in the Lower-Tier REMIC, which is held as an asset of the
Upper-Tier REMIC and has the Original Lower-Tier Principal Amount and per annum rate of interest set forth in the Lower-Tier
section of the Introductory Statement.

 

“Class LB
Uncertificated Interest”:  A regular interest in the Lower-Tier REMIC, which is held as an asset of the
Upper-Tier REMIC and has the Original Lower-Tier Principal Amount and per annum rate of interest set forth in the Lower-Tier
section of the Introductory Statement.

 

“Class LHRR
Uncertificated Interest”:  A regular interest in the Lower-Tier REMIC, which is held as an asset of the
Upper-Tier REMIC and has the Original Lower-Tier Principal Amount and per annum rate of interest set forth in the Lower-Tier
section of 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
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 R Certificate,
which shall only be issued as Definitive Certificates.  The Class R Certificates will not have a Certificate Balance
or a Pass-Through Rate.  The Class R Certificates will evidence the Class LT-R and Class UT-R Interests.

 

“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.

 

“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 20, 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 Whole Loan, the Reserve Accounts (and all sums held, deposited or invested therein and all proceeds
thereof) with respect to the Whole Loan and all other collateral which is subject to security interests and liens granted to secure
the Whole Loan.

 

     -14-

     

    
“Collateral
Security Documents”:  Any document or instrument given to secure or guaranty the Whole 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
will commence immediately following the Cut-off Date and end on and include the Determination Date in January 2020.

 

“Commission”: 
The Securities and Exchange Commission.

 

“Companion
Loans”:  As defined in the Introductory Statement.

 

“Companion
Loan Notes”:  As defined in the Introductory Statement.

 

“Companion
Loan Advance”:  With respect to a Companion Loan that is part of an Other Securitization Trust, any advance of
delinquent scheduled payments with respect to such Companion Loan made by the master servicer or trustee with respect to such
Other Securitization Trust.

 

“Companion
Loan Holder”:  The holder of a Companion Loan.

 

“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 the servicing and administration of a
Companion Loan as to which any Companion Loan Securities exist, confirmation in writing (which may be in electronic form) by each
applicable Companion Loan Rating Agency that a proposed action, failure to act or other event so specified will not, in and of
itself, result in the downgrade, withdrawal or qualification of the then current rating assigned to any class of such Companion
Loan Securities (if then rated by such Companion Loan Rating Agency); provided that upon receipt of a written waiver or other
acknowledgment from a Companion Loan Rating Agency indicating its decision not to review or declining to review the matter for
which the Companion Loan Rating Agency Confirmation is sought (such written notice, a “Companion Loan Rating Agency
Declination”), or as otherwise provided in Section 3.26 of this Agreement, the requirement for the Companion
Loan Rating Agency Confirmation from the Companion Loan Rating Agency with respect to such matter shall not apply.

 

“Companion
Loan Securities”:  Any certificates, notes or other securities in connection with any single asset securitization
or pooled asset securitization of a Companion Loan (or any portion of, or interest in, such Companion Loan).

 

     -15-

     

    
“Condemnation”: 
As defined in the Mortgage Loan Agreement.

 

“Condemnation
Proceeds”:  The portion of the Loss Proceeds (as defined in the Mortgage Loan Agreement) relating to a
Condemnation other than amounts to be applied to the restoration, preservation or repair of the Property or to be released to
the Mortgage Loan Borrower each in accordance with the terms of the Mortgage Loan Agreement, or if not required to be so applied
or so released under the terms of the Mortgage Loan Agreement, Accepted Servicing Practices.

 

“Confidential
Information”:  With respect to the Servicer, the Special Servicer, the Certificate Administrator and the
Trustee, all material non-public information obtained in the course of and as a result of such Person’s performance of
its duties under this Agreement as the Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as applicable,
with respect to the Whole Loan, the Mortgage Loan Borrower 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 Servicer or the Special Servicer, as applicable, (iii) is or becomes generally available
to the public other than as a result of a disclosure by Servicer Servicing Personnel, Special Servicer Servicing Personnel or
Trustee Personnel, as applicable or (iv) is required to be disclosed by a court administrative order or lawful discovery demand,
provided such Person shall use reasonable efforts to obtain confidential treatment thereof.

 

“Consultation
Termination Event”: The event that will exist at any time that both (i) a Control Shift Event is continuing and (ii)
one or more of the following is true: (a) a “consultation termination event” or analogous concept under the Note
A-1-C-1 Securitization is continuing, or (b) the holder of Note A-1-C-1 (or a “controlling class representative”
or any analogous party, or a majority of holders entitled to appoint such party, for the Note A-1-C-1 Securitization) is a Borrower
Related Party.

 

“Control
Eligible Certificates:  Any of the Class A, Class B and Class HRR Certificates. No other Class of Certificates will be
eligible to act as a Controlling Class or appoint a Controlling Class Representative.

 

“Control
Shift Event”: The event that will exist at any time that (i) the Class A Certificates have an outstanding Certificate
Balance (as notionally reduced by any Appraisal Reduction Amounts allocable to such Class in accordance with Section 3.7(a)
of this Agreement) that is 25% or less of the initial Certificate Balance of such Class of Certificates, (ii) a Control Shift
Event is deemed to occur pursuant to Section 6.5(c) of this Agreement or (iii) the Controlling Class Representative
or a majority of the Controlling Class Certificateholders (by Certificate Balance) is a Borrower Related Party.

 

“Control
Termination Event”: The event that will exist at any time that both (i) a Control Shift Event is continuing and (ii)
one or more of the following is true: (a) a “control termination event” or analogous concept under the Note A-1-C-1
Securitization is continuing, or (b) the holder of Note A-1-C-1 (or a “controlling class representative” or any
analogous party, or a majority of holders entitled to appoint such party, for the Note A-1-C-1 Securitization) is a Borrower Related
Party.

 

     -16-

     

    
“Controlling
Class”: As of any time of determination the most subordinate Class of Control Eligible Certificates then outstanding
that has an aggregate Certificate Balance, as notionally reduced by any Appraisal Reduction Amounts allocable to such Class, that
is 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 Class A Certificates until the occurrence of a Consultation Termination Event. The Controlling
Class as of the Closing Date will be the Class HRR Certificates.

 

“Controlling
Persons”:  As defined in Section 6.3(a).

 

“Controlling
Class Certificateholder”: Each Holder (or Beneficial Owner, if applicable) of a Certificate of the Controlling Class
as determined by the Certificate Administrator from time to time.

 

“Controlling
Class Representative”: The Controlling Class Certificateholder (or other representative) designated by more than 50%
of the Controlling Class Certificateholders by Certificate Balance, as identified by notice to the Certificate Registrar by the
applicable Controlling Class Certificateholders from time to time, with notice of such selection delivered to the Special Servicer,
the Servicer, the Operating Advisor, the Trustee and the Certificate Administrator; provided that (i) absent such selection,
or (ii) until a Controlling Class Representative is so selected, or (iii) upon receipt of notice from a majority of the Controlling
Class Certificateholders, by Certificate Balance, that a Controlling Class Representative is no longer so designated, the Controlling
Class Representative shall be the Controlling Class Certificateholder that owns Certificates representing the largest aggregate
Certificate Balance of the Controlling Class as identified to the Certificate Administrator pursuant to the procedures set forth
in this Agreement.

 

The
initial Controlling Class Representative on the Closing Date shall be Prima Capital Advisors LLC, as agent for its managed account,
and the Certificate Registrar and the other parties to this Agreement shall be entitled to assume that Prima Capital Advisors
LLC (or any successor Controlling Class Representative selected by PCSD PR Cap IV NR Reten Private Limited) is the Controlling
Class Representative, as appointed by PCSD PR Cap IV NR Reten Private Limited, the Holder (or Beneficial Owner) of a majority
of the applicable Class of Control Eligible Certificates, until the Certificate Registrar receives (a) written notice of a replacement
Controlling Class Representative, (b) written notice that PCSD PR Cap IV NR Reten Private Limited is no longer the Holder (or
Beneficial Owner) of a majority of the applicable Class of Control Eligible Certificates due to a transfer of those Certificates
(or beneficial ownership interest in those Certificates) or (c) written notice that such Person is a Borrower Related Party.

 

“Controlling
Class Representative Approval Process”:  As defined in Section 3.10(h).

 

“Corporate
Trust Office”:  The corporate trust office of the Trustee or the Certificate Administrator, as applicable, at
which at any particular time its corporate trust business shall be administered, which office at the date of the execution of
this Agreement is located at (i) 9062 Old Annapolis Road, Columbia, Maryland 21045, Attention: Corporate Trust

 

     -17-

     

    
Services,
or for certificate transfer services, 600 South 4th Street, 7th Floor, MAC N9300-010, Minneapolis, Minnesota 55479, Attention:
Certificate Transfer Services: BWAY 2019-1633 or (ii) at such other address as the Trustee or the Certificate Administrator
may designate from time to time by notice to the Certificateholders, the Depositor, the Servicer and the Special Servicer.

 

“Credit
Risk Retention Compliance Agreement”:  As defined in Section 3.29(a).

 

“Credit
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 “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 Agencies, and subject to such clarification and
interpretation as have been provided by such Agencies, whether in the adopting release, or as may be provided by any such Agency
or its staff from time to time, in each case, as effective from time to time as of the applicable compliance date specified therein.

 

“CREFC®”: 
CRE Finance Council, formerly known as Commercial Mortgage Securities Association, 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.

 

“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 or such other form for the presentation of such information and containing such additional
information as may from time to time be approved by the CREFC® for commercial mortgage securities transactions
generally.

 

“CREFC®
Bond Level File”:  The 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.

 

     -18-

     

    
“CREFC®
Collateral Summary File”:  The report substantially in the form of, and
containing the information called for in, the downloadable form of the “Collateral Summary File” available as of
the Closing Date on the CREFC® Website, or such other form for the presentation of such information and containing
such additional information as may from time to time be recommended by the CREFC® for commercial mortgage securities
transactions generally and is reasonably acceptable to the Certificate Administrator.

 

“CREFC®
Comparative Financial Status Report”:  A report substantially in the form
of, and containing the information called for in, the downloadable form of the “Comparative Financial Status Report”
available as of the Closing Date on the CREFC® Website, or such other form for the presentation of such information
as may from time to time be recommended by the CREFC® for commercial mortgage securities transactions generally
and is reasonably acceptable to the Servicer and the Special Servicer.

 

“CREFC®
Delinquent Loan Status Report”:  A report substantially in the form of,
and containing the information called for in, the downloadable form of the “Delinquent Loan Status Report” available
as of the Closing Date on the CREFC® Website, or such other form for the presentation of such information and
containing such additional information as may from time to time be recommended by the CREFC® for commercial mortgage
securities transactions generally and is reasonably acceptable to the Servicer and the Special Servicer.

 

“CREFC®
Financial File”:  A report substantially in the form of, and containing
the information called for in, the downloadable form of the “Financial File” available as of the Closing Date on
the CREFC® Website, or such other form for the presentation of such information and containing such additional
information as may from time to time be recommended by the CREFC® for commercial mortgage securities transactions
generally and is reasonably acceptable to the Servicer.

 

“CREFC®
Historical Bond/Collateral Realized Loss Reconciliation Template”:  A report substantially in the form of,
and containing the information called for in, the downloadable form of the “Historical Bond/Collateral Realized Loss Reconciliation
Template” available and effective from time to time on the CREFC® Website 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 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 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 Loan Modification, Forbearance and Corrected 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 Loan Report” available as of the Closing Date on the CREFC®
Website, or such other form for the

 

     -19-

     

    
presentation
of such information and containing such additional information as may from time to time be recommended by the CREFC®
for commercial mortgage securities transactions generally and is reasonably acceptable to the Servicer and the Special Servicer.

 

“CREFC®
Intellectual Property Royalty License Fee”: A fee payable monthly to the CREFC® pursuant to Section 3.4(c)
which will accrue at the CREFC® Intellectual Property Royalty License Fee Rate, computed on the basis of the
same principal amount, in the same manner, and for the same Whole Loan Interest Accrual Period respecting which any related interest
payment on the Trust Loan is computed, and will be prorated for partial periods.

 

“CREFC®
Intellectual Property Royalty License Fee Rate”: With respect to the Trust Loan, 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 or such other form for the presentation of such information
and containing such additional information as may from time to time be recommended by the CREFC® for commercial
mortgage securities transactions generally and is reasonably acceptable to the Servicer.

 

“CREFC®
Loan Level Reserve LOC Report”:  The monthly report substantially in the
form of, and containing the information called for in, the downloadable form of the “Loan Level Reserve LOC Report”
available as of the Closing Date on the CREFC® Website, or such other form for the presentation of such information
and containing such additional information as may from time to time be recommended by the CREFC® for commercial
mortgage securities transactions generally and is reasonably acceptable to the Servicer.

 

“CREFC®
Loan Modification Report”: A report substantially in the form of, and containing the information called for in,
the downloadable form of the “Loan Modification Report” available and effective from time to time on the CREFC®
Website, or such other form for the presentation of such information and containing such additional information as may from
time to time be recommended by the CREFC® for commercial mortgage securities transactions generally and is reasonably
acceptable to the Servicer and the Special Servicer.

 

“CREFC®
Loan Periodic Update File”:  The monthly report substantially in the form
of, and containing the information called for in, the downloadable form of the “Loan 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

 

     -20-

     

    
recommended
by the CREFC® for commercial mortgage securities transactions generally and is reasonably acceptable to the Servicer,
the Special Servicer and the Certificate Administrator.

 

“CREFC®
NOI Adjustment Worksheet”:  A report substantially in the form of, and
containing the information called for in, the downloadable form of the “NOI Adjustment Worksheet” available as of
the Closing Date on the CREFC® Website, or such other form for the presentation of such information and containing
such additional information as may from time to time be recommended by the CREFC® for commercial mortgage securities
transactions generally and is acceptable to the Servicer or the Special Servicer, as applicable, and in any event, shall present
the computations made in accordance with the methodology described in such form to “normalize” the full year net
operating income and debt service coverage numbers used in the other reports required by this Agreement.

 

“CREFC®
Operating Statement Analysis Report”:  A report prepared with respect
to the Property substantially in the form of, and containing the information called for in, the downloadable form of the “Operating
Statement Analysis Report” available as of the Closing Date on the CREFC® Website or in such other form
for the presentation of such information and containing such additional information as may from time to time be recommended by
the CREFC® for commercial mortgage securities transactions generally and is reasonably acceptable to the Servicer.

 

“CREFC®
Property File”:  A report substantially in the form of, and containing
the information called for in, the downloadable form of the “Property File” available as of the Closing Date on
the CREFC® Website, or such other form for the presentation of such information and containing such additional
information as may from time to time be recommended by the CREFC® for commercial mortgage securities transactions
generally and is reasonably acceptable to the Servicer and the Special Servicer.

 

“CREFC®
Reconciliation of Funds Template”:  A report substantially in the form of, and containing the information
called for in, the downloadable form of the “Reconciliation of Funds Template” available and effective from time
to time on the CREFC® Website, or such other form for the presentation of such information and containing such
additional information as may from time to time be recommended by the CREFC® for commercial mortgage securities
transactions generally.

 

“CREFC®
Reports”:  Collectively refers to the following files and reports as may
be amended, updated or supplemented from time to time as part of the CREFC® Investor Reporting Package (IRP):

 

(i)   
the following 7 electronic files (and any other files as may become adopted and promulgated by CREFC® as part
of the CREFC® Investor Reporting Package (IRP) from time to time):  (i) CREFC® Bond
Level File, (ii) CREFC® Collateral Summary File, (iii) CREFC® Property File, (iv) CREFC®
Loan Periodic Update File, (v) CREFC® Loan Setup File, (vi) CREFC® Financial File,
and (vii) CREFC® Special Servicer Loan File; and

 

     -21-

     

    
(ii)  
the following 18 supplemental reports (and any other reports as may become adopted and promulgated by CREFC® as
part of the CREFC® Investor Reporting Package (IRP) from time to time):  (i) CREFC®
Comparative Financial Status Report, (ii) CREFC® Delinquent Loan Status Report, (iii) CREFC®
Historical Loan Modification and Corrected Loan Report, (iv) CREFC® Operating Statement Analysis Report,
(v) CREFC® NOI Adjustment Worksheet, (vi) CREFC® REO Status Report, (vii) CREFC®
Servicer Watch List, (viii) CREFC® Loan Level Reserve – LOC Report, (ix) CREFC® Advance
Recovery Report, (x) CREFC® Total Loan Report, (xi) CREFC® Appraisal Reduction Template, (xii)
CREFC® Servicer Realized Loss Template, (xiii) CREFC® Reconciliation of Funds Template, (xiv)
CREFC® Historical Bond/Collateral Realized Loss Reconciliation Template, (xv) CREFC® Historical
Liquidation Loss Template, (xvi) CREFC® Interest Shortfall Reconciliation Template, (xvii) CREFC®
Loan Liquidation Report, and (xviii) CREFC® Loan Modification Report, as such reports may be amended, updated
or supplemented from time to time.

 

“CREFC®
REO Status Report”:  A report substantially in the form of, and containing
the information called for in, the downloadable form of the “REO Status Report” available as of the Closing Date
on the CREFC® Website, or in such other form for the presentation of such information and containing such additional
information as may from time to time be recommended by the CREFC® for commercial mortgage securities transactions
generally and is reasonably acceptable to the Servicer.

 

“CREFC®
Servicer Realized Loss Template”:  A report substantially in the form of, and containing the information
called for in, the downloadable form of the “Servicer Realized Loss Template” available and effective from time
to time on the CREFC® Website.

 

“CREFC®
Servicer 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®
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”:  A monthly report substantially in the form of, and containing the information called
for in, the downloadable form of the “Total Loan Report” available as of the Closing Date on the CREFC®
Website, or in such other form for the presentation of such information and containing such additional information as may
from time to

 

     -22-

     

    
time
be adopted by the CREFC® for commercial mortgage backed securities transactions and is reasonably acceptable to
the Servicer.

 

“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.

 

“Current
Interest Distribution Amount”:  With respect to any Distribution Date, (x) for any Class of Regular Certificates,
the interest accruing during the related Certificate Interest Accrual Period at the applicable Pass-Through Rate for such Distribution
Date on the outstanding Certificate Balance of such Class as of the prior Distribution Date (after giving effect to distributions
of principal and allocations of Realized Losses on such prior Distribution Date) and (y) any Uncertificated Lower-Tier Interest,
interest accruing during the applicable Certificate Interest Accrual Period at the applicable Pass-Through Rate for such Certificate
Interest Accrual Period on the then outstanding Lower-Tier Principal Amount of such Class as of the prior Distribution Date (after
giving effect to distributions of principal and allocations of Realized Losses on such prior Distribution Date).

 

“Custodian”:
Wells Fargo Bank, National Association, a national banking association, in its capacity as custodian, or if any successor custodian
is appointed as herein provided, such custodian.

 

“Cut-off
Date”:  December 6, 2019.

 

“DBRI”: 
As defined in the Introductory Statement.

 

“DBRS”:
DBRS, Inc. or its successors in interest.  If neither DBRS nor any successor remains in existence, “DBRS” shall
be deemed to refer to such other nationally recognized statistical rating agency or other comparable Person designated by the
Depositor, notice of which designation shall be given to the Certificate Administrator, the Trustee, the Servicer, and the Special
Servicer, and specific ratings of DBRS herein referenced shall be deemed to refer to the equivalent ratings of the party so designated.

 

“Default
Interest”:  The amount by which interest accrued on any Note at its Default Rate exceeds the amount of
interest that would have accrued on such Note at the Whole Loan Rate.

 

“Default
Rate”:  As defined in the Mortgage Loan Agreement.

 

“Defaulted
Mortgage Loan”: The Whole Loan (i) if it is delinquent at least 60 days in respect of its scheduled monthly payments
or delinquent in respect of its balloon payment, if any, in either case such delinquency to be determined without giving effect
to any grace period permitted by the related Mortgage Loan Documents and without regard to any acceleration of payments under
the Mortgage Loan Documents or (ii) as to which the Servicer or Special Servicer has, by written notice to the Mortgage Loan Borrower,
accelerated the maturity of the indebtedness evidenced by the Notes.

 

“Defect”: 
As defined in Section 2.9(a).

 

     -23-

     

    
“Deficient
Exchange Act Deliverable”: With respect to the Servicer, the Special Servicer, the Custodian, the Certificate Administrator,
the Trustee, the Operating Advisor and each Servicing Function Participant and Additional Servicer retained by it (other than
a Sub-Servicer set forth on Exhibit AA), 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 11 of this Agreement that does not conform to
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, physical certificated form without interest coupons.

 

“Delivery
Date”:  As defined in Section 2.1(b).

 

“Depositor”: 
GS Mortgage Securities Corporation II, a Delaware corporation, and its successors in interest.

 

“Depository”: 
The Depository Trust Company or a successor appointed by the Certificate Registrar (which appointment shall be at the direction
of the Depositor if the Depositor is legally able to do so).

 

“Depository
Participant”:  A Person for whom, from time to time, the Depository effects book-entry transfers and pledges
of securities deposited with the Depository.

 

“Determination
Date”:  The sixth (6th) day of each calendar month in which each Distribution Date occurs, commencing
in January 2020 or, if such 6th day is not a Business Day, the immediately succeeding Business Day.

 

“Directing
Holder”:  (i) for so long as no Control Shift Event is continuing, the Controlling Class Representative and (ii)
during the continuance of a Control Shift Event, the holder of Note A-1-C-1 (or a “controlling class representative”
or any analogous party for the Note A-1-C-1 Securitization).

 

“Directly
Operate”:  With respect to the Foreclosed Property, the furnishing or rendering of services to the tenants
thereof, that are not customarily provided to tenants in connection with the rental of space “for occupancy only”
within the meaning of Treasury Regulations Section 1.512(b)-1(c)(5), the management or operation of such Foreclosed Property,
the holding of such Foreclosed Property primarily for sale to customers, the use of such Foreclosed Property in a trade or business
conducted by the Trust Fund or the performance of any construction work on the Foreclosed Property, other than through an Independent
Contractor; provided, however, that 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).

 

     -24-

     

    
“Disclosable
Special Servicer Fees”:  With respect to the Whole Loan or the Foreclosed Property, any (A) compensation
and other remuneration (including, without limitation, in the form of commissions, brokerage fees, rebates, and as a result of
any other fee-sharing arrangement received or retained by the Special Servicer or any of its Affiliates that is paid by any person
(including, without limitation, the Trust, the Mortgage Loan Borrower, any manager of the Property, any guarantor or indemnitor
in respect of the Whole Loan or the Foreclosed Property and any purchaser of the Trust Loan, a Companion Loan or the Foreclosed
Property)) in connection with the disposition, workout or foreclosure of the Whole Loan, the management or disposition of the
Foreclosed Property, and the performance by the Special Servicer or any such Affiliate of any other special servicing duties under
this Agreement other than (i) Permitted Special Servicer/Affiliate Fees and (ii) any special servicing compensation
to which the Special Servicer is entitled under this Agreement in the form of late payment charges, Default Interest, assumption
fees, Modification Fees, consent fees, loan service transaction fees, beneficiary statement fees, assumption application fees
or other income earned on deposits in the Foreclosed Property Account to the extent not reported in the CREFC®
Reports and (B) any fee-sharing arrangement with any Certificateholder or other controlling interest with respect to any
special servicing duties under this Agreement; provided that any compensation and other remuneration that the Servicer
or Certificate Administrator is specifically permitted to receive pursuant to the terms of this Agreement in connection with its
respective capacity as a Servicer or Certificate Administrator shall not be Disclosable Special Servicer Fees.

 

“Disqualified
Non-U.S. Person”:  With respect to a Class R Certificate, any Non-U.S. Person or agent thereof other
than (i) a Non-U.S. Person that holds such 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 Administrator with an effective IRS Form W-8ECI
or other prescribed form or (ii) a Non-U.S. Person that has delivered to both the transferor and the Certificate Administrator
an Opinion of Counsel of a nationally recognized tax counsel to the effect that the transfer of such Class R Certificate
to it is in accordance with the requirements of the Code and the regulations promulgated thereunder and that such transfer of
such Class R Certificate will not be disregarded for federal income tax purposes under Treasury Regulations Section 1.860G-3.

 

“Disqualified
Organization”:  Any of (a) the United States, a State, or any agency or instrumentality of any of
the foregoing (other than an instrumentality that is a corporation if all of its activities are subject to tax and, except for
the 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 Administrator
based upon an Opinion of Counsel to the effect that any transfer of a Class R Certificate to such Person may cause either
Trust 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.

 

     -25-

     

    
“Distribution
Account”:  The account established and maintained by the Certificate Administrator pursuant to Section 3.5.

 

“Distribution
Date”:  The 4th Business Day after each Determination Date, commencing in January 2020.

 

“Distribution
Date Statement”:  As defined in Section 4.4(a).

 

“Due
Diligence Service Provider”: As defined in Section 3.21(b).

 

“Eligible
Account”:  An account or book-entry subaccount maintained with a federal or state-chartered depository
institution or trust company which complies with the definition of Eligible Institution.

 

“Eligible
Institution”:  (a) A depository institution or trust company insured by the Federal Deposit Insurance Corporation,
the long-term unsecured debt obligations or deposits of which are rated at least “Aa3” by Moody’s, if the
deposits are to be held in such account for thirty (30) days or more, and the short-term debt obligations or deposits of which
have a short-term rating of not less than “P-1” from Moody’s, if the deposits are to be held in such account
for less than thirty (30) days and or (b) KeyBank National Association, so long as KeyBank National Association’s long-term
unsecured debt rating or short-term deposits shall be at least “A2” by Moody’s (if the deposits are to be
held in the account for more than 30 days) or KeyBank National Association’s short-term deposit accounts or short-term
unsecured debt ratings shall be at least “P-1” by Moody’s (if the deposits are to be held in such account
for 30 days or less) or (c) any other depository institution or trust company not listed in clauses (a) – (b) above with
respect to which a Rating Agency Confirmation has been obtained from the Rating Agency.

 

“Eligible
Operating Advisor”:  An institution (a) that is a special servicer or operating advisor on a commercial mortgage-backed
securities transaction rated by the Rating Agency (including, in the case of the Operating Advisor, this transaction) but has
not been special servicer or operating advisor on a transaction for which the 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 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 2.8, 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 Risk Retention Affiliated with) the Depositor, the Trustee, the Certificate Administrator, the Servicer,
the Special Servicer, a Sponsor, any Borrower Related Party, the Third Party Purchaser, the Controlling Class Representative,
the Directing Holder or any of their respective Risk Retention Affiliates; (d) that has not been paid by the Special Servicer
or successor special servicer any fees, compensation or other remuneration (i) in respect of its obligations hereunder or (ii)
for the appointment or recommendation for replacement of a successor special servicer to become a special servicer under this
Agreement; (e) that (i) has been regularly engaged in the business of analyzing and advising clients in commercial mortgage-backed
securities matters and has at least five (5) years of experience in collateral analysis and loss projections and (ii) has at least
five (5) years of experience in commercial real estate asset management and experience in the workout

 

     -26-

     

    
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 Trust 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.

 

“Environmental
Indemnity”:  As defined in the Mortgage 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(o).

 

“Euroclear”: 
As defined in Section 5.2(a).

 

“Excess
Liquidation Purchase Price”: Without duplication, the sum of (i) the unpaid principal balance of the Whole Loan,
(ii) all accrued and unpaid interest on the Whole Loan at the Whole Loan Rate (exclusive of the Default Rate) to and including
the last day of the related Whole Loan Interest Accrual Period related to the Mortgage Loan Payment Date next succeeding the date
the purchase is to occur, (iii) all unreimbursed Property Protection Advances and Administrative Advances together with interest
on such Advances, (iv) all interest accrued on Monthly Payment Advances, (v) all unpaid or unreimbursed Trust Fund Expenses, (vi)
without duplication any unpaid expenses incurred by the Servicer, the Special Servicer, the Certificate Administrator, the Custodian
or the Trustee that would, if paid through the Trust, have been considered Trust Fund Expenses, and (vii) any other expenses reasonably
incurred or expected to be incurred by the Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator,
the Custodian and/or the Trustee arising out of the sale of any Foreclosed Property or the exercise or implementation of the Excess
Liquidation Proceeds Option, including Liquidation Fees.

 

“Excess
Liquidation Proceeds Holder”: As defined in Section 3.15(f).

 

“Excess
Liquidation Proceeds Option”: As defined in Section 3.15(f).

 

“Excess
Servicing Fee Rate”: With respect to the Whole Loan (and any Foreclosed Property, if applicable), a rate per annum
equal to 0.00125%; provided that such rate shall be subject to reduction at any time following any resignation of a Servicer
pursuant to Section 6.6 of this Agreement (if no successor is appointed in accordance with Section 6.6 of this Agreement)
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 7.2 of this Agreement.

 

“Excess
Servicing Fee Right”: With respect to the Whole Loan (and any successor Foreclosed Property, if applicable), the right
to receive Excess Servicing Fees. In the absence of any transfer of the Excess Servicing Fee Right, the Servicer shall be the
owner of such Excess Servicing Fee Right.

 

     -27-

     

    
“Excess
Servicing Fees”: With respect to the Whole Loan (and any successor Foreclosed Property, if applicable), that portion
of the Servicing Fee that accrues at a per annum rate equal to the Excess Servicing Fee Rate.

 

“Exchange
Act”:  The Securities Exchange Act of 1934, as amended from time to time.

 

“Federal
Funds Rate”:  For any day, the rate per annum equal to the weighted average of the rates on overnight federal
funds transactions with members of the Federal Reserve System arranged by federal funds brokers on such day, as published by the
Federal Reserve Bank of New York on the Business Day next succeeding such day; provided that (a) if such day is not a Business
Day, the Federal Funds Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published
on the next succeeding Business Day, and (b) if no such rate is so published on such next succeeding Business Day, the Federal
Funds Rate for such day shall be the average rate (rounded upward, if necessary, to a whole multiple of 1/1000 of 1%) charged
to the Mortgage Loan Lender on such day on such transactions as determined by the Mortgage Loan Lender.

 

“FHLMC”: 
The Federal Home Loan Mortgage Corporation and its successors in interest.

 

“Final
Asset Status Report”:  With respect to the Specially Serviced Loan, the initial 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 Final Asset Status Report) between the Special Servicer and the Directing Holder with respect
to the 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 Approval Process or following completion of the ASR Consultation Process, as applicable and labeled or
otherwise communicated as being “final”. For the avoidance of doubt, the applicable special servicer may issue more
than one Final Asset Status Report with respect to the Specially Serviced Loan in accordance with the procedures described Section
3.10(h).

 

“Final
Recovery Determination”: As defined in Section 3.7(a).

 

“Financial
Market Publisher”:  As defined in Section 3.21(b).

 

“Fitch”:
Fitch Ratings, Inc. and its successors in interest.  If neither Fitch nor any successor remains in existence, “Fitch”
shall be deemed to refer to such other nationally recognized statistical rating agency or other comparable Person designated by
the Depositor, notice of which designation shall be given to the Certificate Administrator, the Trustee, the Servicer and the
Special Servicer, and specific ratings of Fitch herein referenced shall be deemed to refer to the equivalent ratings of the party
so designated.

 

“FNMA”: 
The Federal National Mortgage Association and its successors in interest.

 

     -28-

     

    
“Foreclosed
Property”:  Any portion of the Property, title to which has been acquired by the Special Servicer or an
Affiliate on behalf of the Trust and the Companion Loan Holders through foreclosure, deed-in-lieu of foreclosure or otherwise
in the name of the Trustee or its nominee.

 

“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 Certificate Administrator
and/or the Trustee, received in respect of the Foreclosed Property (including, without limitation, proceeds from the operation
or rental of such Foreclosed Property) prior to the final liquidation of such Foreclosed Property.

 

“Form
ABS Due Diligence-15E”:  The form certification of a Due Diligence Service Provider prescribed by Section 15E(s)(4)(B)
of the Exchange Act and Rule 17g-10 thereunder.

 

“GACC”: 
As defined in the Introductory Statement.

 

“Global
Certificates”:  As defined in Section 5.2(b).

 

“GS
Bank”:  As defined in the Introductory Statement.

 

“GSMC”: 
As defined in the Introductory Statement.

 

“HRR
Transfer Restriction Period”: The period from the Closing Date to the earlier of:

 

(a)       
the latest of (i) the date on which the total unpaid principal balance of the Trust Loan has been reduced to 33.0% of the total
unpaid principal balance of the Trust Loan as of the Cut-off Date; (ii) the date on which the total outstanding Certificate Balance
of the Certificates has been reduced to 33.0% of the total outstanding Certificate Balance of the Certificates as of the Closing
Date; or (iii) two years after the Closing Date,

 

(b)       
the date on which the Trust Loan has been defeased in accordance with the risk retention requirements set forth in §244.7(b)(8)(i)
of the Credit Risk Retention Rule; or

 

(c)       
the date on which the Credit Risk Retention Rule has been officially repealed or abolished in its entirety or officially determined
by the applicable regulatory agencies to be no longer applicable to this securitization transaction or Class HRR Certificates;

 

     -29-

     

    
provided
that the termination of the HRR Transfer Restriction Period shall not be effective without the written consent of the Retaining
Sponsor.

 

“Impermissible
Operating Advisor Affiliate” : As defined in Section 2.12.

 

“Impermissible
Risk Retention Affiliate”: As defined in Section 2.12.

 

“Impermissible
TPP Affiliate”: As defined in Section 2.12.

 

“Independent”: 
When used with respect to any specified Person, such a Person who (i) does not have any direct financial interest or any
material indirect financial interest in the Depositor, the Mortgage Loan Borrower, the Companion Loan Holders, the Certificate
Administrator, the Trustee, the Controlling Class Representative, the Directing Holder, the Servicer, the Special Servicer or
the Operating Advisor or in any of their respective Affiliates and (ii) is not connected with the Depositor, the Mortgage
Loan Borrower, the Companion Loan Holders, the Certificate Administrator, the Trustee, the Servicer, the Special Servicer or the
Operating Advisor 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 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 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 Trust REMIC were a real estate investment trust (except that the ownership test set forth in that Section
of the Code shall be considered to be met by any Person that owns, directly or indirectly, 35% or more of any Class of Certificates
or 35% or more of the aggregate value of all Classes of Certificates or such other interest in the Certificates as is set forth
in an Opinion of Counsel, which shall, at no expense to the Trustee, the Certificate Administrator, the Special Servicer, the
Servicer, or the Trust Fund, be delivered to the Trustee, the Certificate Administrator, the Special Servicer or the Servicer
on behalf of the Trustee); provided that neither the Lower-Tier REMIC nor the Upper-Tier REMIC receives or derives any
income from such Person and the relationship between such Person and such Trust 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 and Operating Advisor (or the Servicer or the Special Servicer on behalf
of the Trustee) has received an Opinion of Counsel which shall, at no expense to the Trustee, the Certificate Administrator, the
Special Servicer, the Servicer (unless the Special Servicer or the Servicer is providing the Opinion of Counsel with respect to
itself), the Operating Advisor or the Trust Fund, be to the effect that the taking of any action in respect of the 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

 

     -30-

     

    
applicable
for purposes of Section 860D(a) of the Code), or cause any income realized in respect of such Foreclosed Property to fail
to qualify as Rents from Real Property.

 

“Initial
Purchasers”:  Goldman Sachs & Co. LLC, Deutsche Bank Securities Inc.,  J.P. Morgan Securities LLC and
Wells Fargo Securities, LLC, and their respective successors in interest.

 

“Initial
Delivery Date”:  As defined in Section 3.10(h).

 

“Inquiries”: 
As defined in Section 4.5.

 

“Institutional
Accredited Investor”:  An institution that is an “accredited investor” within the meaning
of Rule 501(a) (1), (2), (3) or (7) of Regulation D under the Securities Act and any entity in which all of the equity
owners are “accredited investors” within the meaning of Rule 501(a) (1), (2), (3) or (7) of Regulation
D under the Securities Act.

 

“Insurance
Proceeds”:  (a) The portion of Loss Proceeds (as defined in the Mortgage Loan Agreement) paid as a
result of a Casualty (as defined in the Mortgage Loan Agreement) other than amounts to be applied to the restoration, preservation
or repair of the Property or to be released to the Mortgage Loan Borrower each in accordance with the terms of the Mortgage Loan
Agreement, or if not required to be so applied or so released under the terms of the Mortgage 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.

 

“Interest
Distribution Amount”:  With respect to any Distribution Date for any Class of Regular Certificates or Uncertificated
Lower-Tier Interests, the sum of the Current Interest Distribution Amount for such Distribution Date and such Class of Certificates
or Uncertificated Lower-Tier Interests plus the aggregate unpaid Interest Shortfalls in respect of prior Distribution Dates for
such Class of Certificates or Uncertificated Lower-Tier Interests.

 

“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 Uncertificated
Lower-Tier Interests, the amount by which the Current Interest Distribution Amount for such Class of Certificates and Distribution
Date exceeds the portion actually paid in respect of such Class on such Distribution Date.

 

“Interested
Person”:  The Depositor, the Servicer, the Special Servicer, the Operating Advisor, a holder of 50% or more of
the Controlling Class, the Directing Holder, the Mortgage Loan Borrower, the Borrower Sponsor, the Companion Loan Holders, an
Other Depositor, any trustee for an Other Securitization Trust, the property manager, any holder of any interest in a mezzanine
loan, any independent contractor engaged by the Special Servicer, or any of their respective Affiliates.

 

“Investment”: 
Any direct or indirect ownership interest in any security, note or other financial instrument issued or executed by the Mortgage
Loan Borrower or any Affiliate of

 

     -31-

     

    
the
Mortgage Loan 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 or any of their respective Affiliates, as applicable,
or any Person on whose behalf the Servicer, the Special Servicer or any of their respective Affiliates has discretion in connection
with Investments.

 

“Investor
Certification”:  A certification representing that such Person executing the certificate is a repurchasing Sponsor,
a Certificateholder, a Companion Loan Holder, the Directing Holder to the extent the Directing Holder is not a Certificateholder
(and no Consultation Termination Event or Control Termination Event is in effect), a Beneficial Owner or a prospective purchaser
of a Certificate (or any investment advisor or manager of the foregoing) and that (i) for purposes of obtaining certain information
and notices pursuant to this Agreement (including access to information and notices on the Certificate Administrator’s
Website), (A) (1) such Person is not a Borrower Related Party (in which case such Person shall have access to all the reports
and information made available to Privileged Persons pursuant to this Agreement) or (2) such Person is a Borrower Related Party
(in which case such Person shall only be entitled to receive access to the Distribution Date Statements posted on the Certificate
Administrator’s Website) and (B) except in the case of a prospective purchaser of a Certificate, such Person has received
a copy of the final Offering Circular, in the form of Exhibit K-1 or Exhibit K-2, as applicable, to this Agreement
or in the form of an electronic certification contained on the Certificate Administrator’s Website, and/or (ii) for
purposes of exercising Voting Rights (which shall not apply to a repurchasing Sponsor or a prospective purchaser of a Certificate),
(A) such Person is not a Borrower Related Party, (B) such Person is or is not the Depositor, the Servicer, the Special Servicer,
the Certificate Administrator, the Trustee or an Affiliate of any of the foregoing, (C) such Person has received a copy of the
final Offering Circular and (D) such Person agrees to keep any Privileged Information confidential and will not violate any securities
laws, substantially in the form of Exhibit K-3 to this Agreement; provided that if such Person is an Affiliate of
the Depositor, the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, such Person certifies to the
existence or non-existence of appropriate policies and procedures restricting the flow of information between it and the Depositor,
the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable; provided, further,
that a repurchasing Sponsor 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.  The Certificate Administrator may conclusively
rely on any duly submitted Investor Certification and may require that Investor Certifications be resubmitted from time to time
in accordance with its policies and procedures.

 

“Investor
Registry”:  As defined in Section 4.5(b).

 

“IRS”: 
The Internal Revenue Service.

 

“JPMCB”: 
As defined in the Introductory Statement.

 

     -32-

     

    
“KBRA”: 
Kroll Bond Rating Agency, Inc., and its successors-in-interest. If neither KBRA nor any successor remains in existence, “KBRA”
shall be deemed to refer to such other nationally recognized statistical rating organization or other comparable Person reasonably
designated by the Depositor, notice of which designation shall be given to the Servicer, the Special Servicer, the Certificate
Administrator and the Trustee 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 the Property have been recovered.

 

“Liquidation
Expenses”:  Reasonable and customary expenses (other than expenses covered by any insurance policy) incurred
by the Servicer, the Special Servicer, the Certificate Administrator or the Trustee in connection with the liquidation of the
Whole Loan or 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 the Foreclosed Property and were considered in the calculation of the amount of Foreclosure Proceeds
pursuant to the definition thereof.

 

“Liquidation
Fee”:  A fee payable to the Special Servicer with respect to any Liquidated Property, or any full, partial
or discounted payoff of the Specially Serviced Loan or the sale or liquidation of the Specially Serviced Loan or any portion thereof
as to which the Special Servicer receives Liquidation Proceeds, provided that the Special Servicer shall not be entitled
to receive a Liquidation Fee in connection with (i) a repurchase of the Trust Loan (or any Sponsor’s Sponsor Percentage
Interest in the Trust Loan) by the Sponsors pursuant to the Trust Loan Purchase Agreement, (ii) a sale of the Whole Loan
or any portion thereof by the Special Servicer to (a) the Servicer or Special Servicer or their respective affiliates or (b) any
other Interested Person (in the case of this clause (b), only if such sale occurs within 60 days after the Specially Serviced
Loan is transferred to special servicing); or (iii) a purchase of the Whole Loan by a mezzanine lender pursuant to an intercreditor
agreement (so long as such purchase occurs within 90 days after notice of the applicable event giving rise to such mezzanine lender’s
option is delivered to such mezzanine lender; provided that for the avoidance of doubt, if there are one or more purchase
option trigger events that occur following an initial purchase option trigger event, such 90 day period shall commence on the
date the first notice of the initial purchase option trigger event was given to such mezzanine lender); provided that the
Liquidation Fee for the Whole Loan or Foreclosed Property will be reduced by the amount of any Modification Fees paid by or on
behalf of the Mortgage Loan 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. Notwithstanding the foregoing, if the Whole Loan becomes subject
to a Special Servicing Loan Event 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 90 days following the Maturity Date as a result of
the Whole Loan being refinanced or other final payment (other than a discounted pay-off), the Special Servicer shall not be entitled
to deduct a Liquidation Fee from amounts due to the Certificateholders but may collect and retain appropriate fees from the Mortgage
Loan Borrower in connection with such liquidation.

 

     -33-

     

    
“Liquidation
Fee Rate”:  A rate equal to the lesser of (a) 0.375% and (b) such lower rate as would result
in a Liquidation Fee of $1,000,000.

 

“Liquidation
Proceeds”:  Amounts (other than Insurance Proceeds and Condemnation Proceeds) received by the Special Servicer
and/or Certificate Administrator in connection with the liquidation of the Whole Loan, the Trust Loan, any Companion Loan or 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 Trust Loan, any Companion Loan (other than amounts required to be paid to the Mortgage Loan
Borrower pursuant to law or the terms of the Mortgage Loan Agreement) including the proceeds of any full, partial or discounted
payoff of the Whole Loan, the Trust Loan, any Companion Loan (exclusive of any portion of such payoff or proceeds that represents
Default Interest or late payment charges).

 

“Loan
Purchase Agreement”:  The Trust Loan Purchase and Sale Agreement, dated as of December 20, 2019,
by and among the Sponsors and the Depositor.

 

“Lockbox
Account”: As defined in the Mortgage Loan Agreement.

 

“Lockbox
Agreement”:  The Blocked Account Agreement entered into on the Origination Date among the lockbox bank, Mortgage
Loan Borrower and the Originators.

 

“Lower-Tier
Distribution Account”:  A subaccount of the Distribution Account, which shall be an asset of the Trust
Fund and the Lower-Tier REMIC.

 

“Lower-Tier
Distribution Amount”:  As defined in Section 4.1(b).

 

“Lower-Tier
Principal Amount”:  With respect to any Class of Uncertificated Lower-Tier Interests, (i) on or prior
to the first Distribution Date, an amount equal to the Original Lower-Tier Principal Amount of such Class as specified in the
Introductory Statement to this Agreement, and (ii) as of any date of determination after the first Distribution Date an
amount equal to the Certificate Balance of the Class of Related Certificates on the preceding Distribution Date (after giving
effect to distribution of principal and allocation of Realized Losses).

 

“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 acquisition of the Foreclosed Property) of
the ownership of the Property securing the Whole Loan as comes into and continues in default or any exercise of remedies against
the Mortgage Loan Borrower or any of its affiliates following a Mortgage Loan Event of Default;

 

     -34-

     

    
(ii) 
     any modification, consent to a modification or waiver of any monetary term (other than late fees, penalty charges
and default interest, but including, without limitation, the timing of payments and acceptance of discounted payoffs) or any material
non-monetary term of the Whole Loan or any extension of the Maturity Date of the Whole Loan;

 

(iii) 
     any sale of the Trust Loan if it becomes a Defaulted Mortgage Loan or sale of the Foreclosed Property for less than
the applicable Repurchase Price;

 

(iv) 
     any determination to bring the Property or any Foreclosed Property into compliance with applicable environmental
laws or to otherwise address hazardous material located at the Property or any Foreclosed Property;

 

(v) 
     any release of collateral (excluding letters of credit) or any acceptance of substitute or additional collateral
for the Whole Loan or any consent to either of the foregoing, other than immaterial condemnation actions and other similar takings,
or if otherwise required pursuant to the specific terms of the Whole Loan and for which there is no material Mortgage Loan Lender
discretion;

 

(vi) 
   any waiver or consent to a waiver of a “due-on-sale” or “due-on-encumbrance” clause with
respect to the Whole Loan or, if Mortgage Loan Lender consent is required, any consent to such a waiver, other than any waiver
as may be effected without the consent of the lender under the related loan agreement or related to an immaterial easement, right
of way or similar agreement (unless such clause is not exercisable under applicable law or such exercise is reasonably likely
to result in successful legal action by the Mortgage Loan Borrower);

 

(vii) 
   any consent to a transfer of the Property or any portion of the Property, or any transfer of any direct or indirect
ownership interest in the Mortgage Loan Borrower to the extent the Mortgage Loan Lender’s consent is required under the
Mortgage Loan Documents, except in each case as expressly permitted by the Mortgage Loan Documents and for which there is no material
Mortgage Loan Lender discretion or in connection with a pending or threatened condemnation (or related to an immaterial easement,
right of way or similar agreement);

 

(viii) 
   any consent to the incurrence of additional debt by the Mortgage Loan Borrower or mezzanine debt by a direct or indirect
parent of the Mortgage Loan Borrower, including modification of the terms of any document evidencing or securing any such additional
debt and of any intercreditor or subordination agreement executed in connection therewith and any waiver of or amendment or modification
to the terms of any such document or agreement, in each case to the extent the Mortgage Loan Lender’s approval is required
by the Mortgage Loan Documents;

 

     -35-

     

    
(ix) 
   any determination of an Acceptable Insurance Default;

 

(x) 
    any property manager changes or modifications, waivers or amendments to any management agreement (in each case, for
which the Mortgage Loan Lender is required to consent or approve under the Mortgage Loan Documents);

 

(xi) 
   releases of (i) any escrow accounts, reserve accounts or letters of credit held as performance or “earn-out”
escrows or reserves or (ii) any other letters of credit held as additional collateral for the Whole Loan (including those provided
to terminate a Trigger Period), in each case, other than those releases required pursuant to the specific terms of the Whole Loan
and for which there is no material Mortgage Loan Lender discretion;

 

(xii) 
   any acceptance of an assumption agreement or any other agreement permitting transfers of interests in the Mortgage
Loan Borrower releasing the Mortgage Loan Borrower from liability under the Whole Loan other than pursuant to the specific terms
of the Whole Loan and for which there is no material Mortgage Loan Lender discretion;

 

(xiii) 
   following a default or a Mortgage Loan Event of Default, any acceleration of the Whole Loan or initiation of judicial,
bankruptcy or similar proceedings under the Mortgage Loan Documents or with respect to the Mortgage Loan Borrower or the Property;

 

(xiv) 
   any proposed modification or waiver of any material provision in the Mortgage Loan Documents governing the type,
nature or amount of insurance coverage required to be obtained and maintained by the Mortgage Loan Borrower;

 

(xv) 
    any approval of any casualty insurance settlements or condemnation settlements, and any determination to apply casualty
proceeds or condemnation awards to the reduction of the debt rather than to the restoration of the Property;

 

(xvi) 
    the determination of the Servicer pursuant to clause (vii) or clause (viii) of the definition of “Special
Servicing Loan Event”;

 

(xvii) 
  the execution, termination or renewal of any lease, to the extent Mortgage Loan Lender approval is required under the Mortgage
Loan Documents and to the extent such lease constitutes a “Major Lease” as defined in the Mortgage Loan Documents,
including entering into any subordination, non-disturbance and attornment agreement;

 

(xviii) 
  any adoption or implementation of the annual budget for which Mortgage Loan Lender consent is required under the Mortgage
Loan Documents;

 

     -36-

     

    
(xix) 
   the exercise of the rights and powers granted under a mezzanine intercreditor agreement to the “senior mezzanine
lender” or such other similar term as may be set forth therein and/or the “servicer” referred to therein,
if and to the extent such rights or powers affect the priority, payments, consent rights or security interest with respect to
the “senior mezzanine lender” or such other similar term; and

 

(xx) 
   any material modification, waiver or amendment of the Co-Lender Agreement, any intercreditor 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.

 

“Major
Decision Reporting Package”:  As defined in Section 6.5(a).

 

“Material
Breach”:  As defined in Section 2.9(a).

 

“Material
Document Defect”:  As defined in Section 2.9(a).

 

“Modification
Fees”:  With respect to the Whole Loan, any and all fees collected from the Mortgage Loan Borrower with respect
to a modification, extension, waiver or amendment that modifies, extends, amends or waives any term of the Mortgage 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 and (b) Special Servicing Fees, Workout Fees and Liquidation Fees.

 

“Monthly
Payment”:  With respect to the Whole Loan or Trust Loan and any Distribution Date, the scheduled payment
of principal (if any) and interest on the Whole Loan or Trust Loan pursuant to the Mortgage Loan Agreement, including the Balloon
Payment, as applicable, in each case which is due and payable on the immediately preceding Mortgage Loan Payment Date and (ii)
with respect to any Note and any Distribution Date, the scheduled payment of principal (if any) and interest on such Note pursuant
to the Loan Agreement and the related Balloon Payment, in each case which is due and payable on the immediately preceding Mortgage
Loan Payment Date.

 

“Monthly
Payment Advance”:  Any advance in respect of a delinquent Monthly Payment (or Assumed Monthly Payment,
as applicable) on the Trust Loan (for the avoidance of doubt, excluding any Companion Loan) made by the Servicer or the Trustee
pursuant to Section 3.23(a) or (c) as applicable.  Each reference to the reimbursement or payment of a
Monthly Payment Advance shall be deemed to include, whether or not specifically referred to, payment or reimbursement of interest
thereon at the Advance Rate through the date of payment or reimbursement.

 

“Moody’s”: 
Moody’s Investors Service, Inc. or its successors-in-interest.  If neither Moody’s  nor any successor
remains in existence, “Moody’s” shall be deemed to refer to such other nationally recognized statistical
rating agency or other comparable Person designated by the Depositor, notice of which designation shall be given to the Trustee,
the Certificate Administrator, the Servicer and the Special Servicer and specific ratings of Moody’s herein referenced
shall be deemed to refer to the equivalent ratings of the party so designated.

 

     -37-

     

    
“Morningstar”: 
Morningstar Credit Ratings, LLC or its successors-in-interest.  If neither Morningstar nor any successor remains in existence,
“Morningstar” shall be deemed to refer to such other nationally recognized statistical rating agency or other comparable
Person designated by the Depositor, notice of which designation shall be given to the Trustee, the Certificate Administrator,
the Servicer and the Special Servicer and specific ratings of Morningstar herein referenced shall be deemed to refer to the equivalent
ratings of the party so designated.

 

“Mortgage”: 
As defined in the Mortgage 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 Agreement”:  As defined in the Introductory Statement.

 

“Mortgage
Loan Borrower”:  As defined in the Introductory Statement.

 

“Mortgage
Loan Borrower’s Reimbursable Trust Fund Expenses”:  Amounts payable or reimbursable by the Mortgage Loan
Borrower pursuant to Section 9.17(f) of the Mortgage Loan Agreement.

 

“Mortgage
Loan Documents”:  All documents executed or delivered by the Mortgage Loan 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 Mortgage Loan Agreement.

 

“Mortgage
Loan Event of Default”:  An “Event of Default” as defined under the Mortgage Loan Documents.

 

“Mortgage
Loan Lender”:  The “Lender” as defined in the Mortgage Loan Agreement.

 

“Mortgage
Loan Payment Date”:  The 6th day of each calendar month in which the related Whole Loan Interest Accrual
Period ends (or if such sixth day is not a Business Day (as such term is defined the Mortgage Loan Agreement), the immediately
preceding Business Day).

 

“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
Trust Loan Rate”:  With respect to any Distribution Date and the Trust Loan, the annualized rate at which interest
would have to accrue in respect of the Trust Loan on the

 

     -38-

     

    
basis
of a 360-day year consisting of twelve 30-day months in the Whole Loan Interest Accrual Period preceding the Mortgage Loan Payment
Date that precedes such Distribution Date in order to produce the aggregate amount of interest (net of interest at the Servicing
Fee Rate, the CREFC® Intellectual Property Royalty License Fee Rate, the Operating Advisor Fee Rate and the Certificate
Administrator Fee Rate and exclusive of Default Interest) that actually accrues on the Trust Loan during such Whole Loan Interest
Accrual Period; provided that any modification that changes the Net Trust Loan Rate shall be disregarded for purposes of
calculating the Pass-Through Rates for the corresponding Class(es) of Certificates; provided, further, that (i)
the Net Trust Loan Rate for the Whole Loan Interest Accrual Period preceding the Mortgage Loan Payment Dates in (a) January and
February in each year that is not a leap year or (b) in February only in each year that is a leap year (unless in the case of
either (a) or (b) the related Distribution Date is the final Distribution Date), shall be the annualized rate at which interest
would have to accrue on the basis of a 360-day year consisting of twelve 30-day months in order to produce the aggregate amount
of interest (net of interest at the Servicing Fee Rate, the CREFC® Intellectual Property Royalty License Fee Rate,
the Operating Advisor Fee Rate and the Certificate Administrator Fee Rate and exclusive of Default Interest) actually accrued
on the Trust Loan during such Whole Loan Interest Accrual Period, minus the applicable Withheld Amount and (ii) the Net Trust
Loan Rate for the Whole Loan Interest Accrual Period preceding the Mortgage Loan Payment Date in March (or February, if the related
Distribution Date is the final Distribution Date), shall be the annualized rate at which interest would have to accrue on the
basis of a 360-day year consisting of twelve 30-day months in order to produce the aggregate amount of interest (net of interest
at the Servicing Fee Rate, the CREFC® Intellectual Property Royalty License Fee Rate, the Operating Advisor Fee
Rate and the Certificate Administrator Fee Rate and exclusive of Default Interest) actually accrued on the Trust Loan during such
Whole Loan Interest Accrual Period, plus the applicable Withheld Amounts.

 

“New
Lease”:  Any lease with respect to the Foreclosed Property entered into at the direction of the Special
Servicer on behalf of the Trust, including any lease renewed, modified or extended on behalf of the Trust, if the Trust has the
right to renegotiate the terms of such lease.

 

“Nondisqualification
Opinion”:  An Opinion of Counsel, prepared at the Trust Fund’s expense and payable from the Collection
Account, to the effect that a contemplated action will not result in an Adverse REMIC Event.

 

“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 reasonable 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 needed for repair or restoration of the Property) and Insurance
Proceeds) in respect of the Whole Loan or Trust Loan, as applicable, or the Property or from funds on deposit in the Collection
Account pursuant to Section 3.4(c).  The Trustee will be entitled to rely conclusively on the Servicer’s
determination that an Advance is a Nonrecoverable Advance, and the Servicer will be entitled to rely conclusively on the Special
Servicer’s determination that an Advance is a Nonrecoverable Advance.

 

     -39-

     

    
“Non-Book
Entry Certificates”:  As defined in Section 5.2(c).

 

“Non-Reduced
Interests”:  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 (x) any payments
of principal (whether as principal prepayments or otherwise) previously distributed to the Certificateholders of such Class of
Certificates, (y) any Appraisal Reduction Amounts allocated to such Class of Certificates as of the date of determination and
(z) any Realized Losses previously allocated to such Class of Certificates, 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 Certificateholders of such Class of Certificates.

 

“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
A-1-C-1”:  The promissory note designated as “A-1-C-1” evidencing, in part, the Whole Loan.

 

“Note
A-1-C-1 Securitization”:  The securitization transaction, if any, that includes Note A-1-C-1.

 

“Notes”: 
As defined in the Introductory Statement.

 

“NRSRO”: 
Any nationally recognized statistical rating organization within the meaning of Section 3(a)(62) of the Exchange Act, including
the Rating Agency.

 

“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 M 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 the Rating Agency under this Agreement, or that such NRSRO has been engaged to rate any
Companion Loan Securities, 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 17g-5 Information Provider’s Website and such NRSRO
will keep such information confidential, except to the extent such information has been made available to the general public.

 

“Offering
Circular”:  That certain Confidential Offering Circular, dated as of December 13, 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,

 

     -40-

     

    
the
Sponsors 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.

 

“Operating
Advisor”:  Pentalpha Surveillance LLC, a Delaware limited liability company, and its successors in interest
and assigns, or any successor operating advisor appointed as herein provided.

 

“Operating
Advisor Annual Report”:  As defined in Section 3.27(c).

 

“Operating
Advisor Consultation Event”:  The event that occurs when either (i) the Class HRR Certificates has a Certificate
Balance (as notionally reduced by any Appraisal Reduction Amounts allocable to such Class in accordance with Section 3.7(a)
of this Agreement) equal to or less than 25% of the initial Certificate Balance of such Class or (ii) a Control Shift Event
has occurred and is continuing.

 

“Operating
Advisor Consulting Fee”:  A fee for each Asset Status Report and Major Decision on which the Operating Advisor
has consultation obligations and performed its duties with respect to such Asset Status Report or Major Decision equal to $10,000
(or such lesser amount as the Mortgage Loan Borrower agrees to pay), payable pursuant to Section 3.4 of this Agreement;
provided, however, that the Operating Advisor may in its sole discretion reduce the Operating Advisor Consulting
Fee with respect to any Asset Status Report or Major Decision; provided, further, that the Servicer or Special Servicer,
as applicable, may waive or reduce the amount of any Operating Advisor Consulting Fee payable by the Mortgage Loan Borrower if
it determines that such full or partial waiver is in accordance with Accepted Servicing Practices, but may in no event take any
enforcement action with respect to the collection of such Operating Advisor Consulting Fee other than requests for collection
(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).

 

“Operating
Advisor Expenses”:  With respect to any Distribution Date, an amount equal to any unreimbursed indemnification
amounts or additional trust fund expenses payable to the Operating Advisor pursuant to this Agreement (other than the Operating
Advisor Fee and the Operating Advisor Consulting Fee).

 

“Operating
Advisor Fee”:  With respect to the Trust Loan, the fee payable to the Operating Advisor pursuant to Section 3.27(h).

 

“Operating
Advisor Fee Rate”:  With respect to the Trust Loan, a per annum rate of 0.00635%.

 

“Operating
Advisor Standard”:  The requirement that the Operating Advisor must act solely on behalf of the Trust and in the
best interest of, and for the benefit of, the Certificateholders and the Companion Loan Holders (as a collective whole as if such
Certificateholders and Companion Loan Holders constituted a single lender), and not to any particular class of Certificates (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

 

     -41-

     

    
any
relationship that the Operating Advisor or any of its Affiliates may have with any Borrower Related Party, any Sponsor, the Depositor,
the Servicer, the Special Servicer, the Directing Holder, any Certificateholder, any Companion Loan Holder or any of their respective
Affiliates.

 

“Operating
Advisor Termination Event”:  Any of the following events, whether any such event is voluntary or involuntary or
is effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of
any administrative or governmental body:

 

(a)       
any failure by the Operating Advisor to observe or perform in any material respect any of its covenants or agreements or the material
breach of any of its representations or warranties under this Agreement, which failure continues unremedied for a period of thirty
(30) days after the date on which written notice of such failure, requiring the same to be remedied, is given to the Operating
Advisor by any party to this Agreement or to the Operating Advisor, the Certificate Administrator and the Trustee by the holders
of Certificates having greater than 25% of the aggregate Voting Rights, provided that with respect to any such failure
which is not curable within such thirty (30) day period, the Operating Advisor will have an additional cure period of thirty (30)
days to effect such cure so long as it has commenced to cure such failure within the initial thirty (30) day period and has provided
the Trustee and the Certificate Administrator with an officer’s certificate certifying that it has diligently pursued,
and is continuing to pursue, such cure;

 

(b)       
any failure by the Operating Advisor to perform in accordance with the Operating Advisor Standard which failure continues unremedied
for a period of thirty (30) days after the date on which written notice of such failure, requiring the same to be remedied, is
given in writing to the Operating Advisor by any party to this Agreement;

 

(c)       
any failure by the Operating Advisor to be an Eligible Operating Advisor, which failure continues unremedied for a period of thirty
(30) days after the date on which written notice of such failure, requiring the same to be remedied, is given in writing to the
Operating Advisor by any party to this Agreement;

 

(d)      
a decree or order of a court or agency or supervisory authority having jurisdiction in the premises in an involuntary case under
any present or future federal or state bankruptcy, insolvency or similar law for the appointment of a conservator or receiver
or liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings, or for the
winding up or liquidation of its affairs, shall have been entered against the Operating Advisor, and such decree or order shall
have remained in force undischarged or unstayed for a period of sixty (60) days;

 

(e)       
the Operating Advisor consents to the appointment of a conservator or receiver or liquidator or liquidation committee in any insolvency,
readjustment of debt, marshaling of assets and liabilities, voluntary liquidation, or similar proceedings of or relating to the
Operating Advisor or of or relating to all or substantially all of its property; or

 

     -42-

     

    
(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 or the status of each Trust REMIC as a REMIC for taxation purposes, shall
be Independent of the Depositor, the Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and
the Trustee), who may, without limitation, be counsel for the Depositor, the Servicer, the Special Servicer, the Operating Advisor
or the Trustee, reasonably acceptable to the Certificate Administrator or the Trustee, 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 to this Agreement.

 

“Origination
Date”:  means November 25, 2019.

 

“Originators”: 
As defined in the Introductory Statement.

 

“Other
Depositor”:  With respect to any Other Securitization Trust, the related “depositor” (within
the meaning of Item 1101(e) of Regulation AB).

 

“Other
Exchange Act Reporting Party”:  With respect to any Other Securitization Trust that is subject to the reporting
requirements of the Exchange Act, the trustee, operating advisor, asset representations reviewer, certificate administrator, master
servicer, special servicer or depositor under the related Other Pooling and Servicing Agreement that is responsible for the preparation
and/or filing of Form 8-K, Form 10-D and Form 10-K with respect to such Other Securitization Trust, as identified in writing to
the parties to this Agreement; and, with respect to any Other Securitization Trust that is not subject to the reporting requirements
of the Exchange Act and for the purposes of Sections 11.7, 11.8, 11.9 and 11.16 only, the trustee,
certificate administrator, master servicer, special servicer or depositor under the related Other Pooling and Servicing Agreement
that is responsible for the preparation and/or dissemination of periodic distribution date statements or similar reports, as identified
in writing to the parties to this Agreement.

 

“Other
Pooling and Servicing Agreement”:  The pooling and servicing agreement or other comparable agreement governing
the creation of any Other Securitization Trust and the issuance of securities backed by the assets of such Other Securitization
Trust.

 

“Other
Securitization Trust”:  Any “issuing entity” (within the meaning of Item 1101(f) of Regulation
AB) that holds a Companion Loan (or any portion thereof or interest therein), as identified in writing to the parties to this
Agreement.

 

“Par
Price”:  An amount (without duplication) generally equal to the sum of (i) the unpaid principal balance of the
Whole Loan, (ii) accrued and unpaid interest on each Note at the Whole Loan Rate (exclusive of the Default Interest) to and including
the last day of the

 

     -43-

     

    
related
Whole Loan Interest Accrual Period in which the repurchase is to occur, (iii) unreimbursed Property Protection Advances and Administrative
Advances together with interest on all Advances (including Companion Loan Advances made with respect to the Companion Loan under
the Other Pooling and Servicing Agreement) and (iv) any unpaid Trust Fund Expenses.

 

“Pass-Through
Rate”:  With respect to each Class of Regular Certificates, the per annum rate at which interest
accrues on the Certificate Balance of such Class as set forth in Section 5.1(a), and for each Uncertificated Lower-Tier
Interest, the Net Trust Loan Rate, being, in each case, the rate at which interest accrues on the Certificate Balance or Lower-Tier
Principal Amount, as applicable, of such Class as set forth in the Introductory Statement to this Agreement.

 

“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 Regular Certificate, such “percentage interest”
is equal to the initial Certificate Balance of such Certificate divided by the initial Certificate Balance of all of the Certificates
of the related Class.  With respect to the Class R Certificates, the percentage specified on the Certificate held by
the Holder of such Certificate.

 

“Permitted
Encumbrances”:  As defined in the Mortgage Loan Agreement.

 

“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 Mortgage
Loan Payment Date following the date of acquiring such investment and meeting one of the appropriate standards set forth below:

 

(i)   
direct obligations of, and obligations fully guaranteed as to timely payment of principal and interest by, the United States of
America, Fannie Mae, Freddie Mac or any agency or instrumentality of the United States of America, the obligations of which are
backed by the full faith and credit of the United States of America that mature in one (1) year or less from the date of acquisition;
provided that any obligation of, or guarantee by, any agency or instrumentality of the United States of America shall be
a Permitted Investment only if such investment would not result in the downgrading, withdrawal or qualification of the then-current
rating assigned by the Rating Agency to any Certificate as evidenced in writing, other than (a) unsecured senior debt obligations
of the U.S. Treasury (direct or fully funded obligations), U.S. Department of Housing and Urban Development public housing agency
bonds, Federal Housing Administration debentures, Government National Mortgage Association guaranteed mortgage-backed securities
or participation certificates, RefCorp debt obligations and SBA-guaranteed participation certificates and guaranteed pool certificates
and (b) Farm Credit System consolidated systemwide bonds and notes, Federal Home Loan Banks’ consolidated debt obligations,
Freddie Mac debt obligations, and Fannie Mae debt obligations;

 

     -44-

     

    
(ii)    
time deposits, unsecured certificates of deposit, or bankers’ acceptances that mature in one (1) year or less after the
date of issuance and are issued or held by any depository institution or trust company (including the Trustee) incorporated or
organized under the laws of the United States of America or any State thereof and subject to supervision and examination by federal
or state banking authorities that, in each case, satisfy the Applicable KBRA Permitted Investment Rating and the Applicable Moody’s
Permitted Investment Rating (or, in the case of the Rating Agency or Moody’s, if permitted by the Whole Loan, such lower
rating as is otherwise acceptable to the Rating Agency or Moody’s, as applicable, as confirmed in a Rating Agency Confirmation);

 

(iii) 
  repurchase agreements or obligations with respect to any security described in clause (i) above where such security has a
remaining maturity of one year or less and where such repurchase obligation has been entered into with a depository institution
or trust company (acting as principal) described in clause (ii) above;

 

(iv) 
  debt obligations bearing interest or sold at a discount issued by any corporation incorporated under the laws of the United States
of America or any state thereof which mature in one (1) year or less from the date of acquisition, 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 the Rating Agency or Moody’s, if permitted by the Whole Loan, such lower
rating as is otherwise acceptable to the Rating Agency or Moody’s, as applicable, as confirmed in a Rating Agency Confirmation);
provided, however, that securities issued by any particular corporation will not be Permitted Investments to the
extent that investment therein will cause the then outstanding principal amount of securities issued by such corporation and held
in the accounts established hereunder to exceed 10% of the sum of the aggregate principal balance and the aggregate principal
amount of all Permitted Investments in such accounts;

 

(v)  
  commercial paper (including both non-interest bearing discount obligations and interest bearing obligations payable on demand
or on a specified date not more than one year after the date of issuance thereof), that, in each case, satisfy the Applicable
KBRA Permitted Investment Rating and the Applicable Moody’s Permitted Investment Rating (or, in the case of the Rating
Agency or Moody’s, if permitted by the Whole Loan, such lower rating as is otherwise acceptable to the Rating Agency or
Moody’s, as applicable, 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;

 

     -45-

     

    
(vi) 
      money market funds which seek to maintain a constant net asset value per share, rated at least “Aaa-mf” by Moody’s
(or, if not rated by such rating agency, otherwise acceptable to the 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;

 

(vii) 
      any other demand, money market or time deposit, obligation, security or investment, but for the failure to satisfy one or more
of the minimum rating(s) set forth in the applicable clause, would be listed in clauses (i) – (vi) above
with respect to which a Rating Agency Confirmation has been obtained from the Rating Agency for which the minimum ratings set
forth in the applicable clause is not satisfied with respect to such demand, money market or time deposit, obligation, security
or investment and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such
rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates pursuant to Section 3.26); and

 

(viii)       any other demand, money market or time deposit, obligation, security or investment not listed in clauses (i) –
(vi) above with respect to which a Rating Agency Confirmation has been obtained from the Rating Agency.

 

Notwithstanding
the foregoing, “Permitted Investments” (i) shall be limited to investments that have an unqualified rating
(i.e., one with no qualifying suffix), with the exception of ratings with regulatory indicators, such as the (sf) subscript, and
unsolicited ratings; (ii) shall be limited to those instruments that have a predetermined fixed dollar of principal due at
maturity that cannot vary or change; and (iii) shall exclude any investment where the right to receive principal and interest
derived from the underlying investment provides a yield to maturity in excess of 120% of the yield to maturity at par of such
underlying investment.  Interest may either be fixed or variable, and any variable interest must be tied to a single interest
rate index plus a single fixed spread (if any), and move proportionately with that index.  No investment shall be made that
requires a payment above par for an obligation if the obligation may be prepaid at the option of the issuer thereof prior to its
maturity.  All investments shall mature or be redeemable upon the option of the holder thereof on or prior to the earlier
of (x) three months from the date of their purchase and (y) the Business Day preceding the day before the date such
amounts are required to be applied hereunder.  Permitted Investments may not be purchased at a price in excess of par.

 

“Permitted
Special Servicer/Affiliate Fees”: Any commercially reasonable treasury management fees, banking fees, title agency
fees or insurance commissions or fees received or retained by the Special Servicer or any of its Affiliates in connection with
any services performed by such party with respect to the Whole Loan, subject to Section 3.17 of this Agreement.

 

     -46-

     

    
“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 would not cause either Trust REMIC to fail to qualify as a REMIC at
any time that the Certificates are outstanding, (c) a Disqualified Non-U.S. Person, (d) any partnership if any of its
interests are (or under the partnership agreement are permitted to be) owned, directly or indirectly (other than through a U.S.
corporation), by a 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.

 

“Prime
Rate”:  The “prime rate” published in 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 and any Class of Sequential Pay Certificates, the sum
of (i) the Regular Principal Distribution Amount for such Distribution Date and such Class of Certificates and (ii) the
aggregate Principal Shortfalls in respect of prior Distribution Dates for such Class of Certificates.

 

“Principal
Shortfall”:  For each Distribution Date and any Class of Sequential Pay Certificates, the amount by which
the Regular Principal Distribution Amount for such Class exceeds the amount actually distributed to such Class in respect of principal
on such Distribution Date.

 

“Privileged
Information”: Any (i) correspondence or other communications between the Directing Holder and the Special
Servicer related to the Whole Loan if it is subject to a Special Servicing Loan Event or the exercise of the consent or consultation
rights of the Directing Holder under this Agreement, (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 Mortgage Loan
Borrower or other interested party, and (iii) information subject to attorney-client privilege.  The Servicer, the Special
Servicer and the Operating Advisor 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

 

     -47-

     

    
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, as evidenced by a written advice of counsel (which will be an additional
expense of the Trust) delivered to each of the Servicer, the Special Servicer, the Directing Holder, the Operating Advisor, the
Certificate Administrator and the Trustee), required by law, rule, regulation, order, judgment or decree to disclose such information.

 

“Privileged
Person”:  The Depositor, the Initial Purchasers, the Servicer, the Special Servicer, the Trustee, the Certificate
Administrator, the Operating Advisor, any Person (including the Directing Holder, the Controlling Class Representative and any
Companion Loan Holder) who provides the Certificate Administrator with an Investor Certification in the form of Exhibit K-1,
and any NRSRO (including the Rating Agency) that provides the Certificate Administrator with an NRSRO Certification in the form
of Exhibit M, which Investor Certification and NRSRO Certification may be submitted electronically via the Certificate
Administrator’s Website or the 17g-5 Information Provider’s Website, as applicable; provided that in no event
shall a Borrower Related Party be considered a Privileged Person and such person shall only be entitled to the Distribution Date
Statement.  However, such Borrower Related Party shall be entitled to receive access to the Distribution Date Statements
posted on the Certificate Administrator’s Website. The provisions herein shall not limit the Servicer’s or the Special
Servicer’s ability to make accessible certain information regarding the Trust Loan at a website maintained by the Servicer
or the Special Servicer. None of the Servicer, the Special Servicer or the Certificate Administrator shall be liable for any communication
to the Directing Holder or Controlling Class Certificateholder or disclosure of information if the Servicer, the Special Servicer
or the Certificate Administrator, as applicable, did not receive prior written notice that the Directing Holder or Controlling
Class Certificateholder is a Borrower Related Party.  Each of the Servicer, the Special Servicer and the Certificate Administrator
shall be entitled to conclusively rely on any written notice from the Directing Holder or Controlling Class Certificateholder
that it is or is no longer a Borrower Related Party.

 

“Property”: 
As defined in the Mortgage Loan Agreement.

 

“Property
Protection Advances”:  As defined in Section 3.23(b).

 

“QIB”: 
A “qualified institutional buyer” within the meaning of Rule 144A.

 

“Qualified
Bidder”:  As defined in Section 7.2(b).

 

“Qualified
Insurer Ratings”:  With respect to an insurer, a rating that is no lower than (a) “A-” by S&P,
(b) “A3” by Moody’s, (c) “A-” by Fitch, (d) “A(low)” by DBRS, (e) ”A-:VIII”
by AM Best or (f) the equivalent by KBRA (or such other rating as to which a Rating Agency Confirmation has been obtained).

 

“Qualified
Mortgage”:  A “qualified mortgage” within the meaning of Section 860G(a)(3) of the Code (but
without regard to the rule in Treasury Regulations

 

     -48-

     

    
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 the Special Servicer contained in this Agreement, (ii) that is not the Operating Advisor or an affiliate of the
Operating Advisor, (iii) that is not obligated to pay the Operating Advisor (x) any fees or otherwise compensate the Operating
Advisor in respect of its obligations under this Agreement, or (y) for the appointment of the successor Special Servicer or the
recommendation by the Operating Advisor for the replacement Special Servicer to become the Special Servicer, (iv) that is not
entitled to receive any compensation from the Operating Advisor other than compensation that is not material and is unrelated
to the Operating Advisor’s recommendation that such party be appointed as the replacement Special Servicer, (v) that is
not entitled to receive any fee from the Operating Advisor for its appointment as successor Special Servicer, in each case, unless
expressly approved by 100% of the Certificateholders, (vi) that is listed on S&P’s Select Servicer List as a U.S. Commercial
Mortgage Special Servicer, (vii) that has been appointed and currently serves as a special servicer on a transaction-level basis
on a CMBS transaction currently rated by DBRS that currently has securities outstanding and for which DBRS has not cited servicing
concerns of the replacement special servicer as the sole or material factor in any qualification, downgrade or withdrawal of the
ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities rated
by DBRS in a commercial mortgage-backed securitization transaction rated by DBRS and serviced by the applicable replacement special
servicer prior to the time of determination, and, if one of the following NRSROs is engaged by the Depositor to rate an Other
Securitization Trust, as to such engaged NRSRO, (viii) that, in the case of Fitch, has a rating of “CSS3”, (ix)
that, in the case of Morningstar, (A) has a then current ranking by Morningstar equal to or higher than “MOR CS3”
as a special servicer (if ranked by Morningstar) or (B) if not ranked by Morningstar, is acting as master servicer or special
servicer, as applicable, in a commercial mortgage loan securitization that was rated by the Rating Agency within the 12 month
period prior to the date of determination and that Morningstar has not qualified, downgraded or withdrawn the then-current rating
or ratings of one or more classes of certificates citing servicing concerns with the special servicer, as applicable, as the sole
or material factor in such rating action, (x) with respect to which KBRA has not publicly cited 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 CMBS transaction serviced by such Special Servicer prior
to the time of determination and (xi) that, in the case of Moody’s (a) has been appointed and currently serves as a special
servicer on a “transaction level” basis on a CMBS transaction currently rated by Moody’s that currently has
securities outstanding that are currently rated by Moody’s 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 ratings 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.

 

“Qualified
Servicer”:  With respect to the applicable replacement Servicer or Special Servicer and the non-responding Rating
Agency pursuant to Section 3.26 hereof, the applicable replacement (i) with respect to S&P, is listed on S&P’s
Select Servicer List as a U.S.

 

     -49-

     

    
Commercial
Mortgage Master Servicer or U.S. Commercial Mortgage Special Servicer, as applicable, (ii) with respect to DBRS, the replacement
servicer or special servicer, as applicable, is currently acting as a servicer or special servicer, as applicable, on a transaction
-level basis on a CMBS transaction currently rated by DBRS that currently has securities outstanding and for which DBRS has not
cited servicing concerns of the replacement servicer or special servicer, as applicable, as the sole or material factor in any
qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings
downgrade or withdrawal) of securities rated by DBRS in a commercial mortgage-backed securitization transaction rated by DBRS
and serviced by the applicable replacement servicer or special servicer, as applicable, prior to the time of determination, (iii)
with respect to Fitch, is rated at least “CMS3” (in the case of the servicer) or “CSS3” (in the case
of the special servicer); (iv) with respect to KBRA, KBRA has not publicly cited servicing concerns with the applicable replacement
Servicer or Special Servicer 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 CMBS transaction serviced
by the applicable replacement servicer or special servicer, as applicable, prior to the time of determination, (v) with respect
to Moody’s, (a) 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)
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 ratings downgrade or withdrawal) of securities in a CMBS transaction rated by Moody’s
and serviced by the applicable replacement servicer or special servicer, as applicable, prior to the time of determination and
(vi) with respect to Morningstar, (i) has a ranking by Morningstar higher than or equal to “MOR CS3” as a master
servicer or special servicer, as applicable or (ii)(A) such replacement Servicer or Special Servicer is acting as master servicer
or special servicer, as applicable, in a commercial mortgage loan securitization that was rated by the Rating Agency within the
12-month period prior to the date of determination and (B) Morningstar has not cited servicing concerns of the applicable replacement
Servicer or Special Servicer as the sole or material factor in any qualification, downgrade or withdrawal of the then-current
rating or ratings of one or more classes of such commercial mortgage backed securities.

 

“Rated
Final Distribution Date”:  The Distribution Date occurring in December 2039.

 

“Rating
Agency”:  KBRA and its successors-in-interest. If neither the Rating Agency nor any successor remains in
existence, “Rating Agency” shall be deemed to refer to such other nationally recognized statistical rating organization
or other comparable Person reasonably designated by the Depositor, notice of which designation shall be given to the Servicer,
the Special Servicer, the Certificate Administrator and the Trustee and specific ratings of the KBRA herein referenced shall be
deemed to refer to the equivalent ratings of the party so designated.

 

“Rating
Agency Confirmation”:  With respect to any matter, confirmation in writing (which may be in 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

 

     -50-

     

    
Rating
Agency) by the 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) (in the case of the Rating Agency with respect to the Certificates) and the credit rating of any Companion
Loan Securities (in the case of the Rating Agency or Companion Loan Rating Agency with respect to such Companion Loan Securities);
provided, that if a written waiver or other acknowledgment from the Rating Agency indicating its decision not to review
or to decline 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 the 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.

 

“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 then outstanding after giving effect to distributions made on such Distribution
Date exceeds (ii) the outstanding principal balance of the Trust Loan after giving effect to (a) any payments of principal
received with respect to the Mortgage Loan Payment Date occurring immediately prior to such Distribution Date and (b) the
aggregate reductions of the principal balance of the Trust Loan that have been permanently made as a result of a bankruptcy proceeding,
modification or otherwise.

 

“Record
Date”:  With respect to any Distribution Date, the close of business on the last day of the calendar month
preceding the calendar month in which such Distribution Date occurs, or if such last day is not a Business Day, the immediately
preceding Business Day.

 

“Regular
Certificates”:  The Class A, Class B and Class HRR Certificates.

 

“Regular
Principal Distribution Amount”:  For each Distribution Date and any Class of Sequential Pay Certificates,
(i) all amounts collected in respect of principal during the related Collection Period with respect to the Trust Loan and
(ii) the principal portion of any Repurchase Price, Liquidation Proceeds, Insurance Proceeds and Condemnation Proceeds (to
the extent not needed for the repair or restoration of the Property) allocated to the Trust Loan, in each case received during
the related Collection Period.

 

“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 Securities Act.

 

“Regulation S
Global Certificate”:  As defined in Section 5.2(a).

 

“Related
Certificates”, “Related Uncertificated Lower-Tier Interests”: 
For the following Classes of Certificates and Classes of Uncertificated Lower Tier Interests, the related

 

     -51-

     

    
Class
of Certificates or Class of Uncertificated Lower Tier Interest, as applicable, set forth below:

 

	Related
Uncertificated Lower-Tier 
Interests 

	 	Related
Certificates 

	Class LA
Uncertificated Interest

	 	Class
A

	Class
LB Uncertificated Interest

	 	Class
B

	Class
LHRR Uncertificated Interest

	 	Class
HRR

 

“REMIC”: 
A “real estate mortgage investment conduit” within the meaning of Section 860D of the Code.

 

“REMIC
Provisions”:  Provisions of the Code relating to “real estate mortgage investment conduits,”
including Sections 860A through 860G of the Code and any related regulations or announcements promulgated thereunder by the U.S.
Department of the Treasury.

 

“Relevant
Action”:  As defined in Section 3.26.

 

“Remittance
Date”:  With respect to each Distribution Date, the Business Day immediately preceding such Distribution
Date.

 

“Rents
from Real Property”:  With respect to the Foreclosed Property, gross income of the character described
in Section 856(c)(3)(A) of the Code.

 

“REO
Management Fee”:  As to the Property when it is 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 5.2(a).

 

“Reporting
Servicer”:  The Servicer, the Special
Servicer or a Servicing Function Participant engaged by any such party, as the case may be.

 

“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 any repurchase of the Trust Loan, the Mortgage File.

 

“Repurchase
Price”:  An amount (without duplication) generally equal to the sum of (i) the unpaid principal balance
of the Trust Loan, (ii) accrued and unpaid interest on the Trust Loan at the Whole Loan Rate (exclusive of the Default Interest)
to and including the last day of the related Whole Loan Interest Accrual Period in which the repurchase is to occur, (iii) unreimbursed
Property Protection Advances and Administrative Advances together with interest on such Advances, (iv) an amount equal to
all interest on outstanding Monthly Payment Advances, (v) any unpaid Trust Fund Expenses and (vi) any other out-of-pocket
expenses

 

     -52-

     

    
reasonably
incurred or expected to be incurred by the Servicer, the Special Servicer, the Certificate Administrator, the Custodian or the
Trustee arising out of the enforcement of the repurchase obligation.  No Liquidation Fee shall be paid by the Sponsors in
connection with a repurchase of the Trust Loan pursuant to the Loan Purchase Agreement if such repurchase occurs due to a Material
Breach or a Material Document Defect pursuant to the Loan Purchase Agreement.

 

“Repurchase
Request”:  As defined in Section 2.9(a).

 

“Repurchase
Request Withdrawal”:  As defined in Section 2.9(a).

 

“Requesting
Holders”:  As defined in Section 3.7(a).

 

“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 with respect to the Trust 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 had the Mortgage Loan
Borrower not made any portion of the Monthly Payment of principal and interest (or an Assumed Monthly Payment) for the related
Mortgage Loan Payment Date less (b) the aggregate compensation payable on such Remittance Date to the Certificate Administrator
in respect of the Certificate Administrator Fee (including the portion that constitutes the Trustee Fee), to the Operating Advisor
in respect of the Operating Advisor Fee and to CREFC® in respect of the CREFC® Intellectual Property
Royalty License Fees.

 

“Required
Third Party Purchaser Retention Amount”:  The Class HRR Certificates.

 

“Reserve
Account”:  Any reserve account required to be maintained under the Mortgage Loan Agreement.

 

“Residual
Ownership Interest”:  Any record or beneficial interest in the Class R Certificates.

 

“Responsible
Officer”:  With respect to (i) the Trustee, any officer in the Corporate Trust department of the Trustee
having direct responsibility for the administration of this Agreement and (ii) the Certificate Administrator, any officer
assigned to the Corporate Trust Services group, with direct responsibility for the administration of this Agreement and also,
with respect to a particular matter, any other officer to whom a particular matter is referred by the Certificate Administrator. 
With respect to 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

 

     -53-

     

    
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
Holder”:  Any Certificateholder, Beneficial Owner of a Certificate or prospective purchaser of a Certificate (whether
legally, beneficially or otherwise) or any other Person that as of the time of the events in clauses (a), (b) and (c) below is
also a holder of a related mezzanine loan (or any Affiliate or agent thereof) or an owner in any interest in any related mezzanine
loan (whether legally, beneficially or otherwise, including as a holder of a note evidencing a related mezzanine loan, a holder
of a participation interest in a related mezzanine loan or a Beneficial Owner of any securities collateralized by a related mezzanine
loan) (a) as to which an event of default has occurred under such mezzanine loan giving rise to an automatic acceleration of such
mezzanine loan or the right of the lender thereunder to accelerate such mezzanine loan, (b) as to which foreclosure proceedings
against the related collateral have been initiated (and in respect of which, the Special Servicer has received notice thereof)
or (c) at any time when any Special Servicing Loan Event has occurred and is continuing with respect to the Whole Loan as a result
of any determination by the Servicer that a default in the payment of principal or interest under the Whole Loan is reasonably
foreseeable.

 

“Restricted
Period”:  As defined in Section 5.2(a).

 

“Retaining
Sponsor”:  GSMC.

 

“Risk
Retention Affiliate” or “Risk Retention Affiliated”:  As “affiliate” or “affiliated”
are defined in Section 244.2 of the Credit Risk Retention Rule.

 

“Rule 144A”: 
As defined in Section 5.2(b).

 

“Rule 144A
Global Certificate”:  As defined in Section 5.2(b).

 

“S&P”: 
S&P Global Ratings, acting through Standard & Poor’s Financial Services LLC, and its successors in interest. If
neither S&P nor any successor remains in existence, “S&P” shall be deemed to refer to such other nationally
recognized statistical rating agency or other comparable Person designated by the Depositor, notice of which designation shall
be given to the Certificate Administrator, the Trustee, the Servicer and the Special Servicer, and specific ratings of S&P
herein referenced shall be deemed to refer to the equivalent ratings of the party so designated.

 

“Securities
Act”:  The Securities Act of 1933, as it may be amended from time to time.

 

“Sequential
Order”:  With respect to payments in respect of principal or interest on the Sequential Pay Certificates on any
Distribution Date, the Class A, Class B and Class HRR Certificates, in that order, in each case until the principal or interest,
as applicable, payable to each such Class is paid in full.

 

“Sequential
Pay Certificates”:  The Class A, Class B and Class HRR Certificates.

 

     -54-

     

    
“Servicer”: 
KeyBank National Association, a national banking association, in its capacity as servicer, and its successors in interest, or
if any successor servicer is appointed as herein provided, such successor servicer.

 

“Servicer
Customary Expenses”:  As defined in Section 3.17.

 

“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 Whole Loan or any other assets of the Trust by an entity that meets the definition of “servicer”
set forth in Item 1101 of Regulation AB and is subject to the disclosure requirements set forth in Item 1108 of Regulation AB. 
For clarification purposes, any uncapitalized occurrence of this term shall have the meaning commonly understood by participants
in the commercial mortgage-backed securities 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”:  With respect to the Trust Loan and the Companion Loan (including the Foreclosed Property), a fee
payable monthly to the Servicer pursuant to Section 3.17 (which includes the Excess Servicing Fee) which
will accrue at the Servicing Fee Rate, computed on the basis of the same principal amount, in the same manner, and for the same
Whole Loan Interest Accrual Period respecting which any related interest payment on the Note is computed.  For the avoidance
of doubt, the Servicing Fee shall be deemed payable from the Lower-Tier REMIC.

 

“Servicing
Fee Rate”:  With respect to the Trust  Loan, 0.0025% per annum; and with respect to the Companion Loan, a
primary servicing fee rate of 0.00125% per annum.

 

“Servicing
Function Participant”:  Any Additional Servicer, Sub-Servicer, Subcontractor or any other Person, other
than the Certificate Administrator, the Trustee, the Operating Advisor, the Servicer and the Special Servicer, that is performing
activities that address the Applicable Servicing Criteria as of any date of determination.

 

“Servicing
Officer”:  Any officer of the Servicer or the Special Servicer involved in, or responsible for, the administration
and servicing of the Whole Loan whose name and specimen signature appear on a list of servicing officers furnished to the Trustee
and the Certificate Administrator on the Closing Date by the Servicer or the Special Servicer, as applicable, in the form of an
Officer’s Certificate, as such list may from time to time be amended.

 

“Servicing
Party”:  As defined in Section 7.2(b).

 

“Servicing-Released
Bid”:  As defined in Section 7.2(b).

 

     -55-

     

    
“Servicing-Retained
Bid”:  As defined in Section 7.2(b).

 

“Significant
Obligor NOI Quarterly Filing Deadline”:  With respect to each calendar quarter (other than the fourth calendar
quarter of any calendar year), the date that is fifteen (15) days after the distribution date under the Other Pooling and Servicing
Agreement occurring on or immediately following the 45th day after the end of such calendar quarter.

 

“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.

 

“Similar
Law”: As defined in Section 5.3(m).

 

“Special
Notice”:  As defined in Section 5.6.

 

“Special
Servicer”: Situs Holdings, LLC, a Delaware limited liability company, in its capacity as special servicer, and
its successors in interest, or if any successor special servicer is appointed as herein provided, such successor special servicer.

 

“Special
Servicer Customary Expenses”:  As defined in Section 3.17.

 

“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 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 0.125% per annum until the Special Servicing Loan Event with respect
to such Specially Serviced 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 Special Servicing Fee shall be
deemed payable from the Lower-Tier REMIC.

 

“Special
Servicing Loan Event”:  With respect to the Whole Loan, (i) the Mortgage Loan Borrower has not made
two (2) consecutive Monthly Payments (and have not cured at least one such delinquency by the next Mortgage Loan Payment Date
under the Mortgage 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 Trust Loan (regardless of whether such Monthly Payment Advances have
been reimbursed); (iii) the Mortgage Loan Borrower fails to make the Balloon Payment when due, and the Mortgage Loan Borrower
has not delivered to the Servicer, on or before the Mortgage Loan Payment Date of such Balloon Payment, (a) a fully executed term
sheet, a written refinancing commitment, letter of intent or otherwise binding application for refinancing or purchase or similar
document that is, in each case, binding upon an acceptable lender, or (b) a signed purchase agreement, in the case of clause (a)
or (b), reasonably satisfactory in form and substance to the Servicer that provides that such refinancing or purchase will occur
within one hundred twenty (120) days after the date

 

     -56-

     

    
on
which such Balloon Payment will become due (provided that a Special Servicing Loan Event will occur if either (x) such
refinancing does not occur before the expiration of the time period for refinancing specified in such documentation or (y) the
Servicer is required to make a Monthly Payment Advance at any time prior to such refinancing or purchase); (iv) the Servicer
has received notice that the Mortgage Loan 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 a lien on the Property; (vi) the Mortgage
Loan Borrower has expressed in writing to the Servicer an inability to pay the amounts owed under the Whole Loan in a timely manner,
(vii) in the judgment of the Servicer (consistent with Accepted Servicing Practices), a default in the payment of principal
or interest under the Whole Loan is reasonably foreseeable unless (a) such reasonably foreseeable default is solely related
to a reasonably foreseeable default in the payment of the Balloon Payment on the Stated Maturity Date, (b) the Mortgage Loan
Borrower requests the extension of the Stated Maturity Date, (c) the Servicer (with the consent of the Special Servicer),
grants an extension of the Stated Maturity Date pursuant to Section 3.4 hereof and (d) such extension occurs
prior to the Stated Maturity Date; or (viii) a default under the Whole Loan of which the Servicer has notice (other than
a failure by the Mortgage Loan 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 Mortgage 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 Mortgage Loan 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 Mortgage Loan Borrower makes 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.

 

“Specially
Serviced Loan”:  The Whole Loan after the occurrence and during the continuance of a Special Servicing
Loan Event.

 

“Sponsor
Percentage Interest”: As to each of the Sponsors, an approximately 25% interest in the Trust Loan.

 

“Sponsors”: 
As defined in the Introductory Statement.

 

“Startup
Day”:  As defined in Section 11.1(c).

 

“Stated
Maturity Date”:  The Mortgage Loan Payment Date in December 2029, or such earlier date as may result from acceleration
of the Whole Loan in accordance with the terms of the Mortgage Loan Agreement.

 

“Subcontractor”: 
Any vendor, subcontractor or other Person that is not responsible for the overall servicing (as “servicing” is commonly
understood by participants in

 

     -57-

     

    
the
mortgage-backed securities industry) of the Whole Loan but performs one or more discrete functions identified in Item 1122(d) of
Regulation AB with respect to the Whole Loan under the direction or authority of the Servicer (or a Sub-Servicer of the Servicer),
the Special Servicer (or a Sub-Servicer of the Special Servicer) or an Additional Servicer (or a Sub-Servicer of an Additional
Servicer).

 

“Sub-Servicer”: 
Any Person that (i) Services the Whole Loan on behalf of the Servicer, Special Servicer or any Sub-Servicer and (ii) is
responsible for the performance (whether directly or through Sub-Servicers or Subcontractors) of a substantial portion of the
servicing functions required to be performed by the Servicer, Special Servicer, Servicing Function Participant or an Additional
Servicer, under this Agreement, with respect to the Whole Loan, that are identified in Item 1122(d) of Regulation AB.

 

“Successful
Bidder”:  As defined in Section 7.2(b).

 

“Successor
Manager”:  Any independent contractor as selected or retained by the Special Servicer, on behalf of the
Trust, to serve as manager of a Foreclosed Property, which designation, as evidenced by a Rating Agency Confirmation from the
Rating Agency, will not result in the downgrade, withdrawal or qualification of the ratings assigned to the Certificates by the
Rating Agency.

 

“Temporary
Regulation S Global Certificate”:  As defined in Section 5.2(a).

 

“Terminated
Party”:  As defined in Section 7.1(d).

 

“Terminating
Party”:  As defined in Section 7.1(d).

 

“Third
Party Purchaser”:  PCSD PR Cap IV NR Reten Private Limited, a Singapore private limited company, or any Person
that purchases the Certificates comprising the Required Third Party Purchaser Retention Amount in accordance with this 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 Holders of the Class HRR Certificates.

 

“Threshold
Collateral Issuer”: A bank or other financial institutions, the long term unsecured debt obligations of which are rated
at least “A” by S&P, “A” by DBRS, “A” by Fitch and “A2” by Moody’s
or the short term obligations of which are rated at least “A-1+” by S&P, “R-1(middle)” by DBRS,
“F-1” by Fitch and “P-1” by Moody’s.

 

“Threshold
Cure Holder”: As defined in Section 3.7(a).

 

“Threshold
Event Cash Collateral Account”: As defined in Section 3.5(d).

 

“Threshold
Event Collateral”: Either (a) cash collateral held by, and acceptable to, the Servicer for the benefit of the Trust
or (b) an unconditional and irrevocable standby letter of credit with the Servicer on behalf of the Trust as the beneficiary,
issued by the Threshold

 

     -58-

     

    
Collateral
Issuer, in either case in an amount which, when added to the appraised value of the Property set forth in the most recently determined
Appraisal (or update thereof), would cause the applicable Control Shift Event not to occur.

 

“Threshold
Event Cure”: As defined in Section 3.7(a).

 

“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.

 

“Treasury
Constant Yield”: As defined in the Mortgage Loan Agreement.

 

“Trigger
Period”: As defined in the Mortgage Loan Agreement.

 

“Trust”: 
The trust formed pursuant to this Agreement.

 

“Trust
Fund”:  The corpus of the Trust created by this Agreement, consisting of (i) the Trust Loan, including
the related Notes, together with the Mortgage File relating thereto; (ii) all scheduled and unscheduled payments on or collections
in respect of the Trust Loan (including all interest that accrues on the Trust Loan on or after the Cut-off Date and
all scheduled principal received on or with respect to the Trust Loan on the Cut-off Date); (iii) the Foreclosed Property
(but only to the extent of the Trust’s interest in such Foreclosed Property) and Foreclosed Property Account; (iv) all
revenues received in respect of the Foreclosed Property  (but only to the extent of the Trust’s interest in such Foreclosed
Property); (v) the Servicer’s, Special Servicer’s, the Certificate Administrator’s and the Trustee’s
rights under the insurance policies with respect to the Property required to be maintained pursuant to this Agreement and any
proceeds thereof (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 Notes (including the Environmental Indemnity relating
to the Property); (viii) all funds deposited in the Collection Account, the Interest Reserve Account and the Distribution
Account, including reinvestment income thereon (except as otherwise provided herein); (ix) the rights and remedies of the Depositor
under the Loan Purchase Agreement; (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 Mortgage Loan Borrower’s Reimbursable Trust Fund Expenses, to the
extent not reimbursed by the Mortgage Loan Borrower) and all other amounts (such as indemnification payments to any party to this
Agreement) permitted to be retained, reimbursed or withdrawn and remitted by the Servicer, the Special Servicer, the Operating
Advisor, the Certificate Administrator or the Trustee, as applicable, from the Collection Account or the Distribution Account
pursuant to this Agreement.

 

     -59-

     

    
“Trust
Loan”:  As defined in the Introductory Statement.

 

“Trust
A Notes”:  As defined in the Introductory Statement.

 

“Trust
Notes”:  As defined in the Introductory Statement.

 

“Trust
REMIC”:  The Upper-Tier REMIC or the Lower-Tier REMIC, individually or collectively, as the context may
require.

 

“Trustee”: 
Wells Fargo Bank, National Association, a national banking association, in its capacity as trustee, and its successors in interest,
or any successor trustee appointed as herein provided.  Wells Fargo Bank, National Association shall perform its obligations
as Trustee hereunder through its Corporate Trust Services Division.

 

“Trustee
Fee”:  The portion of the Certificate Administrator Fee payable monthly by the Certificate Administrator
to the Trustee pursuant to Section 8.5.

 

“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 Interests”:  Any of the Class LA, Class LB and Class LHRR Uncertificated Interests.

 

“Uninsured
Cause”:  Any cause of damage to property of the Mortgage Loan 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 Mortgage 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 Certificate Administrator or the Trustee, as applicable, with respect to the Whole Loan or upon foreclosure
or liquidation of the Property (net of related foreclosure expenses and Liquidation Expenses) during the related Collection Period
including, but not limited to, prepayments due to acceleration of the Whole Loan, Net Liquidation Proceeds, Insurance Proceeds,
Condemnation Proceeds, Net Foreclosure Proceeds, voluntary prepayments and other payments and collections on the Whole 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 a citizen or resident of the United States, 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,

 

     -60-

     

    
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 as applicable Treasury regulations, certain trusts in existence on August 20,
1996 that have elected to be treated as a U.S. Person).

 

“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 to each Class
of Certificateholders (other than the Class R Certificates) as a percentage equal to the aggregate Certificate Balance (and
in connection with certain votes under this Agreement, taking into account any notional reduction in the Certificate Balance for
Appraisal Reduction Amounts allocated to the 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, taking
into account any notional reduction in the Certificate Balance, for Appraisal Reduction Amounts allocated to the Sequential Pay
Certificates) of all Classes of Certificates, each determined as of the prior Distribution Date.  The Class R Certificates
shall not be entitled to any Voting Rights.

 

“WFBNA”: 
As defined in the Introductory Statement.

 

“Whole
Loan”:  As defined in the Introductory Statement hereto.

 

“Whole
Loan Interest Accrual Period”:  With respect to the Whole Loan or any Note for
any Mortgage Loan Payment Date, the period from and including the 6th day of the calendar month preceding the month in which such
Mortgage Loan Payment Date occurs through and including the 5th day of the calendar month in which such Mortgage Loan Payment
Date occurs.

 

“Whole
Loan Rate”:  As “Interest Rate” is defined in the Mortgage Loan Agreement.

 

“Withheld
Amounts”:  As defined in Section 3.4(d).

 

“Workout
Fee”:  A fee payable to the Special Servicer pursuant to Section 3.17 and calculated by the
application of the Workout Fee Rate to 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 Mortgage Loan Borrower negotiated
by the Special Servicer for so long as another Special Servicing Loan Event does not occur.  Notwithstanding the foregoing,
the Workout Fee with respect to the Specially Serviced Loan shall be reduced by any Modification Fees paid by or on behalf of
the Mortgage Loan 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.

 

“Workout
Fee Rate”:  A rate equal to the lesser of (a) 0.375% and (b) such lower rate as would result in a Workout
Fee of $1,000,000 when applied to each expected payment of principal and interest (other than Default Interest) made on the Whole
Loan following resolution

 

     -61-

     

    
of
a Special Servicing Loan Event by a written agreement with the Mortgage Loan Borrower negotiated by the Special Servicer for so
long as another Special Servicing Loan Event does not occur.

 

“Yield
Maintenance Premium”:  As defined in the Mortgage Loan Agreement.

 

Section 1.2.  Interpretation.
 (a)  Whenever this Agreement refers to a Distribution Date and a “related” Collection Period,
Whole Loan Interest Accrual Period, Certificate Interest Accrual Period or Mortgage Loan Payment Date, such reference shall
be to the Collection Period, Whole Loan Interest Accrual Period, Certificate Interest Accrual Period or Mortgage Loan Payment
Date, as applicable, immediately preceding such Distribution Date.

 

(b)       
Whenever this Agreement refers to a Distribution Date and an “applicable” Pass-Through Rate, such reference shall
be to the Pass-Through Rate for the applicable Class for the related Certificate Interest Accrual Period.

 

(c)       
The words “hereof”, “herein”, and “hereunder” and words of similar import when used
in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section and
Exhibit references contained in this Agreement are references to Sections and Exhibits in or to this Agreement unless otherwise
specified.

 

(d)      
Interest on the Certificates shall be computed (including interest at any Pass-Through Rate) on the basis of a 360 day year consisting
of twelve 30-day months.

 

Section 1.3.  
Certain Calculations in Respect of the Trust Loan or the Whole Loan.  (a)  All amounts collected by or on
behalf of the Trust in respect of the Trust Loan or the Whole Loan, as applicable, in the form of payments from the Mortgage Loan
Borrower, Liquidation Proceeds, Condemnation Proceeds and Insurance Proceeds shall be applied to amounts due and owing under the
Mortgage Loan Documents (including for principal and accrued and unpaid interest) in accordance with the express provisions of
the Mortgage Loan Documents and the Co-Lender Agreement; provided, however, in the absence of such express provisions
in the Mortgage Loan Documents 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 a Mortgage Loan Event of Default, all such amounts
collected will be applied in the following order of priority:  first, as a recovery of any related and unreimbursed
Advances plus interest accrued thereon and, without duplication, unreimbursed Mortgage Loan Borrower’s Reimbursable Trust
Fund Expenses; second, as a recovery of Nonrecoverable Advances or interest on Nonrecoverable Advances to the extent previously
reimbursed from principal collections with respect to the Whole Loan or Trust Loan, as applicable (which amount allocated to the
Trust Loan is required to be treated as a collection on the Trust Loan in respect of principal in calculating the Regular Principal
Distribution Amount); third, less any amounts reimbursed as Monthly Payment Advances in clause (i) above, as a recovery
of accrued and unpaid interest on the Note to the extent of the excess of (i) accrued and unpaid interest on the Note at
the applicable Net Trust Loan Rate (without giving effect to any increase in the such Net Trust Loan Rate required under the Mortgage
Loan Agreement as a result of a Mortgage Loan Event of Default) through and including the end of the related Whole Loan Interest
Accrual

 

     -62-

     

    
Period
in which such collections are received by or on behalf of the Trust (or, in the case of a full Monthly Payment from the Mortgage
Loan Borrower, through the related Distribution Date), over (ii)(x) the cumulative amount of the reductions (if any) in the
amount of the interest portion of the related Monthly Payment Advances for the Note that have occurred in connection with Appraisal
Reduction Amounts and (v) 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 being made) would not have been advanced because of the reductions in the amount of the
interest portion of the related Monthly Payment Advances for such Notes that would have occurred in connection with Appraisal
Reduction Amounts (to the extent that collections have not been applied as a recovery of accrued and unpaid interest pursuant
to clause fifth below on earlier dates) (such accrued and unpaid interest to be applied pursuant to the Co-Lender
Agreement); fourth, as a recovery of principal of the Whole Loan or the Trust Loan, as applicable, then due and owing,
including by reason of acceleration of the Whole Loan following a Mortgage Loan Event of Default (or, if the Whole Loan has been
liquidated, as a recovery of principal to the extent of its entire remaining unpaid principal balance) (such principal to be applied
pursuant to the Co-Lender Agreement); fifth, as a recovery of accrued and unpaid interest on the Trust Loan to the extent
of the cumulative amounts of reductions (if any) in the amount of the interest portion of the related Monthly Payment Advances
for the Trust Loan that have occurred in connection with related Appraisal Reduction Amounts or would have occurred in connection
with related Appraisal Reduction Amounts but for such Monthly Payment Advance not having been made as a result of a determination
by the Servicer that such Monthly Payment Advance would have been a Nonrecoverable Advance (to the extent collections have not
been applied as recovery of 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 relating to the Whole Loan or the Trust Loan, as applicable; 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 Whole Loan or the Trust Loan, as applicable, (such Yield Maintenance Premium
to be applied according to the Co-Lender Agreement); ninth, as a recovery of any Default Interest or late charges then due
and owing under the Whole Loan or the Trust Loan, as applicable (such Default Interest and late charges to be applied pursuant
to the Co-Lender Agreement); tenth, as a recovery of any assumption fees, assumption application fees, consent fees, release
fees, substitution fees, Modification Fees and similar fees then due and owing under the Whole Loan or Trust Loan, as applicable;
and eleventh, as a recovery of any other amounts then due and owing under the Whole Loan or Trust Loan, as applicable (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, payments 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 Mortgage Loan Documents must be allocated to reduce the principal balance of the Whole Loan in the manner permitted
by such REMIC Provisions if, immediately following such release, the loan-to value ratio of the Whole Loan exceeds 125% (based
solely on real property and excluding any personal property and going concern value).

 

     -63-

     

    
(b)       
Collections by or on behalf of the Trust in respect of the 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) 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
with respect to the Whole Loan or the Trust Loan, as applicable, and, without duplication, unreimbursed Mortgage Loan Borrower’s
Reimbursable Trust Fund Expenses; second, as a recovery of Nonrecoverable Advances or interest on Nonrecoverable Advances
to the extent previously reimbursed from principal collections with respect to the Whole Loan or the Trust Loan, as applicable,
(which amount allocated to the Trust Loan is required to be treated as a collection on the Trust Loan in respect of principal
in calculating the Regular Principal Distribution Amount); third, less any amounts reimbursed as Monthly Payment Advances
in clause (i) above as a recovery of accrued and unpaid interest on each Note, to the extent of the excess of (i) accrued
and unpaid interest on such Note at the applicable Net Trust Loan Rate (without giving effect to any increase in such Net Trust
Loan Rate of such Note required under the Mortgage Loan Agreement as a result of a Mortgage Loan Event of Default) through and
including the end of the related Whole Loan Interest Accrual Period in which such collections are received by or on behalf of
the Trust, over (ii)(x) the cumulative amount of the reductions (if any) in the amount of the interest portion of the related
Monthly Payment Advances for the Note that have occurred in connection with Appraisal Reduction Amounts and (v) 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 being made) would not have been advanced because of the reductions in the amount of the interest portion of the
related Monthly Payment Advances for such Notes that would have occurred in connection with Appraisal Reduction Amounts (to the
extent that collections have not been applied as a recovery of accrued and unpaid interest pursuant to clause fifth
below on earlier dates) (such accrued and unpaid interest to be applied pursuant to the Co-Lender Agreement); fourth, as
a recovery of principal of the Whole Loan or Trust Loan, as applicable, to the extent of its entire unpaid principal balance (such
principal to be applied pursuant to the Co-Lender Agreement); fifth, as a recovery of accrued and unpaid interest on the
Trust Loan to the extent of the cumulative amount of the reductions (if any) in the amount of the interest portion of the related
Monthly Payment Advances for the Trust Loan that have occurred in connection with related Appraisal Reduction Amounts or would
have occurred in connection with related Appraisal Reduction Amounts but for such Monthly Payment Advance not having been made
as a result of a determination by the Servicer that such Monthly Payment Advance would have been a Nonrecoverable Advance (to
the extent that collections have not been applied as a recovery of accrued and unpaid interest pursuant to this clause fifth
on earlier dates); sixth, as a recovery of any Yield Maintenance Premium then due and owing under the Whole Loan or
Trust Loan, as applicable (such Yield Maintenance Premium to be applied pursuant to the Co-Lender Agreement); seventh, as
a recovery of any Default Interest or late charges then deemed to be due and owing under the Whole Loan; eighth, as a recovery
of any assumption fees, assumption application fees, consent fees, release fees, substitution fees, Modification Fees and similar
fees then due and owing under the Whole Loan or the Trust Loan, as applicable; and ninth, as a recovery of any other amounts
deemed to be due and owing in respect of the Whole Loan or Trust Loan, as applicable (if both consent fees and Operating Advisor
Consulting Fees

 

     -64-

     

    
are
due and owing, first, allocated to consent fees and then, allocated to Operating Advisor Consulting Fees).

 

(c)       
Notwithstanding anything to the contrary in the Co-Lender Agreement, but without changing any allocations under the Co-Lender
Agreement between the Trust Loan and the Companion Loan, upon liquidation of the Trust Loan, a Note related to the Trust Loan
or the Foreclosed Property, all Net Liquidation Proceeds received with respect to the Trust Loan or such Note will be applied
so that amounts allocated as a recovery of accrued and unpaid interest on the Trust Loan will not, for purposes of making distributions
on the Certificates, include accrued and unpaid interest on the Trust Loan that has not been advanced by the Servicer as a result
of Appraisal Reductions Amounts with respect to the Trust Loan or such Note, as applicable, (“Appraisal Reduced Interest”). 
After the adjusted interest amount is so allocated, any remaining Net Liquidation Proceeds received with respect to the Trust
Loan or such Note, as applicable will be allocated to pay principal on the Trust Loan or such Note, as applicable until the unpaid
principal amount thereof has been reduced to zero. Any remaining Net Liquidation Proceeds received with respect to the Trust Loan
or such Note, as applicable would then be allocated to pay Appraisal Reduced Interest.

 

(d)      
All net present value calculations and determinations made under this Agreement with respect to the Whole Loan, the Trust Loan,
the Companion Loan or the Property or the Foreclosed Property (including for purposes of the definition of “Accepted Servicing
Practices”) shall be made using a discount rate appropriate for the type of cash flows being discounted; namely (i) for
principal and interest payments on the Whole Loan, the Trust Loan or such Companion Loan or sale of the Whole Loan, the Trust
Loan or such Companion Loan if it is a Defaulted Mortgage 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 Mortgage Loan Borrower on similar debt
of the Mortgage Loan Borrower as of such date of determination, (2) the Whole Loan Rate and (3) the yield on the most recently
issued 10-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).

 

Article
2

DECLARATION OF TRUST; ORIGINAL ISSUANCE OF CERTIFICATES

 

Section 2.1.  
Creation and Declaration of Trust; Conveyance
of the Trust Loan.  (a)  The Depositor,
concurrently with the execution and delivery hereof, hereby sells, transfers, assigns, delivers, sets over, and otherwise conveys
or causes to be conveyed in trust to the Trustee for the benefit of Certificateholders, without recourse (except to the extent
otherwise provided herein and in the Mortgage Loan Documents), the Depositor’s right, title and interest, whether now owned
or hereafter acquired, now existing or hereafter arising, wherever located, in and to all of the items referred to in the definition
of “Trust Fund”, including without limitation (i) all rights and remedies of the Depositor under the Loan Purchase
Agreement, (ii) all right, title and interest of the Depositor in, to and under the Reserve Accounts, (iii) all right,
title and interest of the Depositor in and to the Trust 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

 

     -65-

     

    
under
the Trust 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 Mortgage Loan Borrower or any other party under the Mortgage Loan Documents relating
to the Trust Loan.  Such sale, transfer and assignment further include all Mortgage Loan Documents relating to the Trust
Loan. 

 

(b)       
In connection with such sale, transfer and assignment, the Depositor does hereby deliver to, and deposit with the Custodian (with
copies to the Servicer) (i) the original Note A-1-S-1, Note A-2-S-1, Note A-3-S-1, Note A-4-S-1, Note B-1, Note B-2, Note
B-3 and Note B-4 (or if any such Note has been lost, a lost note affidavit), 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 Holders of the BWAY Trust 2019-1633, Commercial Mortgage Pass-Through Certificates, Series 2019-1633,
without recourse or warranty except as set forth in the Trust and Servicing Agreement dated as of December 20, 2019,
among GS Mortgage Securities Corporation II, as Depositor, KeyBank National Association, as Servicer, Situs Holdings, LLC,
as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator and Custodian, Wells Fargo Bank, National
Association, as Trustee, and Pentalpha Surveillance LLC, as Operating Advisor”, which 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 Trust Loan (collectively with the original Notes required under clause (i) above,
the “Mortgage File”), in each case executed by the parties thereto:

 

(A)      
a copy or original Mortgage Loan Agreement, including all amendments thereto;

 

(B)      
each original recorded counterpart of the Mortgage and supplemental Mortgage or certified copies thereof from the applicable recording
office (or copies thereof from the applicable recording office if (to the knowledge of the applicable Sponsor 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);

 

(C)      
each original recorded Assignment of Mortgage and, to the extent a supplemental Mortgage exists, an assignment of supplemental
Mortgage, each 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 Holders of the BWAY Trust 2019-1633, Commercial Mortgage Pass-Through Certificates, Series 2019-1633”,
without recourse;

 

(D)      
an original of the Environmental Indemnity;

 

     -66-

     

    
(E)      
an original of the Lockbox Agreement;

 

(F)      
an original of the Cash Management Agreement;

 

(G) 
    where applicable, a copy of each UCC-1 financing statement (and an original thereof shall have been sent for filing),
together with a fully executed UCC-3 financing statement, in a form that is complete and suitable for filing, disclosing the assignment
from the secured party named in such UCC-1 financing statement to the Trustee of the security interest in the personal property
and other UCC collateral constituting security for repayment of the Whole Loan;

 

(H) 
  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 (which may
be in the form of an electronically issued policy);

 

(I) 
    a copy of the Co-Lender Agreement;

 

(J) 
  any other material written agreements related to the Whole Loan or any other documents and/or certifications executed and/or
delivered by the Mortgage Loan Lender, the Mortgage Loan Borrower, the Borrower Sponsor or any other person or entity in connection
with the closing of the Whole Loan or any amendment thereof and any legal opinions delivered in connection with the closing of
the Whole Loan;

 

(K) 
   a copy of the Property Management Agreement;

 

(L) 
 an original or a copy of any related assignment of leases (if such item is a document separate from the Mortgage), together
with originals or copies of any intervening assignments thereof, in each case (unless the particular item has not been returned
from the applicable recording office) with evidence of recording indicated thereon or certified by the applicable recorder’s
office;

 

(M) 
  all other instruments, if any, constituting additional security for the repayment of the Whole Loan;

 

(N) 
  a copy of any consent and subordination of management agreement; and

 

(O) 
  any and all amendments, modifications and supplements to, and waivers related to, any of the foregoing.

 

If
the Depositor cannot deliver, or cause to be delivered, any of the documents and/or instruments referred to in clauses (ii)(B),
(C) and (G) of this Section 2.1(b) with evidence of filing or recording thereon (if intended to be recorded
or filed), solely because of a delay caused by the public filing or recording office where such document or instrument has been
delivered 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

 

     -67-

     

    
document
or instrument, and such non-delivered document or instrument shall be deemed to have been included in the Mortgage File, if a
duplicate original or a photocopy of such non-delivered document or instrument (certified by the applicable public filing or recording
office, the applicable title insurance company or the Sponsors to be a true and complete copy of the original thereof submitted
for filing or recording) is delivered to the Custodian on or before the Delivery Date, and either the original of such non-delivered
document or instrument, or a photocopy thereof (certified by the appropriate county recorder’s office, in the case of the
documents and/or instruments referred to in clause (ii)(B), (C) and (G) 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, so long as the Depositor is, as certified in writing to the
Custodian no less often than every ninety (90) days, 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 Sponsors 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 the Mortgage, assignment of a Collateral Security Document (to the extent such documents are required to be recorded
or filed) and UCC-3 financing statements to be filed in the appropriate public recording office for real property records or UCC
financing statements shall be filed or recorded, as applicable, by the Sponsors or their designee, with instructions to return
all such recorded documents, or other evidences of filing issued by the applicable governmental offices, to the Custodian at 1055
10th Avenue Southeast, Minneapolis, Minnesota 55414, with a copy to the Servicer.  In the event that any such
document is determined to be defective or not to be in compliance with the requirements of the applicable filing office or recording
depository, or if any such document is lost or returned unrecorded because of a defect therein, the Sponsors or their designee
shall, upon receipt of the Custodian’s exception report, prepare a substitute document.  The Sponsors or their designee
shall file or record (or cause to be filed or recorded) such substitute document upon its receipt thereof in the appropriate filing
offices or record depositories.  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 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 Sponsors under the Loan Purchase Agreement shall be deemed to have been satisfied upon delivery to the Custodian of a copy
of such Mortgage, Assignment of Mortgage 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.

 

     -68-

     

    
The
ownership of the 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, other than the Notes related to the Companion
Loans, the Companion Loan Holders.  The Depositor, the Certificate Administrator, the Servicer and the Special Servicer agree
to take no action inconsistent with the Trustee’s ownership of the Trust Loan and to promptly indicate to all inquiring
parties that the Trust Loan has been sold and to claim no ownership interest in the Whole Loan.  All original documents relating
to the Trust Loan that are not delivered to the Custodian are and shall be held by the Depositor, the Servicer or the Special
Servicer, as the case may be, in trust for the benefit of the Certificateholders. 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.

 

The
conveyance of the Trust Loan and the related rights and property accomplished hereby is absolute and is intended by the Depositor
to constitute an absolute sale and transfer of the Trust Loan and such other related rights and property by the Depositor to the
Trustee in trust for the benefit of the Certificateholders (and as set forth herein, the Companion Loan Holders), 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 Trust Loan.  If such conveyance is determined to be a pledge of security for the Trust Loan, however, the Depositor
and the Trustee intend that the rights and obligations of the parties to the Trust Loan shall be established pursuant to the terms
of this Agreement.  The Depositor and the Trustee also intend and agree that, in such event, (i) this Agreement shall
constitute a security agreement under applicable law, (ii) the Depositor shall be deemed to have granted to the Trustee (in
such capacity) a first priority security interest in all of the Depositor’s right, title and interest in and to the assets
constituting the Trust Fund, including the Trust Loan subject hereto from time to time, all amounts received on or with respect
to the Trust Loan after the Closing Date, all amounts held from time to time in the Collection Account, the Distribution Account,
and, if established, the Foreclosed Property Account, and all of the Depositor’s right, title and interest under the Loan
Purchase Agreement, (iii) the possession by the Custodian or its agent of the Notes with respect to the Trust Loan subject
hereto from time to time and such other items of property as constitute instruments, money, negotiable documents or chattel paper
shall be deemed to be “possession by the secured party” or possession by a purchaser or person designated by such
secured party for the purpose of perfecting such security interest under applicable law, and (iv) notifications to, and acknowledgments,
receipts or confirmations from, Persons holding such property, shall be deemed to be notifications to, or acknowledgments, receipts
or confirmations from, securities intermediaries, bailees or agents (as applicable) of the Trustee for the purpose of perfecting
such security interest under applicable law.

 

Section 2.2.  
Acceptance by the Trustee, the Custodian and
the Certificate Administrator.  (a)     
By its execution and delivery of this Agreement, the Trustee acknowledges the assignment to it of the Trust Loan in good faith
without notice of adverse claims and the Custodian declares that, in its capacity as Custodian, it holds and will hold or will
cause to be held such documents as are delivered to it constituting the Mortgage File (to the extent the documents constituting
the Mortgage File are actually delivered to it) in trust, upon the conditions herein set forth, for the use and benefit of all
present and future Certificateholders and the Companion Loan Holders.

 

     -69-

     

    
(b)       
The execution and delivery of this Agreement by the Custodian shall constitute certification by the Custodian, that (i) the
original Note A-1-S-1, Note A-2-S-1, Note A-3-S-1, Note A-4-S-1, Note B-1, Note B-2, Note B-3 and Note B-4 as specified in clause (b)(i) of
the definition of “Mortgage File” and all allonges thereto, if any, has been received by the Custodian; and (ii) such
original Notes have been reviewed by the Custodian and (A) appear regular on their face (handwritten additions, changes or
corrections shall not constitute irregularities if initialed by the Mortgage Loan Borrower), (B) appear to have been executed
and (C) purport to relate to the Trust Loan.  The Custodian agrees to review or cause to be reviewed the Mortgage File
within 30 days after the Closing Date, and to deliver to the Depositor, the Sponsors, the Trustee, the Servicer and the Special
Servicer a report (substantially in the form of Exhibit W) certifying, subject to any exceptions found by it in such review,
that (A) all documents referred to in Section 2.1(b) have been received, and (B) all documents have been
executed, appear on their face to be what they purport to be, purport to be recorded or filed (as applicable) and have not been
torn, mutilated or otherwise defaced, and appear on their faces to relate to the Trust 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 to the Depositor, the Trustee, the Sponsors,
the Mortgage Loan Borrower, the Servicer and the Special Servicer a final exception report as to any remaining documents that
are not in the Mortgage File and (ii) request that the Sponsors cause such document deficiency to be cured.

 

Section 2.3.  
Representations and Warranties of the Trustee. 
(a)  The Trustee hereby represents and warrants to the other parties hereto 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 of America; 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 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

 

     -70-

     

    
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;

 

(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); and

 

(ix) 
     to the actual knowledge of the Trustee, the Trustee is not Risk Retention Affiliated with the Third Party Purchaser.

 

(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.

 

     -71-

     

    
Section 2.4.    
Representations and Warranties of the Servicer. 

 

(a)       
KeyBank National Association, as the Servicer, hereby represents and warrants to the other parties hereto that as of the Closing
Date:

 

(i)   
        it is a national banking association, duly organized, validly existing, and in good standing under the laws of the United States
of America; it is, and throughout the term of this Agreement shall remain, duly authorized and qualified to transact business
in the jurisdiction where the Property is located to the extent required by applicable law and necessary to ensure the enforceability
of the Trust Loan and the Companion 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 laws and other similar laws of general application affecting rights of creditors and subject to the application
of the rules of equity, including those respecting the availability of specific performance;

 

(iv)    
    
it has the full power and authority to enter into and consummate the transactions contemplated by this Agreement; this Agreement
has been duly executed and delivered by it;

 

(v)  
   
   all consents, approvals, authorizations, orders or filings of or with any court or governmental agency or body, if any, required
for the execution, delivery and performance of this Agreement by it have been obtained or made;

 

(vi) 
   
   there is no pending action, suit or proceeding, arbitration or governmental investigation against it, the outcome of which, in
its reasonable judgment, could reasonably be expected to prohibit it from entering into this Agreement or materially and adversely
affect its ability to perform its obligations under this Agreement;

 

(vii)
   
   it has errors and omissions insurance and fidelity bond coverage which is in full force and effect or is self-insuring for such
risks, which in either case complies with the requirements of Section 3.11(d); and

 

     -72-

     

    
(viii)           
to the actual knowledge of the Servicer, the Servicer is not Risk Retention Affiliated with the Third Party Purchaser.

 

(b)       
The representations and warranties of the Servicer set forth in this Section 2.4 shall survive until termination of
this Agreement, and shall inure to the benefit of the parties hereto.

 

Section 2.5.   Representations
and Warranties of the Special Servicer. (a)  Situs Holdings, LLC, as the Special Servicer, hereby
represents and warrants to the other parties hereto that as of the Closing Date:

 

(i)   
    it is a limited liability company, duly organized, validly existing, and in good standing under the laws of the State of Delaware;
it is, and throughout the term of this Agreement shall remain, duly authorized and qualified to transact business in the jurisdiction
where any Property is located to the extent required by applicable law and necessary to ensure the enforceability of the Mortgage
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 laws and other similar laws of general application affecting rights of creditors and subject to the application
of the rules of equity, including those respecting the availability of specific performance;

 

(iv)   
  it has the full power and authority to enter into and consummate the transactions contemplated by this Agreement; this Agreement
has been duly executed and delivered by it;

 

(v)    
  all consents, approvals, authorizations, orders or filings of or with any court or governmental agency or body, if any, required
for the execution, delivery and performance of this Agreement by it have been obtained or made;

 

(vi) 
   
there is no pending action, suit or proceeding, arbitration or governmental investigation against it, the outcome of which, in
its reasonable judgment, could reasonably be expected to prohibit it from entering into this Agreement or materially and adversely
affect its ability to perform its obligations under this Agreement; and

 

     -73-

     

    
(vii)
         it has errors and omissions insurance and fidelity bond coverage which is in full force and effect or is self-insuring for such
risks, which in either case complies with the requirements of Section 3.11(d).

 

(b)       
The representations and warranties of the Special Servicer set forth in this Section 2.5 shall survive until termination
of this Agreement, and shall inure to the benefit of the parties hereto.

 

Section 2.6.  
Representations and Warranties of the Depositor. (a)  The Depositor hereby represents and warrants
to the other parties hereto 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 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

 

     -74-

     

    
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 Trust 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 Trust 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 Trust Loan with an intent to hinder, delay or defraud its creditors.

 

(b)       The representations and warranties of the Depositor set forth in Section 2.6 shall survive until termination of this
Agreement, and shall inure to the benefit of the Certificateholders, the Certificate Administrator, the Trustee, 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 2.6(a) and (b), neither the Certificateholders nor the Trustee or the Certificate Administrator on
their behalf shall have any rights or remedies against the Depositor for any losses or other claims in connection with the Certificates
or the Trust Loan except as expressly set forth herein.

 

Section 2.7.  
Representations and Warranties of the Certificate Administrator.  (a)  The Certificate Administrator
hereby represents and warrants to the other parties hereto that as of the Closing Date:

 

(i)  
    it is a national banking association duly organized, validly existing, and in good standing under the laws of the United States
of America; 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 it is a party or which may be applicable to the Certificate Administrator or
any of

 

     -75-

     

    
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) 

      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;

 

(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;

 

(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); and

 

(ix) 
 

    to the actual knowledge of the Certificate Administrator, the Certificate Administrator is not Risk Retention Affiliated with
the Third Party Purchaser.

 

(b)       
The respective representations and warranties of the Certificate Administrator set forth in this Section 2.7 shall
survive until the termination of this Agreement, and shall inure to the benefit of the other parties hereto.

 

     -76-

     

    
Section 2.8.    
Representations and Warranties of the Operating
Advisor.

 

(a)  The
Operating Advisor hereby represents and warrants to the other parties hereto that as of the Closing Date:

 

(i)   
it is a limited liability company, duly organized, validly existing and in good standing under the laws of the State of Delaware,
and the Operating Advisor is in compliance with the laws of the State in which the Property is located to the extent necessary
to perform its obligations under this Agreement;

 

(ii)  
the execution and delivery of this Agreement by the Operating Advisor, and the performance and compliance with the terms of this
Agreement by the Operating Advisor, do not (A) violate the Operating Advisor’s organizational documents, (B) constitute
a default (or an event which, with notice or lapse of time, or both, would constitute a default) under, or result in the breach
of, any material agreement or other material instrument to which it is a party or which is applicable to it or any of its assets,
or (C) violate any law, rule, regulation, order, judgment or decree to which the Operating Advisor or its property is subject,
which, in the case of either (B) or (C), is likely to materially and adversely affect either the ability of the
Operating Advisor to perform its obligations under this Agreement or its financial condition;

 

(iii) 
the Operating Advisor has the full power and authority to enter into and consummate all transactions to be performed by it contemplated
by this Agreement, has duly authorized the execution, delivery and performance of this Agreement, and has duly executed and delivered
this Agreement;

 

(iv) 
the Operating Advisor possesses sufficient financial strength to fulfill its duties and responsibilities pursuant to this Agreement
over the life of the Trust Fund;

 

(v)  
this Agreement, assuming due authorization, execution and delivery by the other parties hereto, constitutes a valid, legal and
binding obligation of the Operating Advisor, enforceable against the Operating Advisor in accordance with the terms hereof, subject
to (A) applicable bankruptcy, insolvency, reorganization, receivership, moratorium and other laws affecting the enforcement
of creditors’ rights generally, and (B) general principles of equity, regardless of whether such enforcement is considered
in a proceeding in equity or at law;

 

(vi) 
the Operating Advisor is not in violation of, and its execution and delivery of this Agreement and its performance and compliance
with the terms of this Agreement will not constitute a violation of, any law, order or decree of any court or arbiter, or any
order regulation or demand of any federal, state or local governmental or regulatory authority, which violation, in the Operating
Advisor’s good faith and reasonable judgment, is likely to materially and adversely affect either the ability of the Operating
Advisor to perform its obligations under this Agreement or the financial condition of the Operating Advisor;

 

     -77-

     

    
(vii)
  the Operating Advisor has errors and omissions insurance coverage that is in full force and effect or is self-insuring with respect
to such risks, which in either case complies with the requirements of Section 3.11 hereof;

 

(viii)   no litigation is pending or, to the best of the Operating Advisor’s knowledge, threatened against the Operating Advisor,
which would prohibit the Operating Advisor from entering into this Agreement or, in the Operating Advisor’s good faith
and reasonable judgment, is likely to materially and adversely affect the ability of the Operating Advisor to perform its obligations
under this Agreement; 

 

(ix)    
no consent, approval, authorization or order of any court or governmental agency or body is required under federal or state law
for the execution, delivery and performance by the Operating Advisor of, or compliance by the Operating Advisor with, this Agreement
or the consummation of the transactions of the Operating Advisor contemplated by this Agreement, except for any consent, approval,
authorization or order which has been obtained or can be obtained prior to the actual performance by the Operating Advisor of
its obligations under this Agreement, or which, if not obtained would not have a materially adverse effect on the ability of the
Operating Advisor to perform its obligations hereunder; and 

 

(x)     
the Operating Advisor is an Eligible Operating Advisor.

 

Section 2.9.  
Representations and Warranties Contained in the Loan Purchase Agreement. 

 

(a)       
If (i) any party hereto (A) discovers or receives notice alleging that any document required to be delivered to the
Certificate Administrator pursuant to Section 2.1 is not delivered as and when required, is not properly executed
or is defective (each, a “Defect”) or (B) discovers or receives notice
alleging a breach of any representation or warranty made by the Sponsors relating to the Trust Loan as set forth in Exhibit A
to the 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 Trust Loan 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 the Sponsors, the Directing Holder (prior
to the occurrence and continuance of a Consultation Termination Event), the Companion Loan Holders, the other parties hereto and,
subject to Section 10.17, the Rating Agency (to the extent notice has not previously been delivered to such Persons
pursuant to this sentence).  The Special Servicer shall determine if any such Defect or Breach materially and adversely affects
the value of the Trust Loan or the interests of the Certificateholders therein or causes the Trust Loan to fail to be a Qualified
Mortgage (any such Defect or Breach, a “Material Document Defect” and a
“Material Breach,” respectively).  If such Defect or Breach has been
determined to be a Material Document Defect or Material Breach, then the Special Servicer shall give prompt written notice thereof
to the Sponsors, the other parties hereto and subject to Section 10.17, to the Rating Agency.  If such determination
is that the Defect or the Breach is a Material Document Defect or a Material Breach, the Special Servicer shall (A) request that
the applicable Sponsor (i) repurchase its Sponsor Percentage Interest in the Trust Loan at an amount equal to the product
of (a) the Repurchase Price if the Material

 

     -78-

     

    
Breach
or Material Document Defect cannot be cured, and (b) such Sponsor’s Sponsor Percentage Interest in the Trust Loan,
(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 Loan Purchase Agreement or (iii) other than with respect to a Material Document Defect or Material Breach
that causes the Trust Loan to fail to be a Qualified Mortgage, indemnify the Trust for its Sponsor Percentage Interest of the
losses directly related to such Material Breach or Material Document Defect, subject to receipt of a Rating Agency Confirmation
from the Rating Agency with respect to such action and (B) give prompt written notice thereof to the Directing Holder (prior to
the occurrence and continuance of a Consultation Termination Event); provided that with respect to any Material Breach
or Material Document Defect that would cause the Trust Loan not to be a Qualified Mortgage, the Sponsors will be required to cure
such Material Document Defect or Material Breach or to repurchase the Trust Loan at a price equal to the Repurchase Price within
ninety (90) days of the date of discovery of such Material Document Defect or Material Breach.  If a Responsible Officer
of the Certificate Administrator or a Servicing Officer of the Servicer or the Special Servicer, has actual knowledge that any
Sponsor has defaulted on its obligation to repurchase its Sponsor Percentage Interest in the Trust Loan under the Loan Purchase
Agreement, such entity shall promptly notify the Trustee, the Certificate Administrator, the Servicer and the Special Servicer,
as applicable, and the Certificate Administrator shall notify the Certificateholders of such default.  The Special Servicer
shall enforce the obligations of the Sponsors under Section 8 of the 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 Trust 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 Sponsor(s); second, out 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 (xii) of Section 3.4(c) out of collections on the Trust 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 the Sponsors,
the Directing Holder (prior to the occurrence and continuance of a Consultation Termination Event), the other parties hereto and,
subject to Section 10.17 of this Agreement, the Rating Agency (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 “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 portion of the Trust Loan, (ii) the date such Repurchase Request was received
or the date such Repurchase Request Withdrawal was

 

     -79-

     

    
received,
as applicable, (iii) if known, the basis for the Repurchase Request (as asserted in the Repurchase Request) and (iv) in
the case of 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 Certificate Administrator, the Trustee 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, prior to the occurrence and continuance of a Consultation Termination Event, the Directing Holder,
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 BWAY Trust 2019-1633,
Commercial Mortgage Pass-Through Certificates, Series 2019-1633, 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 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 15Ga-1 Notice pursuant to this Section 2.9(a) (a “15Ga-1 Notice Provider”)
shall be required to provide any information in a 15Ga-1 Notice that is protected by the attorney-client privilege or the attorney
work product doctrine. The Loan Purchase Agreement will provide that (i) any 15Ga-1 Notice provided pursuant to this Section
2.9(a) is so provided only to assist the Sponsors, 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 15Ga-1 Notice Provider and (B) no information provided pursuant to this Section 2.9(a)
by a 15Ga-1 Notice Provider in a 15Ga-1 Notice shall be deemed to constitute a waiver or defense to the exercise of any legal
right that such 15Ga-1 Notice Provider may have with respect to the Loan Purchase Agreement, including with respect to any Repurchase
Request that is the subject of a 15Ga-1 Notice.

 

(b)       
Upon receipt by the Servicer from any Sponsor of its Sponsor Percentage Interest in the Repurchase Price for its Sponsor Percentage
Interest in the Trust Loan, the Servicer, shall deposit such amount in the Collection Account, and the Certificate Administrator
shall, upon receipt of a certificate of a Servicing Officer certifying as to the receipt by the Servicer of the Repurchase Price
and the deposit of the Repurchase Price into the Collection Account pursuant to this Section 2.9(b), (i) release or
cause to be released to the designee of each Sponsor the Repurchase Mortgage File and 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 Trust Loan is owned by the Trust and is being sold free and clear of liens and encumbrances), as shall be prepared
by such designee to vest in such designee the Trust Loan released pursuant hereto and the Certificate Administrator, the Custodian,
the Trustee, the Servicer and the Special Servicer shall have no further responsibility with regard such Repurchase Mortgage File
and (ii) release or cause to be released to each Sponsor any escrow payments and reserve funds held by the Trustee, or on
the Trustee’s behalf, in respect of such Sponsor Percentage Interest in the Trust Loan.

 

     -80-

     

    
(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) and (I) 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 Trust Loan;
(B) defending any claim asserted by the Mortgage Loan Borrower or third party with respect to the Trust Loan; (C) establishing
the validity or priority of any lien on any collateral securing the Trust Loan; or (D) any immediate significant servicing
obligations, including without limitation, making a claim under a title policy.  The Trust’s sole remedy against the
Sponsors in connection with a Material Document Defect shall be to enforce the repurchase claim in accordance with the provisions
of the Loan Purchase Agreement.

 

(d)      
To the extent that any of the Sponsors do not repurchase their Sponsor Percentage Interests in the Trust Loan pursuant to the
terms of the Loan Purchase Agreement, (i) the Trust Loan shall continue to be serviced by the Servicer and, if applicable, the
Special Servicer, in accordance with the terms of this Agreement on behalf of such repurchasing Sponsor and the Certificateholders
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 Trustee shall remain the mortgagee of
record with respect to the Mortgage, (iii) the Certificate Administrator Fee, Servicing Fee, Special Servicing Fee and/or the
CREFC® Intellectual Property Royalty License Fee with respect to the Trust Loan or Whole Loan, as applicable,
shall continue to be calculated based on the entire principal amount of the Trust Loan or Whole Loan, as applicable, (iv) the
Custodian shall retain all portions of the Mortgage File other than the related Note corresponding to the repurchased Sponsor’s
Sponsor Percentage Interest, (v) the repurchasing Sponsor shall be entitled to remittances on or prior to the Distribution Date
of its pro rata share, based upon its Sponsor Percentage Interest, of all amounts that would otherwise be available for
distribution on such Distribution Date pursuant to Article IV hereof to Certificateholders (other than any amounts in respect
of any Monthly Payment Advance) with respect to the Trust Loan and such amounts shall be wired in accordance with the directions
provided to the Trustee and the Servicer by such Sponsor at least 10 Business Days prior to the related Distribution Date, (vi)
the repurchasing Sponsor 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, (vii) no amendment may be made to this Agreement that would materially
and adversely affect the rights of such repurchasing Sponsor in respect of the repurchasing Sponsor’s Sponsor Percentage
Interest without the consent of such repurchasing Sponsor, (viii) to the extent the Trustee holds record or legal title to any
Mortgage File document that relates to any Sponsor’s Sponsor Percentage Interest in the Trust Loan repurchased pursuant
to this Section 2.9(d), the Trustee shall hold such title in trust for the use and benefit of the Trust and the related
Sponsor collectively, and (ix) to the extent this Agreement refers to the “Mortgage File,” such “Mortgage
File” shall be construed to mean the Mortgage File for the entire Trust Loan (except that references to any Note in favor
of the repurchasing Sponsor shall be construed to instead refer to a photocopy of such Note).  Neither the Servicer nor the
Trustee shall make any Monthly Payment Advance with respect to any Sponsor’s Sponsor Seller Percentage Interest of the
Trust Loan which has been repurchased as described herein.

 

     -81-

     

    
Section 2.10.  
Execution and Delivery of Certificates; Issuance of Uncertificated Lower-Tier Interests.  The Trustee acknowledges
the assignment in trust by the Depositor to the Trust of the Notes and other assets comprising the Trust Fund.  Concurrently
with such assignment and delivery and in exchange therefor, (i) the Certificate Administrator acknowledges the issuance of (x) the
Uncertificated Lower-Tier Interests to the Depositor and (y) the Class LT-R Interest, in exchange for the Trust Loan, receipt
of which is hereby acknowledged, (ii) immediately thereafter, the Certificate Administrator acknowledges (x) the assignment by
the Depositor to the Trust of the Uncertificated Lower-Tier Interests, and in exchange therefor that it (y) 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, and (z) 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 (iii) the Depositor hereby acknowledges the receipt
by it or its designees, of the Regular Certificates in authorized denominations and the Class UT-R Interest evidencing the entire
beneficial ownership of the Upper-Tier REMIC.

 

Section 2.11.   
Miscellaneous REMIC Provisions.  (a)  The Class A, Class B 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. 
The Class UT-R Interest, represented by the Class R Certificates, is hereby designated as the sole class of “residual interests”
in the Upper-Tier REMIC within the meaning of Section 860G(a)(2) of the Code.

 

(b)       
The Class LA, Class LB 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.

 

Section 2.12.  
Resignation Upon Prohibited Risk Retention Affiliation.  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 Risk Retention Affiliate of
the Third Party Purchaser (an “Impermissible TPP Affiliate”), (ii) the
Servicer, the Certificate Administrator, or the Trustee receiving written notice by any other party to this Agreement, the Third
Party Purchaser, any Sponsor 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) the Operating Advisor obtaining actual knowledge that it is or has become
a Risk Retention Affiliate of the Third Party Purchaser or any other party to this Agreement (an “Impermissible Operating
Advisor Affiliate”; and either of an Impermissible TPP Affiliate and an Impermissible Operating Advisor Affiliate being
an “Impermissible Risk Retention Affiliate”), then in each such case the
Impermissible Risk Retention Affiliate shall be required to promptly notify the Retaining Sponsor and the other parties to this
Agreement and resign in accordance with Section 3.27(m), Section 6.6 or Section 8.7. The resigning Impermissible
Risk Retention Affiliate shall be required to bear all reasonable out-of-pocket costs and expenses of each other party to this
Agreement, the Trust and the Rating Agency in connection with such resignation as and to the extent required under this Agreement;
provided, however, if the affiliation causing an Impermissible Risk Retention Affiliate is the result of the Third
Party

 

     -82-

     

    
Purchaser
acquiring an interest in such Impermissible Risk Retention Affiliate or an affiliate of such Impermissible Risk Retention Affiliate,
then such costs and expenses shall be an expense of the Trust.

 

Article
3

ADMINISTRATION AND SERVICING OF THE WHOLE LOAN

 

Section 3.1. 
Servicer to Act as the Servicer; Special Servicer to Act as the Special Servicer.  The Servicer (other than
during the continuance of a Special Servicing Loan Event) and the Special Servicer (during the continuance of a Special Servicing
Loan Event), each as an independent contractor, shall service and administer the Whole Loan 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 taking into
account that the B Notes are junior to the A Notes (as determined by the Servicer or the Special Servicer, as applicable, in the
exercise of its good faith and reasonable judgment), in accordance with applicable law (including the REMIC Provisions), the terms
of this Agreement, the Mortgage Loan Documents and the Co-Lender Agreement 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,
or (b) with the care, skill, prudence and diligence the Servicer or the Special Servicer, as applicable, uses for loans that
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 Whole Loan or, with respect to the Special Servicer, if the Whole 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 such Certificateholders
and Companion Loan Holders constituted a single lender) (taking into account that the B Notes are junior to the A Notes) on a
net present value basis and (b) the Mortgage Loan Borrower’s Reimbursable Trust Fund Expenses and other amounts due
under the Whole Loan and (iii) without regard to:

 

(A)      
any relationship that the Servicer or the Special Servicer or any Affiliate thereof may have with the Mortgage Loan Borrower,
the Sponsors, the Depositor, the Companion Loan Holders or any of their respective Affiliates;

 

(B)      
the ownership of any Certificate (or Companion Loan) or mezzanine loan or any interest in any Companion Loan or any mezzanine
loan related to the Trust 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;

 

     -83-

     

    
(D)      
the right of the Servicer or the Special Servicer or any Affiliate thereof to receive reimbursement of costs, compensation or
other fees (other than Advances), or the sufficiency of any compensation payable to it under this Agreement or with respect to
any particular transaction; or

 

(E)      
the ownership, servicing or management for others of any other 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, any intercreditor agreement and of the Mortgage Loan Documents,
the Servicer and the Special Servicer each shall have full power and authority, acting alone or, in the case of the Servicer,
through one or more sub-servicers as provided in Section 3.2, to do or cause to be done any and all things in connection
with such servicing and administration which it may deem necessary or desirable.  The Servicer and the Special Servicer shall
service and administer the Trust Loan and Companion Loans 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) 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 collectibility of the Whole Loan.

 

Section 3.2. 
Sub-Servicing Agreements.  (a)  The Special Servicer shall not engage any sub-servicer or enter into
any sub-servicing agreement.  The Servicer, at its own expense without a right of reimbursement under this Agreement or otherwise,
may enter into sub-servicing agreements with sub-servicers for the servicing and administration of the Trust Loan and 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 as the Servicer and the sub-servicer have agreed, and (ii) no sub-servicer retained by the Servicer
shall grant any modification, waiver, or amendment to the Mortgage Loan Documents without the approval of the Servicer. 
References in this Agreement to actions taken or to be taken, and limitations on actions permitted to be taken, by the Servicer
in servicing the Whole Loan include actions taken or to be taken by a sub-servicer on behalf of the Servicer.  Each sub-servicer
shall be (i) authorized to transact business and licensed in the applicable state(s), if, and to the extent,

 

     -84-

     

    
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 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 for deposit in the Collection Account, any Cash Management Account, any Reserve Account or the Distribution Account,
and actions taken by the sub-servicer shall be deemed to be actions of the Servicer.  The Servicer shall notify the Operating
Advisor, the Certificate Administrator, the Trustee, the Mortgage Loan Borrower and the Depositor in writing promptly upon the
appointment of any sub-servicer and promptly furnish the Trustee and the Certificate Administrator, upon its request, with a copy
of the sub-servicing agreement.  No sub-servicer shall be permitted to enter into any sub-servicing agreement with other
sub-servicers without the prior written consent of the Servicer.

 

(b)       
Notwithstanding any sub-servicing agreement, the Servicer shall remain obligated and liable to the Trustee and the Certificateholders
for the servicing and administering of the Trust Loan and Companion Loans in accordance with the provisions of Section 3.1
without diminution of such obligation or liability by virtue of such sub-servicing agreement, or by virtue of indemnification
from a sub-servicer, and to the same extent and under the same terms and conditions as if the Servicer alone were servicing and
administering the Whole Loan.

 

(c)       
Any sub-servicing agreement entered into by the Servicer shall provide that it may be assumed or terminated by (i) the Trustee
if the Trustee has assumed the duties of the Servicer or if the Servicer is otherwise terminated pursuant to the terms of this
Agreement, or (ii) a successor Servicer if such successor Servicer has assumed the duties of the Servicer, without cost or
obligation to the Trustee, the Certificate Administrator, the successor Servicer, the Trust or the Trust Fund.

 

(d)      
Any sub-servicing agreement, and any other transactions or services relating to the Whole Loan involving a sub-servicer, shall
be deemed to be between the Servicer and such sub-servicer alone, and the Certificate Administrator, the Trustee, the Depositor,
the Trust and the Certificateholders shall not be deemed parties thereto and shall have no claims, rights, obligations, duties
or liabilities with respect to the sub-servicer, and no provision herein shall be construed so as to require the Trust, the Trustee,
the Certificate Administrator or the Depositor to indemnify any such sub-servicer.  The Servicer is permitted, at its own
expense, or to the extent that a particular expense is provided herein to be an Advance or an expense of the Trust, at the expense
of the Trust, to utilize other agents or attorneys typically used by servicers of mortgage loans underlying commercial mortgage
backed securities in performing its obligations under this Agreement.

 

(e)       
Notwithstanding anything herein, each of the initial Servicer and the initial Special
Servicer may delegate certain of its duties and obligations hereunder to an Affiliate of the Servicer or Special Servicer, as
applicable.  Such delegation shall not be considered a sub-servicing agreement hereunder, and
the requirements and obligations set forth herein applicable to sub-servicing agreements, sub-servicers
or Servicing Function Participants shall not be applicable to such arrangement.  Notwithstanding
any such delegation, the Servicer and the Special Servicer shall remain obligated
and liable for the 

 

     -85-

     

    
performance
of their respective obligations and duties under this Agreement in accordance with the provisions hereof to the same extent and
under the same terms and conditions as if each alone were servicing and administering the Whole Loan as required hereby.

 

(f)       
The parties hereto acknowledge that the Whole Loan is subject to the terms and conditions of the Co-Lender Agreement and recognize
the respective rights and obligations of the Trust, as holder of the Trust Loan, and of the Companion Loan Holders under the Co-Lender
Agreement, including:  (i) with respect to the allocation of collections on or in respect of the Whole Loan, and the making
of remittances, to the Trust, as holder of the Trust Loan, and to the Companion Loan Holders; (ii) with respect to the allocation
of expenses and losses relating to the Whole Loan to the Trust, as holder of the Trust Loan, and to the Companion Loan Holders
and (iii) to the extent provided for under the Co-Lender Agreement, the consultation rights of the Companion Loan Holders. 
With respect to the Whole Loan, the Servicer (if the Whole Loan is not a Specially Serviced Loan) or the Special Servicer (if
the Whole Loan has become a Specially Serviced Loan or the Property has been converted to an Foreclosed Property) shall prepare
and provide to each Companion Loan Holder all notices, reports, statements and communications to be delivered by the holder of
the Trust Loan under the Co-Lender 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 Trust Loan pursuant to the Co-Lender Agreement. 
In the event of any conflict between this Agreement and the Co-Lender Agreement, the terms of the Co-Lender Agreement shall control.

 

(g)       
Notwithstanding anything to the contrary herein, at no time shall the Servicer or the Trustee be required to make, and they shall
not make, any advance of delinquent scheduled monthly payments of principal or interest with respect to any Companion Loan. 

 

(h)       
To the extent required under the Loan Documents or the Co-Lender Agreement, the Servicer shall, on behalf of the Loan Lender,
maintain a note register for the Whole Loan in accordance with the Loan Documents or the Co-Lender Agreement.  The Loan Sellers
are the holder of the Companion Loan as of the Closing Date, and notices regarding such ownership shall be addressed to the Loan
Seller at the address set forth in Section 10.4.

 

Section 3.3.  
Cash Management Account.  A Lockbox Account and a Cash Management Account have been or shall be established
pursuant to the terms of the Mortgage Loan Agreement, the Cash Management Agreement and the Lockbox Account Agreement.  The
Servicer shall exercise and enforce the rights of the Trust Fund with respect to the Cash Management Account and the Lockbox Account
under the Mortgage Loan Agreement, the Cash Management Agreement and the Lockbox Account Agreement in accordance with Accepted
Servicing Practices and the other terms of this Agreement and the other Mortgage Loan Documents.

 

Section 3.4.  
Collection Account.  (a) The Servicer shall establish and maintain (i) one or more accounts for the benefit
of the Certificateholders 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 BWAY Trust 2019-1633, Commercial

 

     -86-

     

    
Mortgage
Pass-Through Certificates, Series 2019-1633“ and (ii) one or more deposit accounts in the name of “KeyBank National
Association, as Servicer on behalf of Wells Fargo Bank, National Association, as Trustee for the benefit of the holders of the
Companion Loans with respect to BWAY Trust 2019-1633, Commercial Mortgage Pass-Through Certificates, Series 2019-1633”
(collectively, the “Collection Account”).  The Collection Account
must be an Eligible Account.  The Servicer shall deposit into the Collection Account within two Business Days of receipt
of properly identified and available funds the following amounts representing payments and collections received or made during
each Collection Period on or with respect to the Whole Loan:

 

(i)   
all payments on account of principal on the Whole Loan;

 

(ii)  
all payments on account of interest on the Whole Loan, including Default Interest;

 

(iii) 
any amount representing reimbursements by the Mortgage Loan Borrower of Advances, interest thereon, and any other expenses of
the Depositor, the Certificate Administrator, the 17g-5 Information Provider, the Trustee, the Servicer or the Special Servicer,
as applicable, as required by the Mortgage Loan Documents or hereunder;

 

(iv) 
any other amounts payable for the benefit of the Servicer, the Special Servicer, the Certificate Administrator, the 17g-5 Information
Provider, the Trustee or the Certificateholders under the Trust Loan or Whole Loan, as applicable;

 

(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 Proceeds (to the extent not needed for the repair or restoration of the affected 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 Trust Loan (or any Sponsor Percentage Interest therein) pursuant
to Section 2.9(b) and the Loan Purchase Agreement, (2) proceeds of the sale of the Whole Loan by the Special
Servicer pursuant to Section 3.16, (3) amounts from a mezzanine lender representing proceeds of a sale of the Trust
Loan or cure payments permitted to be made by a mezzanine lender pursuant to an intercreditor agreement or (4) amounts payable
under the Mortgage 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 Mortgage Loan Borrower of

 

     -87-

     

    
expenses
of the Servicer or the Special Servicer need not be deposited in the Collection Account by the Servicer or Special Servicer and,
to the extent permitted by applicable law, the Servicer or the Special Servicer, as applicable, shall be entitled to retain any
such fees and expense reimbursements received with respect to the Whole Loan.

 

In
the event the Threshold Cure Holder delivers Threshold Event Collateral in the form of an unconditional and irrevocable standby
letter of credit, the Servicer shall hold such letter of credit and the Servicer shall hold any proceeds thereof as additional
collateral in the Threshold Event Cash Collateral Account.  Upon the Special Servicer’s determination of a Final Recovery
Determination, the Special Servicer shall notify the Servicer and the Servicer shall deposit any amounts in the Threshold Event
Cash Collateral Account directly into the Collection Account. Proceeds from Threshold Event Collateral in the form of an unconditional
and irrevocable standby letter of credit shall be distributed in accordance with the provisions of Section 3.5(d). For the avoidance
of doubt, the Certificate Administrator shall have no obligation to calculate or verify the sufficiency of the Threshold Event
Collateral deposited into the Threshold Event Cash Collateral Account.

 

(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 clause (vii) below,
on or prior to the day which is the earlier of (A) the Remittance Date and (B) two Business Days following the “determination
date” (or any term substantially similar thereto), as such term is defined in the related Other Pooling and Servicing Agreement
as long as such determination date is no earlier than the 6th day of the calendar month) 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) as described below (the order set forth below not constituting an order of priority for such withdrawals):

 

(i)   
to withdraw funds deposited in the Collection Account in error;

 

(ii)  
concurrently, to pay the Servicing Fee to the Servicer (or with respect to any Excess Servicing Fee Rights, to pay any Excess
Servicing Fees to the holder of such Excess Servicing Fee Rights), the Certificate Administrator Fee (including the portion that
is the Trustee Fee) to the Certificate Administrator, the Operating Advisor Fee to the Operating Advisor and the CREFC®
Intellectual Property Royalty License Fees to CREFC®, as applicable;

 

(iii) 
 to pay to the Operating Advisor the Operating Advisor Consulting Fee (but only to the extent actually received from the Mortgage
Loan Borrower);

 

     -88-

     

    
(iv) 
    to pay (a) to the Servicer, as additional compensation, any income earned (net of losses (subject to Section 3.8(b))
on the investment of funds deposited in the Collection Account and any Reserve Account (to the extent not payable to the Mortgage
Loan Borrower); and (b) the Special Servicing Fee, if any, the Workout Fee, if any, and the Liquidation Fee, if any, to the
Special Servicer (with respect to clauses (a) and (b), in that order);

 

(v)  
    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, Insurance
Proceeds (to the extent not needed for the repair or restoration of the Property) 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 (ix) below
and (b) unpaid interest on such Advances at the Advance Rate; provided, however, 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 pursuant to Section 3.17(b)
before such interest on Advances is paid out of other amounts on deposit in the Collection Account;

 

(vi) 
    
if any Companion Loan (or any successor REO Companion Loan with respect thereto) is part of an Other Securitization Trust, to
the extent required by the Co-Lender Agreement, to pay the applicable party to the related Other Pooling and Servicing Agreement
for any interest accrued on Companion Loan Advances made thereby;

 

(vii) 
    to make any other required payments (other than payments under clause (v) above and normal monthly remittances and
reimbursements pursuant to clause (vii) below) due under the Co-Lender Agreement to the holder of the Companion Loan;

 

(viii)    to remit to the Companion Loan Holders all remaining amounts on deposit in the Collection Account payable to the Companion Loan
Holders pursuant to the Co-Lender Agreement with respect to the Companion Loan (or any successor REO Companion Loans), exclusive
of any amounts reimbursable to the Servicer, the Special Servicer, the Trustee or the Trust in accordance with the Co-Lender Agreement;

 

(ix)  
    to reimburse the Trustee and the Servicer, in that order, for any Nonrecoverable Advances made by each and not previously reimbursed
that are not covered by clause (v)(a) above together with unpaid interest thereon at the Advance Rate;

 

(x)  
    to reimburse the Trustee, the Certificate Administrator, the Servicer and the Special Servicer, in that order, for expenses incurred
by them in connection with the 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;

 

(xi) 
    to pay to the Servicer or the Special Servicer, as applicable, as additional compensation, to the extent actually received from
the Mortgage Loan Borrower (and

 

     -89-

     

    
permitted
by, or not prohibited by, and allocated as such pursuant to the terms of the Mortgage 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
not needed to pay interest on Advances or Trust Fund Expenses in accordance with Section 3.17(b)), assumption fees,
assumption application fees, substitution fees, release fees, Modification Fees, defeasance fees, loan service transaction fees,
consent fees and similar fees and expenses;

 

(xii)
   to pay or reimburse the Trustee, the Certificate Administrator, the Depositor, the Servicer, the Special Servicer and the Operating
Advisor, 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 not previously paid or reimbursed pursuant to the preceding clauses; and

 

(xiii)   to the extent not previously paid or advanced, to pay to the Certificate Administrator (or set aside for eventual payment) any
and all taxes imposed on the Trust or the Trust Fund by federal or state governmental authorities; provided, that, if such
taxes are the result of the Depositor’s, Servicer’s, Special Servicer’s, the Operating Advisor’s,
the Certificate Administrator’s or Trustee’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 will be paid by such party that
was negligent, acted in bad faith or engaged in willful misconduct pursuant to Sections 6.7 and 8.12, as applicable.

 

The
remittance set forth in clauses (vi), (vii) and (viii) above shall be made by the Servicer as a single remittance.

 

Notwithstanding
the foregoing, with respect to any Remittance Date, in no event will the Servicer be permitted to make a withdrawal pursuant to
clauses (ii), (iv)(b), (v), (x) or (xii) to the extent that, 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 in the order of priority specified above
up to the amount on deposit in the Collection Account up to an amount that would result in funds equaling or exceeding the Required
Advance Amount remaining in the Collection Account. Notwithstanding the foregoing, such withdrawal limitations shall not apply 
(and accrued amounts previously eligible for withdrawal pursuant to clauses (ii), (iv)(b), (v), (x)
or (xii) but which remain unpaid due to the operation of this paragraph may then be withdrawn and paid) upon (1) the
final liquidation of the Trust Loan or the Property, (2) the final payment of the Trust 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.  The Servicer shall advance, to the extent it determines that such amounts are recoverable,
all amounts owed to itself (other than Servicing Fees), CREFC®, the Special Servicer, the Operating Advisor, the
Certificate Administrator and Trustee pursuant to such clauses (ii), (iv)(b), (v) (to the extent reimbursements
of such amounts are owed to the Trustee or the Certificate Administrator), (x) or (xii) (other than unreimbursed
Property Protection Advances and Monthly Payment Advances made by the Servicer, which shall continue to remain outstanding) (such
advances, “Administrative Advances”).  All

 

     -90-

     

    
Administrative
Advances shall accrue interest in accordance with Section 3.23.  Notwithstanding any provision herein, the Servicer
shall not be obligated to make any Administrative Advance that it determines, together with interest thereon, will constitute
a Nonrecoverable Advance if made. 

 

The
Servicer shall pay to the Certificate Administrator (on behalf of itself and the Trustee) and advance or pay to the Special Servicer,
if applicable, from the Collection Account as provided above amounts permitted to be paid to the Special Servicer, the Certificate
Administrator and the Trustee, as applicable, therefrom, promptly upon receipt of certificates of a Servicing Officer of the Special
Servicer and a Responsible Officer of the Certificate Administrator and the Trustee, as applicable, describing the item and amount
to which the Special Servicer and the Trustee, respectively, are entitled; provided, however, the Servicer shall
pay the Certificate Administrator Fee to the Certificate Administrator 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 Certificate Administrator
or the Trustee, as applicable, is not entitled.

 

(d)      
The Certificate Administrator shall establish and maintain on behalf of the Trust and for the benefit of the Certificateholders,
a segregated non-interest bearing reserve account (which may be a subaccount of the Distribution Account) (the “Interest
Reserve Account”).  The Interest Reserve Account must be an Eligible Account or a subaccount of an Eligible Account. 
Funds on deposit in the Interest Reserve Account shall be uninvested.  On each Distribution Date occurring in any February
and on any Distribution Date occurring in any January that occurs in a year that is not a leap year (unless, in either case,
such Distribution Date is the final Distribution Date), the Certificate Administrator shall deposit into the Interest Reserve
Account an amount equal to one day’s net interest collected on the principal balance of each Note related to the Trust
Loan as of the Mortgage Loan Payment Date occurring in the calendar month preceding the calendar month in which such Distribution
Date occurs at the applicable Net Trust Loan Rate (net of the Servicing Fee, the CREFC® Intellectual Property
Royalty License Fee Rate, the Operating Advisor Fee and the Certificate Administrator Fee payable therefrom and exclusive of Default
Interest) to the extent a full Monthly Payment or Monthly Payment Advance is made in respect thereof (all amounts so deposited
in any consecutive January and February, “Withheld Amounts”).  On each Remittance Date occurring in
March (or February, if the related Distribution Date is the final Distribution Date), the Certificate Administrator shall
withdraw from the Interest Reserve Account an amount equal to the Withheld Amounts from the preceding January and February, if
any, and transfer such amounts into the Distribution Account.

 

Section 3.5.  
Distribution Account and Threshold Event Cash Collateral Account.  (a)  The Certificate Administrator
shall establish and maintain on behalf of the Trust and for the benefit of the Certificateholders a segregated non-interest bearing
trust account (the “Distribution Account”), which shall be deemed to include
the Lower-Tier Distribution Account 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 Servicer shall transfer from the Collection Account to
the Certificate

 

     -91-

     

    
Administrator
for deposit into the Distribution Account all Available Funds remaining on deposit therein, after giving effect to the withdrawals
made pursuant to Section 3.4(c).  The Certificate Administrator shall credit the funds remitted by the Servicer
from the Collection Account to the Distribution Account. Amounts held in the Distribution Account shall be uninvested.

 

The
Certificate Administrator shall make withdrawals from the Distribution Account to make distributions to the Holders of the Certificates
pursuant to Section 4.1.

 

(b)       
The Certificate Administrator shall make or be deemed to have made withdrawals from the Lower-Tier Distribution Account in the
following order of priority and only for the following purposes:

 

(i)   
      to make deposits of the Lower-Tier Distribution Amount pursuant to Section 4.1(b) and Section 4.3(b) into
the Upper-Tier Distribution Account and to make distributions to the Holder of the Class R Certificates (in respect of the
Class LT-R Interest) pursuant to Section 4.1(b);

 

(ii)   
      to withdraw amounts deposited into the Lower-Tier Distribution Account in error and pay such amounts to the Persons entitled thereto;
and

 

(iii)    
    to clear and terminate the Lower-Tier Distribution Account pursuant to Section 10.1.

 

(c)       
The Certificate Administrator shall make withdrawals from the Upper-Tier Distribution Account in the following order of priority
and only for the following purposes:

 

(i)   
      
to withdraw amounts deposited in error and to withdraw amounts due to it under Section 3.4(c), to the extent such
amounts were not withdrawn and paid to it by the Servicer under Section 3.4(c);

 

(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 9.1 as applicable; and

 

(iii)    
    to clear and terminate the Upper-Tier Distribution Account at the termination of this Agreement pursuant to Section 9.1.

 

(d)      
In the event the Threshold Cure Holder delivers Threshold Event Collateral in the form of cash collateral, the Servicer shall
establish and maintain on behalf of the Trust and for the benefit of the Certificateholders a segregated non-interest bearing
trust account (the “Threshold Event Cash Collateral Account”) and deposit the Threshold Event Collateral
into such account.  In addition, any proceeds from a letter of credit delivered as Threshold Event Collateral shall also
be deposited into the Threshold Event Cash Collateral Account.  The Threshold Event Cash Collateral Account must be an Eligible
Account. Upon the Special Servicer’s determination of a Final Recovery Determination, the Special Servicer shall notify
the Servicer and the Servicer shall deposit any amounts in the Threshold Event Cash Collateral Account directly into the Collection
Account.

 

     -92-

     

    
Upon
such deposit, the Servicer shall transfer the lesser of (i) all Threshold Event Collateral or (ii) an amount sufficient to pay
all amounts due on the Certificates that were not sufficiently covered by the net sale proceeds or net liquidation amounts, including
all Applied Realized Loss Amounts, to the Distribution Account to reimburse Certificateholders for all Realized Losses after application
of all Net Liquidation Proceeds plus accrued and unpaid interest and all other Trust Fund Expenses pursuant to Section 4.1. 
For the avoidance of doubt, any remaining funds will be distributed to the Threshold Cure Holder.

 

Section 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 either (a) “Situs
Holdings, LLC, as Special Servicer on behalf of Wells Fargo Bank, National Association, as Trustee for the benefit of the Certificateholders
of BWAY Trust 2019-1633, Commercial Mortgage Pass-Through Certificates, Series 2019-1633” related to the Foreclosed
Property held in the name of the Special Servicer for the benefit of the Trust on behalf of the Certificateholders and the Companion
Loan Holders or (b) in the name of the limited liability company formed under Section 3.14.  The Foreclosed Property
Account must be an Eligible Account.  The Special Servicer shall deposit into the Foreclosed Property Account within two
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 as determined in the Special Servicer’s reasonable discretion in accordance
with Accepted Servicing Practices, and deposit them into the Collection Account in accordance with Section 3.4(a). 
The Special Servicer shall notify the 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.

 

Section 3.7.  
Appraisal Reductions.  (a)  Promptly upon the occurrence of an Appraisal Reduction Event, the Special
Servicer shall (i) notify the Servicer, the Operating Advisor, the Certificate Administrator and the Trustee (and so long as no
Control Termination Event is continuing, the Directing Holder) of the occurrence of an Appraisal Reduction Event, (ii) (A) order
and (B) use efforts consistent with Accepted Servicing Practices to obtain an Appraisal of the Property (unless any such Appraisal
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 since the date of such Appraisal (in which case, such Appraisal shall
be used by the Special Servicer)) and (iii) determine (no later than the first Distribution Date on or following the receipt of
such appraisals (in final form) or determination to use any existing Appraisals) (so long as such appraisals were received at
least five (5) Business Days prior to such Distribution Date (in which case it shall determine no later than the second Distribution
Date following the receipt of such Appraisals)) on the basis of the applicable Appraisals, and receipt of information reasonably
requested by the Special Servicer from the Servicer in the Servicer’s possession necessary to calculate the Appraisal Reduction
Amount (which information shall be delivered within two (2) Business Days after receipt of any such request) whether there exists
any Appraisal Reduction Amount and, if so, give reasonably prompt notice thereof to the Servicer, the Trustee, the Companion Loan
Holders (or, in the case of a Companion Loan that is part of an Other Securitization Trust, the master servicer, special servicer
and trustee with respect to such Other Securitization Trust) and the Certificate

 

     -93-

     

    
Administrator. 
The cost of obtaining such Appraisals shall be paid by the Servicer as a Property Protection Advance or an Administrative Advance
unless it would constitute a Nonrecoverable Advance and in such case, as an expense of the Trust.  Appraisals and updates
of Appraisals shall be obtained by the Special Servicer and paid for by the Servicer as a Property Protection Advance (or 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 an Appraisal Reduction Event exists, and the Appraisal Reduction Amount shall be adjusted accordingly, and, if
required in accordance with any such adjustment, each Class of Certificates that has been notionally reduced as a result of Appraisal
Reduction Amounts shall have its related Certificate Balance notionally restored (or reduced if applicable) to the extent required
by such adjustment of the Appraisal Reduction Amount, and there shall be a redetermination pursuant to Section 6.5(c) of
whether a Control Shift Event, a Control Termination Event or a Consultation Termination Event is then in effect.  Any such
Appraisals obtained shall be delivered by the Special Servicer to the Certificate Administrator, the Trustee, the Operating Advisor,
the Servicer and, so long as no Control Termination Event is continuing, the Directing Holder, in electronic format (which format
is reasonably acceptable to the Certificate Administrator), and the Certificate Administrator shall make such appraisals available
to Privileged Persons pursuant to Section 8.14(b).

 

The
Holders of Certificates representing the majority of the Certificate Balance of any Class of Control Eligible Certificates whose
aggregate Certificate Balance is notionally reduced to less than 25% of the initial Certificate Balance of that Class of Certificates
(such Class, an “Appraised Out Class”) as a result of an allocation of an Appraisal Reduction Amount in respect
of such Class shall have the right to (i) challenge the Special Servicer’s Appraisal Reduction Amount determination and,
at their sole expense, obtain a second Appraisal of the Property if an Appraisal Reduction Event has occurred (such Holders, the
“Requesting Holders”) or (ii) post Threshold Event Collateral.  The Requesting Holders shall cause any
such Appraisal to be prepared on an “as is” basis by an Appraiser in accordance with MAI standards, and the Appraisal
shall be reasonably acceptable to the Special Servicer in accordance with Accepted Servicing Practices.  The Requesting Holders
shall provide the Special Servicer with notice of their intent to challenge the Special Servicer’s Appraisal Reduction
Amount determination within 10 days of the Requesting Holders’ receipt of written notice of the determination of such Appraisal
Reduction Amount.

 

Any
Appraised-Out Class for which the Requesting Holders are challenging the Servicer’s or the Special Servicer’s, as
applicable, Appraisal Reduction Amount determination shall not exercise any direction, control, consent and/or similar rights
of the Controlling Class, until such time, if any, as such class is reinstated as the Controlling Class. The rights of the Controlling
Class will be exercised by the next most senior Class of Control Eligible Certificates, if any, during such period.

 

In
addition to the foregoing, the Holders of Certificates representing the majority of the Certificate Balance of any Appraised-Out
Class shall have the right, at their sole expense, to require the Special Servicer to order an additional Appraisal of the Property
if an Appraisal Reduction Event has occurred and if an event has occurred at or with regard to the Property that would have a
material effect on its Appraised Value, and the Special Servicer shall use its reasonable best efforts to ensure that such Appraisal
is delivered within 30 days from receipt of such Holders’ written request and shall ensure that such Appraisal is prepared
on an “as is” basis

 

     -94-

     

    
by
an Appraiser in accordance with MAI standards; provided that the Special Servicer shall not be required to obtain such
Appraisal if the Special Servicer determines in accordance with Accepted Servicing Practices that no events at or with regard
to the Property have occurred that would have a material effect on such Appraised Value of the Property.

 

Upon
receipt of an Appraisal provided by, or requested by, Holders of an Appraised-Out Class pursuant to this Section and any other
information reasonably requested by the Special Servicer from the Servicer reasonably required to calculate or recalculate the
Appraisal Reduction Amount, the Special Servicer shall determine, in accordance with Accepted Servicing Practices, whether, based
on its assessment of such additional Appraisal, any recalculation of the Appraisal Reduction Amount is warranted and, if so warranted,
shall recalculate such Appraisal Reduction Amount based upon such additional Appraisal.  If required by any such recalculation,
the Appraised-Out Class shall be reinstated as the Controlling Class.  The Special Servicer shall promptly deliver notice
to the Certificate Administrator of any such determination and recalculation in its monthly reporting, and the Certificate Administrator
shall promptly post such notice to the Certificate Administrator’s Website.

 

Appraisals
that are permitted to be presented by, or 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 Accepted
Servicing Practices or this Agreement without regard to any appraisal requests made by any Holder of an Appraised Out Class.

 

The
holders of Certificates representing the majority of the Certificate Balance of the Appraised-Out Class (the “Threshold
Cure Holder”) may avoid a Control Shift Event or change in identity of the Controlling Class caused by application of
an Appraisal Reduction Amount if such Threshold Cure Holder delivers Threshold Event Collateral as a supplement to the appraised
value of the Property to the Servicer, together with documentation acceptable to the Servicer in accordance with the Accepted
Servicing Practices to create and perfect a first priority security interest in favor of the Servicer on behalf of the Trust in
such collateral (which shall be completed within thirty (30) days of the Special Servicer’s receipt of a third party Appraisal
that indicates such Control Shift Event has occurred and such holders rights under Section 6.5 shall continue during such
thirty (30) day period) (a “Threshold Event Cure”).  If a Threshold Event Cure occurs, no Control Shift
Event caused by application of an Appraisal Reduction Amount shall be deemed to have occurred.  If a letter of credit is
furnished as Threshold Event Collateral, the letter of credit shall have an initial term no shorter than 6 months and contain
an evergreen clause providing for automatic renewal for additional periods not less than 6 months.  The Threshold Cure Holder
shall provide notice of each renewal at least 30 days prior to the expiration date of such letter of credit or shall replace such
letter of credit with a substitute letter of credit or other Threshold Event Collateral with an expiration date that is greater
than 45 days from the date of substitution.  If the Servicer does not receive notice of such renewal at least 30 days prior
to the expiration date of the letter of credit or if the Servicer receives notice that the letter of credit will not be renewed,
then the Servicer shall promptly draw upon such letter of credit and the Servicer shall hold such proceeds thereof as Threshold
Event Collateral.  If a letter of credit is furnished as Threshold Event Collateral, the applicable Threshold Cure Holder
will be required to replace such letter of credit with other Threshold Event Collateral within 30 days if the credit ratings of
the Threshold Collateral Issuer are

 

     -95-

     

    
downgraded
below the required ratings; provided, however, that, if such Threshold Event Collateral is not so replaced, the
Servicer shall draw upon such letter of credit and shall hold the proceeds thereof as Threshold Event Collateral.

 

The
Threshold Event Cure shall continue until (i) the appraised value of the Property plus the value of the Threshold Event Collateral
would not be sufficient to prevent a Control Shift Event from occurring (and should the appraised value of the Property plus the
value of the Threshold Event Collateral be insufficient, the Threshold Cure Holder shall have 30 days from the new third party
Appraisal to deliver new Threshold Event Collateral as supplement to the newly appraised value), or (ii) a determination is made
by the Special Servicer in accordance with this Agreement that all proceeds in respect of the Whole Loan or the Property have
been received (a “Final Recovery Determination”).  If the appraised value of the Property, upon any redetermination
thereof, is sufficient to avoid the occurrence of a Control Shift Event without taking into consideration any, or some portion
of, Threshold Event Collateral previously delivered by the Threshold Cure Holder, any or such portion of Threshold Event Collateral
held by the Servicer shall be promptly returned to such Threshold Cure Holder (at its direction and sole expense).  Any Threshold
Event Collateral shall be treated as an “outside reserve fund” (and the right to reimbursement of any amounts with
respect thereto) and shall be beneficially owned by the Threshold Cure Holder who shall be taxed on all income with respect thereto.

 

(b)       
While an Appraisal Reduction Amount exists, (i) the amount of any Monthly Payment Advances shall be reduced as provided in
Section 3.23(a), and (ii) the existence thereof will be taken into account for purposes of determining (a) the
Voting Rights of certain Classes of Certificates as provided in Section 3.7(c) or (b) if a Control Shift Event, a
Control Termination Event or an Operating Advisor Consultation Event is continuing.

 

(c)       
The Certificate Balance of each Class of the Sequential Pay Certificates (other than the Class A Certificates) shall be notionally
reduced (solely for purposes of determining (x) the Voting Rights of the related Classes and the Controlling Class and (y) whether
a Control Shift Event is continuing on any Distribution Date) on any Distribution Date, to the extent of any Appraisal Reduction
Amount allocated to such Class on such Distribution Date.  Appraisal Reduction Amounts with respect to the Whole Loan shall
be applied, first, to the B Notes, pro rata and pari passu, in each case until notionally reduced to zero and then
to the A Notes, pro rata and pari passu, in each case until notionally reduced to zero.  The Appraisal Reduction
Amount for the Trust Loan for any Distribution Date shall be applied to notionally reduce the Certificate Balances of the Sequential
Pay Certificates (other than the Class A Certificates) in the following order of priority: first, to the Class HRR Certificates;
and second, to the Class B Certificates; (provided in each case that no Certificate Balance in respect of any such
Class may be notionally reduced below zero).  Appraisal Reduction Amounts shall not be applied to notionally reduce the Certificate
Balance of any Class A Certificate.

 

(d)      
In the event that a portion(s) of one or more Monthly Payment Advances with respect to the Trust Loan was reduced as a result
of an Appraisal Reduction Event, the amount of the Net Liquidation Proceeds to be applied to interest shall be reduced by the
aggregate amount of such reductions and the portion of such Net Liquidation Proceeds to be applied to principal shall be increased
by such amount, and if the amounts of the Net

 

     -96-

     

    
Liquidation
Proceeds to be applied to principal have been applied to pay the principal of the Trust Loan in full, any remaining Net Liquidation
Proceeds shall then be applied to pay any remaining accrued and unpaid interest on the Trust Loan in accordance with Section 1.3.

 

(e)       
If (i) an Appraisal Reduction Event has occurred, (ii) with respect to the Property, either (A) no Appraisal or
updates of any Appraisal have been obtained or conducted with respect to the Property or Foreclosed Property, as the case may
be, during the 9-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 such 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 Appraisal Reduction Event has occurred, 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 appraised value
set forth in the most recent Appraisal 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. 

 

Section 3.8. 
Investment of Funds in the Collection Account, Reserve Accounts and the Foreclosed Property Account.  (a)  The
Servicer (and, with respect to the Foreclosed Property Account, the Special Servicer) may direct any depository institution maintaining
the Collection Account, any Reserve Account (to the extent interest is not payable to the Mortgage Loan Borrower) or the Foreclosed
Property Account, 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

 

     -97-

     

    
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 shall be for the benefit of the
Servicer in accordance with the terms and priorities of this Agreement.  All net income and gain realized from investment
of funds deposited in the Foreclosed Property Account shall be for the benefit of the Special Servicer.  Any net losses on
funds in the Collection Account 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. 

 

(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)      
For the avoidance of doubt, the Collection Account, the Foreclosed Property Account, the Interest Reserve 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 in such account)
will be owned by the Upper-Tier REMIC, each for federal income tax purposes.

 

(e)       
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 depository 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 earlier of (a) the date of such bankruptcy or
insolvency or (b) the date on which the depository institution or trust company failed to satisfy the qualifications set forth
in the definition of Eligible Institution.

 

     -98-

     

    
Section 3.9. 
Payment of Taxes, Assessments, etc.  The Servicer (other than with respect to the Foreclosed Property) and
the Special Servicer (with respect to the 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 Mortgage Loan Agreement at such time as may be required by the Mortgage Loan Documents.  If the Mortgage
Loan Borrower does not make the necessary payments and/or a Mortgage Loan Event of Default has occurred and amounts in the applicable
Reserve Account are insufficient to make such payments, the Servicer shall make a Property Protection Advance, subject to the
determination of non-recoverability provided in Section 3.23, from its own funds for amounts payable with respect
to all such items related to the Property when and as the same shall become due and payable.  The Servicer shall ensure that
the amount of funds in the applicable Reserve Account is increased when and if applicable taxes, assessments, charges and other
similar items, ground rents or insurance premiums are increased, in accordance with the terms of the Mortgage Loan Agreement.

 

Section 3.10.  
Appointment of Special Servicer.  (a)  Situs Holdings, LLC, is hereby appointed as the initial Special
Servicer to service the Whole Loan while a Special Servicing Loan Event has occurred and is continuing and perform the other obligations
of the Special Servicer hereunder.

 

(b)       
If there is a Special Servicer Termination Event with respect to any Special Servicer, such Special Servicer may be removed and
replaced pursuant to Section 7.1.  The Trustee shall, promptly after receiving notice of any such removal, so
notify the Servicer, the Companion Loan Holders and, subject to Section 10.17, the Rating Agency.  The appointment
of any such successor Special Servicer shall not relieve the Servicer or the Trustee of their respective obligations to make Advances
as set forth herein; provided, however, the initial Special Servicer specified above shall not be liable for any
actions or any inaction of such successor Special Servicer.  No termination fee shall be payable to the terminated Special
Servicer.  No termination of the Special Servicer and appointment of a successor Special Servicer shall be effective until
the successor Special Servicer has assumed all of its responsibilities, duties and liabilities hereunder in writing, a Companion
Loan Rating Agency Confirmation with respect to such appointment has been delivered to the Trustee 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 2.5(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 shall immediately give notice
thereof to the Special Servicer, the

 

     -99-

     

    
Operating
Advisor, the Certificate Administrator and the Trustee, and the Servicer shall use its reasonable efforts to provide the Special
Servicer with all information, documents (but excluding the original documents constituting the Mortgage File) and records (including
records stored electronically on computer tapes, magnetic discs and the like) relating to the Whole Loan and reasonably requested
by the Special Servicer to enable it to assume its duties hereunder with respect thereto (and concurrently provide a copy of such
Mortgage File, exclusive of all Privileged Information, to the Operating Advisor).  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. 
The Servicer in any event shall continue to act as Servicer and administrator of the Whole Loan until the Special Servicer has
commenced the servicing of the Whole Loan, upon the occurrence and during the continuation of a Special Servicing Loan Event,
which shall occur, in the case of a Special Servicing Loan Event, upon the receipt by the Special Servicer of the information,
documents and records referred to in the preceding sentence.  The Special Servicer shall instruct the Mortgage Loan Borrower
to continue to remit all payments in respect of the Whole Loan to the Servicer.  The Servicer shall forward any notices it
would otherwise send to the Mortgage Loan Borrower under the Whole Loan to the Special Servicer who shall send such notice to
the Mortgage Loan 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 promptly give notice
thereof to the Servicer, the Operating Advisor, the Certificate Administrator and the Trustee and the Companion Loan Holders,
and upon giving such notice such Special Servicing Loan Event shall cease, the Special Servicer’s obligation to service
the Whole Loan shall terminate and the obligations of the Servicer to service and administer the Whole Loan shall resume and the
Special Servicer shall return all of the information and materials furnished to the Special Servicer pursuant to Section 3.10(c)
to the Servicer.

 

(e)       
In making a Major Decision or in servicing the Whole Loan during the continuance of a Special Servicing Loan Event, the 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 Whole Loan information, including correspondence with the Mortgage Loan 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, no later than the Business Day preceding each date on
which the Servicer is required to furnish a report under Section 3.18(a) to the Certificate Administrator, 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 Note, the amount of all payments on account of principal received on the Note, the amount of Insurance 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

 

     -100-

     

    
receipt
of any rental income that does not constitute rents from real property with respect to, the Foreclosed Property, in each case
in accordance with Section 3.15 and (ii) such additional information relating to the Whole Loan as the Servicer
or the Certificate Administrator reasonably requests to enable it to perform its duties under this Agreement.

 

(g)       
Notwithstanding the provisions of the preceding subsection (c), the Servicer shall maintain ongoing payment records
with respect to the Whole Loan and shall provide the Special Servicer with any information reasonably required by the Special
Servicer to perform its duties under this Agreement.

 

(h)       
If a Special Servicing Loan Event occurs, the Special Servicer, at the earlier of (x) within 60 days after the occurrence of a
Special Servicing Loan Event and (y) prior to taking action with respect to any Major Decision (or making a determination
not to take action with respect to a Major Decision) (the “Initial Delivery Date”), shall prepare a report
(the “Asset Status Report”) for the Whole Loan.  The Special Servicer shall prepare one or more additional
Asset Status Reports with respect to the Specially Serviced Loan subsequent to the issuance of a Final Asset Status Report to
the extent that during the course of the resolution of the Specially Serviced Loan changes in strategy reflected in the Asset
Status Report (or subsequent Final Asset Status Report) are necessary to reflect the then current recommendation as to how the
Specially Serviced Loan might be returned to performing status or otherwise liquidated in accordance with Accepted Servicing Practices
(each such report, a “Subsequent Asset Status Report”).  The Special Servicer shall promptly deliver each
Asset Status Report in electronic format to the Directing Holder (but only for so long as a Consultation Termination Event has
not occurred and is not continuing), the Operating Advisor (but only after the occurrence and continuance of an Operating Advisor
Consultation Event), the Servicer and, subject to Section 10.17, the Rating Agency; provided, however, that
the Special Servicer shall not be required to deliver an Asset Status Report to the Directing Holder if they are the same entity
or Affiliates of each other.  Each Asset Status Report shall be consistent with Accepted Servicing Practices and set forth
the following information to the extent reasonably determinable:

 

(i)       
summary of the status of the Whole Loan and any negotiations with the Mortgage Loan Borrower;

 

(ii)       a discussion of the legal and environmental considerations reasonably known at such time to the Special Servicer, consistent with
Accepted Servicing Practices, that are applicable to the exercise of remedies as aforesaid and to the enforcement of any related
guaranties or other collateral for the Whole Loan and whether outside legal counsel has been retained;

 

(iii)      the most current rent roll and income or operating statement available for the Property;

 

(iv) 
    the Special Servicer’s recommendations on how the Whole Loan might be returned to performing status or otherwise realized
upon;

 

     -101-

     

    
(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 an additional
Mortgage Loan Event 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 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 Mortgage Loan Borrower has indicated its 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 analyze as an alternative a sale of the Whole
Loan 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.

 

A
summary of each Final Asset Status Report shall be provided to the Certificate Administrator and the Trustee.

 

For
so long as there is no continuing Control Termination Event, the Directing Holder shall have the right to disapprove the Asset
Status Report prepared by the Special Servicer within 10 Business Days after receipt of the Asset Status Report. For so long as
there is no continuing Control Termination Event, if the Directing Holder does not disapprove an Asset Status Report in writing
within 10 Business Days of receiving such Asset Status Report or if the Special Servicer makes a determination, in accordance
with Accepted Servicing Practices, that the disapproval by the Directing Holder (communicated to the Special Servicer within such
10 Business Day period) is not in the best interest of the Certificateholders (as a collective whole) (taking into account that
the B Notes are junior to the A Notes), then the Special Servicer shall implement the recommended action as outlined in such Asset
Status Report. If, prior to the occurrence and continuance of a Control Termination Event, the Directing Holder disapproves such
Asset Status Report within such 10 Business Day period and the Special Servicer has not made an affirmative determination pursuant
to the preceding sentence, then the Special Servicer

 

     -102-

     

    
shall
revise the Asset Status Report and deliver to the Directing Holder (prior to the occurrence and continuance of a Control Termination
Event), the Operating Advisor, the Certificate Administrator and, subject to Section 10.17 of this Agreement, the
Rating Agency a new Asset Status Report as soon as practicable, but in no event later than 30 days after the disapproval. 
Prior to the occurrence and continuance of a Control Termination Event, the Special Servicer shall continue to revise such Asset
Status Report as described above until the Directing Holder shall fail to disapprove such revised Asset Status Report in writing
within 10 Business Days of receiving such revised Asset Status Report or until the Special Servicer makes a determination, in
accordance with Accepted Servicing Practices, that such disapproval is not in the best interests of the Certificateholders and
the Companion Loan Holders, as a collective whole (taking into account that the B Notes are junior to the A Notes); provided
that, if the Directing Holder has not approved the Asset Status Report for a period of 60 Business Days following the first
submission of an Asset Status Report, the Special Servicer may act upon the most recently submitted form of Asset Status Report,
if consistent with Accepted Servicing Practices.  The procedures described in this paragraph are collectively referred to
as the “Directing Holder Approval Process”.

 

For
so long as no Operating Advisor Consultation Event is continuing, the Special Servicer shall promptly deliver each Final Asset
Status Report to the Operating Advisor after the completion of the Directing Holder Approval Process.

 

During
the continuance of an Operating Advisor Consultation Event, the Operating Advisor shall consult with and provide comments to the
Special Servicer in respect of each Asset Status Report, if any, within ten (10) days following the later of (i) receipt of such
Asset Status Report or (ii) receipt of such additional information reasonably requested by the Operating Advisor related thereto,
and propose possible alternative courses of action to the extent it determines such alternatives to be in the best interest of
the Certificateholders (including any Certificateholders that are holders of the Controlling Class Certificates and any Companion
Loan Holder that is a Directing Holder), as a collective whole.  The Special Servicer shall consider such alternative courses
of action, if any, and any other feedback provided by the Operating Advisor (and if no Consultation Termination Event has, the
Directing Holder) in connection with the Special Servicer’s preparation of any Asset Status Report that is provided while
an Operating Advisor Consultation Event has occurred and is continuing.  The Special Servicer shall revise the Asset Status
Report as it deems necessary to take into account any input and/or comments from the Operating Advisor (and if no Consultation
Termination Event has occurred, the Directing Holder), to the extent the Special Servicer determines that the Operating Advisor’s
and/or Directing Holder’s input and/or recommendations are consistent with Accepted Servicing Practices and in the best
interest of the Certificateholders and the Companion Loan Holders (as a collective whole as if the Certificateholders and the
Companion Loan Holders constituted a single lender) (taking into account that the B Notes are junior to the A Notes). 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 deliver to the Operating Advisor and the Directing Holder the revised
Asset Status Report (until a Final Asset Status Report is issued) or notice that the Special Servicer has decided not to revise
such Asset Status Report, as applicable.

 

In
connection with the approval or consultation rights of the Directing Holder and/or Operating Advisor with respect to any Asset
Status Report, if the Special Servicer

 

     -103-

     

    
determines
that any action recommended in an Asset Status Report is necessary to protect the Property or the interests of the Certificateholders
and the Companion Loan Holders 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 10 Business Day period (or 10 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 10 Business Day period (or 10
day period) would materially adversely affect the interest of the Certificateholders, and the Special Servicer has made a reasonable
effort to contact the Directing Holder or the Operating Advisor, as applicable.

 

After
the occurrence and during the continuance of a Control Termination Event, the Directing Holder shall have no right to consent
to any Asset Status Report under this Section 3.10. After the occurrence and during the continuance of a Control Termination
Event but for so long as no Consultation Termination Event is continuing, the Directing Holder, and after the occurrence and during
the continuance of an Operating Advisor Consultation Event, the Operating Advisor, shall consult with the Special Servicer (telephonically
or electronically) and propose alternative courses of action and provide other feedback in respect of any Asset Status Report. 
After the occurrence and during the continuance of a Consultation Termination Event, 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 Accepted Servicing Practices 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.

 

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.  In any event,
for so long as a Control Termination Event has not occurred and is not continuing, if the Directing Holder has not approved the
Asset Status Report within 60 Business Days following the first submission thereof, the Special Servicer may act upon the most
recently submitted form of Asset Status Report, if consistent with Accepted Servicing Practices.

 

Notwithstanding
anything to the contrary herein, after the occurrence and during the continuance of a Consultation Termination Event, the Directing
Holder shall have no right to receive any Asset Status Report or otherwise consult with the Special Servicer with respect to any
matter set forth therein.  After the occurrence and during the continuance of a Control Termination Event, the Directing
Holder shall have no right to consent to any Asset Status Report under this Section 3.10(h).

 

     -104-

     

    
The
Special Servicer shall (x) deliver to the Certificate Administrator and the Trustee a proposed notice, in an electronic format
reasonably acceptable to the Certificate Administrator and the Trustee, to the Certificateholders that will include a summary
of the Final 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 Whole Loan (other
than any information that constitutes Privileged Information)), and the Certificate Administrator shall be required to post such
notice and summary (but not such Final 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 17g-5 Information
Provider and a summary of the same to the Certificate Administrator, which the 17g-5 Information Provider and the Certificate
Administrator, respectively shall post on their respective websites pursuant to Section 8.14(b) or Section 10.17,
as applicable, implement such report.

 

(i)        
During the continuance of a Special Servicing Loan Event, the Special Servicer shall have the authority to meet with the Mortgage
Loan Borrower and take any actions consistent with Section 3.24, Accepted Servicing Practices and the most recent
Final Asset Status Report.

 

(j)        
In addition, during the continuance of a Special Servicing Loan Event, on the last day of each Collection Period the Special Servicer
shall prepare and deliver to the Servicer the CREFC® Special Servicer Loan File with respect to the Whole Loan.

 

(k)       
Beginning in 2020, 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
Trust Loan and the Companion Loan required by Section 6050P of the Code.

 

(l)        
Notwithstanding the foregoing, the Special Servicer shall not follow any advice, direction or consultation provided by any person
(including the Directing Holder or the Operating Advisor) that would require or cause the Servicer or the Special Servicer to
violate any applicable law or provisions of the Code resulting in an Adverse REMIC Event (other than the imposition of a tax on
“net income from foreclosure property”), be inconsistent with Accepted Servicing Practices, require or cause the Special
Servicer to violate provisions of this Agreement or the Co-Lender Agreement, require or cause the Special Servicer to violate
the terms of the Whole Loan, expose any Certificateholder, Companion Loan Holders, or any party to this Agreement or their Affiliates,
officers, directors or agents to any claim, suit or liability, result in the imposition of a tax upon the Trust, cause the Trust
to fail to qualify as a REMIC under the Code, or materially expand the scope of the responsibilities of the Special Servicer or
Servicer, as applicable, under this Agreement.

 

Section 3.11.   
Maintenance of Insurance and Errors and Omissions and Fidelity Coverage.  (a)  The Servicer, consistent
with Accepted Servicing Practices and the Mortgage Loan Documents, shall use efforts consistent with Accepted Servicing Practices
to cause to be maintained by the Mortgage Loan Borrower (or if the Mortgage Loan Borrower fails to maintain such insurance in
accordance with the Mortgage Loan Agreement, the Servicer shall cause to be

 

     -105-

     

    
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 reasonably requirement shall not apply with respect to terrorism insurance which will be governed by the
Mortgage Loan Documents) by the Mortgage Loan Borrower under the Mortgage 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 it shall be paid by the Trust, and as applicable, by the Companion Loan Holders pursuant to the Co-Lender
Agreement.  Neither the Servicer nor the Special Servicer shall be required to maintain, and shall not cause the Mortgage
Loan Borrower to be in default with respect to the failure of the Mortgage Loan Borrower to obtain, all-risk casualty insurance
which does not contain any carve-out for terrorist or similar acts, if and only if the Special Servicer has determined, on an
annual basis, that such failure is an Acceptable Insurance Default. 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.  Neither the Servicer nor the Special Servicer shall be required to obtain terrorism insurance
pursuant to this Agreement to the extent the Mortgage Loan Borrower would not be obligated to maintain terrorism insurance under
the Mortgage Loan Documents as in effect on the date thereof.

 

(b)       
The Special Servicer, consistent with Accepted Servicing Practices and the Mortgage Loan Documents, shall cause to be maintained
such insurance (including environmental insurance) with respect to the Foreclosed Property as the Mortgage Loan 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 the Foreclosed Property shall be payable out of amounts on deposit in the Foreclosed
Property Account or shall be advanced by the Servicer as a Property Protection Advance unless such advance would be a Nonrecoverable
Advance.  Any such insurance (other than terrorism insurance, which shall be maintained to the extent required under subsection (a))
that is required to be maintained with respect to 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, 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

 

     -106-

     

    
the
Property or the Foreclosed Property, if not borne by the Mortgage Loan 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 that pertained to the Whole Loan, or in the absence of any such deductible limitation, the deductible
limitation that is consistent with Accepted Servicing Practices.

 

(d)      
Each of the Servicer and the Special Servicer shall obtain and maintain at its own expense, and keep in full force and effect
throughout the term of this Agreement, a blanket fidelity bond and an errors and omissions insurance policy, the issuer of which
is rated no lower than the applicable Qualified Insurer Ratings, covering its directors, officers and employees, as applicable,
in connection with its activities under this Agreement.  Each such insurance policy shall protect the Servicer or the Special
Servicer, as applicable, against losses resulting directly from forgery, theft, embezzlement, fraud, errors and omissions of such
covered persons.  Coverage of the Servicer or the Special Servicer under a policy or bond obtained by an Affiliate thereof
and providing the coverage required by this Section 3.11(d) shall satisfy the requirements of this Section 3.11(d). 
The amount of coverage shall be at least equal to the coverage that is required by applicable governmental authorities having
regulatory power over the Servicer and the Special Servicer.  If no such coverage amounts are imposed by such regulatory
authorities, the amount of coverage shall be at least equal to the coverage that would be required by FNMA or FHLMC with respect
to the Servicer and the Special Servicer if each were servicing and administering the Whole Loan for FNMA or FHLMC or as otherwise
approved by FNMA or FHLMC.  In the event that any such bond or policy ceases to be in effect, the Servicer or the Special
Servicer, as applicable, shall obtain a comparable replacement bond or policy.  Each of the Servicer and the Special Servicer
shall use reasonable effort to cause each and every sub-servicer, if any, to maintain a blanket fidelity bond and an errors and
omissions insurance policy meeting the requirements as described above.  In lieu of the foregoing, but subject to this Section 3.11,
the Servicer and 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 deposits rating is rated no lower than: (a) “A-” by S&P,
(b) “A3” by Moody’s, (c) “A-” by Fitch, (d) “A(low)” by DBRS, (e) “A-:VIII”
by AM Best or (f) the equivalent by KBRA.

 

(e)       
No provision of this Section 3.11 requiring such fidelity bond and errors and omissions insurance shall diminish or
relieve the Servicer or the Special Servicer from its duties and obligations as set forth in this Agreement.  The Certificate
Administrator shall be entitled to request, upon receipt of a written request from any Certificateholder, and the Servicer and
the Special Servicer shall each deliver or cause to be delivered to the Certificate Administrator, a certificate of insurance
from the surety and insurer certifying that such insurance is in full force and effect.  The Certificate Administrator will
make any such certificate of insurance available to the requesting Certificateholder on a confidential basis.

 

(f)       
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 is rated no lower than the applicable Qualified
Insurer

 

     -107-

     

    
Ratings,
covering losses that may be sustained as a result of an officer’s or employee’s errors or omissions.

 

Section 3.12. 
Procedures with Respect to the Trust Loan; Realization upon the Property.  (a)  Upon the occurrence
of a Mortgage Loan Event of Default, the Special Servicer on behalf of the Trust, subject to the terms of the Mortgage Loan Documents
and consistent with Accepted Servicing Practices, shall promptly pursue the remedies set forth therein, including foreclosure
or other realization on the Property and the other collateral for the Trust Loan. In connection with any foreclosure, enforcement
of the Mortgage 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.

 

(b)       
Such proposed acceleration of the Trust Loan and/or foreclosure on the Property shall be taken unless the Special Servicer waives
such Mortgage Loan Event of Default (or modifies or amends the Whole Loan to cure the Mortgage Loan Event of Default), which the
Special Servicer may do if such modification, waiver or amendment is consistent with Accepted Servicing Practices and does not
result in an Adverse REMIC Event (other than the imposition of a tax on “net income from foreclosure property” under
Section 860G(c)) of the Code.

 

(c)       
In connection with such foreclosure as described in Section 3.12(a) or other realization on the Property, the Special
Servicer shall follow Accepted Servicing Practices; provided, however, that the Special Servicer shall not be permitted
to direct the Servicer, and neither the Special Servicer nor the Servicer shall be required, to expend its own funds to restore
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 Mortgage Loan
Documents or other realization on the Collateral, the Special Servicer shall direct the Servicer to, and the Servicer shall, pay
the costs and expenses in any such proceedings as a Property Protection Advance unless the Servicer determines, in accordance
with Accepted Servicing Practices, that such Advance would constitute a Nonrecoverable Advance.

 

(d)      
Notwithstanding the foregoing, the Special Servicer may not foreclose on the Property on behalf of the Trust Fund and the Companion
Loan Holders and thereby be the beneficial owner of the Property, or take any other action with respect to such item that would
cause the Trustee, on behalf of the 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 or entity who regularly conducts site assessments for purchasers of comparable properties (a copy of such report to be
provided to the Companion Loan Holders, the Trustee and the Certificate Administrator by the Special Servicer), that

 

     -108-

     

    
(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 that
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 Rating Agency, subject to Section 10.17.

 

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 Certificateholders and the Companion Loan Holders (as a collective whole as if the Certificateholders
and the Companion Loan Holders constituted a single lender taking into account that the B Notes are junior to the A Notes) (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 (i) the Directing Holder to consent to, and (ii) the Directing
Holder and the Operating Advisor to consult in respect of, such action, as applicable, the Special Servicer shall take such proposed
action.  The Special Servicer shall not foreclose upon or otherwise cause the Trust to
acquire ownership of any Collateral other than the Property unless it receives an Opinion of Counsel (the cost of which shall
be paid by the Servicer as a Property Protection Advance unless the Servicer determines that such Property Protection Advance
would constitute a Nonrecoverable Advance) to the effect that such acquisition will not result in an Adverse REMIC Event (other
than the imposition of a tax on “net income from foreclosure property” under Section 860G(c) of the Code).

 

The
Special Servicer shall direct the Servicer to, and the Servicer shall, advance the cost of any such compliance, containment, clean
up or remediation as a Property Protection Advance unless the Servicer determines, in accordance with Accepted Servicing Practices,
that such Advance would constitute a Nonrecoverable Advance.

 

(e)       
The environmental site assessments contemplated by Section 3.12(d) shall be prepared by any Independent Person who
regularly conducts environmental site assessments for purchasers of comparable properties, as determined by the Servicer in a
manner consistent with Accepted Servicing Practices.  The cost of each such environmental site assessment shall qualify as
a Property Protection Advance and shall be advanced by the Servicer unless the Servicer determines that such Advance would constitute
a Nonrecoverable Advance.

 

(f)       
Notwithstanding any acquisition of title to the Property following a Mortgage Loan Event of Default under the Whole Loan and cancellation
of the Whole Loan, the Trust Loan and the Companion Loan, the Trust Loan and the Companion Loan shall be deemed to remain outstanding
and, in the case of the Trust Loan, held in the Trust Fund 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 Trust Loan and any Companion
Loan shall be deemed to remain outstanding, (i) it shall be assumed that the unpaid principal balance of the Trust Loan and
any Companion Loan immediately after any discharge is equal to the unpaid principal balance of the Whole Loan immediately prior
to such discharge 

 

     -109-

     

    
and
(ii) Foreclosure Proceeds shall be applied as provided in Section 1.3(b) and the Co-Lender Agreement.

 

(g)       
Notwithstanding any provision herein to the contrary, the Special Servicer shall not acquire and hold for the benefit of the Trust
Fund any personal property (including any non-real property Collateral) pursuant to this Section 3.12 unless:

 

(i)   
      such personal property is incidental to real property (within the meaning of Section 856(e)(1) of the Code) so acquired by
the Special Servicer; or

 

(ii)    
   
the Special Servicer shall have obtained an Opinion of Counsel (the cost of which shall be paid by the Servicer as a Property
Protection Advance unless the Servicer determines that such Property Protection Advance would constitute a Nonrecoverable Advance
in which case it shall be treated as a trust fund expense) to the effect that the holding of such personal property by the Trust
Fund will not result in an Adverse REMIC Event at any time that any Uncertificated Lower-Tier Interest or 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)).

 

(h)       
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, including the Membership Interests in the
Mortgage Loan Borrower unless the Special Servicer shall have requested and received an Opinion of Counsel (which opinion shall
be an expense of the Trust Fund) to the effect that the holding of such partnership interest or other equity interest by the Trust
Fund will not cause an Adverse REMIC Event.

 

Section 3.13.  
Custodian to Cooperate; Release of Items in the Mortgage File.  From time to time and as appropriate for the
servicing of the Whole Loan or Foreclosure of or realization on the Property, the Custodian shall, upon receipt of written request
of a Servicing Officer of the Servicer or the Special Servicer and delivery to the Custodian of a receipt 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.  The Special Servicer shall institute all Foreclosures as an authorized delegate
of the Trustee, on behalf of the Trust Fund and the Companion Loan Holders.  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 reasonably cooperate with the
Special Servicer in connection with any prosecution of any Foreclosure (including 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.

 

     -110-

     

    
Section 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 such Property, the expense of such consultation being treated as a Property Protection Advance.  The Special Servicer,
on behalf of the Trust Fund and the Companion Loan Holders, shall dispose of the Foreclosed Property held by the Trust Fund as
expeditiously as appropriate in accordance with Accepted Servicing Practices, but in any event within the time period, and subject
to the conditions, set forth in Sections 3.15 and Section 12.2.  Subject to Sections 11.2 and 3.14(e),
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 a manner which does not cause such Foreclosed 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.  In connection with such management, the Successor Manager shall
be entitled to the REO Management Fee solely from the Foreclosed Property Account or the Collection Account.

 

(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 either (A) the name of the Special Servicer on behalf of the Trust pursuant to Section 3.6
or (B) the name of a limited liability company wholly owned by the Trust and managed by the Special Servicer.

 

(c)       
The Special Servicer shall have full power and authority, subject to Accepted Servicing Practices and the specific requirements
and prohibitions of this Agreement, to do any and all things in connection with the Foreclosed Property for the benefit of the
Certificateholders and the Companion Loan Holders (as a collective whole as if the Certificateholders and the Companion Loan Holders
constituted a single lender taking into account that the B Notes are junior to the A Notes) 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; provided, however,
the retention of an independent contractor will not relieve the Special Servicer of its obligations hereunder with respect to
the Foreclosed Property.

 

     -111-

     

    
The
Special Servicer shall deposit or cause to be deposited within 2 Business Days of receipt of properly identified funds 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.

 

(d)      
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 such Foreclosed Property, including without
limitation, the creation of reasonable reserves for working capital, repairs, replacements and necessary capital improvements
and other related expenses.

 

(e)       
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 each 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 such Foreclosed Property,
and (B) remit all related revenues (net of such costs and expenses) to the Special Servicer, as soon as practicable but
in no event later than the Business Day immediately following receipt, for deposit into the Foreclosed Property Account; 

 

     -112-

     

    
(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 such Foreclosed Property; and

 

(iv) 
   
      the Successor Manager shall be permitted to perform construction (including renovations) on the Foreclosed Property only if the
construction was more than 10% complete at the time default on the Whole Loan became imminent.

 

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 Trust Fund Expenses 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.

 

Section 3.15. 
Sale of Foreclosed Property.  (a)  The Special Servicer, on behalf of the Trust Fund, shall sell
the Foreclosed Property on a servicing released basis as expeditiously as appropriate in accordance with Accepted Servicing Practices
in a manner designed to preserve the capital of the Certificateholders and the Companion Loan Holders and not with a view to the
maximization of profit, but in no event later than the Rated Final Distribution Date in a manner provided under this Section 3.15
and subject to Section 12.2.

 

(b)       
Subject to the consent or consultation rights of the Directing Holder set forth in Section 6.5 and the consultation
rights of the Operating Advisor set forth in Section 3.27, the Special Servicer shall accept the highest cash offer
for the Foreclosed Property received from any person that is at least equal to the Par Price attributable to the Foreclosed Property. 
In the absence of any such offer, the Special Servicer shall accept the highest cash offer, if the highest offeror is a Person
other than 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 offeror is an Interested Person, the
Trustee shall determine the fairness of the highest offer 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, and the Trustee may conclusively rely on the
opinion of such Appraisal; provided, however, that no offer from an Interested Person shall constitute a fair price
unless (A) it is the highest offer received and (B) if such offer is less than the applicable Par Price, at least two other offers
are received from independent third parties.  Notwithstanding anything contained in this Section 3.15 to the contrary,
if the Trustee is required to determine whether a cash offer by an Interested Person constitutes a fair price, the Trustee may
(at its option and at the expense of the Interested Person) designate an independent third party expert in real estate or commercial
mortgage loan matters with at least five years’ experience in valuing or investing in loans similar to the Foreclosed Property
that

 

     -113-

     

    
has
been selected with reasonable care by the Trustee to determine if such cash offer constitutes a fair price for the Foreclosed
Property.  If the Trustee designates such a third party to make such determination, the Trustee will be entitled to rely
conclusively upon such third party’s determination. Any such determination of a fair price of the Foreclosed Property by
the Trustee will be binding on all parties absent manifest error.  The reasonable costs of all appraisals, inspection reports
and broker opinions of value incurred by, the Trustee or any such third party pursuant to this paragraph will be covered by, and
will be paid in advance by the Interested Person as a condition to the Trustee’s determination; provided that the
Trustee will not engage a third party expert whose fees exceed a commercially reasonable amount as determined by the Trustee.
The requirements of this Agreement may result in lower sales proceeds than would otherwise be the case.  Notwithstanding
the foregoing, and subject to the rights of the Companion Loan Holders and the Directing Holder, 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 the Certificateholder and the Companion Loan Holders constituted a single lender taking into account that the B Notes
are junior to the A Notes), 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 taking into account that the B Notes are junior to A Notes.  Any Holder of a Controlling
Class Certificate, the Directing Holder or any Affiliate of the foregoing shall be entitled to participate in, and submit an offer
in connection with, any sale of Foreclosed Property, to the same extent as any other Certificateholder; provided that any
such Holder of a Controlling Class Certificate and the Directing Holder shall for all purposes be considered an Interested Person.
Neither the Trustee, in its individual capacity, nor any of its affiliates will be permitted to make an offer for or purchase
any Foreclosed Property.

 

(c)       
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 a Foreclosed Property shall
be without recourse to the Certificate Administrator, the Trustee, the Depositor, the Servicer, the Special Servicer, the Trust
Fund, the Certificateholders or 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 Certificate Administrator, the Trustee, the Depositor or the Special
Servicer shall have any liability to any Certificateholder with respect to the purchase price thereof accepted by the Special
Servicer or the Trustee.

 

(d)      
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).

 

     -114-

     

    
(e)       
Within 30 days of the sale of a Foreclosed Property, the Special Servicer shall provide to the Trustee, the Companion Loan
Holders and the Certificate Administrator 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.

 

(f)       
In connection with the acquisition of the Foreclosed Property pursuant to Section 3.15(b), if the value (as determined by
an Appraisal obtained by the Special Servicer at the time of such foreclosure, the cost of which shall be paid by the Servicer
as a Property Protection Advance) of such Foreclosed Property on the date of the completion of the transfer of the last remaining
portion of the Property by foreclosure is less than the estimated Excess Liquidation Purchase Price as of that date, then the
Holders or Beneficial Owners of Certificates representing more than 50% of the Certificate Balance (without regard to Appraisal
Reduction Amounts or Realized Losses) of the Class HRR Certificates (the “Excess Liquidation Proceeds Option Holder”)
will have the right to exercise the option (referred to herein as, the “Excess Liquidation Proceeds Option”)
to acquire all of the interests in the Foreclosed Property (or, if the Special Servicer has transferred the entire Foreclosed
Property to an REO LLC, all of the interests in REO LLC) for the Excess Liquidation Purchase Price. The Excess Liquidation Proceeds
Option shall be assignable only to an Affiliate of such Excess Liquidation Proceeds Option Holder. 

 

(g)       
The Excess Liquidation Proceeds Option may be cash settled on the closing date of a sale of all of the Foreclosed Property to
a third-party purchaser if the Net Liquidation Proceeds realized in connection with such sale exceed the Excess Liquidation Purchase
Price by 5%. Upon the closing any qualifying sale, the Servicer or the Special Servicer, as applicable, shall deliver, or shall
cause the REO LLC to deliver, to the Excess Liquidation Proceeds Option Holder a cash settlement amount equal to the excess of
the Net Liquidation Proceeds over the Excess Liquidation Purchase Price.

 

Section 3.16. 
Sale of Whole Loan and the Trust Loan.     (i) Promptly upon the Whole Loan becoming a Defaulted Mortgage
Loan, the Special Servicer shall order (but shall not be required to have received) an Appraisal.  The Servicer shall use
reasonable efforts to promptly notify in writing the Special Servicer, the Trustee, the Certificate Administrator, the Directing
Holder (so long as no Consultation Termination Event is continuing), the Companion Loan Holders and the Operating Advisor of the
occurrence of such Special Servicing Loan Event.  Upon delivery by the Servicer of the notice described in the preceding
sentence, and subject to the rights of the Directing Holder and the Operating Advisor, and to the right of a mezzanine lender
to purchase the Whole Loan pursuant to any intercreditor agreement, the Special Servicer may offer to sell to any Person the Whole
Loan or may offer to purchase the Whole Loan, if and when the Special Servicer determines, consistent with Accepted Servicing
Practices, that no satisfactory arrangements can be made for collection of delinquent payments thereon and such a sale would be
in the best economic interests of the Certificateholders and the Companion Loan Holders (as a collective whole as if the Certificateholders
and the

 

     -115-

     

    
Companion
Loan Holders constituted a single lender) (taking into account that the B Notes are junior to the A Notes) on a net present value
basis.  The Special Servicer shall provide the Servicer, the Trustee, the Certificate Administrator, the Operating Advisor,
the Directing Holder (so long as no Consultation Termination Event is continuing), Companion Loan Holders and the Operating Advisor
not less than five (5) Business Days’ prior written notice of its intention to sell the  Whole Loan, in which case
the Special Servicer shall 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 Par Price or, at its option, if it has received no offer at least equal to the Par Price
therefor, the Special Servicer may purchase the Whole Loan at the Par Price. Any Companion Loans are to be sold together with
the Trust Loan, subject to this Section 3.16 and any additional requirements set forth in the Co-Lender Agreement.

 

(ii)  
     In the absence of any offer at least equal to the Par Price (or purchase by the Special Servicer at the Par Price), the Special
Servicer shall accept the highest offer that is determined by the Special Servicer (or the Trustee as provided in the next sentence)
to be a fair price for the Whole Loan, if the highest offeror is a Person other than an Interested Person.  If the highest
offeror is an Interested Person, the Trustee shall determine the fairness of the highest offer 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, and
the Trustee may conclusively rely on the opinion of such Appraisals; provided, however, that no offer from an Interested
Person shall constitute a fair price unless (A) it is the highest offer received and (B) if such offer is less than the applicable
Par Price, at least two other offers are received from independent third parties.  If the Trustee is required to determine
whether a cash offer by an Interested Person constitutes a fair price, the Trustee may (at its option and at the expense of the
Interested Person or as a Trust Fund Expense, as described below) designate an Independent Appraiser that is an expert in real
estate or commercial mortgage loan matters with at least five (5) years’ experience in valuing or investing in loans similar
to the Whole Loan, and such Independent Appraiser shall be selected with reasonable care by the Trustee for the purpose of 
determining whether such cash offer constitutes a fair price for  the Whole Loan. If the Trustee designates such an Independent
Appraiser to make such determination, the Trustee shall be entitled to rely conclusively upon such Independent Appraiser’s
determination.  Any such determination of a fair price of the Whole Loan by the Trustee shall be binding on all parties absent
manifest error.  The reasonable costs of all Appraisals, inspection reports and broker opinions of value incurred by the
Trustee or any such third party pursuant to this paragraph shall be covered by, and shall be paid in advance by the Interested
Person as a condition of the Trustee’s determination; provided that the Trustee shall not engage a third party expert whose
fees exceed a commercially reasonable amount as determined by the Trustee.  Any Holder of a Controlling Class Certificate,
the Directing Holder or any Affiliate of the foregoing will be entitled to participate in, and submit an offer in connection with,
any sale of the Whole Loan to the same extent as any other Certificateholder; provided that any such Holder of a Controlling
Class Certificate and the Directing Holder shall for all purposes be considered an Interested Person.

 

(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

 

     -116-

     

    
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 taking into account
that the B Notes are junior to the A Notes).  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 Holders of the Certificates and the Companion
Loan Holders constituted a single lender taking into account that the B Notes are junior to the A Notes) (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 in other respects), provided that the offeror is not the holder of the Controlling
Class, the Directing Holder, the Special Servicer or a Person that is an Affiliate of any of them.  So long as no Consultation
Termination Event is continuing, the foregoing rights of the Special Servicer shall be subject to the rights of the Directing
Holder.  The Special Servicer shall use reasonable efforts to sell the Whole Loan prior to the Rated Final Distribution Date. 
Notwithstanding the foregoing, the sale by the Special Servicer of the Whole Loan is subject to the right of a mezzanine lender
to exercise its option to purchase the Whole Loan following a default as described under the related intercreditor agreement (and
such purchase price is subject to the terms of the related intercreditor agreement).

 

(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 and 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
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, (iii) the Whole Loan has otherwise been resolved (including by a full or discounted
pay-off) or (iv) a mezzanine lender exercises its purchase option set forth under the related intercreditor agreement.

 

(c)       
Any sale of the Whole Loan shall be for cash only, and shall be in accordance with and subject to the provisions of the Co-Lender
Agreement.

 

(d)      
Notwithstanding anything to the contrary herein, the Special Servicer shall not sell the Whole Loan pursuant to Section 3.16(a)
without the written consent of the Companion Loan Holders (provided that such consent is not required from a Companion Loan
Holder if such Companion Loan Holder is the Mortgage Loan Borrower or an Affiliate of the Mortgage Loan Borrower) 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

 

     -117-

     

    
Whole
Loan; (b) at least 10 days prior to the permitted sale date, a copy of each bid package (together with any material amendments
to such bid packages) received by the Special Servicer in connection with any such proposed sale; (c) at least 10 days prior
to the proposed sale date, a copy of the most recent appraisal for the Property, and any documents in the Mortgage File reasonably
requested by such Companion Loan Holder that are material to the price of the Whole Loan; and (d) until the sale is completed,
and a reasonable period of time (but no less time than is afforded to other offerors) 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; provided, that such Companion Loan Holder may waive any of the delivery
or timing requirements set forth in this sentence.  The Companion Loan Holders will be permitted to make offers to purchase,
and any such Holder is permitted to be the purchaser at any sale of, the Whole Loan.

 

Section 3.17. 
Servicing Compensation.   (a)  The Servicer shall be entitled to receive the Servicing
Fee with respect to the Trust Loan and the Companion Loan 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 Mortgage
Loan Borrower and permitted by, or not prohibited by, and to be allocated to such amounts by the terms of the Mortgage Loan Documents
and this 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 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 (collectively, the
“Servicer Customary Expenses”).  So long as no Special Servicing Loan
Event has occurred and is continuing, the Servicer shall also be entitled to retain as additional servicing compensation any late
payment fees and Default Interest to the extent provided in Section 3.17(b) (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),
release fees, assumption fees, assumption application fees, consent fees, substitution fees, Modification Fees (subject to the
last paragraph of this Section 3.17), loan service transaction fees and 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 Mortgage Loan Documents and this Agreement; provided, however, that the Servicer shall not be entitled to
retain any Default Interest or any late payment charges, with respect to the Whole Loan, with respect to which a default thereunder
or Mortgage Loan Event of Default is continuing unless and until such default or Mortgage Loan Event of Default has been cured
and all delinquent amounts (including any Default Interest) due with respect to the Whole Loan have been paid in full and all
interest on Advances has been paid in full.  In addition, the Servicer shall be entitled to retain as additional servicing
compensation any income earned (net of losses to the extent provided in this Agreement) on the investment of funds

 

     -118-

     

    
deposited
in the Collection Account and any Reserve Account (to the extent not payable to the Mortgage Loan 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 Trust Loan and the Companion Loan for so long as such Special Servicing Loan Event continues as well as
reimbursement for all other costs or expenses incurred by it in performing its duties hereunder other than: (i) the cost
of any fidelity bond or errors and omissions policy required by Section 3.11(d); (ii) overhead expenses of the
Special Servicer including but not limited to those which may properly be allocable under the Special Servicer’s accounting
system or otherwise to the Special Servicer’s activities under this Agreement or the income derived by it hereunder including
the costs to the Special Servicer associated with employees of the Special Servicer performing services in connection with the
obligations of the Special Servicer hereunder; and (iii) costs and expenses arising from the negligence, bad faith or willful
misconduct of the Special Servicer in performing its obligations hereunder (the “Special Servicer
Customary Expenses”).  No Workout Fee shall be payable to the Special Servicer if a mezzanine lender purchases
the Trust Loan pursuant to any intercreditor agreement  (so long as such purchase occurs within 90 days after notice of the
applicable event giving rise to a mezzanine lender’s option is delivered to a mezzanine lender; provided that for
the avoidance of doubt, if there are one or more purchase option trigger events that occur following an initial purchase option
trigger event, such 90 day period shall commence on the date the first notice of the initial purchase option trigger event was
given to a mezzanine lender).  If a Special Servicing Loan Event is terminated following resolution of such Special Servicing
Loan Event by a written agreement with the Mortgage Loan Borrower negotiated by the Special Servicer, the Special Servicer shall
be entitled to receive the Workout Fee. If at any time the Whole Loan becomes a Specially Serviced Loan, the Special Servicer
shall use reasonable efforts, consistent with Accepted Servicing Practices, to collect all Mortgage Loan Borrower’s Reimbursable
Trust Fund Expenses pursuant to Section 9.17(f) of the Mortgage Loan Agreement, including exercising all remedies available
under the Mortgage Loan Agreement that would be in accordance with Accepted Servicing Practices, specifically taking into account
the costs or likelihood of success of any such collection efforts and the Realized Loss that would be incurred by Certificateholders
in connection therewith as opposed to the Realized Loss that would be incurred as a result of not collecting such amounts from
the Mortgage Loan Borrower.  Notwithstanding anything herein to the contrary, with respect to any Collection Period, the
Special Servicer shall only be entitled to receive a Workout Fee or a Liquidation Fee, but not both.

 

If
the Special Servicer is terminated (other than for cause) or resigns after such written agreement is entered into and before or
after the Special Servicing Loan Event is terminated, it shall retain the right to receive any and all Workout Fees on all payments
of principal and interest made on the Whole Loan following such written agreement (negotiated by such Special Servicer prior to
its termination or resignation) for so long as another Special Servicing Loan Event does not occur and the successor Special Servicer
shall have no rights with respect to such Workout Fee.  In addition, subject to the limitations set forth in the definition
of “Liquidation Fee”, the Special Servicer shall be entitled to receive a Liquidation Fee with respect to any Liquidated
Property or any full, partial or discounted payoff of the Specially Serviced Loan or the sale or liquidation of the Specially
Serviced Loan or any portion thereof as to which the Special Servicer receives Liquidation Proceeds.  The Special Servicing
Fee and any

 

     -119-

     

    
Liquidation
Fee payable from Liquidation Proceeds (and not the Mortgage Loan 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 any late payment fees (to the extent provided in Section 3.17(b)),
Default Interest (to the extent provided in Section 3.17(b)), release fees, assumption fees, assumption application
fees, substitution fees, Modification Fees (subject to the last paragraph of this Section 3.17), consent fees and
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.

 

With
respect to any of the preceding fees as to which both the Servicer and the Special Servicer are entitled to receive a portion
thereof, the 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 (without the consent of the affected party)
(A) neither the 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 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.  For the avoidance
of doubt, if the 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 Servicer had charged a fee and the Servicer shall
not be entitled to any of such fee charged by the Special Servicer.

 

Notwithstanding
any other provision in this Agreement, neither the Servicer nor the Special Servicer, as applicable, shall be entitled to reimbursement
for an expense incurred under this Agreement or in connection with the performance of its duties hereunder unless (i) the
amount of such payment to the Servicer or the Special Servicer, as the case may be, is reimbursed to the Trust Fund by the Mortgage
Loan Borrower (to the extent the Mortgage Loan Borrower is required to do so under the Mortgage Loan Agreement); (ii) failure
of the Mortgage Loan Borrower to reimburse for such payment constitutes a Mortgage Loan Event of Default; (iii) such expense
is an “unanticipated expense incurred by the REMIC” within the meaning of Treasury Regulations Section 1.860G-1(b)(3)(ii)
or is otherwise an unanticipated expense (it being understood that the Servicer Customary Expenses and the Special Servicer Customary
Expenses are not unanticipated); or (iv) such reimbursement is expressly provided for herein or such expense is expressly
described herein as an expense of the Trust Fund or as an Advance.

 

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.

 

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

 

     -120-

     

    
assign
such Excess Servicing Fee Rights in whole (but not in part), to any QIB or Institutional Accredited Investor (other than a Benefit
Plan), provided that no such transfer, sale, pledge or other assignment shall be made unless (i) that transfer, sale, pledge or
other assignment is exempt from the registration and/or qualification requirements of the Securities Act and any applicable state
securities laws and is otherwise made in accordance with the Securities Act and such state securities laws, (ii) the prospective
transferor shall have delivered to the Depositor a certificate substantially in the form attached as Exhibit X-1 hereto,
and (iii) the prospective transferee shall have delivered to KeyBank National Association and the Depositor a certificate substantially
in the form attached as Exhibit X-2 hereto.  None of the Depositor, the Trustee or the Certificate Registrar is obligated
to register or qualify an Excess Servicing Fee Right under the Securities Act or any other securities law or to take any action
not otherwise required under this Agreement to permit the transfer, sale, pledge or assignment of an Excess Servicing Fee Right
without registration or qualification.  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 Trustee, the Servicer
and the Special Servicer against any liability that may result if such transfer is not exempt from registration and/or qualification
under the Securities Act or other applicable federal and state securities laws or is not made in accordance with such federal
and state laws or in accordance with the foregoing provisions of this paragraph.  By its acceptance of an Excess Servicing
Fee Right, the holder thereof shall be deemed to have agreed not to use or disclose such information in any manner that could
result in a violation of any provision of the Securities Act or other applicable securities laws or that would require registration
of such Excess Servicing Fee Right or any Certificate pursuant to the Securities Act.  Following any transfer, sale, pledge
or assignment of an Excess Servicing Fee Right or the termination of KeyBank National Association as the Servicer, the Person
then acting as the Servicer, shall pay, out of each amount paid to such Servicer as Servicing Fees, the related Excess Servicing
Fees to the holder of such Excess Servicing Fee Right within one Business Day following the payment of such Servicing Fees to
such Servicer, in each case in accordance with payment instructions provided by such holder in writing to such Servicer. 
The holder of an Excess Servicing Fee Right shall not have any rights under this Agreement except as set forth in the preceding
sentences of this paragraph.  None of the Depositor, the Special Servicer, the Operating Advisor, the Trustee or the Certificate
Administrator 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, the Special Servicer shall deliver or cause to be delivered to the Servicer on the Determination
Date, and the Servicer shall deliver, to the extent it has received, or cause to be delivered to the Certificate Administrator,
without charge on the Remittance 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 compensation or any other remuneration
(including, without limitation, in the form

 

     -121-

     

    
of
commissions, brokerage fees, rebates and appraisal fees or as a result of any other fee-sharing arrangement) from any Person (including,
without limitation, the Trust, the Mortgage Loan Borrower, any manager of the Property, any guarantor or indemnitor in respect
of the Whole Loan and any purchaser of the Whole Loan (or a portion thereof) or any Foreclosed Property) in connection with the
disposition, workout or foreclosure of the Whole Loan, the management or disposition of any Foreclosed Property, or the performance
of any other special servicing duties under this Agreement, other than as expressly provided in this Section 3.17;
provided, however, that such prohibition shall not apply to Permitted Special Servicer/Affiliate Fees.

 

Notwithstanding
anything herein to the contrary, (i) the Servicer and the Special Servicer shall each be entitled to 50% of any Modification Fees
incurred in connection with the extension of the Stated Maturity Date of the Trust Loan or the Companion 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 the Special Servicer, in the absence of a Special Servicing Loan Event, shall each be entitled
to 50% of any Modification Fees, assumption fees (excluding assumption application fees) or consent fees in connection with any
Major Decision for which the Special Servicer’s consent is required.

 

(b)       
In determining the compensation of the Servicer or the Special Servicer, as applicable, with respect to Default Interest and late
payment charges, on any Distribution Date, the aggregate Default Interest and late payment charges actually collected on the Whole
Loan during the related Collection Period shall be applied (in such order) to reimburse (i) the Servicer and the Trustee for all
Advances (other than Nonrecoverable Advances) made by each and not previously reimbursed from late payments received during the
applicable period on the Whole Loan, Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds (to the extent not needed
for the repair or restoration of the Property) and other collections on the Whole Loan, (ii) to the extent not previously
reimbursed by the Borrower as a Mortgage Loan Borrower’s Reimbursable Trust Fund Expense, the Servicer and the Trustee
for unpaid interest on such Advances at the Advance Rate, and (iii) the Trust for all Trust Fund Expenses. Default Interest
and late payment charges remaining thereafter shall be distributed to the Servicer, if and to the extent accrued on the Mortgage
Loan for so long as no Special Servicing Loan Event is continuing, and to the Special Servicer, if and to the extent accrued on
the Mortgage Loan during a Special Servicing Loan Event. Any Default Interest or late payment charges paid or payable as additional
servicing compensation to the Servicer and the Special Servicer shall be distributed between the Servicer and the Special Servicer,
on a pro rata basis, based on the Servicer’s and the Special Servicer’s respective entitlements to such compensation
described in the previous sentence.

 

Section 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) 4:00 p.m. (New York
time) two Business Days prior to each Distribution Date, the CREFC® Loan Periodic Update File and (ii) 4:00
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® Collateral Summary File, the CREFC®
Special Servicer Loan File, the CREFC®

 

     -122-

     

    
Operating
Statement Analysis Report and the CREFC® NOI Adjustment Worksheet).  The Certificate Administrator shall
prepare the CREFC® Bond Level 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 CREFC® NOI
Adjustment Worksheet) available (i) prior to the securitization of the Companion Loan, to the Companion Loan Holders on each Distribution
Date; and (ii) following the securitization of the Companion Loan, to the master servicer of the Other Securitization Trust no
later than 2 Business Days after the Determination Date.

 

In
addition, the Servicer (with respect to non-Specially Serviced Loans) shall prepare and make available to any Privileged Person
on the Servicer’s internet website (initially, www.keybank.com/key2cre), and the Special Servicer (with respect to a Specially
Serviced Loan and Foreclosed Property) shall prepare and deliver to the Servicer (who shall promptly make available to any Privileged
Person on the Servicer’s internet website (initially, www.keybank.com/key2cre) with respect to the Property and Foreclosed
Property, a CREFC® Operating Statement
Analysis Report and a CREFC® NOI
Adjustment Worksheet within 30 days after the Servicer’s or Special Servicer’s, as applicable, receipt of each
of the Mortgage Loan Borrower’s quarterly financials (commencing with the quarter ending March 31, 2020) and annually within
30 days after receipt of the Mortgage Loan Borrower’s annual financials for the year ending December 31, 2020);
provided, however, that any analysis
or report with respect to the first calendar quarter of each year will 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 the CREFC® NOI Adjustment Worksheet on a monthly basis to the Certificate
Administrator; provided, however, the Servicer shall have no obligation to update such reports except as set forth in the immediately
preceding paragraphs, and no analysis shall be required to the extent such analysis or update is not required to be provided under
the then current applicable CREFC® guidelines.

 

In
addition, on a calendar quarterly basis within 30 days after the Servicer’s receipt of each of the Mortgage Loan Borrower’s
quarterly financial statements (commencing with the quarter ending March 31, 2020), the Servicer shall deliver, to the extent
it has received, or cause to be delivered to the Certificate Administrator such financial statements.

 

(b)       
The Servicer shall furnish to the Certificate Administrator in electronic format which format is reasonably acceptable to 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).

 

(c)       
The Servicer shall produce the reports described in this Section 3.18 solely from information provided to the Servicer
by the Mortgage Loan Borrower pursuant to the Mortgage Loan Agreement (without modification, interpretation or analysis) or by
the Special Servicer, Sponsor 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).

 

     -123-

     

    
Section 3.19.  
[Reserved]

 

Section 3.20.  
[Reserved]

 

Section 3.21.  
Access to Certain Documentation Regarding the Whole Loan and Other Information.  (a) The Servicer and
the Special Servicer shall provide to the Certificate Administrator, the Directing Holder (but only prior to the occurrence and
continuance of any Consultation Termination Event), the Trustee, 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 Whole 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 request and during normal business hours at the offices of the Servicer or Special Servicer.

 

(b)       
The Depositor hereby authorizes the Certificate Administrator to, and the Certificate Administrator shall, make available to Bloomberg
Financial Markets, L.P., CMBS.com, Inc., Trepp, LLC, Intex Solutions, Inc., Moody’s Analytics, Blackrock Financial Management,
Inc., Markit Group Limited and Thomson Reuters or such other vendor chosen by the Depositor that submits to the Certificate
Administrator a certification in the form of Exhibit Q to this Agreement (each such entity, a “Financial
Market Publisher”), all the Distribution Date Statements, CREFC® Reports and supplemental notices delivered
or made available pursuant to Section 8.14(c) to Privileged Persons and providing such information shall not constitute
a breach of this Agreement by the Certificate Administrator.

 

If
any of the parties to this Agreement receives a Form ABS Due Diligence-15E from any party in connection with any third-party due
diligence services such party may have provided with respect to the Trust Loan (“Due Diligence Service Provider”),
such receiving party shall promptly forward such Form ABS Due Diligence-15E to the 17g-5 Information Provider for posting on the
17g-5 Information Provider’s Website.  The 17g-5 Information Provider shall post on the 17g-5 Information Provider’s
Website any Form ABS Due Diligence-15E it receives directly from a Due Diligence Service Provider or from another party to this
Agreement, promptly upon receipt thereof.

 

Section 3.22. 
Inspections; Collection of Financial Statements.  The Servicer shall inspect or cause to be inspected the Property
not less frequently than once each year commencing in 2021; provided, however, 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 soon as practicable following the occurrence of a Special Servicing Loan
Event and annually for so long as a Special Servicing Loan Event is continuing.  The Servicer or the Special Servicer, as
applicable, shall further inspect, or cause to be inspected, the Property whenever it receives information that the Property has
been materially damaged, left vacant, or abandoned, or if waste is being committed thereto.  All such inspections shall be
performed in such manner as shall be consistent with Accepted

 

     -124-

     

    
Servicing
Practices.  The cost of the annual inspections referred to in the first sentence of this paragraph shall be an expense of
the Servicer; the cost of all additional inspections referred to in this paragraph shall be a Trust Fund Expense and if paid by
the Servicer shall constitute a Property Protection Advance or an Administrative Advance.  The Servicer or Special Servicer,
as the case may be, shall prepare a written report of inspection and deliver it to the Certificate Administrator.  The Certificate
Administrator shall post such report on the Certificate Administrator’s Website pursuant to Section 8.14(b).

 

The
Special Servicer (when the Trust Loan is a Specially Serviced Loan) and the Servicer (when the Trust Loan is not a Specially Serviced
Loan) shall make reasonable efforts to collect promptly and review from the Mortgage Loan Borrower quarterly and annual operating
statements, financial statements, budgets and rent rolls of the Property, and the quarterly and annual financial statements of
the Mortgage Loan Borrower, whether or not delivery of such items is required pursuant to the terms of the Trust Loan Documents
and any other reports or documents required to be delivered under the terms of the Whole Loan, if delivery of such items is required
pursuant to the terms of the Mortgage Loan Documents.  The Servicer and the Special Servicer shall not be required to request
such operating statements or rent rolls more than once if the Mortgage Loan Borrower is not required to deliver such statements
pursuant to the terms of the Mortgage Loan Documents.  In addition, the Special Servicer shall cause quarterly and annual
operating statements, budgets and rent rolls to be regularly prepared in respect of the Foreclosed Property and shall collect
all such items promptly following their preparation.  The Special Servicer shall deliver all such items to the Servicer within
five (5) Business Days of receipt, and the Servicer shall make available on its website copies of all the foregoing items so collected
to the Trustee, the Certificate Administrator, the Special Servicer and the Depositor, in electronic format, in each case within
30 days of its receipt thereof, but in no event, in the case of annual statements, later than June 30 of each year commencing
June 30, 2020.  Upon the request of any Privileged Person (other than the NRSROs) to receive copies of such items, the Servicer
or the Special Servicer, as applicable, shall deliver electronic copies of such items to the Certificate Administrator to be posted
on the Certificate Administrator’s Website.  Upon request, the Servicer or the Special Servicer, as applicable, shall
deliver copies of all the foregoing items so collected thereby to the 17g-5 Information Provider pursuant to Section 10.17.

 

Section 3.23.  
Advances.  (a)  In the event that a Monthly Payment (or an Assumed Monthly Payment, as applicable)
(other than the Balloon Payment) or any portion of a Monthly Payment (or an Assumed Monthly Payment, as applicable) (other than
any Balloon Payment) on the Trust Loan has not been received by the close of the Business Day immediately prior to the Remittance
Date, the Servicer, subject to its determination that such amounts are not Nonrecoverable Advances, shall make an advance on such
Remittance Date to the Distribution Account, in an amount equal to the Monthly Payment (or an Assumed Monthly Payment, as applicable),
or any such portion of the Monthly Payment (or an Assumed Monthly Payment, as applicable) on such Trust 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); provided
that neither the Servicer nor any other party shall be entitled to interest accrued on the amount of any Monthly Payment Advance
with respect to the Trust Loan if the related Monthly Payment (or an Assumed Monthly Payment, as applicable) in respect of the
Trust Loan is received by the Servicer or the Certificate Administrator, as applicable, by 2:00

 

     -125-

     

    
p.m.,
New York time, on such Remittance Date.  For the avoidance of doubt, in the event that the amount of interest on the Trust
Loan is reduced as a result of any modification to the Trust Loan, any future Monthly Payment Advance made with respect to such
modified Trust Loan shall be in such amounts as may be required as a result of such reduction.  The Servicer shall maintain
a record of each Monthly Payment Advance it has made pursuant to this Section 3.23(a) on the Trust Loan and shall
notify the Certificate Administrator thereof in the appropriate CREFC® Reports in order to permit allocation thereof
pursuant to Sections 3.4 and 3.5.  In the event that the Servicer does not remit any amounts required
to be remitted to the Certificate Administrator on each Remittance Date (including any amounts required to be remitted pursuant
to Section 3.5 and any required Monthly Payment Advance) to the Certificate Administrator for deposit in the Distribution
Account on the Remittance Date, the Servicer shall pay to the Certificate Administrator interest on such amounts at the federal
funds rate for the period from and including the Remittance Date to but excluding the Distribution Date or, if earlier, the actual
remittance date.

 

Notwithstanding
anything herein to the contrary, if a Monthly Payment Advance is made with respect to the Trust Loan pursuant to the terms hereof,
then that Monthly Payment Advance, together with interest thereon, shall be reimbursed (with respect to both the related A Notes
and the B Notes), pro rata and pari passu with monthly interest advances on the Companion Loan.

 

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 principal and interest on the Trust Loan shall be reduced by multiplying such amount by a
fraction, the numerator of which is the then outstanding principal balance of the Trust Loan minus the applicable Appraisal Reduction
Amount (or portion thereof allocable to the Trust Loan pursuant to the Co-Lender Agreement) and the denominator of which is the
then outstanding principal balance of the Trust Loan.

 

(b)       
Subject to Section 3.23(e), the Servicer shall advance for the benefit of the Certificateholders and the Companion
Loan Holders, 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 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 Mortgage Loan Borrower
or any of its Affiliates or the Property or revenues from the Property 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 Mortgage Loan Borrower that
are incurred in connection with assumption of the Whole Loan or a release of the Property from the liens 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

 

     -126-

     

    
liquidation
of the Property if the Property is acquired by the Special Servicer or its Affiliate in the name of the Trust (collectively, “Property
Protection 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,
however, 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.  Notwithstanding anything herein
to the contrary, if the Special Servicer requests that the Servicer make an Advance, the Servicer may conclusively rely on such
request as evidence that such advance is not a Nonrecoverable Advance.  The Special Servicer will have no obligation to make
any Advances.

 

(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 Whole Loan pursuant to Section 3.24 hereof,
beyond the Stated Maturity Date of the Whole 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 Mortgage Loan Borrower or related bankruptcy,
notwithstanding any other provision of this Agreement, other than the requirement of recoverability, and shall continue, subject
to the requirement of recoverability, until the earlier of (i) the payment in full of the Trust Loan 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 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 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.

 

     -127-

     

    
(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 Companion Loan Holders, the Certificate Administrator, the Operating Advisor, the Directing Holder (so long as no Consultation
Termination Event is continuing), and the Trustee in electronic format which format is reasonably acceptable to the Certificate
Administrator and the Trustee (if such determination is made by the Servicer), detailing the reasons for such determination with
supporting documentation attached.  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 costs of obtaining any appraisals, reports, surveys and other information requested
by the Servicer or the Trustee, as applicable, establishing an Advance as a Nonrecoverable Advance shall be treated as Trust Fund
Expenses, payable from the Collection Account pursuant to Section 3.4(c), and shall constitute a Property Protection
Advance, as applicable, if paid by the Servicer or the Trustee from its own funds.  The Servicer’s determination of
nonrecoverability in accordance with the above provisions shall be conclusive and binding on the Trustee and the Trustee shall
be entitled to rely conclusively thereupon.  The Trustee, in determining whether or not a proposed Advance would be a Nonrecoverable
Advance, shall make such determination in its reasonable business judgment.

 

(g)       
The Servicer or the Trustee, as applicable, is not obligated to advance or pay (i) the delinquent scheduled payments with
respect to any Companion Loan, (ii) any Balloon Payment with respect to the Companion Loan or the Trust Loan (but is required
to advance the Assumed Monthly Payment with respect to the Trust Loan), (iii) any Default Interest, (iv) amounts required
to cure any damages resulting from Uninsured Causes (except as required pursuant to Section 3.12(c)), any failure
of the Property to comply with any applicable law, including any environmental law, or (except in connection with the foreclosure
or other acquisition of the Property in accordance with Section 3.12 upon the occurrence of a Mortgage Loan Event
of Default) to investigate, test, monitor, contain, clean up, or remedy an environmental condition present at the Property, (v) any
losses arising with respect to defects in the title to the Property, (vi) any costs of capital improvements to the Property
other than those necessary to prevent an immediate or material loss to the Trust’s or the Companion Loan Holders’
interest in the Property, (vii) any yield maintenance amounts or prepayment premiums, or (viii) any delinquent payments on
any repurchased Trust Note.

 

(h)       
The Servicer or the Trustee may consider (among other things) the following when making a non-recoverability determination: 
(a) the obligations of the Mortgage Loan Borrower under the terms of the Whole Loan as it may have been modified, (b) the Property
in its “as is” or then-current condition and occupancy, (c) future expenses and (d) the timing of recoveries, in the
case of clauses (b) through (d), each as modified by such party’s assumptions (consistent with Accepted Servicing Practices
in the case of the Servicer or in its commercially reasonable judgment in the case of the Trustee, solely in its capacity as Trustee)
regarding the possibility and effects of future adverse changes with respect to the Property.

 

Section 3.24.   
Modifications of Mortgage Loan Documents.  (a)  The Servicer (if no Special Servicing Loan Event
has occurred and is continuing) or the Special Servicer (during

 

     -128-

     

    
a
Special Servicing Loan Event), subject to the rights of a mezzanine lender under any related intercreditor agreement, may modify,
waive or amend any term of the Trust Loan if such modification, waiver or amendment (A) is consistent with Accepted Servicing
Practices and (B) does not result in an Adverse REMIC Event or cause any REMIC related to any Companion Loan Securities to
fail to qualify as a REMIC under the Code (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 Stated Maturity Date beyond the date that is the
five years prior to the latest Rated Final Distribution Date.  In connection with (i) the release of the Property or
portion thereof from the lien of the Mortgage or (ii) the taking of the Property or portion thereof by exercise of the power
of eminent domain or condemnation, if the Mortgage Loan Documents require the Servicer or the Special Servicer, as applicable,
to calculate the loan-to-value ratio of the remaining portion of the Property, for purposes of REMIC qualification of the Trust
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 Whole Loan shall be in writing and shall be effected in a manner consistent with
Accepted Servicing Practices, the REMIC Provisions and the provisions of the Co-Lender Agreement.  The Servicer or the Special
Servicer, as applicable, shall notify the Certificate Administrator, the Trustee, the Operating Advisor, the Directing Holder
(so long as no Consultation Termination Event is continuing), the Companion Loan Holders and the Depositor, in writing, of any
modification, waiver or amendment of any term of the Whole Loan and the date thereof, and shall deliver to the Custodian an original
and, if applicable, recorded counterpart of the agreement relating to such modification, waiver or amendment within ten (10) Business
Days following the execution and, if applicable, recordation thereof with a copy to the Operating Advisor and, prior to the occurrence
and continuance of a Consultation Termination Event, the Controlling Class Representative.  If the Whole Loan is modified,
the Whole Loan Rate on each Trust Note shall not change for purposes of distributions on the Certificates.  In the event
the Servicer or Special Servicer adversely modifies the interest rate applicable to any Note, any aggregate adverse economic effect
of the modification shall be applied to the Certificates, in reverse order of seniority.  Notwithstanding the foregoing,
neither the Servicer nor the Special Servicer shall modify the Net Trust Loan Rate unless the Whole Loan is in default or default
is reasonably foreseeable.

 

(c)       
Subject to Section 3.26, any modification of the Mortgage Loan Documents that requires a Rating Agency Confirmation
pursuant to the Mortgage Loan Documents, or any modification that would eliminate, modify or alter the requirement of obtaining
such Rating Agency Confirmation in the Mortgage Loan Documents, shall not be made without the Servicer’s or the Special
Servicer’s, as applicable, first receipt of such Rating Agency Confirmation. Such Rating Agency Confirmation shall be obtained
at the Mortgage Loan Borrower’s expense in accordance with the Mortgage Loan Agreement or, if not so provided in the Mortgage
Loan Agreement or if the Mortgage Loan Borrower does not pay, at the expense of the Trust Fund.

 

     -129-

     

    
(d)      
Promptly after the occurrence and during the continuance of a Special Servicing Loan Event, the Special Servicer shall request
from the Certificate Administrator the name of the current Controlling Class Representative. Upon receipt of the name of such
current Controlling Class Representative from the Certificate Administrator, the Special Servicer shall notify the Controlling
Class Representative that a Special Servicing Loan Event has occurred. The Certificate Administrator shall be responsible for
providing the name of the current Controlling Class Representative only to the extent the Controlling Class Representative has
identified itself as such to the Certificate Administrator substantially in the form of 
Exhibit K-4; provided
that if the Controlling Class Representative is determined pursuant to the proviso in the definition of “Controlling Class
Representative”, then (i) the Certificate Administrator shall determine which Class is the Controlling Class and (ii) the
Special Servicer shall request from the Certificate Administrator, and the Certificate Administrator shall request from the Depository
at the expense of the Trust, the list of Beneficial Holders of the Controlling Class, and the Certificate Administrator shall
provide (on a reasonably prompt basis) such list to the Special Servicer and the Servicer at the expense of the Trust.

 

(e)       
Subject to Section 3.26, prior to implementing any of the actions described in clauses (v), (vi), (vii), (viii), (x)
or (xii) of the definition of “Major Decision”, the Servicer or the Special Servicer shall obtain a Rating Agency
Confirmation with respect to such action.

 

Notwithstanding
the foregoing, the Servicer and Special Servicer may, subject to certain conditions (but without any Rating Agency Confirmation)
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
Whole Loan to such easement, right-of-way or similar agreement.

 

Section 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.

 

Section 3.26.  
Rating Agency Confirmations.  (a)  Notwithstanding the terms of any Mortgage Loan Documents,
any intercreditor agreement or other provisions of this Agreement, if any action under any Mortgage Loan Documents or this Agreement
requires a Rating Agency Confirmation as a condition precedent to such action, if the party (the “Requesting
Party”) attempting to obtain such Rating Agency Confirmation from the Rating Agency has made a request to the
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, the Rating Agency has not replied to such request or has responded
in a manner that indicates that the 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 Depositor) to (i) confirm that
the 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 Rating Agency

 

     -130-

     

    
Confirmation
request within five Business Days of such confirmation or such second request (after seeking to confirm that the Rating Agency
received such second Rating Agency Confirmation request), as applicable, then (x) with respect to any condition in the Mortgage
Loan Documents requiring a Rating Agency Confirmation or any other matter under this Agreement relating to the servicing of the
Whole Loan (other than as set forth in clause (y) below), the Requesting Party (or, if the Requesting Party is the Mortgage
Loan 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 if the Requesting Party (or, if the Requesting Party is the Mortgage Loan Borrower, then the
Servicer or the Special Servicer, as applicable) determines that such action would be in the best interest of the Certificateholders,
then the requirement for a Rating Agency Confirmation will not apply (provided, however, with respect to the release
or substitution of any collateral relating to the Trust Loan, 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 Mortgage Loan
Documents with respect to such release and confirm to its satisfaction in accordance with 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 Servicer or Special Servicer is 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 the Rating Agency.

 

(b)       
Any Rating Agency Confirmation requests made by the Servicer, Special Servicer, the Certificate Administrator or 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,
Special Servicer, the Certificate Administrator or Trustee, as applicable, reasonably deems necessary for the Rating Agency (including
any Companion Loan Rating Agency) to process such request.  Subject to Section 10.17, the Servicer, the Special
Servicer, Certificate Administrator or the Trustee, as applicable, shall furnish such written Rating Agency Confirmation request
to the Rating Agency, in accordance with the delivery instructions set forth in Section 10.17.

 

(c)       
Promptly following the Special Servicer’s determination to take any action described in Section 3.26(a) without
receiving Rating Agency Confirmation, the Special Servicer shall, subject to Section 10.17, provide written notice
to the Rating Agency.

 

(d)      
Each Certificateholder, by its acceptance of the Certificates, acknowledges and agrees to the foregoing with respect to Rating
Agency Confirmations.

 

(e)       
Notwithstanding the terms of the related Loan Documents, the other provisions of this Agreement or the Co-Lender Agreement, with
respect to any Companion Loan as to which there exists Companion Loan Securities, if any action relating to the 

 

     -131-

     

    
servicing
and administration of the Whole Loan or the Foreclosed 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 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 Servicer, Special Servicer, Trustee or Certificate Administrator, 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 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  Servicer, Special Servicer, Trustee
or Certificate Administrator, as applicable, depending on which is seeking the subject Companion Loan Rating Agency Confirmation,
shall forward to one or more of its counterpart (i.e., the master servicer or special servicer, as applicable), the counterpart
providing or posting Rule 17g-5 information, 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 Mortgage Loan Borrower, and in such format as the sender and recipient may reasonably agree,
(i) the request for such Companion Loan Rating Agency Confirmation at least two (2) Business Days before it is sent to the
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 Companion Loan Rating Agency may
reasonably request in connection with such Companion Loan Rating Agency Confirmation promptly following such request.

 

Section 3.27. 
The Operating Advisor.  (a)  The Operating Advisor shall promptly review (i) the actions of the Special
Servicer with respect to the Trust Loan when it is a Specially Serviced Loan (as provided in Section 3.10(h), Section 3.27
and Section 6.5) and the actions of the Special Servicer with respect to Major Decisions relating to the Trust
Loan when it is not a Specially Serviced Loan (as provided in Section 6.5) with respect to which a Major Decision
Reporting Package has been delivered to the Operating Advisor, (ii) all reports by the Special Servicer made available to
Privileged Persons that are posted on the Certificate Administrator’s Website and (iii) each Asset Status Report (after
the occurrence and during the continuance of an Operating Advisor Consultation Event) and Final Asset Status Report delivered
to the Operating Advisor by the Special Servicer.

 

(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 3.27(f) 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

 

     -132-

     

    
information
received from the Special Servicer pursuant to the terms of this Agreement solely for purposes of complying with its duties and
obligations hereunder.

 

With
respect to whether a Control Termination Event, Operating Advisor Consultation Event or Consultation Termination Event has occurred
and is continuing, or has terminated, the Servicer, Special Servicer and Operating Advisor are entitled to rely solely on its
receipt of notice thereof from the Certificate Administrator (which includes notices posted to the Certificate Administrator’s
Website) or receipt of notice substantially in the form of Exhibit P from the Controlling Class Representative or a majority
of the Controlling Class Certificateholders (by Certificate Balance), in each case pursuant to this Agreement, and, with respect
to any obligations of the Operating Advisor, Servicer or Special Servicer that are performed only after the occurrence and continuance
of a Control Termination Event, Operating Advisor Consultation Event and/or Consultation Termination Event, the Operating Advisor,
Servicer or Special Servicer shall have no duty to perform any such obligations until the receipt of such notice or actual knowledge
of the occurrence of a Control Termination Event, Operating Advisor Consultation Event or Consultation Termination Event, as applicable.

 

(c)       
(i)  Based on the Operating Advisor’s review of any assessment of compliance, attestation report, Major Decision
Reporting Package, Asset Status Report (after the occurrence and during the continuance of an Operating Advisor Consultation Event),
Final Asset Status Report and other 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 (if, at any time during
the prior calendar year, (i) the Whole Loan was a Specially Serviced Loan or (ii) there existed an Operating Advisor Consultation
Event) deliver to the Certificate Administrator (which shall promptly post such report on the Certificate Administrator’s
Website in accordance with Section 8.14(b)), the 17g-5 Information Provider (who shall post it to the 17g-5 Information
Provider’s Website in accordance with Section 10.17) and the Depositor within one hundred-twenty (120) days of the
end of the prior calendar year, an annual report (the “Operating Advisor Annual Report”),
substantially in the form of Exhibit T (which form may be modified or altered as to either its organization or content
by the Operating Advisor, subject to compliance of such form with the terms and provisions of this Agreement including, without
limitation, provisions herein relating to Privileged Information; provided, however, that in no event shall the
information or any other content included in the Operating Advisor Annual Report contravene any provision of this Agreement),
setting forth whether the Operating Advisor believes, in its sole discretion exercised in good faith, that the Special Servicer
is operating in compliance with Accepted Servicing Practices with respect to its performance of its duties under this Agreement
during the prior calendar year and identifying which, if any, standards the Operating Advisor believes, in its sole discretion
exercised in good faith, the Special Servicer has failed to comply; provided, however, that in the event the Special
Servicer is replaced, the Operating Advisor Annual Report shall only relate to such 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.  Subject to the restrictions in this Agreement, including, without limitation, Section 3.27(d) hereof,
each such Operating Advisor Annual Report shall (A) identify any material deviations from (i) Accepted Servicing Practices
and (ii) the Special Servicer’s obligations under this Agreement with respect to the resolution or liquidation of
any Specially Serviced Loan or Foreclosed Property and (B) comply with all of

 

     -133-

     

    
the
confidentiality requirements described in this Agreement regarding Privileged Information (subject to a Privileged Information
Exception). Such Operating Advisor Annual Report shall be delivered to the Certificate Administrator (which shall promptly post
such Operating Advisor Annual Report on the Certificate Administrator’s Website in accordance with Section 8.14(b)),
the 17g-5 Information Provider (who shall post it to the 17g-5 Information Provider’s Website in accordance with Section
10.17) and the Depositor; provided, however, that the Special Servicer shall be given an opportunity to review
and comment on the Operating Advisor Annual Report at least five (5) Business Days prior to its delivery to the Certificate Administrator,
the 17g-5 Information Provider and the Depositor.  In preparing the Operating Advisor Annual Report, the Operating Advisor
(i) shall not be required to report on instances of non-compliance with, or deviations from, the 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 and (ii) shall not be required to provide or obtain a legal opinion, legal review or
legal conclusion. The Operating Advisor shall have no obligation to adopt any comments to the Operating Advisor Annual Report
that are provided by the Special Servicer.

 

(ii)    
In the event the Operating Advisor’s ability to perform its obligations in respect of the Operating Advisor Annual Report
is limited or prohibited due to the failure of a party hereto to timely deliver notice of action and information required to be
delivered to the Operating Advisor or because such information is inaccurate or incomplete, the Operating Advisor shall set forth
such limitations or prohibitions in the related Operating Advisor Annual Report, and the Operating Advisor shall not be subject
to any liability arising from such limitations or prohibitions.  The Operating Advisor shall be entitled to conclusively
rely on the accuracy and completeness of any information it is provided without liability for any such reliance hereunder. 

 

(d)      
(i)  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 1.3(d) used in the Special
Servicer’s determination of that course of action to take in connection with the workout or liquidation of the Trust Loan
when it is a Specially Serviced 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 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 the accuracy of the mathematical calculations and the corresponding application of the non-discretionary
portion of the applicable formulas required to be utilized in connection with any such calculation.

 

(ii)  
In connection with this Section 3.27(d) in the event the Operating Advisor does not agree with the mathematical calculations
of the Appraisal Reduction Amount (as calculated by the Special Servicer) or net present value or the application of the applicable
non-discretionary portions of the formula required to be utilized for such calculation, the Operating Advisor and Special Servicer
shall consult with each other in

 

     -134-

     

    
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 Servicer shall cooperate with the Special Servicer and provide any information reasonably requested
by such Special Servicer necessary for the calculation of the Appraisal Reduction Amount that is in the Servicer’s possession
or reasonably obtainable by the Servicer.  In the event the Operating Advisor and the Special Servicer are not able to resolve
such inaccuracies or disagreement prior to the end of such  five (5) Business Day period, the Operating Advisor shall promptly
notify the Certificate Administrator of such disagreement and the Certificate Administrator shall examine the calculations and
supporting materials provided by the Operating Advisor and the Special Servicer and determine which calculation is to apply (and
shall provide prompt written notice of such determination to the Operating Advisor and the Special Servicer).  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).

 

(e)       
Notwithstanding the foregoing, prior to the occurrence and continuance of an Operating Advisor Consultation Event, the Operating
Advisor shall have no specific involvement with respect to collateral substitutions, assignments, workouts, modifications, consents,
waivers, lockbox management, insurance policies, borrower substitutions, lease changes, additional borrower debt, property management
changes, releases from escrow, assumptions 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 or Appraisal Reduction Amount, as applicable,
calculations as required in Section 3.27(d) 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 or Appraisal Reduction Amount, as applicable, calculation.

 

(f)       
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 (for so long as no Consultation Termination
Event is continuing) the Directing Holder, disclose such information to any other Person (including any Certificateholders other
than the Directing Holder), other than (i) to the extent expressly set forth herein, to the other parties to this Agreement
with a notice indicating that such information is Privileged Information, (ii) pursuant to a Privileged Information Exception
or (iii) where necessary to support specific findings or conclusions concerning allegations of deviations from Accepted Servicing
Practices (A) in the Operating Advisor Annual Report or (B) in connection with a recommendation by the Operating Advisor
to replace the Special Servicer.  Each party to this Agreement that receives information that is appropriately labeled as
“Privileged Information” from the Operating Advisor with a notice stating that such information is Privileged Information
shall not, without the prior written consent of the Special Servicer and (for so long as no Consultation Termination Event is
continuing) the Directing Holder, disclose such Privileged Information to any Person 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

 

     -135-

     

    
Operating
Advisor that agree in writing to be bound by the same confidentiality provisions applicable to the Operating Advisor.

 

(g)       
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.

 

(h)       
As compensation for its activities hereunder, the Operating Advisor shall be entitled to receive the Operating Advisor Fee on
each Distribution Date with respect to the Trust Loan.  As to the Trust Loan, the Operating Advisor Fee shall accrue from
time to time at the Operating Advisor Fee Rate and shall be computed on the basis of the same principal amount, in the same manner
and for the same period respecting which any related interest payment on the Trust Loan is computed.

 

The
Operating Advisor shall be entitled to reimbursement of any Operating Advisor Expenses provided for pursuant to Section 3.27(i)
hereof, such amounts to be reimbursed from amounts on deposit in the Collection Account as provided by Section 3.4. 
Each successor Operating Advisor shall be required to acknowledge and agree to the terms of the preceding sentence.

 

In
addition, the Operating Advisor Consulting Fee shall be payable to the Operating Advisor with respect to each Asset Status Report
or 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 of this Agreement, but
only to the extent such Operating Advisor Consulting Fee is actually received from the Mortgage Loan Borrower.  When the
Operating Advisor has consultation obligations with respect to an Asset Status Report or Major Decision under this Agreement,
the Servicer or the Special Servicer, as the case may be, shall use efforts to collect the applicable Operating Advisor Consulting
Fee from the Mortgage Loan Borrower in connection with such Asset Status Report or Major Decision that are consistent with the
efforts that the Servicer or the Special Servicer, as applicable, would use to collect any Borrower-paid fees not specified in
the Mortgage Loan Agreement owed to it in accordance with Accepted Servicing Practices, but only to the extent not prohibited
by the related Mortgage Loan Documents.  The Servicer or Special Servicer, as the case may be, may waive or reduce the amount
of any Operating Advisor Consulting Fee payable by the Mortgage Loan Borrower if it determines that such full or partial waiver
is in accordance with Accepted Servicing Practices, but in no event shall the Servicer or such 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 Servicer or Special Servicer, as applicable, shall consult, on a non-binding basis, with the Operating Advisor prior
to any such waiver or reduction.

 

(i)        
Upon (i) the written direction of Holders of Non-Reduced Interests evidencing not less than 15% of the Voting Rights of the
Non-Reduced Interests requesting a vote to terminate and replace the Operating Advisor with a proposed successor Operating Advisor
provided that the proposed successor Operating Advisor is an Eligible Operating Advisor) and (ii) payment by such
Holders to the Certificate Administrator of the reasonable

 

     -136-

     

    
fees
and expenses to be incurred by the Certificate Administrator in connection with administering such vote, the Certificate Administrator
shall promptly provide written notice to all Certificateholders and the Operating Advisor of such request by posting such notice
on the Certificate Administrator’s Website in accordance with Section 8.14(b), and concurrently by mail at their
addresses appearing on the Certificate Register.  Upon the written direction of holders of more than 50% of the Voting Rights
of the Non-Reduced Interests that exercise their right to vote (provided that holders of at least 50% of the Voting Rights of
the Non-Reduced Interests exercise their right to vote), the Trustee will terminate all of the rights and obligations of the Operating
Advisor under this Agreement (other than any rights or obligations that accrued prior to the date of such termination (including
accrued and unpaid compensation) and other than indemnification rights (arising out of events occurring prior to such termination))
by written notice to the Operating Advisor, and the proposed successor operating advisor will be appointed.

 

The
Certificate Administrator shall include on each Distribution Date Statement a statement that each Certificateholder and Beneficial
Owner may access notices under the “special notices” tab of a request of a vote to terminate and replace the Operating
Advisor on the Certificate Administrator’s Website and may access certain risk retention notices under the “U.S.
Risk Retention Special Notices” tab, and each Certificateholder and Beneficial Owner 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.

 

(j)        
After the occurrence of an Operating Advisor Termination Event, the Trustee may, and upon the written direction of Certificateholders
representing at least 25% of the Voting Rights (taking into account the application of any Appraisal Reduction Amounts to notionally
reduce the Certificate Balance of the Classes of Certificates) the Trustee shall, promptly terminate all of the rights and responsibilities
of the Operating Advisor under this Agreement (other than rights and obligations accrued prior to such termination (including
accrued and unpaid compensation) and indemnification rights (arising out of events occurring prior to such termination)), by written
notice to the Operating Advisor and appoint a replacement Operating Advisor that is an Eligible Operating Advisor; provided,
that no such termination shall be effective until a successor Operating Advisor has been appointed and has assumed all of the
obligations of the Operating Advisor under this Agreement.  The Trustee may rely on a certification by the replacement Operating
Advisor that it is an Eligible Operating Advisor.  If the Trustee is unable to find a replacement Operating Advisor that
is an Eligible Operating Advisor within 30 days of the termination of the Operating Advisor, the Depositor shall be permitted
to find a replacement.  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 of the termination and appointment to the Special Servicer, the Servicer,
the Certificate Administrator, the Depositor, the Directing Holder (only if no Consultation Termination Event is continuing),
the Certificateholders and the 17g-5 Information Provider.

 

(k)       
The Holders of Certificates representing at least 25% of the Voting Rights affected by any Operating Advisor Termination Event
hereunder may waive such Operating Advisor Termination Event within twenty (20) days of the receipt of notice from the

 

     -137-

     

    
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.

 

(l)        
[Reserved]

 

(m)      
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 Servicer, the Special Servicer, the Trustee, the Certificate Administrator and the Directing Holder,
if applicable, if the Operating Advisor has secured a replacement that is an Eligible Operating Advisor and (b) upon the
appointment of, and the acceptance of such appointment by, a successor Operating Advisor that is an Eligible Operating Advisor
and receipt by the Trustee of Rating Agency Confirmation from the Rating Agency.  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 an Eligible Operating Advisor. The resigning Operating Advisor shall pay all costs and expenses
(including costs and expenses incurred by the Trustee and the Certificate Administrator) associated with a transfer of its duties
pursuant to this Section 3.27.

 

(n)       
In the event the Operating Advisor resigns or is otherwise terminated for any reason it shall remain entitled to any accrued and
unpaid Operating Advisor Fees and Operating Advisor Consulting Fees and reimbursement of accrued and unpaid Operating Advisor
Expenses pursuant to Section 3.27(h) and shall also remain entitled to any rights of indemnification provided hereunder.

 

(o)       
The parties hereto agree, and the Certificateholders by their acceptance of their Certificates shall be deemed to have agreed,
that (i) subject to Section 6.3, 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, and (iv) the Operating Advisor does not constitute an “investment adviser”
within the meaning of the Investment Advisers Act of 1940, as amended.

 

(p)       
The Operating Advisor shall not make any investment in any Class of Certificates.

 

(q)       
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

 

     -138-

     

    
definition
of “Eligible Operating Advisor” and so long as the related agreements or arrangements with such agents or subcontractors
are consistent with the provisions of this Section 3.27.  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.

 

(r)       
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 Affiliates of the Mortgage Loan 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.

 

Section 3.28.  
[Reserved]

 

Section 3.29.  
Credit Risk Retention.  (a)  The Third Party Purchaser, prior to its acquisition of Certificates
that constitute the Required Third Party Purchaser Retention Amount, will be required to enter into an agreement with the Retaining
Sponsor (the “Credit Risk Retention Compliance Agreement”).

 

(b)    
None of the Trustee, the Certificate Administrator, the Servicer, the Special Servicer, the Operating Advisor or the Custodian
shall be obligated to monitor, supervise or enforce the performance of any party under the Credit Risk Retention Compliance Agreement.

 

Section 3.30.  
[Reserved]

 

Section 3.31.  
Companion Loan Intercreditor Matters.

 

(a)       
If, pursuant to Section 2.8, or Section 3.16 of this Agreement, the Trust Loan is, in its entirety, purchased or
repurchased from the Trust Fund, the subsequent holder thereof shall be bound by the terms of the Co-Lender Agreement and shall
assume the rights and obligations of the holder of the Notes related to the Trust Loan under the Co-Lender Agreement.  All
portions of the Mortgage File and (to the extent provided under the Loan Purchase Agreement) other documents pertaining to the
Trust Loan shall be endorsed or assigned to the extent necessary or appropriate to the purchaser of the Trust Loan in its capacity
as the holder of the Notes related to the Trust Loan (as a result of such purchase, repurchase or substitution) and (except for
the actual Notes) on behalf of the holder of the Note that represents the Companion Loan.  Thereafter, such Mortgage File
shall be held by the holder of the Trust Loan or a custodian appointed thereby for the benefit thereof, on behalf of itself and
the Companion Loan Holders as their interests appear under the Co-Lender Agreement.  If the related servicing file is

 

     -139-

     

    
not
already in the possession of such party, it shall be delivered to the master servicer or special servicer, as the case may be,
under any separate servicing agreement for the Whole Loan.

 

(b)       
Notwithstanding anything in this Agreement to the contrary, but only to the extent required under the Co-Lender Agreement, the
Servicer or Special Servicer, as applicable, shall consult with the Companion Loan Holders with respect to any matters with respect
to the servicing of such Companion Loan to the extent required under the Co-Lender Agreement.  In addition, notwithstanding
anything to the contrary, the Servicer or Special Servicer, as applicable, shall deliver reports and notices to each Companion
Loan Holder to the extent required under the Co-Lender Agreement.

 

(c)       
With respect to the Whole Loan, the Servicer shall prepare, or cause to be prepared, on an ongoing basis, a statement (which statement
may be in the form of a CREFC® Report) setting forth, to the extent applicable to the Whole Loan:

 

(i)   
      (A) the amount of the distribution from the Collection Account allocable to principal and (B) separately identifying the
amount of scheduled principal payments, balloon payments, principal prepayments made at the option of the Mortgage Loan Borrower
or other principal prepayments (specifying the reason therefor), net liquidation proceeds and foreclosure proceeds included therein
and information on distributions made with respect to the Whole Loan;

 

(ii)   
      the amount of the distribution from the Collection Account allocable to interest and the amount of Default Interest allocable
to the Whole Loan;

 

(iii)   
     the amount of the distribution to the Companion Loan Holders, separately identifying the non-default interest, principal and other
amounts included therein, and if the distribution to the Companion Loan Holders is less than the full amount that would be distributable
to such Companion Loan Holder if there were sufficient amounts available therefor, the amount of the shortfall and the allocation
thereof between interest and principal and the amount of the shortfall, if any, under the Whole Loan;

 

(iv)   
     the principal balance of each of the Whole Loan and the Companion Loan after giving effect to the
distribution of principal as of the end of the related Collection Period; and

 

(v)   
      the amount of the servicing compensation paid to the Servicer and the Special Servicer with respect to the most recent Distribution
Date, showing separately the Servicing Fee, the Special Servicing Fee, the Workout Fee and the Liquidation Fee.

 

Not
later than each Remittance Date, the Servicer shall make the foregoing statement available to the Companion Loan Holders by electronic
means.  

 

(d)      
  At any time after a Companion Loan has become part of an Other Securitization Trust and provided that the applicable parties hereto
have received written notice (which may be by email) thereof including contact information for the master servicer and special
servicer with respect to such Other Securitization Trust, all notices, reports, information or other deliverables required to
be delivered to the related Companion Loan Holder pursuant to 

 

     -140-

     

    
this
Agreement or the Co-Lender Agreement shall be delivered to the master servicer and special servicer with respect to such Other
Securitization Trust (who then may forward such items to the party entitled to receive such items as and to the extent provided
in the related Other Pooling and Servicing Agreement) and, when so delivered to such master servicer and special servicer, the
party hereto that is obligated under this Agreement or the Co-Lender Agreement to deliver such notices, reports, information or
other deliverables shall be deemed to have satisfied its delivery obligations with respect to such items hereunder or under the
Co-Lender Agreement.

 

Article
4

PAYMENTS AND STATEMENTS TO CERTIFICATEHOLDERS

 

Section 4.1.  
Distributions.  (a)  On each Distribution Date, to the extent of Available Funds, amounts held in
the Lower-Tier Distribution Account shall be withdrawn and distributed to the Upper-Tier REMIC in respect of the Uncertificated
Lower-Tier Interests, for deposit into the Upper-Tier Distribution Account, and to the Class R Certificates in respect of the
Class LT-R Interest in accordance with Section 4.1(b) and immediately thereafter, amounts so distributed to the Upper-Tier
REMIC shall be withdrawn from the Upper-Tier Distribution Account and distributed by the Certificate Administrator in the following
amounts:

 

first,
to the Class A Certificates, in respect
of interest, up to the Interest Distribution Amount for 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 Class and 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 Class and such Distribution Date to
the extent of the Principal Distribution Amount remaining after distributions pursuant to all prior clauses, 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 HRR Certificates, in respect of interest, up to the Interest Distribution Amount for such Class and such Distribution
Date;

 

eighth,
to the Class HRR Certificates, in reduction of the Certificate Balance of such Class, up to the Principal Distribution Amount
for such Class and such Distribution Date to 

 

     -141-

     

    
the
extent of the Principal Distribution Amount remaining after distributions pursuant to all prior clauses, until the Certificate
Balance of such Class is reduced to zero;

 

ninth,
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

 

tenth,
when the Certificate Balances of all Classes of Sequential Pay Certificates have been reduced to zero and after payment in full
of all unpaid expenses of the Trust, to the Class R Certificates (in respect of the Class UT-R Interest), any remaining amounts.

 

In
no event will any Class of Sequential-Pay Certificates receive distributions in reduction of its Certificate Balance that in the
aggregate exceed the Original Certificate Balance of such Class.

 

(b)       
On each Distribution Date, each Class of Uncertificated Lower-Tier Interests shall be deemed to receive (A) distributions in respect
of principal in an amount equal to the amount of principal actually distributable to its respective Related Certificates as provided
in Section 4.1(a), and (B) distributions with respect of reimbursement of Realized Losses in an amount equal to the reimbursement
of Realized Losses actually distributable to its respective Related Certificates as provided in Section 4.1(g).  On
each Distribution Date, each Class of Uncertificated Lower-Tier Interests shall be deemed to receive distributions in respect
of interest in an amount equal to the sum of the Interest Distribution Amount and Interest Shortfall in respect of its Related
Certificates, to the extent actually distributable thereon as provided in Section 4.1(a).  Amounts distributable pursuant
to this paragraph are referred to herein collectively as the “Lower-Tier Distribution Amount”,
and shall be made by the Certificate Administrator by deeming such Lower-Tier Distribution Amount to be withdrawn from the Lower-Tier
REMIC Distribution Account to be deposited in the Upper-Tier REMIC Distribution Account.

 

As
of any date, the principal balance of each 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 and any Yield Maintenance Premiums distributed
pursuant to Section 4.3 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 Holders of the Class R Certificate (in respect of the Class LT-R Interest) from the Lower-Tier Distribution Account
and to the Holders of the Class R Certificates (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 (after withdrawing any
amounts deposited in the Distribution Account in error to the extent funds are available for such purpose) to each Certificateholder
of record on the related

 

     -142-

     

    
Record
Date (other than as provided in Section 9.1 in respect of the final distribution), by wire transfer in immediately
available funds to the account of such Certificateholder at a bank or other entity located in the United States and having appropriate
facilities therefor; provided that the Certificate Administrator has received appropriate wire transfer instructions therefrom,
or by check by first class mail to the address set forth therefor in the Certificate Register if wiring instructions have not
been received at least five (5) Business Days prior to the Distribution Date.

 

(c)       
All amounts distributable to a Class of Certificates pursuant to Section 4.1(a) on each Distribution Date shall be
allocated pro rata among the outstanding Certificates in each such Class based on their respective Percentage Interests. 
Such distributions shall be made on each Distribution Date to each Certificateholder of record at the close of business on the
related Record Date by wire transfer of immediately available funds to the account of such Certificateholder at a bank or other
entity located in the United States and having appropriate facilities therefor provided that the Certificate Administrator
has received appropriate wire transfer instructions therefrom, or by check by first class mail to the address set forth therefor
in the Certificate Register if wiring instructions have not been received at least five (5) Business Days prior to the Distribution
Date.  The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of
such Certificate at the location specified by the Certificate Administrator in the notice to Certificateholders of such final
distribution.

 

(d)      
The Certificate Administrator shall, as soon as reasonably possible after notice thereof by the Servicer to the Certificate Administrator
that the final distribution with respect to any Class of Certificates is expected to be made, mail to each Holder of such
Class of Certificates on such date a notice to the effect that:

 

(i)   
    the Certificate Administrator reasonably expects based upon information previously provided to it that the final distribution
with respect to such Class of Certificates shall be made on such Distribution Date, but only upon presentation and surrender
of such Certificates at the office of the Certificate Administrator therein specified; and

 

(ii)   
    if such final distribution is made on such Distribution Date, no interest shall accrue on such Certificate from and after the
Certificate Interest Accrual Period related to such Distribution Date.

 

(e)       
Any funds not distributed to any Holder or Holders of Certificates of such Class on such Distribution Date because of the failure
of such Holder or Holders to tender their Certificates shall, on such date, be set aside and held in trust for the benefit of
the appropriate non-tendering Holder or Holders.  If any Certificates as to which notice has been given pursuant to this
Section shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate
Administrator shall mail a second notice to the remaining non-tendering Certificateholders to surrender their Certificates for
cancellation to receive the final distribution with respect thereto.  If within one year after the second notice not all
of such Certificates shall have been surrendered for cancellation, the Certificate Administrator may, directly or through an agent,
take appropriate steps to contact the remaining non-tendering Certificateholders concerning surrender of their Certificates. 
The

 

     -143-

     

    
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 such amounts, subject to applicable law, shall be distributed to the Depositor.  No interest
shall accrue or be payable to any Certificateholder on any amount held in trust hereunder or by the Certificate Administrator
as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with this Section 4.1(e).  Any such amounts transferred to the Certificate Administrator 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.

 

(f)       
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.  The Certificate Administrator
shall have no duty to recompile, recalculate or verify the accuracy of information provided to it by the Servicer pursuant to
Section 3.18(a) and, in the absence of manifest error in such information, may conclusively rely upon it.

 

(g)       
On each Distribution Date, Realized Losses with respect to the Trust Loan shall be allocated to and applied as a reduction of
the Certificate Balance of each Class of Sequential Pay Certificates in the following order:

 

first,
to the Class HRR Certificates;

 

second,
to the Class B Certificates; and

 

third,
to the Class A Certificates;

 

in
each case, until the Certificate Balance thereof has been reduced to zero.

 

Section 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 or payees that the Certificate Administrator
reasonably believes are applicable under the Code.  The consent of Certificateholders or payees shall not be required for
any such withholding and any information that the Certificate Administrator may need to comply with any withholding requirement
shall be furnished to the Certificate Administrator.  In the event the Certificate Administrator withholds any amount from
interest payments or advances thereof to any Certificateholder or payee pursuant to federal

 

     -144-

     

    
withholding
requirements, amounts so withheld shall be treated as having been entirely distributed to such Certificateholder or payee, and
the Certificate Administrator shall indicate the amount withheld to such Certificateholder or payee through a report.

 

Section 4.3.  
Allocation and Distribution of Yield Maintenance Premiums.  On any Distribution Date, Yield Maintenance Premiums,
if any, collected in respect of the Trust Loan prepayments during the related Collection Period shall be distributed by the Certificate
Administrator to the Holders of each Class of Sequential Pay Certificates, pro rata based upon the amount of principal
distributed to each Class of Sequential Pay Certificates on such Distribution Date.

 

On
each Distribution Date, the Certificate Administrator shall apply amounts related to Yield Maintenance Premiums then on deposit
in the Lower-Tier Distribution Account and received during or prior to the related Collection Period to the Class LA Uncertificated
Interest pursuant to this Section 4.3.

 

Section 4.4. 
Statements to Certificateholders.  (a)  On each Distribution Date, based 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 (and any Borrower
Related Party that certifies to the Certificate Administrator in the form of Exhibit K-2 that it is a Certificateholder
or Beneficial Owner of a Certificate), a statement, based upon the information provided to it by the Servicer and the Special
Servicer, as applicable, 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 Trust Loan and the amount thereof allocated 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;

 

(iii)   
  the amount of any Monthly Payment Advance for such Distribution Date;

 

(iv)   
  the Certificate Balance of each Class of Certificates (other than the Class R Certificates) after giving effect to any distribution
in reduction of the Certificate Balance on such Distribution Date and the allocation of Realized Losses on such Distribution Date,
and the amount of Realized Losses allocated to each Class on such Distribution Date;

 

     -145-

     

    
(v)   
    
the respective principal balance of the Whole Loan, the Trust Loan and each Note as of the end of the Collection Period for such
Distribution Date;

 

(vi)   
    the aggregate amount of unscheduled payments (and the source of such payments) made during the related
Collection Period;

 

(vii)   
   identification of any Mortgage Loan Event of Default, any Special Servicing Loan Event, any Servicer Termination Event, any Special
Servicer Termination Event or any Operating Advisor Termination Event that in any case has been declared as of the close of business
on the second Business Day prior to the end of the immediately preceding calendar month;

 

(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 Mortgage Loan Borrower charges
retained by the Servicer or Special Servicer and the amount of compensation paid to the Servicer, the Special Servicer, the Operating
Advisor, the Certificate Administrator, and the Trustee, separately listing the Certificate Administrator Fee (which includes
the Trustee Fee), the Special Servicing Fee, the Operating Advisor Fee and the CREFC® Intellectual Property Royalty
License Fee paid to CREFC® with respect to such Distribution Date;

 

(ix) 
   
   the number of days the Mortgage Loan Borrower is delinquent in the event that the Mortgage Loan Borrower is delinquent at least
30 days and the date upon which any foreclosure proceedings have been commenced;

 

(x)  
   
   if the Property had as of the close of business on the Mortgage Loan Payment Date immediately preceding such Distribution Date,
had become a Foreclosed Property;

 

(xi) 
   
   information with respect to any declared bankruptcy of the Mortgage Loan Borrower;

 

(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)       a list of conveyances or transfers of the Property by the Mortgage Loan Borrower;

 

(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)       a report identifying any Appraisal Reduction Amount;

 

     -146-

     

    
(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 Mortgage Loan 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 Mortgage Loan Borrower’s Reimbursable Trust Fund Expenses;

 

(xxi)        the Whole Loan Rate and the Net Trust Loan Rate for each Trust Note and the related Whole Loan Interest Accrual Period;

 

(xxii)       the current Controlling Class, if any; and

 

(xxiii)      the identity of the current Directing Holder.

 

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 investor
relations desk at (866) 846-4526. The Certificate Administrator has not obtained and shall not be deemed to have obtained actual
knowledge of any information posted to the Certificate Administrator’s Website only by virtue of its receipt and posting
such information to the Certificate Administrator’s Website or its filing of such information pursuant to this Agreement,
including, but not limited to, filing via EDGAR, to the extent such information was not produced by the Certificate Administrator.

 

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) and (viii) above as to the applicable Class, aggregated for such calendar year or applicable portion of such year during
which such Person was a Certificateholder, together with such other information as the Certificate Administrator deems necessary
or desirable, or that a Certificateholder or Beneficial Owner of a Certificate reasonably requests, to enable Certificateholders
to prepare their tax returns for such calendar year.  Such obligation of the Certificate Administrator shall be deemed to
have been satisfied to the extent that substantially comparable information shall be provided by the Certificate Administrator
pursuant to any requirements of the Code as from time to time are in force.

 

The
Certificate Administrator will be entitled to rely on all information provided to it by the Servicer or the Special Servicer without
independent verification.  The Servicer, the Special Servicer, the Trustee and the Certificate Administrator will be entitled
to rely on information supplied by the Mortgage Loan Borrower without independent verification.

 

     -147-

     

    
The
Certificate Administrator shall include on each Distribution Date Statement a statement that each Certificateholder and Beneficial
Owner may access notices under the “Special Notices” tab and the “U.S. Risk Retention Special Notices”
tab on the Certificate Administrator’s Website, and each Certificateholder and Beneficial Owner 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 Mortgage Loan 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 Mortgage Loan 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 Mortgage
Loan Borrower, the Special Servicer’s obligation to furnish such information shall be contingent upon its receipt of such
information from the Mortgage Loan Borrower.  The Servicer, the Special Servicer, the Certificate Administrator and the Trustee
shall be entitled to rely on information supplied by the Mortgage Loan 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 Mortgage Loan 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 Whole Loan (subject to the limitations of Section 3.4(c)).

 

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.

 

Section 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 “Investor Q&A Forum” shall be a service available
on the Certificate Administrator’s Website, where (i) Certificateholders and Beneficial Owners of Certificates who are
Privileged Persons may submit questions to (a) the Certificate Administrator relating to the Distribution Date Statement,
(b) the Servicer or 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 Whole Loan or

 

     -148-

     

    
the
Property, and (c) the Operating Advisor relating to annual or other reports (including recommendations to replace the Special
Servicer) prepared by the Operating Advisor or actions by the Special Servicer referenced in such reports, (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 Servicer, the Special Servicer or the Operating Advisor, the Certificate Administrator
shall forward the Inquiry to the Servicer, the Special Servicer or Operating Advisor, as applicable, in each case via email within
a commercially reasonable period of time following receipt thereof.  Following receipt of an Inquiry, the Certificate Administrator,
the Servicer, 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 reply of the Servicer, Special Servicer or Operating Advisor 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 Mortgage 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 client 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 violate the applicable confidentiality
provisions or (vii) answering any Inquiry is otherwise, for any reason, not advisable to answer, 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 Mortgage 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 client 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 violate the applicable confidentiality
provisions or  (vii) answering any Inquiry is otherwise, for any reason, not advisable to answer, no inference should
be drawn from the fact that the Certificate Administrator, Servicer, Special Servicer or Operating Advisor has declined to answer
the Inquiry.”  No party may 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 such direct communication with the Directing
Holder, or

 

     -149-

     

    
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. 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 Purchaser or the Certificate Administrator (as applicable) or any
of their respective Affiliates.  None of the Initial Purchaser, 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.  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. No party to this Agreement shall be permitted
to disclose Privileged Information in 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.

 

     -150-

     

    
Article
5

THE CERTIFICATES

 

Section 5.1. 
The Certificates.  (a)  The following table sets forth the designation and aggregate initial Certificate
Balance and Pass-Through Rate for each Class of Certificates.

 

	Class
of Certificates

	 	Initial
Certificate 

Balance

	 	Pass-Through
Rate

	Class A

	 	$80,455,000

	 	Class
A Pass-Through Rate

	Class B

	 	$154,545,000

	 	Class
B Pass-Through Rate

	Class
HRR

	 	$15,000,000

	 	Class
HRR Pass-Through Rate

	Class
R

	 	      
N/A                

	 	N/A

 

The
Certificates shall be issued in substantially the respective forms set forth as Exhibits A-1 through A-4 hereto,
with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Agreement
or as may, in the reasonable judgment of the Certificate Registrar, be necessary, appropriate or convenient to comply, or facilitate
compliance, with applicable laws, and may have such letters, numbers or other marks of identification and such legends or endorsements
placed thereon as may be required by law, or as may, consistently herewith, be determined by the officers executing such Certificates,
as evidenced by their execution thereof.

 

(b)       
The Certificates of each Class of Sequential Pay Certificates shall be issued in minimum denominations of $100,000 initial Certificate
Balance and integral multiples of $1 initial Certificate Balance in excess of $100,000.  The Class R Certificates shall
be issued, maintained and transferred in minimum percentage interests of 10% of such Class R Certificates and in integral
multiples of 1% in excess thereof.

 

(c)       
One authorized signatory shall sign the Certificates for the Certificate Registrar by manual or facsimile signature.  If
an authorized signatory whose signature is on a Certificate no longer holds that office at the time the Certificate Registrar
countersigns the Certificate, the Certificate shall be valid nevertheless.  A Certificate shall not be valid until an authorized
signatory of the Certificate Registrar (who may be the same officer who executed the Certificate) manually countersigns the Certificate. 
The signature shall be conclusive evidence that the Certificate has been executed and countersigned under this Agreement.

 

(d)      
During the HRR Transfer Restriction Period, the Class HRR Certificates shall only be held as a Definitive Certificate in the Third
Party Purchaser Safekeeping Account by the Certificate Administrator (and the Holder of the Class HRR Certificates shall be registered
on the Certificate Register), unless otherwise consented to by the Retaining Sponsor. The Certificate Administrator shall hold
the Class HRR Certificates in safekeeping and shall release the same only upon receipt of written instructions of the termination
of the HRR Transfer Restriction Period or of the Third Party Purchaser’s intent to transfer pursuant to Section 5.3(p),
in each case in accordance with this Agreement, from the Holder of the Class

 

     -151-

     

    
HRR
Certificates and the Retaining Sponsor’s consent (subject to Section 5.1(e)), and in accordance with any authentication
procedures as may be utilized by the Certificate Administrator.  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 Holder of the Class HRR Certificates.  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 (or otherwise at the direction
of) the Holder of the Class HRR Certificates in accordance with written instructions (which shall be in the form of Exhibit J-1
to this Agreement) 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 (i) be obligated
to bring legal action or institute proceedings against any Person on behalf of the Holder of the Class HRR Certificates or (ii)
have any obligation to monitor, supervise or enforce the performance of any party under the Credit Risk Retention Compliance Agreement. 
The Certificate Administrator shall be entitled to conclusively rely with no obligation to verify, confirm or otherwise monitor
the accuracy of any information included in any written instructions provided in connection with this Third-Party Purchaser Safekeeping
Account and shall have no liability in connection therewith, other than with respect to the Certificate Administrator’s
obligation to obtain the Retaining Sponsor’s consent prior to any release of the Class HRR Certificates.  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, National Association

Attn:
Security Control and Transfer (SCAT)

MAC:
N9345-010

425
E Hennepin Avenue

Minneapolis,
Minnesota 55414

 

On
the Closing Date, the Certificate Administrator shall deliver written confirmation to the Depositor, the Retaining Sponsor and
the Third Party Purchaser substantially in the form of Exhibit V-1 to this Agreement evidencing its receipt of the Class
HRR Certificates.

 

The
Certificate Administrator shall make available electronically to the Holder of the Class HRR Certificates a statement of
Third Party Purchaser Safekeeping Account 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 Article 5 of this Agreement.

 

(e)       
In the event the Third Party Purchaser seeks to cause the release of any Class HRR Certificates from the Third Party Safekeeping
Account, the Third Party Purchaser

 

     -152-

     

    
shall
deliver to the Certificate Administrator (i) a written request for such release and (ii) a written request for the Retaining Sponsor’s
consent to such release substantially in the form attached hereto as Exhibit J-6.  Promptly upon receipt of such request
for the Retaining Sponsor’s consent, the Certificate Administrator shall forward such request to the Retaining Sponsor,
the Depositor and counsel via electronic mail to the addresses listed on such form (or such other method and/or address(es) as
may hereafter be furnished by the Retaining Sponsor to the Certificate Administrator in writing).  The Certificate Administrator
may not consent to, or otherwise permit, any such release without obtaining the Retaining Sponsor’s countersigned request
for consent; provided that if the Retaining Sponsor fails to respond (which response, for the avoidance of doubt, may include
an acknowledgement of such request) in writing to the Certificate Administrator within 10 Business Days after the Retaining Sponsor’s
receipt of any such written request for the Retaining Sponsor’s consent, such release will be deemed to have been approved
by the Retaining Sponsor. In connection with the release of any Class HRR Certificates pursuant to this Section 5.1(e),
the Certificate Administrator shall deliver such released Class HRR Certificates to (or at the direction of) the Holder of such
released Class HRR Certificates, via overnight delivery, by any nationally recognized courier, to the location designated by such
Holder.  Notwithstanding the foregoing, if the release of any Class HRR Certificates pursuant to this Section 5.1(e)
occurs in connection with  the termination of the Credit Risk Retention Rule and the Third Party Purchaser desires to exchange
the Class HRR Certificates for Global Certificates, the Third Party Purchaser shall (i) first obtain the consent of the Retaining
Sponsor pursuant to this Section 5.1(e) and (ii) second comply with the transfer provisions in Section 5.3(g); provided
that the Class HRR Certificates may only be exchanged for Global Certificates to the extent the Depository acts as the depository
of the Class HRR Certificates in the form of Global Certificates; provided, further the Certificate Administrator
and the Depositor shall use commercially reasonably efforts to cause the Depository to act as depository of the Class HRR Certificates
in the form of Global Certificates. After the release of any Class HRR Certificates pursuant to this Section 5.1(e),
the Certificate Administrator shall have no liability with respect to the safekeeping of such released Class HRR Certificates.
The Certificate Administrator shall be indemnified and held harmless for any release in connection with the preceding, in accordance
with the terms set forth in Section 8.3.

 

Section 5.2. 
Form and Registration.  (a)  Each Class of the Certificates (other than the Class HRR and Class R
Certificates) sold to institutions that are non-“U.S. persons” in “offshore transactions”, as defined
in, and in reliance on, Regulation S shall initially be represented by a temporary global certificate in definitive, fully
registered form without interest coupons, substantially in the applicable form set forth as an exhibit hereto (each a “Temporary
Regulation S Global Certificate”), which shall be deposited on the Closing Date on behalf of the purchasers
of the Certificates represented thereby with the Certificate Registrar, at its principal trust office, as custodian, for the Depository,
and registered in the name of the Depository or the nominee of the Depository for the account of designated agents holding on
behalf of the Euroclear System (“Euroclear”) and/or Clearstream Banking,
société anonyme (“Clearstream”).  Prior to the expiration
of the 40-day period commencing on the later of the commencement of the offering and the Closing Date (the “Restricted
Period”), beneficial interests in each Temporary Regulation S Global Certificate may be held only through
Euroclear or Clearstream.  After the expiration of the Restricted Period, a beneficial interest in a Temporary Regulation S
Global Certificate may be exchanged for an interest in the related permanent global certificate of

 

     -153-

     

    
the
same Class (a “Regulation S Global Certificate”) in the applicable form
set forth as an exhibit hereto in accordance with the procedures set forth in Section 5.3(f).  During the Restricted
Period, distributions due in respect of a beneficial interest in a Temporary Regulation S Global Certificate shall only be
made upon delivery to the Certificate Registrar by Euroclear or Clearstream, as applicable, of a Non-U.S. Beneficial Ownership
Certification.  After the expiration of the Restricted Period, distributions due in respect of any beneficial interests in
a Temporary Regulation S Global Certificate shall not be made to the holders of such beneficial interests unless exchange
for a beneficial interest in the Regulation S Global Certificate of the same Class is improperly withheld or refused. 
The aggregate Certificate Balance of a Temporary Regulation S Global Certificate or a Regulation S Global Certificate
may from time to time be increased or decreased by adjustments made on the records of the Certificate Registrar, as custodian
for the Depository, as hereinafter provided.

 

On
the Closing Date, the Certificate Administrator shall execute, the Authenticating Agent shall authenticate, and the Certificate
Administrator shall deliver to the Certificate Registrar the Regulation S Global Certificates, which shall be held by the
Certificate Registrar for purposes of effecting the exchanges contemplated by the preceding paragraph.

 

(b)       
Certificates of each Class (other than the Class HRR Certificates until the termination of the Credit Risk Retention Compliance
Agreement) offered and sold to QIBs in reliance on Rule 144A under the Securities Act (“Rule 144A”)
shall be represented by a single, global certificate in definitive, fully registered form without interest coupons, substantially
in the applicable form set forth as an exhibit hereto (each, a “Rule 144A Global Certificate”
and, together with the Temporary Regulation S Global Certificates and the Regulation S Global Certificates, the “Global
Certificates”), which shall be deposited with the Certificate Registrar or an agent of the Certificate Registrar,
as custodian for the Depository, and registered in the name of the Depository or a nominee of the Depository.  The aggregate
Certificate Balance of a Rule 144A Global Certificate may from time to time be increased or decreased by adjustments made
on the records of the Certificate Registrar, as custodian for the Depository, as hereinafter provided.

 

(c)       
Certificates of each Class (other than the Class R Certificates) that are offered and sold in the United States to investors that
are Institutional Accredited Investors that are not QIBs, the Class HRR Certificates and the Class R Certificates (the “Non-Book
Entry Certificates”) shall be in the form of Definitive Certificates, substantially in the applicable form set
forth as an exhibit hereto, and shall be registered in the name of such investors or their nominees by the Certificate Registrar
who shall deliver the certificates for such Non-Book Entry Certificates to the respective beneficial owners or owners.

 

(d)      
Owners of beneficial interests in Global Certificates of any Class shall not be entitled to receive physical delivery of certificated
Certificates unless:  (i) the Depository advises the Certificate Registrar in writing that the Depository is no longer
willing or able to discharge properly its responsibilities as depository with respect to the Global Certificates of such Class
or ceases to be a Clearing Agency, and the Certificate Registrar and the Depository are unable to locate a qualified successor
within 90 days of such notice; or (ii) the 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

 

     -154-

     

    
connection
with such proceeding it is necessary or appropriate for the Trustee to obtain possession of the Certificates of such Class; provided,
however, that under no circumstances will certificated Certificates be issued to beneficial owners of a Temporary Regulation S
Global Certificate.  Upon notice of the occurrence of any of the events described in clause (i) or (ii) above with
respect to any Certificates of a Class that are in the form of Global Certificates and upon surrender by the Depository of any
Global Certificate of such Class and receipt from the Depository of instructions for reregistration, the Certificate Registrar
shall issue Certificates of such Class in the form of Definitive Certificates (bearing, in the case of a Definitive Certificate
issued for a Rule 144A Global Certificate, the same legends regarding transfer restrictions borne by such Global Certificate),
and thereafter the Certificate Registrar shall recognize the holders of such Definitive Certificates as Certificateholders under
this Agreement.

 

(e)       
If any Beneficial Owner wishes to transfer its interest in a Rule 144A Global Certificate to an Institutional Accredited Investor
that is not a QIB, or wishes to transfer its interest in a Regulation S Global Certificate to a “U.S. person” (as
that term is defined in Rule 902(k) of Regulation S) that is an Institutional Accredited Investor but not a QIB, then the transferee
shall take delivery in the form of a Non-Book Entry Certificate, subject to the restrictions on the transfer of such Non-Book
Entry Certificate in Section 5.3(h) of this Agreement.  No such transfer shall be made and the Certificate Registrar
shall not register any such transfer unless such transfer complies with the provisions of Section 5.3(h) of this Agreement
applicable to transfers of Non-Book Entry Certificates.  Upon acceptance for exchange or transfer of a beneficial interest
in a Global Certificate for a Non-Book Entry Certificate, as provided herein, the Certificate Registrar shall endorse on the schedule
affixed to the related Global Certificate (or on a continuation of such schedule affixed to such Global Certificate and made a
part thereof) an appropriate notation evidencing the date of such exchange or transfer and a decrease in the denomination of such
Global Certificate equal to the denomination of such Non-Book Entry Certificate issued in exchange therefor or upon transfer thereof.

 

Section 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 capacities, the Certificate
Administrator shall be responsible for, among other things, (i) maintaining the Certificate Register and a record of the
aggregate holdings of Certificates of each Class represented by a Temporary Regulation S Global Certificate, a Regulation S
Global Certificate and a Rule 144A Global Certificate and accepting Certificates for exchange and registration of transfer
and (ii) transmitting to the Depositor, the Servicer and the Special Servicer any notices from the Certificateholders.

 

(b)       
Subject to the restrictions on transfer set forth in this Article 5, upon surrender for registration of transfer of any
Certificate, the Certificate Registrar shall execute, authenticate and deliver, in the name of the designated transferee or transferees,
one or more new Certificates in authorized denominations, in like aggregate interest and of the same Class.

 

     -155-

     

    
(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 a Person who is
required to take delivery thereof in the form of an interest in the Temporary Regulation S Global Certificate of the same
Class, such holder may, subject to the rules and procedures of the Depository, exchange or cause the exchange of such interest
for an equivalent beneficial interest in such Temporary Regulation S Global Certificate.  Upon receipt by the Certificate
Registrar, as registrar, at its office designated in Section 5.7 hereof, of (1) instructions given in accordance
with the Depository’s procedures from a Depository Participant directing the Certificate Registrar to credit, or cause
to be credited, a beneficial interest in the Temporary Regulation S Global Certificate in an amount equal to the beneficial
interest in the Rule 144A Global Certificate to be exchanged, (2) a written order given in accordance with the Depository’s
procedures containing information regarding the Euroclear or Clearstream account to be credited with such increase and the name
of such account and (3) a certificate in the form of Exhibit C hereto given by the holder of such beneficial
interest stating that the transfer of such interest has been made in compliance with the transfer restrictions applicable to the
Global Certificates and pursuant to and in accordance with Regulation S, then the Certificate Registrar shall instruct the
Depository to reduce, or cause to be reduced, the Certificate Balance of the Rule 144A Global Certificate and to increase,
or cause to be increased, the Certificate Balance of the Temporary Regulation S Global Certificate by the aggregate Certificate
Balance of the beneficial interest in the Rule 144A Global Certificate to be exchanged, to credit or cause to be credited
to the account of the Person specified in such instructions (who shall be the agent member of Euroclear or Clearstream, or both)
a beneficial interest in the Temporary Regulation S Global Certificate equal to the reduction in the Certificate Balance
of the Rule 144A Global Certificate, and to debit, or cause to be debited, from the account of the Person making such exchange
or transfer the beneficial interest in the Rule 144A Global Certificate that is being exchanged or transferred.

 

(d)      
Rule 144A Global Certificate to Regulation S Global Certificate.  If a holder of a beneficial interest in
the Rule 144A Global Certificate deposited with the Certificate Registrar as custodian for the Depository wishes at any time
to exchange its interest in such Rule 144A Global Certificate for an interest in the Regulation S Global Certificate
of the same Class, or to transfer its interest in such Rule 144A Global Certificate to a Person who is required to take delivery
thereof in the form of an interest in a Regulation S Global Certificate, such holder may, subject to the rules and procedures
of the Depository, exchange, or cause the exchange of, such interest for an equivalent beneficial interest in such Regulation S
Global Certificate.  Upon receipt by the Certificate Registrar, as registrar, at its office designated in Section 5.7
hereof, of (1) instructions given in accordance with the Depository’s procedures from a Depository Participant
directing the Certificate Registrar to credit or cause to be credited a beneficial interest in the Regulation S Global Certificate
in an amount equal to the beneficial interest in the Rule 144A Global Certificate to be exchanged, (2) a written order
given in accordance with the Depository’s procedures containing information regarding the participant account of the Depository
to be credited with such increase and (3) a certificate in the form of Exhibit D hereto given by the holder of
such

 

     -156-

     

    
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 Securities 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 Person specified in such instructions a beneficial interest in the Regulation S
Global Certificate equal to the reduction in the Certificate Balance of the Rule 144A Global Certificate, and to debit, or
cause to be debited, from the account of the Person making such exchange or transfer the beneficial interest in the Rule 144A
Global Certificate that is being exchanged or transferred.

 

(e)       
Temporary Regulation S Global Certificate or Regulation S Global Certificate to Rule 144A Global Certificate. 
If a holder of a beneficial interest in a Temporary Regulation S Global Certificate or Regulation S Global Certificate
deposited with the Certificate Registrar as custodian for the Depository wishes at any time to exchange its interest in such Temporary
Regulation S Global Certificate or Regulation S Global Certificate for an interest in the Rule 144A Global Certificate
of the same Class, or to transfer its interest in such Temporary Regulation S Global Certificate or Regulation S Global
Certificate to a Person who is required to take delivery thereof in the form of an interest in the Rule 144A Global Certificate,
such holder may, subject to the rules and procedures of Euroclear or Clearstream, as the case may be, and the Depository, exchange
or cause the exchange of such interest for an equivalent beneficial interest in the Rule 144A Global Certificate of the same
Class.  Upon receipt by the Certificate Registrar, as registrar, at its office designated in Section 5.7 hereof,
of (1) instructions from Euroclear or Clearstream, if applicable, and the Depository, directing the Certificate Registrar,
as registrar, to credit or cause to be credited a beneficial interest in the Rule 144A Global Certificate equal to the beneficial
interest in the Temporary Regulation S Global Certificate or Regulation S Global Certificate to be exchanged, such instructions
to contain information regarding the participant account with the Depository to be credited with such increase, (2) with
respect to a transfer of an interest in the Regulation S Global Certificate, information regarding the participant account
of the Depository to be debited with such decrease and (3) with respect to a transfer of an interest in the Temporary Regulation S
Global Certificate (but not the Regulation S Global Certificate) for an interest in the Rule 144A Global Certificate,
a certificate in the form of Exhibit E hereto given by the holder of such beneficial interest and stating that the
Person transferring such interest in the Temporary Regulation S Global Certificate reasonably believes that the Person acquiring
such interest in the Rule 144A Global Certificate is a QIB and is obtaining such beneficial interest in a transaction meeting
the requirements of Rule 144A, then the Certificate Registrar shall instruct the Depository to reduce, or cause to be reduced,
the Certificate Balance of the Temporary Regulation S Global Certificate or Regulation S Global Certificate and to increase,
or cause to be increased, the Certificate Balance of the Rule 144A Global Certificate by the aggregate Certificate Balance
of the beneficial interest in the Temporary Regulation S Global Certificate

 

     -157-

     

    
or
Regulation S Global Certificate to be exchanged, and the Certificate Registrar shall instruct the Depository, concurrently
with such reduction, to credit, or cause to be credited, to the account of the Person specified in such instructions, a beneficial
interest in the Rule 144A Global Certificate equal to the reduction in the Certificate Balance of the Temporary Regulation S
Global Certificate or Regulation S Global Certificate and to debit, or cause to be debited, from the account of the Person
making such transfer or exchange the beneficial interest in the Temporary Regulation S Global Certificate or Regulation S
Global Certificate that is being transferred or exchanged.

 

(f)       
Temporary Regulation S Global Certificate to Regulation S Global Certificate.  Interests in a Temporary
Regulation S Global Certificate as to which the Certificate Registrar has received from Euroclear or Clearstream, as the
case may be, a certificate (a “Non-U.S. Beneficial Ownership Certification”)
to the effect that Euroclear or Clearstream, as applicable, has received a certificate substantially in the form of Exhibit F
hereto from the holder of a beneficial interest in such Temporary Regulation S Global Certificate, shall be exchanged
after the Restricted Period, for interests in the Regulation S Global Certificate of the same Class.  The Certificate
Registrar shall effect such exchange by delivering to the Depository for credit to the respective accounts of such holders, a
duly executed and authenticated Regulation S Global Certificate, representing the aggregate Certificate Balance of interests
in the Temporary Regulation S Global Certificate initially exchanged for interests in the Regulation S Global Certificate. 
The delivery to the Certificate Registrar by Euroclear or Clearstream of the certificate or certificates referred to above may
be relied upon by the Depositor and the Certificate Registrar as conclusive evidence that the certificate or certificates referred
to therein has or have been delivered to Euroclear or Clearstream pursuant to the terms of this Agreement and the Temporary Regulation S
Global Certificate.  Upon any exchange of interests in the Temporary Regulation S Global Certificate for interests in
the Regulation S Global Certificate, the Certificate Registrar shall endorse the Temporary Regulation S Global Certificate
to reflect the reduction in the Certificate Balance represented thereby by the amount so exchanged and shall endorse the Regulation S
Global Certificate to reflect the corresponding increase in the amount represented thereby.  Until so exchanged in full and
except as provided therein, the Temporary Regulation S Global Certificate, and the Certificates evidenced thereby, shall
in all respects be entitled to the same benefits under this Agreement as the Regulation S Global Certificate and Rule 144A
Global Certificate authenticated and delivered hereunder.

 

(g)       
Non-Book Entry Certificate to Global Certificate.  If a Holder of a Non-Book Entry Certificate (other than a Class
HRR Certificate or a Class R Certificate) wishes at any time, or a Third Party Purchaser wishes, pursuant to Section 5.1(e),
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

 

     -158-

     

    
the
applicable Global Certificate equal to the portion of the Certificate Balance of the Non-Book Entry Certificate to be exchanged,
such instructions to contain information regarding the participant account with the Depository to be credited with such increase
and (3) a certificate in the form of Exhibit G hereto (in the event that the applicable Global Certificate is
the Temporary Regulation S Global Certificate), in the form of Exhibit H hereto (in the event that the applicable
Global Certificate is the Regulation S Global Certificate) or in the form of Exhibit I hereto (in the event that
the applicable Global Certificate is the Rule 144A Global Certificate), then the Certificate Registrar, as registrar, shall
cancel, or cause to be canceled, all or part of such Non-Book Entry Certificate, shall, if applicable, execute, authenticate and
deliver to the transferor a new Non-Book Entry Certificate equal to the aggregate Certificate Balance of the portion retained
by such transferor and shall instruct the Depository to increase, or cause to be increased, 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)       
Exchanges of Non-Book Entry Certificates.  If a holder of a Rule 144A Global Certificate, Regulation S Global Certificate
or Non-Book Entry Certificate wishes at any time to transfer its interest in such Rule 144A Global Certificate, Regulation S Global
Certificate or Non-Book Entry Certificate to a Person who is required to take delivery thereof in the form of a Non-Book Entry
Certificate, then the Certificate Registrar shall refuse to register such transfer unless it receives (and upon receipt, may conclusively
rely upon): (i) an investment representation letter from the proposed transferee substantially in the form attached as Exhibit J-1
to this Agreement and (ii) if required by the Certificate Registrar, an opinion of counsel satisfactory to the Certificate
Registrar to the effect that such transfer shall be made without registration under the Securities Act, together with the written
certification(s) as to the facts surrounding such transfer from the Certificateholder desiring to effect such transfer and/or
the proposed transferee on which such opinion of counsel is based (such opinion of counsel shall not be an expense of the Trust
or of the Depositor, the Servicer, the Special Servicer, the Certificate Administrator, the Trustee or the Certificate Registrar
in their respective capacities as such).

 

(i)        
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) and (h) above (including the certification requirements intended to ensure that such transfers comply with Rule 144A
or Regulation S under the Securities Act, at the case may be) by providing the Certificate Administrator with a completed
Exhibit R requesting that such Certificateholder’s Global Certificate be exchanged for a Definitive Certificate
and shall include such Certificateholder’s wiring instructions, and shall be in accordance with such other procedures as
may from time to time be adopted by the Certificate Registrar.

 

(j)        
Restricted Period.  Prior to the termination of the Restricted Period with respect to the issuance of the Certificates,
transfers of interests in the Temporary Regulation S 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.

 

     -159-

     

    
(k)       
If Certificates are issued upon the transfer, exchange or replacement of Certificates bearing a restrictive legend relating to
compliance with the Securities Act, or if a request is made to remove such legend on Certificates, the Certificates so issued
shall bear the restrictive legend, or such legend shall not be removed, as the case may be, unless there is delivered to the Certificate
Registrar such satisfactory evidence, which may include an Opinion of Counsel that neither such legend nor the restrictions on
transfer set forth therein are required to ensure that transfers thereof comply with the provisions of Rule 144A, Rule 144
or Regulation S under the Securities Act or, with respect to Non-Book Entry Certificates, that such Certificates are not
“restricted” within the meaning of Rule 144 under the Securities Act.  Upon provision of such satisfactory
evidence, the Certificate Registrar shall authenticate and deliver Certificates that do not bear such legend.

 

(l)        
All Certificates surrendered for registration of transfer and exchange shall be canceled and subsequently destroyed by the Certificate
Registrar in accordance with the Certificate Registrar’s customary procedures.

 

(m)      
No Class R Certificate may be purchased by or transferred to any prospective purchaser or transferee that is or will be an “employee
benefit plan” within the meaning of Section 3(3) of ERISA that is subject to the fiduciary responsibility provisions of
ERISA, or any “plan” within the meaning of Section 4975(e)(1) of the Code that is subject to Section 4975 of the Code,
or any other plan or arrangement subject to any federal, state or local law that is to a material extent similar to the fiduciary
responsibility provisions of ERISA or to Section 4975 of the Code (“Similar Law”) or a Person whose assets
include the assets of any such employee benefit plan or plan within the meaning of Department of Labor Regulation Section 2510.3-101,
as modified by Section 3(42) of ERISA or otherwise (each, a “Benefit Plan”), or any person acting on behalf
of any such Benefit Plan or using the assets of a Benefit Plan to purchase such Certificate. Each prospective transferee of a
Class R Certificate in definitive form (other than the Initial Purchaser) shall deliver to the transferor, the Certificate
Registrar and the Certificate Administrator a representation letter, substantially in the form of Exhibit O, stating that
the prospective transferee meets the requirements of the preceding sentence. No Class A, Class B or Class HRR Certificates
may be purchased by or transferred to any prospective purchaser or transferee that is or will be a Benefit Plan, or any person
acting on behalf of a Benefit Plan or using the assets of a Benefit Plan to purchase such Certificate, unless (A) the purchaser
is an “accredited investor” as defined in Rule 501(a)(1) of the Securities Act and (B) the acquisition, holding and
disposition of such Certificate by the purchaser will not constitute or otherwise result in a non-exempt prohibited transaction
under ERISA or Section 4975 of the Code (or a similar non-exempt violation of Similar Law).  Any purported transfer
in violation of this Section 5.3(m) shall be null and void ab initio and shall vest no rights in any such purported purchaser
or transferee.

 

(n)       
Each Person who has or acquires any Residual Ownership Interest shall be deemed by the acceptance or acquisition of such Residual
Ownership Interest to have agreed to be bound by the following provisions and the rights of each Person acquiring any Residual
Ownership Interest are expressly subject to the following provisions:

 

(i)   
      Each Person acquiring or holding any Residual Ownership Interest shall be a Permitted Transferee and shall not acquire or hold
such Residual Ownership Interest 

 

     -160-

     

    
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, 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-2 (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(n) and (y) other than in connection with the initial
issuance of a Class R Certificate, require a statement from the proposed transferor substantially in the form attached as Exhibit
J-3 (the “Transferor Letter”), that the proposed transferor has
no actual knowledge that the proposed transferee is not a Permitted Transferee and has no actual knowledge or reason to know that
the proposed transferee’s statements in the Transferee Affidavit are false.

 

(iii)   
     Notwithstanding the delivery of a Transferee Affidavit by a proposed transferee under clause (ii) above, if a Responsible
Officer of the Certificate Registrar has actual knowledge that the proposed transferee is not a Permitted Transferee, no transfer
to such proposed transferee shall be effected and such proposed transfer shall not be registered on the Certificate Register;
provided, however, the Certificate Registrar
shall not be required to conduct any independent investigation to determine whether a proposed transferee is a Permitted Transferee. 
Upon notice to the Certificate Registrar

 

     -161-

     

    
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,
however, 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.

 

(o)       
In addition, each purchaser of Certificates that is Benefit Plan subject to ERISA (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,
any Initial Purchaser, the Trustee, the Certificate Administrator, the Certificate Registrar, the Servicer, the Special Servicer,
the Sponsors or any of their respective affiliated entities, has provided any investment advice within the meaning of Section
3(21) of ERISA (and the applicable regulations) to the ERISA Plan or the fiduciary making the investment decision for the ERISA
Plan in connection with the ERISA Plan’s acquisition of Certificates, and (ii) the ERISA Plan fiduciary making the decision
to acquire the Certificates is exercising its own independent judgment in evaluating the investment in the Certificates.

 

(p)       
At all times during the HRR Transfer Restriction Period (other than in connection with the initial issuance of the Class HRR
Certificates), if a transfer of the Class HRR Certificates is to be made, then the Certificate Registrar shall refuse
to register such transfer unless it receives (and, upon receipt, may conclusively rely upon) each of the following, sent
to the Certificate Registrar and with a copy to the Retaining Sponsor at the addresses provided in Section 10.4: (i) a
certification from such Certificateholder’s prospective transferee substantially in the form attached hereto as Exhibit J-4,
(ii) a certification from the Certificateholder desiring to effect such transfer substantially in the form attached hereto as
Exhibit J-5, (iii) Exhibit J-6 from the HRR Certificateholder instructing the Certificate Registrar
of its intentions to release the HRR Certificate from the Third Party Purchaser Safekeeping Account and to transfer such HRR Certificate,
(iv) a W-9 completed by such prospective transferee and (v) wire instructions and contact information of such prospective
transferee.  Upon receipt of the foregoing certifications, the Certificate Registrar shall, subject to Section 5.1(e)
and Section 5.3, facilitate the transfer of the Class HRR Certificate and reflect the Class HRR Certificates in
the name of the prospective transferee and shall deliver written confirmation to such transferee with a copy via email to each
of the Retaining Sponsor and the transferor, of such transfer and the safekeeping of such HRR Certificate substantially in the
form of Exhibit V-2 attached hereto.

 

     -162-

     

    
After
the termination of the HRR Transfer Restriction Period, if a transfer of the Class HRR Certificates is to be made, then the
Certificate Registrar shall refuse to register such transfer unless such transfer is made in accordance with the transfer restrictions
of this Article V and the Certificate Registrar receives (and upon receipt may conclusively rely upon) each of the following:
(A) a certification from such Certificateholder’s prospective transferee substantially in the form attached hereto as Exhibit J-4
and (B) a certification from the Certificateholder desiring to effect such transfer substantially in the form attached hereto
as Exhibit J-5.

 

For
the avoidance of doubt, in no event shall the Class HRR Certificates be held as a Global Certificate with a balance in excess
of $0 at any time prior to termination of the HRR Transfer Restriction Period.

 

Section 5.4.   
Mutilated, Destroyed, Lost or Stolen Certificates.  If (a) any mutilated Certificate is surrendered to
the Certificate Registrar, or the Certificate Registrar receives evidence to its satisfaction of the destruction, loss or theft
of any Certificate and (b) there is delivered to the Certificate Registrar such security or indemnity as may be required
by it to save it harmless, then, in the absence of actual notice to the Certificate Registrar that such Certificate has been acquired
by a bona fide purchaser, the Certificate Registrar shall execute, authenticate and deliver, in exchange for or in lieu of any
such mutilated, destroyed, lost or stolen Certificate, a new Certificate of like tenor and interest in the Trust Fund.  In
connection with the issuance of any new Certificate under this Section 5.4, the Certificate Registrar may require
the payment of a sum sufficient to cover any expenses (including the fees and expenses of the Certificate Registrar) connected
therewith.  Any replacement Certificate issued pursuant to this Section 5.4 shall constitute complete and indefeasible
evidence of ownership in the Trust Fund, as if originally issued, whether or not the lost, stolen or destroyed Certificate shall
be found at any time.

 

Section 5.5. 
Persons Deemed Owners.  The Servicer, the Special Servicer, the Certificate Administrator, the Trustee and
the Certificate Registrar, and any agent of any of them, may treat the Person in whose name any Certificate is registered as the
owner of such Certificate for the purpose of receiving distributions as provided in this Agreement and for all other purposes
whatsoever, and none of the Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar,
nor any agent of any of them shall be affected by any notice to the contrary; provided, however, that to the extent
that a party to this Agreement responsible for distributing any report, statement or other information required to be distributed
to Certificateholders has been provided an Investor Certification, such party to this Agreement shall distribute such report,
statement or other information to such beneficial owner (or prospective transferee).

 

Section 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,

 

     -163-

     

    
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 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.

 

Section 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 600 South 4th Street, 7th Floor, MAC N9300-070, Minneapolis,
Minnesota 55479 as its office for such purposes.  The Certificate Registrar shall give prompt written notice to the Certificateholders
and the Mortgage Loan Borrower of any change in the location of the Certificate Register or any such office or agency.

 

Article
6

THE DEPOSITOR, THE SERVICER, THE SPECIAL SERVICER, THE OPERATING ADVISOR AND THE DIRECTING HOLDER

 

Section 6.1.  
Respective Liabilities of the Depositor, the Operating Advisor, the Servicer and the Special Servicer.  The
Depositor, the Operating Advisor, the Servicer and the Special Servicer each shall be liable in accordance herewith only to the
extent of the obligations specifically imposed by this Agreement.

 

Section 6.2.   
Merger or Consolidation of the Servicer, the Special Servicer or the Operating Advisor.  Each of the Servicer,
Special Servicer and Operating Advisor shall keep in full effect its existence and rights as an entity under the laws of the jurisdiction
of its

 

     -164-

     

    
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, Special Servicer, Operating Advisor or the Depositor may be merged or consolidated, or any Person
resulting from any merger or consolidation to which the Servicer, Special Servicer, Operating Advisor or Depositor, as applicable,
shall be a party, or any Person succeeding to the business of the Servicer, Special Servicer, Operating Advisor or Depositor (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),
shall be the successor of the Servicer, Special Servicer or Operating Advisor, as the case may be, hereunder, and shall be deemed
to have assumed all of the liabilities and obligations of such Servicer, Special Servicer or Operating Advisor 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 Certificate Administrator or the Trustee has received a Rating Agency
Confirmation with respect to such successor or surviving Person.

 

Section 6.3.  
Limitation on Liability of the Depositor, the Servicer, the Special Servicer, the Operating Advisor and Others. 
(a)  Neither the Depositor, the Servicer, the Special Servicer, the Operating Advisor nor any of their respective directors,
officers, members, managers, partners, employees, Affiliates or agents shall be under any liability to the Trust or the Certificateholders
and 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, the Companion Loan Holders in accordance with
this Agreement or the Co-Lender Agreement, or for errors in judgment; provided, however, 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 Advisor and any of their respective directors, officers, members, managers, partners, employees, agents, Affiliates
or other “controlling persons” within the meaning of the Securities Act (“Controlling
Persons”), shall be indemnified by the Trust (in accordance with the procedures set forth in Section 3.4(c))
and held harmless against any loss, liability, claim, demand or expense incurred in connection with any legal action or other
claims, losses, penalties, fines, foreclosures, judgments or liabilities relating to this Agreement, the Co-Lender Agreement,
the Whole 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 misfeasance,
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 Operating Advisor, the Servicer or the Special Servicer shall be under
any obligation to appear in, prosecute or defend any legal action which is not incidental to its

 

     -165-

     

    
respective
duties under this Agreement and which in its opinion may involve it in any expense or liability; provided, however,
that the Depositor, the Operating Advisor, the Servicer or the Special Servicer may, in its discretion, undertake any such action
which it may deem necessary or desirable in accordance with Accepted Servicing Practices in respect of this Agreement and the
rights and duties of the parties hereto and the interests of the Certificateholders 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 Operating Advisor, the Servicer and the Special Servicer shall be entitled to be reimbursed therefor
pursuant to Section 3.4(c) from funds on deposit in the Collection Account.

 

(b)       
The Depositor shall not be obligated to monitor or supervise the performance of the Servicer, the Special Servicer, the Operating
Advisor, the Certificate Administrator or the Trustee under this Agreement.  The Depositor may, but shall not be obligated
to, enforce the obligations of the Servicer, the Special Servicer, the Certificate Administrator and the Trustee under this Agreement.

 

(c)       
For the avoidance of doubt, with respect to any indemnification provisions in this Agreement providing that the Trust or a party
to this Agreement is required to indemnify another party to this Agreement for costs, attorney’s fees and expenses, such
costs, fees and expenses are intended to include costs, reasonable attorney’s fees and expenses relating to the enforcement
of such indemnity.

 

Section 6.4. 
Termination of the Special Servicer.  (a)  Subject to the right of the Operating Advisor to recommend
the termination of the Special Servicer and recommend a Qualified Replacement Special Servicer and the right of the Certificateholders
to approve the replacement of the Special Servicer with such Qualified Replacement Special Servicer pursuant to Section 6.4(b),
at any time prior to the occurrence and continuance of any Control Termination Event the Directing Holder shall be entitled to
terminate the rights (subject to Section 6.3 of this Agreement) and obligations of the Special Servicer under this
Agreement, with or without cause, upon ten (10) Business Days’ notice to the Special Servicer, the Servicer, the Certificate
Administrator and the Trustee.  Upon a termination (pursuant to the prior sentence) or a resignation of the Special Servicer,
the Directing Holder shall appoint a successor Special Servicer; provided, however, that (i) such successor will meet the
requirements set forth in Section 7.2 of this Agreement and (ii) the Directing Holder shall (at no expense to the
Trust) obtain and deliver to the Certificate Administrator and the Trustee a Rating Agency Confirmation with respect to such proposed
successor acting as a Special Servicer.

 

The
parties hereto acknowledge that, notwithstanding anything to the contrary contained in this Agreement, in accordance with the
Co-Lender Agreement, if a Control Termination Event is continuing, the certificateholders of the Note A-1-C-1 Securitization with
the requisite percentage of voting rights set forth in the related pooling and servicing agreement (or analogous agreement) will
be entitled, with or without cause, to terminate the Special Servicer and appoint a replacement special servicer.

 

(b)          
If at any time the Operating Advisor determines, in its sole discretion exercised in good faith, that (i) the Special Servicer
is not performing its duties as required hereunder or is otherwise not acting in accordance with Accepted Servicing Practices,
and

 

     -166-

     

    
(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 the Certificate Administrator, with a copy to the Special Servicer, a written report
in the form of Exhibit U attached hereto (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 report contravene any provision of this Agreement) detailing the reasons supporting its recommendation  (along with
relevant information justifying its recommendation) and recommending a suggested replacement special servicer (which shall be
a Qualified Replacement Special Servicer).  In such event, the Certificate Administrator shall promptly notify each Certificateholder
of the recommendation and post such notice and report on the Certificate Administrator’s Website in accordance with Section
3.13(b), and by mail conduct the solicitation of votes of all Certificates in such regard.  Upon (i) the affirmative vote
of Holders of Sequential Pay Certificates evidencing at least a majority of a quorum of Certificateholders (which, for this purpose,
is the Holders of Certificates that (A) evidence at least 20% of the Voting Rights (taking into account the application of any
Appraisal Reduction Amounts to notionally reduce the respective Certificate Balances) of all Sequential Pay Certificates on an
aggregate basis, and (B) consist of at least three Certificateholders or Certificate Owners that are not Risk Retention Affiliates)
and (ii) receipt of Rating Agency Confirmation from the Rating Agency with respect to the termination of the Special Servicer
and the appointment of a successor special servicer recommended by the Operating Advisor by the Certificate Administrator following
satisfaction of the foregoing clause (i), the Trustee shall (1) terminate all of the rights and obligations of the Special Servicer
under this Agreement and appoint such successor Special Servicer and (2) promptly notify such outgoing Special Servicer of the
effective date of such termination.  The reasonable out of pocket costs and expenses of the Operating Advisor and the Certificate
Administrator (including reasonable legal fees and expenses of outside counsel) associated with obtaining such Rating Agency Confirmations
and administering such vote and the Operating Advisor’s identification of a Qualified Replacement Special Servicer shall
be a Trust Fund Expense.  In the event that the Certificate Administrator 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 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. 
In the event the Special Servicer is terminated pursuant to this Section 6.4(b), the Directing Holder may not subsequently
reappoint such terminated Special Servicer or any Risk Retention Affiliate thereof.

 

(c)          
The appointment of any such successor Special Servicer shall not relieve the Servicer or the Trustee of their respective obligations
to make Advances as set forth herein; provided, however, that none of the Trustee, the Servicer (solely in its capacity
as Servicer), or the initial Special Servicer specified in Section 3.10(a) of this Agreement shall be liable for any
actions or any inaction of such successor Special Servicer.  Any termination fee payable to the terminated Special Servicer
and any costs incurred by the Trust or the terminated Special Servicer in connection with the replacement of a Special Servicer
shall be paid by the Directing

 

     -167-

     

    
Holder
or Certificateholders so terminating the Special Servicer and shall not in any event be an expense of the Trust Fund.

 

(d)         
No termination of the Special Servicer and appointment of a successor Special Servicer shall be effective until (i) the successor
Special Servicer shall have executed and delivered to the Trustee and the Certificate Administrator an agreement which 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 Special Servicer under this Agreement from and after the date of such agreement and (ii) subject to Section 10.17
of this Agreement, the Rating Agency has delivered to the Trustee and the Certificate Administrator a Rating Agency Confirmation
with respect to such termination and appointment of a successor.

 

(e)          
Any successor Special Servicer shall be deemed to make the representations and warranties provided for in Section 2.5
of this Agreement mutatis mutandis as of the date of its succession.

 

(f)          
In the event that the Special Servicer is terminated pursuant to this Section 6.4, the Trustee shall, by notice in
writing to the Special Servicer, terminate all of its rights and obligations under this Agreement and in and to the Whole Loan
and the proceeds thereof, other than any rights the Special Servicer may have hereunder as a Certificateholder and any rights
or obligations that accrued prior to the date of such termination (including without limitation the right to receive all amounts
accrued or owing to it under this Agreement, plus interest at the Advance 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 6.3 of this Agreement and the right to receive ongoing Workout Fees or Liquidation Fee
in accordance with the terms hereof and any indemnification that the Special Servicer is entitled to pursuant to the terms hereof).

 

Section 6.5.     The
Directing Holder.  

 

  (a)        For so long as no Control Termination
Event has occurred and is continuing, the Directing Holder shall be entitled to (1) if a Special Servicing Loan Event occurs,
advise the Special Servicer as to all matters involving a Major Decision and (2) if a Special Servicing Loan Event has not
occurred, advise the Special Servicer as to all matters for which the Servicer must obtain the consent or deemed consent of
the Special Servicer for a Major Decision.  In addition, notwithstanding anything herein to the contrary, except as set
forth in, and in any event subject to Section 6.5(b) and the second and third paragraphs of this Section 6.5(a),
both (a) the Servicer shall not be permitted to take any of the actions constituting a Major Decision unless it has obtained
the consent of the Special Servicer, who shall have 10 Business Days (or 60 days with respect to the determination of an
Acceptable Insurance Default, unless earlier objected to by the Directing Holder) after the Special Servicer’s receipt
of the Servicer’s written recommendation and analysis to analyze and make a recommendation regarding such Major
Decision (provided that if the Special Servicer does not consent, or notify the Servicer that it will not consent, to
such Major Decision within the required 10 Business Days or 60 days, unless earlier objected to by the Directing Holder, as
applicable, the Special Servicer shall be deemed to have consented to such Major Decision) and (b) for so long as no Control
Termination Event has occurred and is continuing, the Special

 

     -168-

     

    
Servicer
shall not be permitted to consent to the Servicer’s taking any of the actions constituting a Major Decision nor will the
Special Servicer itself be permitted to take any of the actions constituting a Major Decision if, in either case, the Directing
Holder has objected to the action in writing within ten (10) Business Days after receipt of a written report (which at the option
of the Special Servicer may be in the form of an Asset Status Report) by the Special Servicer describing in reasonable detail
(i) the background and circumstances requiring action of the Special Servicer, and (ii) the proposed course of action recommended
(the “Major Decision Reporting Package”), which the Special Servicer shall be required to deliver to the Directing
Holder within five Business Days of the Special Servicer’s receipt of the recommendation and analysis from the Servicer;
provided that if such written objection has not been received by the Special Servicer within such ten (10) Business Day
period, then the Directing Holder will be deemed to have approved such action; provided further, that, in the event that
the Special Servicer or Servicer (in the event 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 the Directing
Holder prior to the occurrence and continuance of a Control Termination Event in this Agreement, is necessary to protect the interests
of the Certificateholders, the Special Servicer or Servicer, as applicable, may take any such action without waiting for the Directing
Holder’s (or, if applicable, the Special Servicer’s) response.  The Special Servicer is not required to obtain
the consent of the Directing Holder for any Major Decision following the occurrence and during the continuance of a Control Termination
Event.

 

In
addition, for so long as no Control Termination Event has occurred and is continuing, the Directing Holder may direct the Special
Servicer to take, or to refrain from taking, such other actions with respect to the Whole Loan as the Directing Holder may reasonably
deem advisable or as to which provision is otherwise made herein.  Notwithstanding anything herein to the contrary, no such
direction, and no objection contemplated by the preceding paragraph or this paragraph, may require or cause the Servicer or the
Special Servicer to violate any provision of the Mortgage Loan Documents, the Co-Lender Agreement, applicable law or this Agreement,
including without limitation each of the Servicer’s and the Special Servicer’s obligation to act in accordance with
Accepted Servicing Practices, or expose the Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator,
the Trust Fund or the Trustee to liability, or materially expand the scope of the Servicer’s or the Special Servicer’s
responsibilities hereunder or cause the Servicer or the Special Servicer to act, or fail to act, in a manner which in the reasonable
judgment of the Servicer or the Special Servicer is not in the best interests of the Certificateholders.

 

With
respect to any action requiring the consent of the Directing Holder under this Agreement, such consent shall be deemed given if
the Directing Holder does not object within 10 Business Days.  In the event the Special Servicer or Servicer, as applicable,
determines that a refusal to consent by the Directing Holder or any advice from the Directing Holder would otherwise cause the
Special Servicer or Servicer, as applicable, to violate the terms of the Mortgage Loan Documents, applicable law, the provisions
of the Code resulting in an Adverse REMIC Event or this Agreement, including without limitation, Accepted Servicing Practices,
the Special Servicer or Servicer, as applicable, shall disregard such refusal to consent or advise and notify the Directing Holder,
the Trustee and, subject to Section 10.17 of this Agreement, the Rating Agency of its determination, including a reasonably
detailed explanation of the basis

 

     -169-

     

    
therefor. 
The taking of, or refraining from taking, any action by the Servicer or Special Servicer in accordance with the direction of or
approval of the Directing Holder that does not violate any law or Accepted Servicing Practices or any other provisions of this
Agreement, will not result in any liability on the part of the Servicer or the Special Servicer.

 

The
Directing Holder shall have no liability to the Trust Fund or the Certificateholders or any holder of a Companion Loan for any
action taken, or for refraining from the taking of any action, pursuant to this Agreement, or for errors in judgment; provided,
however, that the Directing Holder will not be protected against any liability to any Controlling Class Certificateholders
that would otherwise be imposed by reason of willful misfeasance, bad faith or gross negligence in the performance of its duties
or by reason of negligent disregard of its obligations or its duties, in each case under this Agreement.

 

By
its acceptance of a Certificate, 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, including holding any Permitted Equityholder Debt, if any, or an interest in them; (ii) the Directing Holder
may act solely in the interests of the Holders of the Controlling Class (or, during the continuance of a Control Shift Event,
the holder of Note-A-1-C-1 or the “controlling class certificates” or any analogous concept for the Note A-1-C-1 Securitization);
(iii) the Directing Holder does not have any liability or duties to the Holders of any Class of Certificates other than the Controlling
Class (or, during the continuance of a Control Shift Event, the holder of Note A-1-C-1 or the “controlling class certificates”
or any analogous concept for the Note A-1-C-1 Securitization); (iv) the Directing Holder may take actions that favor interests
of the Holders of the Controlling Class (or, during the continuance of a Control Shift Event, the holder of Note A-1-C-1 or the
“controlling class certificates” or any analogous concept for the Note A-1-C-1 Securitization) over the interests
of the Holders of one or more other Classes of Certificates; and (v) the Directing Holder shall have no liability whatsoever (other
than to a Controlling Class Certificateholder (or, during the continuance of a Control Shift Event, the holder of Note A-1-C-1
or the “controlling class certificates” or any analogous concept for the Note A-1-C-1 Securitization)) for having
so acted as set forth in clauses (i)-(iv) of this paragraph, and no Certificateholder may take any action whatsoever against
the Directing Holder or any Affiliate, director, officer, employee, shareholder, member, partner, agent or principal thereof for
having so acted.

 

(b)       
Notwithstanding anything to the contrary contained herein:  (i) after the occurrence and during the continuance of any Control
Termination Event, the Directing Holder shall have no right to consent to any action taken or not taken by any party to this Agreement;
(ii) after the occurrence and during the continuance of a Control Termination Event but prior to the occurrence and continuance
of a Consultation Termination Event, the Directing Holder shall remain entitled to receive any notices, reports or information
to which it is entitled pursuant to this Agreement, and the Special Servicer shall consult with the Directing Holder in connection
with any action to be taken or refrained from taking to the extent set forth herein; and (iii) after the occurrence and during
the continuance of a Consultation Termination Event, the Directing Holder shall have no consultation or consent rights hereunder
and no right to receive any notices, reports or information (other than notices, reports or information required to be delivered
to all Certificateholders) or any other rights as Directing Holder.

 

     -170-

     

    
After
the occurrence and during the continuance of a Control Termination Event but, with respect to the Directing Holder only, prior
to the occurrence of a Consultation Termination Event, the Special Servicer shall consult with the Directing Holder in connection
with any Major Decision or Asset Status Report (and any other actions which otherwise require consultation with the Directing
Holder prior to a Consultation Termination Event hereunder) and consider alternative actions recommended by Directing Holder in
respect thereof.  Such consultation will not be binding on the Special Servicer.  In the event the Special Servicer
receives no response from the Directing Holder within 10 Business Days following its written request for input on any required
consultation, the Special Servicer shall not be obligated to consult with the Directing Holder on the specific matter; provided,
however, that the failure of the
Directing Holder to respond shall not relieve the Special Servicer from consulting with the Directing Holder on any future matters
with respect to the Whole Loan.

 

The
Special Servicer shall provide each Major Decision Reporting Package to the Operating Advisor simultaneously upon providing such
Major Decision Reporting Package to the Directing Holder. With respect to any particular Major Decision and related Major Decision
Reporting Package and any Asset Status Report, the Special Servicer shall make available (via telephone or electronic mail) to
the Operating Advisor a servicing officer with relevant knowledge regarding the Whole Loan and such Major Decision, Major Decision
Reporting Package 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, Major Decision Reporting Package and/or Asset Status Report and potential conflicts
of interest and compensation.  The Special Servicer shall send notice to the Operating Advisor notifying it of the Directing
Holder’s denial, approval or deemed approval of such Major Decision Reporting Package within 10 days of such denial, approval,
or deemed approval.

 

In
addition, after the occurrence and during the continuance of an Operating Advisor Consultation Event, the Special Servicer shall
consult with the Operating Advisor (remotely via electronic, telephonic or other mutually agreeable communication) in connection
with any proposed Major Decision for which the Special Servicer has delivered to the Operating Advisor a Major Decision Reporting
Package and consider alternative actions recommended by the Operating Advisor, in respect thereof, provided that such consultation
is on a non-binding basis.  In the event that the Special Servicer receives no response from the Operating Advisor within
ten days following the later of (i) its written request for input on any required consultation (which such initial request
shall include a 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 Special Servicer shall not be obligated to consult
with the Operating Advisor on the specific matter; provided, however, that the failure of the Operating Advisor
to respond on any specific matters shall not relieve the Special Servicer from its obligation to consult with the Operating Advisor
on any future matter with respect to the Whole Loan.

 

In
connection with the Directing Holder’s right to consent or consult or the Operating Advisor’s right to consult with
respect to a Major Decision, as applicable, if the Special Servicer determines that action is necessary to protect the Property
or the interests of the Certificateholders 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

 

     -171-

     

    
may
take actions with respect to the Property before the expiration of the applicable period for the Operating Advisor or Directing
Holder to respond as described in this section, if the Special Servicer reasonably determines in accordance with Accepted Servicing
Practices that failure to take such actions before the expiration of such period would materially adversely affect the interest
of the Certificateholders, and the Special Servicer has made a reasonable effort to contact the Operating Advisor or the Directing
Holder, as applicable.       

 

On
the Closing Date, the initial Controlling Class Representative shall execute a certification substantially in the form of Exhibit K-4
to this Agreement. Upon the resignation or removal of the existing Controlling Class Representative, any successor Controlling
Class Representative shall execute and deliver to the parties to this Agreement a certification substantially in the form of Exhibit K-4
to this Agreement prior to being recognized as the new Controlling Class Representative.

 

After
the occurrence and during the continuance of a Consultation Termination Event, the Directing Holder shall have no consultation
or consent rights hereunder and shall have no right to receive any notices, reports or information (other than notices, reports
or information required to be delivered to all Certificateholders) or any other rights as Directing Holder. However, the Controlling
Class Representative shall maintain the right to exercise its Voting Rights for the same purposes as any other Certificateholder.

 

(c)          
Each Certificateholder and Beneficial 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 Controlling Class Representative or the resignation or removal thereof. 
Any such Certificateholder (or Beneficial Owner) or its designee at any time appointed Controlling Class Representative 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 Beneficial Owner) or designee is appointed
Controlling Class Representative and when it is removed or resigns.  Upon receipt of such notice, the Certificate Registrar
shall notify the Special Servicer, the Servicer, the Operating Advisor and the Trustee of the identity of the Controlling Class
Representative, any resignation or removal thereof and/or any new Holder or Beneficial Owner of a Control Eligible Certificate. 
In addition, upon the request of the Servicer, the Special Servicer, the Operating Advisor or the Trustee, as applicable, the
Certificate Registrar shall provide (on a reasonably prompt basis) the identity of the then-current Controlling Class and a list
of the Certificateholders (or Beneficial Owners, if applicable, at the expense of the Trust if such expense arises in connection
with an event as to which the Controlling Class Representative or the Controlling Class has consent or consultation rights pursuant
to this Agreement, or otherwise at the expense of the requesting party and each of the Servicer, the Special Servicer, the Operating
Advisor and the Trustee shall be entitled to rely on such information so provided by the Certificate Administrator. The initial
Controlling Class Representative, and any subsequent Controlling Class Representative, is hereby deemed to have agreed and acknowledged
by virtue of its purchase of a Control Eligible Certificate (or beneficial ownership interest in such Certificate) that its identity
shall be reported monthly by the Certificate Administrator in the Distribution Date Statement. In the event that no

 

     -172-

     

    
Directing
Holder 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 Directing Holder is identified,
the Servicer or the Special Servicer, as applicable, will 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.

 

The
Certificate Administrator, the Trustee, the Servicer, the Operating Advisor and the Special Servicer will not be charged with
knowledge of any Control Shift Event, Control Termination Event or Consultation Termination Event, in each case, resulting from
an affiliation of the Controlling Class Representative, a majority of the Controlling Class Certificateholders (by Certificate
Balance), or the holder of Note A-1-C-1 (or a “controlling class representative” or any analogous party, or a majority
of holders entitled to appoint such party, for the Note A-1-C-1 Securitization) with a Borrower Related Party, unless and until
it shall have received notice of such occurrence from such party substantially in the form of Exhibit P upon which each
party may conclusively rely.

 

If
at any time that Prima Capital Advisors LLC or any successor Controlling Class Representative or Controlling Class Certificateholder(s)
is no longer the Holder (or Beneficial Owner) of at least a majority of the Controlling Class by Certificate Balance and the Certificate
Registrar has neither (i) received written notice of the then current Controlling Class Certificateholders of at least a majority
of the Controlling Class by Certificate Balance nor (ii) received written notice of a replacement Controlling Class Representative
pursuant to this Agreement, then a Control Shift Event shall be deemed to have occurred and shall be deemed to continue until
such time as the Certificate Administrator receives either such notice.

 

Upon
receipt of notice of a change in Controlling Class Representative, the Certificate Administrator shall promptly forward notice
thereof to each other party to this Agreement.

 

(d)      
Until it receives notice to the contrary, each of the Servicer, the Special Servicer, the Operating Advisor, the Depositor and
the Trustee and the Certificate Administrator shall be entitled to rely on the most recent notification with respect to the identity
of the Certificateholders of the Controlling Class and the Controlling Class Representative.

 

Section 6.6. 
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

 

     -173-

     

    
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 Special Servicer, as the case may be, under this Agreement
from and after the date of such agreement; provided, however that to the extent such agreement modifies in any respect
any of the covenants, terms or conditions in this Agreement to be performed by the Servicer or Special Servicer, as the case may
be, such agreement shall be subject to the approval of the Trustee, such approval not to be unreasonably withheld, and (C) shall
make such representations and warranties of the Servicer or Special Servicer, as the case may be, as provided in Section 2.4
and Section 2.5;

 

(ii)  
     Rating Agency Confirmation has been received;

 

(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 6.6(a);

 

(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 Agency for all reasonable out-of-pocket costs and expenses of such assignment, sale or transfer, except to the extent
the Third Party Purchaser is required to pay such expenses pursuant to Section 2.12.

 

Any
attempted resignation and assignment shall be void, unless such resignation and assignment satisfies the conditions set forth
above.  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.

 

(b)       
Other than as set forth in Sections 2.12, 6.2 and 6.6(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 Trustee and the Depositor.  No resignation
by the Servicer or the Special Servicer, as applicable, under this Agreement shall become effective until a successor Servicer
or Special Servicer, as applicable, shall have assumed the responsibilities and obligations of the Servicer or the Special Servicer,
as applicable, under this Agreement in accordance with Section 7.2.  Notwithstanding the previous sentence, each
of the Servicer or Special Servicer may assign its duties and obligations under this Agreement under certain limited circumstances
as described herein.

 

(c)       
In the event the Special Servicer obtains knowledge that it has become a Borrower Related Party, the Special Servicer shall provide
notice to each of the other parties to

 

     -174-

     

    
this
Agreement of such event and resign as Special Servicer and use reasonable efforts to replace itself with a special servicer that
is a Qualified Replacement Special Servicer, subject to the satisfaction of the conditions set forth in the proviso to Section 6.4(a)
and the agreement of a proposed successor to accept the same or lower compensation; provided that if no such appointment
is made within thirty (30) days of the Special Servicer becoming a Borrower Related Party, the resigning Special Servicer may
petition any court of competent jurisdiction for the appointment of a successor special servicer that is a Qualified Replacement
Special Servicer at the expense of the resigning Special Servicer.  Prior to the occurrence and continuance of a Control
Termination Event, the Directing Holder will be entitled to appoint (and replace with or without cause) a successor special servicer
that is a Qualified Replacement Special Servicer and not a Borrower Related Party in accordance with the terms herein, unless
the Directing Holder is a Borrower Related Party. At any time after the occurrence and during the continuance of a Control Termination
Event or if the Directing Holder is a Borrower Related Party, the resigning Special Servicer will be required to use reasonable
efforts to appoint a successor special servicer that is a Qualified Replacement Special Servicer and not a Borrower Related Party
in accordance with the terms herein and shall, at the expense of the Trust, petition any court of competent jurisdiction for the
appointment of a successor special servicer if one is not appointed within 60 days.

 

(d)      
Except as provided in Section 2.12 and Section 6.4(c) to the contrary, the resigning Servicer or Special Servicer,
as applicable, shall bear all reasonable out-of-pocket costs and expenses of each other party to this Agreement, the Trust Fund
and the Rating Agency in connection with any resignation of such Servicer or Special Servicer.

 

Section 6.7. 
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, the Companion Loan Holders and each other party to this Agreement from and against any claims, losses, damages, penalties,
fines, forfeitures, reasonable legal fees and expenses and related costs, judgments and other costs and expenses incurred by the
Trust, the Certificate Administrator, the Trustee or such other party 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 such obligations or its negligent disregard
of its obligations and duties under this Agreement.

 

Article
7

SERVICER TERMINATION EVENTS; SPECIAL 
SERVICER TERMINATION EVENTS; 
TERMINATION OF SPECIAL SERVICER WITHOUT CAUSE

 

Section 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

 

     -175-

     

    
law
or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental
body:

 

(i)   
any failure by the Servicer or Special Servicer, as applicable, to remit any payment required to be made or remitted by it (other
than Advances described under clause (ii) below) when required to be remitted under the terms of this Agreement, 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 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, or (c) to make any Property Protection Advance
required to be made pursuant to this Agreement when the same is due and such failure continues unremedied for 10 Business Days
(or such shorter period (not less than 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;

 

(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; provided, however, 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 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, however,
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

 

     -176-

     

    
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)
     KBRA has (A) qualified, downgraded or withdrawn its rating or ratings of one or more Classes of Certificates, or (B) placed one
or more Classes of Certificates on “watch status” in contemplation of a rating downgrade or withdrawal (and such qualification,
downgrade, withdrawal or “watch status” placement has not been withdrawn by KBRA within 60 days of such actual knowledge
by the Servicer or the Special Servicer, as the case may be) and, in the case of either of clauses (A) or (B), 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 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), 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

 

(ix)    
so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, the Servicer or Special
Servicer, as applicable, or any primary servicer, Sub-Servicer or Servicing Function Participant (such entity, the “Sub-Servicing
Entity”) retained by the Servicer or Special Servicer, shall fail to deliver the items required to be delivered by this
Agreement to enable such Other Securitization Trust to comply with its reporting obligations under the Exchange Act within the
time frame set forth for delivery in Article 12 (including any applicable grace periods) (any Sub-Servicing Entity that
defaults in accordance with this Section 7.1(a)(ix) shall be terminated at the direction of the Depositor).

 

(b)  Upon 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 (i) provide written notice to the

 

     -177-

     

    
Depositor
and the Certificate Administrator and the Certificate Administrator shall post notice of the same upon its receipt thereof on
the Certificate Administrator’s Website and shall provide notice to the Companion Loan Holders; (ii) provide written
notice to the Rating Agency, subject to Section 10.16; and (iii) provide notice thereof to all Certificateholders
by mail to the addresses set forth on the Certificate Register.  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 to notionally reduce the Certificate Balances of the Certificates) of
the Certificates or the direction of the Depositor or the depositor under any affected Other Securitization Trust (in the case
of a Servicer Termination Event or Special Servicer Termination Event pursuant to clause (ix) thereof), 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, or that survive such termination, and in and to the Whole Loan and the proceeds
thereof by notice in writing to the Servicer or the Special Servicer, as applicable.  Upon any termination of the Servicer
or the Special Servicer, as applicable, and appointment of a successor to the Servicer or the Special Servicer, as applicable,
the Trustee shall promptly notify the Certificate Administrator and the Certificate Administrator shall post to the Certificate
Administrator’s Website such written notice thereof to the Depositor and the Certificateholders and, comply with giving
notice to the Rating Agency pursuant to Section 10.17.  Notwithstanding the foregoing, (a) if a Special Servicer
Termination Event on the part of the Special Servicer affects a Companion Loan, any holder thereof or the rating on a class of
Companion Loan Securities, then the related affected Companion Loan Holder will be able to require termination of the Special
Servicer and (b) if any Servicer Termination Event on the part of the Servicer affects a Companion Loan, the related Companion
Loan Holder or the rating on a class of the related Companion Loan Securities, and if the Servicer is not otherwise terminated,
then the Servicer may not be terminated by or at the direction of the related Companion Loan Holder, but upon the written direction
of the related Companion Loan Holder, the Servicer shall be required to appoint a sub-servicer that will be responsible for servicing
the Whole Loan.

 

(d)      
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 Mortgage Loan Borrower), terminate all of its rights and obligations under this Agreement
and in and to the Whole Loan and the proceeds thereof, other than any rights the Terminated Party may have hereunder as a Certificateholder,
any rights the Terminated Party may have hereunder to the Excess Servicing Fee Right, and any rights or obligations of the Terminated

 

     -178-

     

    
Party
that accrued prior to the date of such termination (including the right to receive all amounts accrued or owing to it under this
Agreement with respect to periods prior to the date of such termination and the right to the benefits of Section 6.3
notwithstanding any such termination).  On or after the receipt by the Terminated Party of such written notice, subject to
the foregoing, all of its authority and power under this Agreement, whether with respect to the Certificates (except that the
Terminated Party shall retain its rights as a Certificateholder in the event and to the extent that it is a Certificateholder)
or the Trust Loan or otherwise, shall pass to and be vested in the Terminating Party pursuant to and under this Section 7.1
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 Trust 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 6.6(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(d), the Trustee (or a successor Servicer or Special Servicer) in connection with a resignation of the
Servicer or the Special Servicer under Section 6.6(b)) with all documents and records requested by the Terminating
Party to enable the Terminating Party to assume its functions hereunder, and to cooperate with the Terminating Party and the successor
to its responsibilities hereunder in effecting the termination of its responsibilities and rights hereunder, including, without
limitation, the transfer to the successor Servicer or Special Servicer, as applicable, or the Terminating Party, as applicable,
for administration by it of all cash amounts which shall at the time be or should have been credited by the Terminated Party (which
term shall include, for the purposes of the remainder of this Section 7.1(d), the resigning party in connection with
a resignation of the Servicer or the Special Servicer under Section 6.6(b)) to the Collection Account, the 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), all documents and records reasonably
requested by it, such documents and records to be provided in such form as the Terminating Party or such successor Servicer or
the Special Servicer, as applicable, shall reasonably request (including electromagnetic form), to enable it to assume the function
of the Servicer or Special Servicer, as applicable, hereunder.  All reasonable costs and expenses of the Terminating Party
or the successor Servicer or Special Servicer, as applicable, incurred in connection with transferring the Mortgage File to the
Terminating Party or to the successor Servicer or Special Servicer, as applicable, and amending this Agreement to reflect such
succession pursuant to this Section 7.1 shall be paid by the Terminated Party upon presentation of reasonable documentation
of such 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 the Special Servicer
is terminated without cause pursuant to Section 6.4, all costs and expenses incurred or payable by

 

     -179-

     

    
the
terminated Special Servicer under this Section 7.1 shall be paid by the Directing Holder or certificateholders who
directed the Special Servicer to be terminated without cause.

 

(e)       
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.

 

(f)       
No termination or resignation of the Servicer or the Special Servicer under this Agreement, including under Section 6.4,
Section 6.6 or Section 7.1, shall terminate such Servicer’s or Special Servicer’s rights to indemnification,
payment of outstanding compensation or other amounts due such Servicer or Special Servicer and any other rights set forth in this
Agreement which survive termination.

 

Section 7.2. 
Trustee to Act; Appointment of Successor.  (a) On and after the time the Servicer or Special Servicer, as the
case may be, receives a notice of termination pursuant to Section 7.1, or resigns pursuant to Section 6.4(b),
the Terminating Party (which term shall include, for the purposes of the remainder of this Section 7.2, the Trustee
(or a successor Servicer or Special Servicer including a successor appointed under Section 6.4(a)) in connection with
a resignation of the Servicer or the Special Servicer under Section 6.6(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 6.6(b))
in all respects under this Agreement and the transactions set forth or provided for herein and, except as provided herein, shall
be subject to all the responsibilities, duties, limitations on liability and liabilities relating thereto and arising thereafter
placed on the Terminated Party by the terms and provisions hereof; provided, however, that (i) neither the
Trustee nor the Terminating Party (or any successor Servicer or Special Servicer, as the case may be) shall have responsibilities,
duties, liabilities or obligations with respect to any act or omission of the Terminated Party and (ii) any failure to perform,
or delay in performing, such duties or responsibilities caused by the Terminated Party’s failure to provide, or delay in
providing, records, tapes, disks, information or monies or failure to cooperate as required by this Agreement shall not be considered
a default by the Terminating Party or such successor hereunder.  The Trustee, as successor Servicer, and any other successor
Servicer or Special Servicer, as the case may be, shall be indemnified to the full extent provided to the Trustee under this Agreement. 
The appointment of a successor Servicer or Special Servicer, as the case may be, shall not affect any liability of the Terminated
Party that may have arisen prior to its termination as such.  The Terminating Party shall not be liable for any of the representations
and warranties of the Terminated Party herein or in any related document or agreement, for any acts or omissions of the Terminated
Party or for any losses incurred in respect of any Permitted Investment by the Terminated Party nor shall the Terminating Party
or any successor Servicer or Special Servicer be required to purchase the Whole Loan hereunder.  As compensation therefor,
the Terminating Party as successor Servicer or Special Servicer, as the case may be, shall be entitled to all compensation with
respect to the 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

 

     -180-

     

    
hereunder
and, in the case of a successor Special Servicer, the Special Servicing Fee.  Notwithstanding the above, the Trustee may,
if it shall be unwilling to so act, or shall, if it is unable to so act, or if the Holders of Certificates having greater than
25% of the aggregate Voting Rights of all then outstanding Certificates so request in writing to the Trustee, or the Trustee is
not approved by the Rating Agency as a Servicer or Special Servicer, as the case may be, as evidenced by a Rating Agency Confirmation,
or if the Rating Agency does 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; provided that for so long as no Control Termination Event has occurred
or is continuing the Directing Holder shall have the right to approve any such successor Special Servicer.  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.  In connection with such appointment and assumption described herein, the Trustee may make such arrangements
for the compensation of such successor out of payments on the Whole Loan as it and such successor shall agree; provided,
however, that no such compensation shall be in excess of that permitted to 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 to the Terminated Party shall be paid pursuant
to Section 3.4(c); provided,
further; that, for so long as no Consultation
Termination Event has occurred and is continuing, the Trustee shall consult with the Directing Holder (on a non-binding basis)
prior to the appointment of a successor to the Terminated Party at such amounts in excess of that permitted the Terminated Party. 
The Depositor, the Certificate Administrator, the Trustee, the Servicer (as applicable), the Special Servicer (as applicable)
and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such succession.

 

(b)       
Notwithstanding Section 7.1(c), Section 7.1(d) or Section 7.2(a), if a Servicer receives a
notice of termination solely due to a Servicer Termination Event under Sections 7.1(a)(vii) and the terminated Servicer
provides the Trustee with the appropriate “request for proposal” materials within five (5) Business Days after such
termination, then such Servicer shall continue to serve as Servicer, and the Trustee shall promptly thereafter (using such “request
for proposal” materials provided by the terminated Servicer) solicit good faith bids for the rights to master service the
Whole Loan from at least three (3) Persons qualified to act as successor Servicer hereunder in accordance with Section 7.2
for which the Trustee has received Rating Agency Confirmation (any such Person so qualified, a “Qualified
Bidder”) or, if three (3) Qualified Bidders cannot be located, then from as many Persons as are Qualified Bidders;
provided, however, that (i) the terminated Servicer shall supply the Trustee with the names of Persons who
are Qualified Bidders (subject to receipt of Rating Agency Confirmation) from whom to solicit such bids; and (ii) the Trustee
shall not be responsible if less than three (3) or no Qualified Bidders submit bids for the right to master service the Whole

 

     -181-

     

    
Loan
under this Agreement.  The bid proposal shall require any Successful Bidder (as defined below), as a condition of such bid,
to enter into this Agreement as successor Servicer with respect to the Whole Loan, and to agree to be bound by the terms hereof,
within forty-five (45) days after the receipt by the terminated Servicer of a notice of termination.  The Trustee shall solicit
bids (i) on the basis of such successor Servicer entering into a Sub-Servicing Agreement with the terminated Servicer to
service the Whole Loan at a sub-servicing fee rate per annum equal to 0.00125% (each, a “Servicing-Retained Bid”)
and (ii) on the basis of having no obligation to enter into a Sub-Servicing Agreement with the terminated Servicer (each,
a “Servicing-Released Bid”).  The Trustee shall select the Qualified Bidder with the highest cash Servicing-Retained
Bid (or, if none, the highest cash Servicing Released Bid) (the “Successful Bidder”) to act as successor Servicer
hereunder.  The Trustee shall request the Successful Bidder to enter into this Agreement as successor Servicer pursuant to
the terms hereof (and, if the successful bid was a Servicing-Retained Bid, to enter into a Sub-Servicing Agreement with the terminated
Servicer as contemplated above), no later than forty-five (45) days after the termination of the terminated Servicer.  Upon
the assignment and acceptance of the servicing rights hereunder to and by the Successful Bidder, the Trustee shall remit or cause
to be remitted to the terminated Servicer the amount of such cash bid received from the Successful Bidder (net of reasonable “out
of pocket” expenses incurred by the Trustee in connection with obtaining such bid and transferring servicing).

 

(c)       
If the Trustee or an Affiliate acts pursuant to this Section 7.2 as successor to the resigning or terminated Servicer,
it may reduce such terminated Servicer’s Excess Servicing Fee Rate to the extent that its or such Affiliate’s compensation
as successor Servicer would otherwise be below market rate servicing compensation.  If the Trustee elects to appoint a successor
to the resigning or terminated Servicer other than itself or an Affiliate pursuant to this Section 7.2, it may reduce
such 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 servicer that meets the requirements of this Section 7.2 and Section 6.6.

 

Section 7.3.    
Notification to Certificateholders, the Depositor
and the Rating Agency.

 

(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 written notice thereof to Certificateholders at their respective addresses appearing in the Certificate Register and to the
Depositor and, subject to Section 10.17, the Rating Agency.

 

(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 and to the Depositor and, subject to Section 10.17, the Rating Agency 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 or shall have been cured or waived.

 

     -182-

     

    
Section 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.

 

Section 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 affected Companion Loan Holder may, on behalf of all Certificateholders and upon adequate indemnification of the Trustee
by the requesting Holders of Certificates, waive any default by the Servicer or the Special Servicer in the performance of its
obligations hereunder and its consequences, except a default in making any required deposits (including Monthly Payment Advances)
to or payments from the Collection Account, the Distribution Account or the Foreclosed Property Account or in remitting payments
as received, in each case in accordance with this Agreement.  Upon any such waiver of a past default, such default shall
cease to exist, and the related Servicer Termination Event or Special Servicer Termination Event arising therefrom shall be deemed
to have been remedied for every purpose of this Agreement.  No such waiver shall extend to any subsequent or other default
or impair any right related thereto.

 

Section 7.6. 
Trustee as Maker of Advances.  In the event that the Servicer fails to fulfill its obligations hereunder to
make any Advances, the Trustee shall perform such obligations (w) within five 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
Mortgage 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

 

     -183-

     

    
the
Trustee’s standard of good faith judgment); provided, however, that if Advances made by the Trustee, the
Servicer and/or the Special Servicer shall at any time be outstanding, or any interest on any Advance shall be accrued and unpaid,
all amounts available to repay such Advances and the interest thereon hereunder shall be applied entirely to the Advances outstanding
to the Trustee 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 master servicer and 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.

 

Article
8

THE TRUSTEE, THE CUSTODIAN AND CERTIFICATE ADMINISTRATOR

 

Section 8.1.  
Duties of the Trustee, the Custodian and the Certificate Administrator.  (a)  Each of the Trustee,
the Custodian and the Certificate Administrator, and with respect to the Trustee prior to the occurrence of a Servicer Termination
Event or Special Servicer Termination Event, as the case may be, and after the curing or waiver of any Servicer Termination Event
or Special Servicer Termination Event that may have occurred, undertakes with respect to the Trust Fund to perform such duties
and only such duties as are specifically set forth in this Agreement.  Neither the Depositor nor the Servicer nor the Special
Servicer shall be obligated to monitor or supervise the performance by the Trustee, the Custodian or the Certificate Administrator
of its duties hereunder.  In case a Servicer Termination Event or Special Servicer Termination Event has occurred (which
has not been cured or waived), the Trustee, subject to the provisions of Section 7.3, shall exercise such of the rights
and powers vested in it by this Agreement, and shall use the same degree of care and skill in their exercise, as a prudent institution
would exercise or use under the circumstances in the conduct of such institution’s own affairs.  Any permissive right
of the Trustee or the Certificate Administrator set forth in this Agreement shall not be construed as a duty.  The Trustee
(or the Servicer or the Special Servicer on its behalf) shall have the power to exercise all the rights of a holder of the Whole
Loan on behalf of the Certificateholders and the Companion Loan Holders (or, if a Companion Loan Holder is an Other Securitization
Trust, the related Other Depositor or the trustee for the Other Securitization Trust) subject to the terms of the Mortgage Loan
Documents and the Co-Lender Agreement.

 

(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 the
Trustee, the Custodian or the Certificate Administrator that are specifically required to be furnished to it pursuant to any provision
of this Agreement, shall examine, or cause to be examined, such instruments to determine whether they conform to the requirements
of this Agreement to the extent specifically set forth herein.  If any such instrument is found on its face not to conform
to the requirements of this Agreement in a material manner, the Trustee, the Custodian or the Certificate Administrator, as applicable,
shall make a request to the Depositor to have the

 

     -184-

     

    
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. 
Neither the Trustee, the Custodian nor the Certificate Administrator shall be responsible for the accuracy or content of any resolution,
certificate, statement, opinion, report, document, order or other instrument furnished by the Depositor, the Servicer, or the
Special Servicer and accepted by the Trustee or the Certificate Administrator, as the case may be, in good faith, pursuant to
this Agreement.

 

(c)       
Subject to Section 8.3, no provision of this Agreement shall be construed to relieve the Trustee or the Certificate
Administrator from liability for its own negligent action, its own negligent failure to act, its own willful misconduct or bad
faith, provided, however, that:

 

(i)   
    The Trustee, the Certificate Administrator and the Custodian’s duties and obligations shall be determined solely by the
express provisions of this Agreement, the Trustee and the Custodian shall not 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, the Custodian or the Certificate Administrator and each of the Trustee, the Custodian
and the Certificate Administrator may conclusively rely, as to the truth of the statements and the correctness of the opinions
expressed therein, upon any certificates or opinions furnished to the Trustee, the Custodian and/or the Certificate Administrator
(including those provided pursuant to Section 10.1) and conforming to the requirements of this Agreement which it
reasonably believes in good faith to be genuine and to have been duly executed by the proper authorities respecting any matters
arising hereunder;

 

(ii)     
  the Trustee, the Custodian and the Certificate Administrator shall not be liable for an error of judgment made in good faith by
a Responsible Officer of the Trustee, the Custodian or the Certificate Administrator, unless it shall be proved that the Trustee,
the Custodian or the Certificate Administrator or such Responsible Officer, as applicable, was negligent in ascertaining the pertinent
facts;

 

(iii) 
   
   the Trustee, the Custodian and the Certificate Administrator shall not be liable with respect to any action taken, suffered or
omitted to be taken by it in good faith in accordance with this Agreement or at the direction of Holders of Certificates evidencing,
in the aggregate, not less than 25% of the Voting Rights of the Certificates, relating to the time, method and place of conducting
any proceeding for any remedy available to the Trustee, the Custodian or the Certificate Administrator, or exercising any trust
or power conferred upon the Trustee, the Custodian or the Certificate Administrator, under this Agreement;

 

(iv) 
   
   the Trustee, the Custodian and the Certificate Administrator shall not be charged with knowledge of any failure by the Servicer
or the Special Servicer to comply with any of their respective obligations referred to in Section 7.1 or any other
act or circumstance upon the occurrence of which the Trustee, the Custodian or the Certificate Administrator, as applicable, may
be required to take action unless a Responsible Officer

 

     -185-

     

    
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 Depositor, the Mortgage Loan Borrower or Holders of the Certificates evidencing, in the aggregate,
not less than 25% of the Voting Rights of the Certificates.

 

(v)  
   
    subject to the other provisions of this Agreement and without limiting the generality of Sections 8.1 and 8.2,
the Trustee shall have no duty except in the 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 delivered
to the Trustee or the Certificate Administrator pursuant to this Agreement reasonably believed by the Trustee or the Certificate
Administrator to be genuine and to have been signed or presented by the proper party or parties; and

 

(vi) 
   
    for all purposes under this Agreement, the Trustee shall not be required to take any action with respect to, and neither the Certificate
Administrator or Trustee shall be deemed to have notice or knowledge of any Mortgage Loan Event of Default, Servicer Termination
Event or Special Servicer Termination Event unless a Responsible Officer of the Trustee or the Certificate Administrator, as applicable,
has actual knowledge thereof or shall have received written notice thereof.  In the absence of receipt of such notice and
such actual knowledge otherwise obtained, the Trustee and the Certificate Administrator may conclusively assume that there is
no Mortgage Loan 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 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 or the Special Servicer under this Agreement,
except with respect to the Trustee, during such time, if any, as the Trustee shall be the successor to, and be vested with the
rights, duties, powers and privileges of, the Servicer or the Special Servicer in accordance with the terms of this Agreement. 
Notwithstanding anything contained herein, none of the Trustee, the Custodian or the Certificate Administrator shall be responsible
or have liability in connection with the duties assumed by the Authenticating Agent, 17g-5 Information Provider, 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 and the Certificate Administrator shall have all of the
rights, protections and indemnities provided to it as Trustee and the Certificate Administrator hereunder, as applicable.

 

     -186-

     

    
In
no event shall the Certificate Administrator, the Custodian or Trustee be liable for any failure or delay in the performance of
its obligations hereunder because of circumstances beyond the Certificate Administrator’s or Trustee’s control,
including, but not limited to force majeure or acts of God.

 

(e)       
The Servicer, the Special Servicer, the Operating Advisor or the Trustee may at any time request from the Certificate Administrator
written confirmation of whether a Control Termination Event, Consultation Termination Event or Operating Advisor Consultation
Event occurred during the previous calendar year and the Certificate Administrator shall deliver such confirmation, based on information
in its possession, to the requesting party within 15 days of such request.

 

Section 8.2.  
Certain Matters Affecting the Trustee and the Certificate Administrator.  (a)  Except as otherwise
provided in Section 8.1:

 

(i)   
   
    each of the Trustee, the Custodian and the Certificate Administrator may request and rely upon and shall be protected in acting
or refraining from acting upon any resolution, direction of the Depositor, Officer’s Certificate, auditor’s certificate
or any other certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond or other paper
or document believed by it to be genuine and to have been signed or presented by the proper party or parties and the Trustee,
the Custodian or the Certificate Administrator, as applicable, shall not have any responsibility to ascertain or confirm the genuineness
of any such party or parties;

 

(ii)  
   
    each of the Trustee, the Custodian and the Certificate Administrator may consult with any nationally recognized 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) 
   
    neither the Trustee, the Custodian 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 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 reasonable security or indemnity reasonably satisfactory to it against the costs, expenses and liabilities, including
reasonable legal fees, which may be incurred therein or thereby; provided, however, that nothing contained herein
shall relieve the Trustee of the obligation, upon the occurrence of a Servicer Termination Event or Special Servicer Termination
Event, as the case may be (which has not been cured or waived) 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;

 

     -187-

     

    
(iv) 
   
    the right of the Trustee, the Custodian or the Certificate Administrator to perform any discretionary act enumerated 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
the performance of any such act;

 

(v)  
   
    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 reasonably believed by it to be authorized or within the discretion or rights or powers conferred
upon it by this Agreement;

 

(vi) 
   
    prior to the occurrence of a Servicer Termination Event or Special Servicer Termination Event hereunder of which a Responsible
Officer of the Trustee has actual knowledge and after the curing or waiver of such Servicer Termination Event or Special Servicer
Termination Event that may have occurred, the Trustee shall not be bound to ascertain or inquire as to the performance or observance
of any of the terms, conditions, covenants or agreements herein (except as specifically required by this Agreement) or to make
any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice,
request, consent, order, approval, bond or other paper or document, unless requested in writing so to do by Holders of Certificates
evidencing, in the aggregate, not less than 25% of the Voting Rights of the outstanding Certificates; provided, however,
that if the payment within a reasonable time to the Trustee 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, not reasonably assured to the Trustee by the security afforded
to it by the terms of this Agreement, the Trustee may require indemnity satisfactory to it against such costs, expenses or liabilities
as a condition to taking any such action.  The reasonable expense of every such investigation shall be paid by the Trust
pursuant to Section 3.4(c) in the event that such investigation relates to a Servicer Termination Event or Special
Servicer Termination Event, if such an event shall have occurred and is continuing, and otherwise by the Certificateholders requesting
the investigation;

 

(vii)
   
    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, nominees, custodians or attorneys selected by it with due care;

 

(viii)        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 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;

 

(ix) 
   
    the Certificate Administrator and its Affiliates are permitted to receive additional compensation that could be deemed to be in
the Certificate Administrator’s economic self-interest for (i) serving as investment advisor, administrator, shareholder,

 

     -188-

     

    
servicing
agent, custodian or sub-custodian with respect to certain Permitted Investments, (ii) using Affiliates to effect transactions
in certain Permitted Investments and (iii) effecting transactions in certain Permitted Investments.  Such compensation shall
not be an amount that is reimbursable or payable by the Trust or any other party pursuant to this Agreement;

 

(x)  
   
    nothing herein shall require the Trustee, the Custodian 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 for any party to this Agreement to advise a Certificateholder with respect
to its rights and protections relative to the Trust.

 

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 (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, however, the knowledge of employees performing special custodial functions shall not be imputed to employees performing
Certificate Administrator or Trustee functions.

 

(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 or the Certificate Administrator
may be enforced by such party without the possession of any of the Certificates, or the production thereof at the trial or other
proceeding relating thereto, and any such suit, action or proceeding instituted by the Trustee or the Certificate Administrator,
as applicable, shall be brought in its name for the benefit of all the Holders of such Certificates, subject to the provisions
of this Agreement.

 

(d)      
In order to comply with the laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions,
including those relating to the funding of terrorist activities and money laundering (“Applicable
Laws”), the Trustee, 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 the Trustee, the Custodian
or the Certificate Administrator, as applicable.  Accordingly, each of the parties agrees to provide to the Trustee and the
Certificate Administrator, upon its request from time to time such identifying information and documentation as may be available
for such party in order to enable the Trustee and the Certificate Administrator to comply with Applicable Laws.

 

     -189-

     

    
(e)       
Each of the Trustee, the Certificate Administrator and Custodian shall be entitled to all of the same rights, protections, immunities
and indemnities afforded to it as the Trustee, Certificate Administrator or Custodian, as the case may be, in each capacity for
which it serves hereunder (including, without limitation, as Certificate Registrar, the 17g-5 Information Provider and Authenticating
Agent) as if such right, protection, immunity and indemnity was set forth herein expressly for the benefit of the Certificate
Administrator, Custodian or Trustee in each such capacity, mutatis mutandis.

 

Section 8.3.  
None of the Trustee, the Custodian or the Certificate Administrator is Liable for Certificates or the Trust Loan. 
The recitals contained herein and in the Certificates (other than the signature and authentication of the Certificate Administrator
on the Certificates) shall not be taken as the statements of the Certificate Administrator or the Trustee and the Trustee and
the Certificate Administrator assume no responsibility for their correctness.  The Certificate Administrator and the Trustee
make no representations as to the validity or sufficiency of this Agreement, the Certificates or of the Trust Loan or related
documents except as expressly set forth herein.  The Certificate Administrator and the Trustee shall not be liable for any
action or failure to take any action by the Depositor, the Servicer or the Special Servicer hereunder or any action or failure
to take any action by the Sponsors under the Loan Purchase Agreement, including, without limitation, in connection with (i) any
failure of the Sponsors to properly prepare each Assignment of the Mortgage, assignment of the Collateral Security Document and
UCC-3 financing statements pursuant to the Loan Purchase Agreement or (ii) the 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 neither the Trustee nor 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 Certificate Administrator and the Trustee 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 Whole Loan, 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 Trust Loan to the Trust; the performance or enforcement of the Trust Loan (other than with respect to the Servicer or Special
Servicer, if the Trustee shall assume the duties of the Servicer and/or Special Servicer, respectively, pursuant to Section 7.2
and then only to the extent of the obligations of the Servicer or Special Servicer, as applicable, hereunder); the compliance
by the Depositor, the Mortgage Loan Borrower, the Servicer or the Special Servicer with any warranty or representation made under
this Agreement or in any related document or the accuracy of any such warranty or representation made under this Agreement or
in any related document prior to the Trustee’s or the Certificate Administrator’s, as applicable, receipt of notice
or actual knowledge by a Responsible Officer of any noncompliance therewith or any breach thereof; any investment of monies by
or at the direction of the Servicer or the Special Servicer or any loss resulting therefrom; the failure of the Servicer or the
Special Servicer or any sub-servicer to act or perform any duties required of it hereunder; or any action by the Certificate Administrator
or the Trustee taken at the direction of the Servicer or the Special Servicer (other than with respect

 

     -190-

     

    
to
the Trustee if the Trustee shall assume the duties of the Servicer or the Special Servicer, respectively); provided, however,
that the foregoing shall not relieve the Certificate Administrator or the Trustee of its obligation to perform its duties under
this Agreement.  Except with respect to a claim based on either the Certificate Administrator’s or the Trustee’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 Trust Loan or assignment thereof against the Certificate
Administrator or the Trustee in its respective individual capacity, and neither the Certificate Administrator nor the Trustee
shall have any personal obligation, liability or duty whatsoever to any Certificateholder or any other Person with respect to
any such claim, and any such claim shall be asserted solely against the Trust Fund or any indemnitor who shall furnish indemnity
as provided in this Agreement.  Neither the Certificate Administrator nor the Trustee shall have any responsibility for filing
any financing or continuation statements in any public office at any time or to otherwise perfect or maintain the perfection of
any security interest or lien granted to it hereunder or to record this Agreement (unless, with respect to the Trustee, the Trustee
shall have become the successor Servicer or Special Servicer).  Neither the Certificate Administrator nor the Trustee shall
be accountable for the use or application by the Depositor of any of the Certificates or of the proceeds of such Certificates
or for the use or application of any funds paid to the Servicer or the Special Servicer, as applicable, in respect of the Trust
Loan deposited into the Collection Account (except to the extent that the Collection Account or such other account is held by
the Certificate Administrator or the Trustee in their commercial capacity), or for investment of such amounts (other than investments
made with the Certificate Administrator in their commercial capacity).

 

The
Trustee and the Certificate Administrator, by reason of the action or inaction of its directors, officers, members, managers,
partners, employees or agents shall have no liability to the Trust or the Certificateholders and 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, the Companion Loan Holders in accordance with this Agreement or the Co-Lender
Agreement, or for errors in judgment; provided, however, that this provision shall not protect the Trustee, the
Certificate Administrator or any such Person against any liability which would otherwise be imposed by reason of willful misconduct,
bad faith or negligence of the Trustee, the Certificate Administrator or any such Person.  The Trustee, the Certificate Administrator
and any of its 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 incurred in connection with or related to the Trustee’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 Trust Loan, the Property or the Certificates; provided, however,
that this provision shall not protect the Trustee, 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 misfeasance,
bad faith or negligence of the Trustee, the Certificate Administrator or any such Person.  The indemnification provided hereunder
shall survive the resignation or removal of the Trustee or the Certificate Administrator and the termination of this Agreement. 
Anything herein to the contrary

 

     -191-

     

    
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.

 

Section 8.4. 
Trustee, Custodian and Certificate Administrator May Own Certificates.  The Trustee and the Certificate Administrator
in their individual or any other capacity may become the owner or pledgee of Certificates with the same rights, powers, and privileges
as it would have if they were not the Trustee or the Certificate Administrator.

 

Section 8.5. 
Trustee’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 (excluding the portion of the Certificate
Administrator Fee that represents the Trustee Fee, which is payable to the Trustee), respectively payable pursuant to Section 3.4(c). 
The Certificate Administrator shall pay a portion of the Certificate Administrator Fee to the Trustee as the Trustee Fee. 
The Certificate Administrator Fee (which shall not be limited to any provision of law in regard to the compensation of a trustee
of an express trust) shall constitute the Certificate Administrator’s and the Trustee’s sole form of compensation
for all services rendered by each entity in the execution 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.  No Trustee Fee or Certificate Administrator
Fee shall be payable with respect to any Companion Loan.  The Trustee and the Certificate Administrator shall be entitled
to be reimbursed for all reasonable expenses and disbursements incurred or made by the Trustee or the Certificate Administrator,
as applicable, in accordance with any of the provisions of this Agreement (including the fees and expenses of its counsel and
of all Persons not regularly in its employ), provided such cost would qualify as an “unanticipated expense incurred
by the REMIC” within the meaning of the REMIC Provisions, except any such expense, disbursement or advance as may arise
from its negligence, willful misconduct or bad faith or which is expressly the responsibility of a Certificateholder or Certificateholders
hereunder, all of which reimbursements to be paid from amounts deposited into the Collection Account pursuant to Section 3.4(c);
provided, however, that neither the Trustee nor the Certificate Administrator shall refuse to perform any of their
obligations hereunder solely as a result of the failure to be paid any fees and expenses so long as payment of such fees and expenses
are reasonably assured to it.  The Trustee and the Certificate Administrator shall provide the Servicer with an invoice,
on or prior to each Mortgage Loan Payment Date, setting forth the actual expenses incurred in connection with the performance
of its duties hereunder for which it seeks payment or reimbursement.  Notwithstanding any other provision of this Agreement,
neither the Trustee nor the Certificate Administrator shall be entitled to reimbursement from the Trust for an expense incurred
under this Agreement in connection with the performance of its ordinary and regularly recurring duties hereunder unless such reimbursement
is expressly provided for herein or otherwise permitted hereunder.

 

Section 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:

 

(i)   
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

 

     -192-

     

    
such
laws to exercise corporate trust powers and to accept the trust conferred under this Agreement;

 

(ii)  
have a combined capital and surplus of at least $50,000,000;

 

(iii) 
have a rating on its unsecured long-term debt of at least “A” by S&P, and, if rated by KBRA, a rating by KBRA
at least equivalent to “A” by S&P or otherwise acceptable to S&P and KBRA as confirmed by receipt of a Rating
Agency Confirmation; provided, however,
that the Trustee may maintain a rating of at
least “BBB” by S&P and, if rated by KBRA, a rating by KBRA at least equivalent to “BBB” by S&P
if the Servicer maintains a short-term rating of “A-2” by S&P and a long-term unsecured debt rating of “A”
by S&P and, if rated by KBRA, a rating by KBRA at least equivalent to “A” by S&P;

 

(iv) 
be subject to supervision or examination by federal or state authority; and

 

(v)  
in the case of the Trustee, not be an Affiliate of the Servicer or the Special Servicer (except during any period when the Trustee
has assumed the duties of the Servicer and/or Special Servicer pursuant to Section 7.2). 

 

If
a corporation, association or trust company publishes reports of condition at least annually, pursuant to law or to the requirements
of the aforesaid supervising or examining authority, then for purposes of this Section the combined capital and surplus of
such entity shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. 
In the event that the place of business from which the Trustee or the Certificate Administrator, as applicable, administers the
Trust Fund is a state or local jurisdiction that imposes a tax on the Trust, the Trustee or the Certificate Administrator, as
applicable, shall elect either to (i) resign immediately in the manner and with the effect specified in Section 8.7,
(ii) pay such tax from its own funds and continue as Trustee or the Certificate Administrator, as applicable, or (iii) administer
the Trust Fund from a state and local jurisdiction that does not impose such a tax.  In case at any time the Trustee or the
Certificate Administrator, as applicable, shall cease to be eligible in accordance with the provisions of this Section, the Trustee
or the Certificate Administrator, as applicable, shall resign immediately in the manner and with the effect specified in Section 8.7.

 

(b)       
The 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 the 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.  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.  In the event that any such bond or

 

     -193-

     

    
policy
ceases to be in effect, the Trustee, the Custodian or the Certificate Administrator, as applicable, shall obtain a comparable
replacement bond or policy.

 

Section 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 Mortgage Loan Borrower, the Servicer, the Special Servicer, the Certificate
Administrator, the Operating Advisor, the Certificate Registrar (if other than the Certificate Administrator), the Companion Loan
Holders and subject to Section 10.16 and Section 10.17, the Rating Agency and by mailing notice of resignation
by first class mail, postage prepaid, to the Certificateholders at their addresses appearing on the Certificate Register, not
less than 30 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 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 be required to use its reasonable best efforts to promptly appoint a successor
Trustee, Custodian or Certificate Administrator, as applicable.  If no successor Trustee, Custodian or Certificate Administrator
shall have been so appointed and shall have accepted appointment within 120 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, and any expenses associated
with such petition shall be an expense of the Trust.

 

If
at any time any of the following occur:  (x) the Trustee, Custodian or Certificate Administrator shall cease to be eligible
in accordance with the provisions of Section 8.6 and shall fail to resign after written request for the Trustee’s
or the Certificate Administrator’s resignation by the Depositor, the Servicer or the Special Servicer, as applicable; (y) the
Trustee, 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 Trustee, Custodian or Certificate Administrator,
as applicable.  Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee,
Custodian or Certificate Administrator, as applicable, which removal and appointment shall become effective upon acceptance of
appointment by the successor Trustee, Custodian or Certificate Administrator, as applicable, as

 

     -194-

     

    
provided
in Section 8.8.  The successor Trustee, Custodian or Certificate Administrator, as 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 remove the Trustee, the Custodian or the Certificate Administrator upon 30 days’ written notice 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 and Special Servicer and the Mortgage Loan Borrower), 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 such Certificateholders shall pay all the reasonable costs and expenses of the Certificate Administrator
and Trustee, as applicable, necessary to effect the transfer of the rights and obligations of the Certificate Administrator or
Trustee, as applicable, to a successor.  Subject to Section 10.17, notice of any removal of the Trustee, the
Custodian or the Certificate Administrator and acceptance of appointment by the successor Trustee, the Custodian or the Certificate
Administrator shall be given to the Companion Loan Holders and the Rating Agency by the successor Trustee, the Custodian or the
Certificate Administrator, as applicable.  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) have been paid to the Trustee
or Certificate Administrator, as applicable, in full.

 

Any
resignation or removal of the Trustee, Custodian or Certificate Administrator shall not become effective until acceptance of the
appointment by the successor Trustee, Custodian or Certificate Administrator, as applicable, as provided in Section 8.8.
Except as provided in Section 2.12 to the contrary, the Trustee, Custodian or Certificate Administrator shall be required
to bear all reasonable out-of-pocket costs and expenses of each other party to this Agreement, the Trust and the Rating Agency
in connection with any removal for cause or resignation of such Trustee, Custodian or Certificate Administrator.

 

Section 8.8. 
Successor Trustee or Successor Certificate Administrator.  Any successor Trustee, Custodian or Certificate
Administrator appointed as provided in Section 8.7 shall execute, acknowledge and deliver to the Depositor, the Servicer,
the Special Servicer and to its predecessor trustee or certificate administrator an instrument (i) accepting such appointment
hereunder and (ii) making the representations and warranties of the Trustee, the Custodian or the Certificate Administrator,
as applicable, as provided in Section 2.3 and Section 2.7, respectively, and thereupon the resignation
or removal of the predecessor trustee, custodian or certificate administrator shall become effective and such successor Trustee,
Custodian or Certificate Administrator, as applicable, without any further act, deed or conveyance, shall become fully vested
with all the rights, powers, duties and obligations of its predecessor hereunder, with the like effect as if originally named
as trustee or certificate administrator herein.  The predecessor Certificate Administrator shall deliver or cause to be delivered
to the successor Certificate Administrator, as applicable, the Mortgage File and related documents and statements held by it hereunder,
and the Depositor, the Servicer, the Special Servicer and the predecessor trustee or certificate administrator shall execute and
deliver such instruments and do such other things as

 

     -195-

     

    
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 or Certificate Administrator shall be eligible under the provisions of Section 8.6
and its appointment shall not result in the qualification, downgrading, or withdrawal of the current rating of any Class of
the Certificates (prior to the resignation or termination of the Trustee or Certificate Administrator).

 

Upon
acceptance of appointment by a successor Trustee, Custodian or Certificate Administrator as provided in this Section, the successor
Trustee, Custodian or Certificate Administrator shall mail notice of the succession of such trustee or certificate administrator
hereunder to all Holders of Certificates at their addresses as shown in the Certificate Register, the Depositor, the Mortgage
Loan Borrower, the Companion Loan Holders and the Rating Agency.

 

Section 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 the Trustee, the Custodian or the Certificate Administrator, as applicable,
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.

 

Section 8.10.  
Appointment of Co-Trustee or Separate Trustee.  (a)  At any time or times, for any purpose, including
the purpose of meeting any legal requirements of any jurisdiction in which any part of the Property may at the time be located
or in which any action of the Trustee may be required to be performed or taken, the Trustee, the Depositor or the Holders of Certificates
evidencing, in the aggregate, a majority of the Voting Rights of the outstanding Certificates, by an instrument in writing signed
by it or them, may appoint one or more individuals or corporations to act as separate trustee or separate trustees or co-trustees,
acting jointly with the Trustee, of all or any part of the Property, to the full extent that local law makes it necessary for
such separate trustee or separate trustees or co-trustee acting jointly with the Trustee to act.  The fees and expenses of
any separate trustee or co-trustee shall be paid by the Trust Fund pursuant to Section 3.4(c).

 

(b)       
The Trustee shall execute, acknowledge and deliver all such instruments as may be required by the legal requirements of any jurisdiction
or by any such separate trustee or separate trustees or co-trustee for the purpose of more fully conferring such title, rights
or duties to such separate trustee or separate trustees or co-trustee, it, he, she or they shall be vested with such title to
the Property or any part thereof, and with such rights, powers, duties and obligations as shall be specified in the instrument
of appointment, and such rights, powers, duties and obligations shall be conferred or imposed upon and exercised or performed
by the Trustee, or the Trustee and such separate trustee or separate trustees or co-trustees jointly with

 

     -196-

     

    
the
Trustee subject to all the terms of this Agreement, except to the extent that under any law of any jurisdiction in which any particular
act or acts are to be performed shall be exercised and performed by such separate trustee or separate trustees or co-trustee,
as the case may be.  Any separate trustee or separate trustees or co-trustee may, at any time by an instrument in writing,
constitute the Trustee, its attorney-in-fact and agent with full power and authority to do all acts and things and to exercise
all discretion on its behalf and in its, her or his name.  In the event that any such separate trustee or co-trustee shall
die, become incapable of acting, resign or be removed, the title to the Property and all assets, property, rights, powers, duties
and obligations of such separate trustee or co-trustee shall, so far as permitted by law, vest in and be exercised by the Trustee,
without the appointment of a successor to such separate trustee or co-trustee unless and until a successor is appointed.

 

(c)       
All provisions of this Agreement which are for the benefit of the Trustee and Certificate Administrator shall extend to and apply
to each separate trustee or co-trustee appointed pursuant to the foregoing provisions of this Section 8.10, and to
the Trustee and Certificate Administrator in each capacity that it may assume hereunder, including without limitation, its capacity
as Custodian, 17g-5 Information Provider, Certificate Registrar 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.

 

(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.

 

     -197-

     

    
(g)       
Notwithstanding Section 8.10(a), the Trustee shall be required to engage a co-trustee in the event Wells Fargo Bank, National
Association is required to repurchase its Sponsor’s Sponsor Percentage Interest in the Trust Loan.  The scope of the
co-trustee’s obligations shall be limited to the performance and discharge of the obligations of the Trustee, if any, with
respect to any enforcement by the Trustee of rights against or obligations of, and any other determination or action required
to be taken by the Trustee with respect to the Trust Loan for so long as it is a Specially Serviced Loan.

 

Section 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

 

     -198-

     

    
mail
written notice of such appointment by first class mail, postage prepaid to all Certificateholders as their names and addresses
appear in the Certificate Register.  Any successor Authenticating Agent upon acceptance of its appointment hereunder shall
become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as
an Authenticating Agent herein.  No successor Authenticating Agent shall be appointed unless eligible under the provisions
of this Section.

 

Section 8.12. 
Indemnification by the Trustee, the Custodian and the Certificate Administrator.  The Trustee, the Custodian
and the Certificate Administrator, as applicable, shall indemnify and hold harmless the Trust, the Companion Loan Holders, the
Servicer, the Special Servicer, the Operating Advisor, the Depositor, the Retaining Sponsor (but only in the case of the Certificate
Administrator and with respect to Section 5.1(d) and Section 5.1(e)), and each other from and against any claims,
losses, damages, penalties, fines, forfeitures, legal fees and expenses and related costs, judgments and other costs and expenses
incurred by the Trust, the Companion Loan Holders, the Servicer, the Special Servicer, the Operating Advisor, the Depositor or
the Retaining Sponsor, 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.

 

Section 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 Mortgage Loan Borrower of the Whole Loan
or any portion thereof, the Certificate Administrator shall report the amount of such prepayment or payment to the Depository
based on information received from the Servicer or Special Servicer in reliance on notices received from the Mortgage Loan Borrower. 
In the event of any inconsistencies in payments or prepayments made by the Mortgage Loan Borrower with the previously delivered
notices by the Mortgage Loan Borrower, all costs and expenses incurred as a result of a failure by the Mortgage Loan Borrower
to make any such payments or prepayment, shall be paid by the Mortgage Loan Borrower in accordance with the Mortgage 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 Mortgage Loan 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.

 

Section 8.14.  
Access to Certain Information.  (a)  The Certificate Administrator shall afford to any Privileged
Person (including the Controlling Class Representative) 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 Trust Loan or the other assets of the Trust Fund that are in its

 

     -199-

     

    
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.

 

(b)       
The Certificate Administrator shall make available to Privileged Persons, via the Certificate Administrator’s Website,
the following items (to the extent such items were prepared by or delivered to the Certificate Administrator in a readable, uploadable,
un-corrupted and un-locked electronic format):

 

(i)   
        The following “deal documents”:

 

(A)      
the Offering Circular and any other disclosure document relating to the Certificates, in the form most recently provided to the
Certificate Administrator by the Depositor or by any Person designated by the Depositor;

 

(B)      
this Agreement, each sub-servicing agreement delivered to the Certificate Administrator since the Closing Date (if any), the Loan
Purchase Agreement and any amendments and exhibits hereto or thereto; and

 

(C)      
the CREFC® Loan Setup File delivered to the Certificate Administrator by the Servicer.

 

(ii)   
       
The following “periodic reports”:

 

(A)      
all Distribution Date Statements prepared by the Certificate Administrator pursuant to Section 4.4(b);

 

(B)      
all CREFC® Reports prepared by, or delivered to, the Certificate Administrator pursuant to Section 3.18(a)
other than (1) the CREFC® Loan Setup File and (2) the CREFC® Special Servicer Loan File; and

 

(C)      
all Operating Advisor Annual Reports;

 

(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;

 

     -200-

     

    
(iv) 
The following “special notices” tab on the Certificate Administrator’s Website:

 

(A)      
any notice of final payment on the Certificates delivered to the Certificate Administrator pursuant to Section 4.1(d);

 

(B)      
any notice of termination of the Servicer, the Special Servicer or the Operating Advisor delivered to the Certificate Administrator
pursuant to Section 7.1(c);

 

(C)      
any notice of a Servicer Termination Event, Special Servicer Termination Event or Operating Advisor Termination Event delivered
to the Certificate Administrator pursuant to Section 7.1(b);

 

(D)      
any notice of an Operating Advisor Consultation Event, Control Shift Event, Consultation Termination Event or Control Termination
Event, as determined each month after the Certificate Administrator complies with its obligation to prepare the related Distribution
Date Statement pursuant to Section 4.4;

 

(E)      
any request by the Certificateholders representing at least 25% of the Voting Rights to terminate the Operating Advisor pursuant
to Section 3.27(i);

 

(F)      
any notice of resignation of the Trustee, Certificate Administrator or the Operating Advisor and any notice of the acceptance
of appointment by the successor Trustee, successor Certificate Administrator or the successor Operating Advisor pursuant to Section 8.7;

 

(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 and all Officer’s Certificates and other evidence delivered to the Certificate Administrator to support the Servicer’s
or the Trustee’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 Special Notice delivered to the Certificate Administrator pursuant to Section 5.6;

 

(J)       
any assessment of compliance delivered to the Certificate Administrator pursuant to Section 11.8;

 

(K)      
any attestation report delivered to the Certificate Administrator pursuant to Section 11.9;

 

(L)      
any amendment to this Agreement;

 

     -201-

     

    
(v)  
     any notice or document provided to the Certificate Administrator by the Depositor or the Servicer directing the Certificate Administrator
to post same as a “special notice”;

 

(vi)   
   subject to Section 3.29(b), the following “U.S. Risk Retention Special Notices”, if any, and in each case,
shall also be posted to the “U.S. Risk Retention Special Notices” tab on the Certificate Administrator’s Website,
to the extent such notice is provided by the Retaining Sponsor:

 

(1)       
the disclosure required pursuant to Section 244.4(c)(1)(ii) of the Credit Risk Retention Rule; and

 

(2)       
any noncompliance of the applicable Credit Risk Retention Rule by the Third Party Purchaser or a successor third party purchaser
as and to the extent the Retaining Sponsor is required under the Credit Risk Retention Rule;

 

(vii)
   
   the “Investor Q&A Forum” pursuant to Section 4.5(a); and

 

(viii)       solely to Certificateholders and Beneficial Owner of Certificates, the “Investor Registry” pursuant to Section 4.5(b).

 

In
lieu of the tabs or headings otherwise described above, the Certificate Administrator shall be authorized to use such other headings
and labels as it may reasonably determine from time to time.

 

The
Certificate Administrator shall, in addition to posting the applicable notices on the “U.S. Risk Retention Special Notices”
tab described in clause (v) 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.

 

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.

 

The
Certificate Administrator shall, in addition to posting the applicable notices on the “Special Notices” tab described
in clause (iv) above and the “U.S. Risk Retention Special

 

     -202-

     

    
Notices“
tab described in clause (v) above, include a fixed statement in the Distribution Date Statement that special notices and risk
retention notices, if any can be found on the “Special Notices” and “U.S. Risk Retention Special Notices”
tab, respectively.

 

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 8.14(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.

 

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 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
Whole Loan, the Property or the Mortgage Loan Borrower, for review by any Privileged Person, and subject to Section 10.16
and Section 10.17, the Rating Agency, in each case except to the extent doing so is prohibited by this Agreement,
applicable law or by the Mortgage 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 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 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

 

     -203-

     

    
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.

 

The
Special Servicer, subject to the limitations on delivery of Privileged Information, shall deliver to the Operating Advisor such
reports and other information produced or otherwise available to the Controlling Class Representative or Certificateholders generally,
reasonably requested by the Operating Advisor in support of the performance of its obligations under this Agreement in electronic
format.

 

Except
as otherwise provided in this Agreement and subject to Section 6.3(a), neither the Servicer nor the Special Servicer
shall be liable for the dissemination of information in accordance with this Agreement.  Neither the Servicer nor the Special
Servicer shall be responsible or have any liability for the completeness or accuracy of the information delivered, produced or
otherwise made available pursuant to this Section 8.14(c) unless such information was produced by the Servicer or
Special Servicer, as applicable.

 

(d)      
The Certificate Administrator shall maintain at its offices (and, upon reasonable prior written request and during normal business
hours, shall make available, or cause to be made available) for review by any Privileged Person originals or copies of the following
items (to the extent such items are in the Certificate Administrator’s possession):

 

(i)  
    the Offering Circular;

 

(ii)   
  this Agreement, each sub-servicing agreement delivered to the Certificate Administrator from and after the Closing Date (if any),
the Loan Purchase Agreement and any amendments and exhibits hereto or thereto;

 

(iii)
     all Distribution Date Statements and all CREFC® Reports
actually delivered or otherwise made available to Certificateholders pursuant to Section 4.4(a) of this Agreement
since the Closing Date;

 

(iv)
     any assessment of compliance delivered to the Certificate Administrator pursuant to Section
11.8;

 

(v) 
  
  any attestation report delivered to the Certificate Administrator pursuant to Section 11.9

 

(vi)
  
  the most recent inspection report prepared by or on behalf of the Servicer or the Special Servicer, as applicable, and delivered
to the Certificate Administrator in pursuant to Section 3.22 of this Agreement;

 

     -204-

     

    
(vii)
  
    any and all notices and reports delivered to the Certificate Administrator with respect to the Property as to which the environmental
testing contemplated by Section 3.12(d) of this Agreement revealed that neither of the conditions set forth in clauses (i)
and (ii) thereof was satisfied;

 

(viii)    
 the Mortgage File, including any and all modifications, waivers and amendments of the terms of the Whole Loan entered into or
consented to by the Servicer or the Special Servicer and delivered to the Certificate Administrator pursuant to Section 3.24
of this Agreement;

 

(ix)
        the summary of any Final Asset Status Report delivered to the Certificate Administrator pursuant to Section
3.10(h) of this Agreement;

 

(x) 
  
      the annual, quarterly and monthly operating statements, if any, collected by or on behalf of the Servicer or the Special Servicer,
as applicable, and delivered to the Certificate Administrator for the Property, together with the other information specified
in Section 3.18 of this Agreement;

 

(xi)
  
    any and all Officer’s Certificates and other evidence delivered to the Certificate Administrator to support the Trustee’s
or the Servicer’s, as the case may be, determination that any Advance was (or, if made, would be) a Nonrecoverable Advance;

 

(xii)
  
    notice of termination or resignation of the Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator
or the Trustee (and appointments of successors thereto);

 

(xiii)       all Special Notices;

 

(xiv)       any Appraisals, environmental site assessments, property condition assessments and seismic reports relating to the Property; and

 

(xv)
  
    any other information that may be necessary to satisfy the requirements of subsection (d)(4)(i) of Rule 144A.

 

The
Certificate Administrator shall provide, or cause to be provided, copies of any and all of the foregoing items upon reasonable
written request of any of the parties set forth in the previous sentence at the reasonable expense of the requesting party.

 

The
Certificate Administrator shall not be liable for providing or disseminating information in accordance with the terms of this
Agreement.

 

Article
9

TERMINATION

 

Section 9.1. 
Termination.  (a)  The respective obligations and responsibilities of the Servicer, the Special Servicer,
the Depositor, the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee created hereby (other than
(i) any obligations of the

 

     -205-

     

    
parties
hereto under this Article 9, (ii) the obligation of the Certificate Administrator to make certain payments to Certificateholders
after the final Distribution Date, to maintain books and records of the Trust Fund for such period of time as it maintains its
own books and records, and (iii) the indemnification rights and obligations of the parties hereto) shall terminate upon the last
action required to be taken by the Certificate Administrator on the final Distribution Date pursuant to this Section 9.1
following the later of (i) the final payment on the Certificates or (ii) the liquidation of the Trust Loan (including,
without limitation, the sale of the Trust Loan pursuant to any intercreditor agreement or this Agreement, as applicable) or the
liquidation or abandonment of the Property; provided, however, that in no event shall the Trust continue beyond
the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador
of the United States to the Court of St. James’s, living on the date hereof.  Upon termination of the Trust pursuant
to clause (i) of the immediately preceding sentence, the Custodian shall release or cause to be released to the Servicer,
at the address provided in Section 10.4 of this Agreement or to such other address designated by the Servicer in writing,
any Mortgage Files remaining in its possession.  In connection with a termination of the Trust under this Article 9, the
Custodian shall execute all assignments, endorsements and other instruments furnished to it by the Servicer or Special Servicer,
as applicable, as shall be necessary to effectuate the transfer of the Whole Loan, the Foreclosed Property and any other collateral
for the Whole Loan, as applicable.

 

(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.

 

Section 9.2.  
Additional Termination Requirements.  In connection with any termination pursuant to Section 9.1 other
than final payment on the Trust Loan, the Trust Fund shall be terminated in accordance with the following additional requirements,
unless the Certificate Administrator has obtained at the expense of the Trust, 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 eighty-nine (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

 

     -206-

     

    
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 Trust 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 Certificate Administrator as holder of the Uncertificated Lower-Tier Interests and to the Holders of
the Class R Certificates (in respect of the Class LT-R Interest) in accordance with Section 4.1(b) 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) and Section 4.1(g).

 

Section 9.3. 
Trusts Irrevocable.  Except as expressly provided herein, all trusts created hereby are irrevocable.

 

Article
10

MISCELLANEOUS PROVISIONS

 

Section 10.1.  
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, as applicable:

 

(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;

 

(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
or the Companion Loan Holders, 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

 

     -207-

     

    
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 either the Lower-Tier
REMIC or 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 if the requesting party is the Certificate Administrator or the Trustee, at the
expense of the Trust) to the effect that (1) the action is necessary or desirable to maintain such qualification or to avoid or
minimize the risk of imposition of any such tax and (2) the action will not adversely affect in any material respect the interests
of any holder of the Certificates or (B) to the extent necessary to comply with the Investment Company Act of 1940, as amended,
the Trust Indenture Act of 1939, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations;

 

(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 or the Companion
Loan Holders 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 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 or the Certificate Administrator;

 

(vii)
    to amend or supplement any provision of this Agreement to the extent necessary to maintain the ratings assigned to each Class
of Certificates by the Rating Agency; provided that such amendment does not adversely affect in any material respect the
interests of any Certificateholder or the Companion Loan Holders;

 

(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 cause
the Upper-Tier REMIC or the Lower-Tier REMIC to fail to qualify 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

 

     -208-

     

    
Trustee
or the Certificate Administrator is the requesting party) and (c) 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 or the Certificate Administrator)
is obtained;

 

(ix) 
to modify the procedures set forth in this Agreement relating to Exchange Act Rule 17g-5 or Rule 15Ga-1 compliance;
and

 

(x)  
to modify, eliminate or add to any of this Agreement’s provisions in the event the Credit Risk Retention Rule, Regulation
RR or any other rules and regulations applicable to the risk retention requirements for this securitization transaction are amended
or repealed, to the extent required to comply with any such amendment or to modify or eliminate the risk retention requirements
in the event of such repeal; provided that no such modification, elimination or addition may change in any manner the rights
or obligations of the Third Party Purchaser under this Agreement or the related risk retention agreement without the consent of
the Third Party Purchaser.

 

Notwithstanding
the foregoing, no such amendment to this Agreement contemplated by this Section 10.1(a) shall be permitted if the
amendment would (i) reduce the consent or consultation rights or the right to receive information under this Agreement of the
Controlling Class Representative without the consent of the Controlling Class Representative, (ii) change in any manner the obligations
or rights of the Sponsors under the Loan Purchase Agreement or this Agreement without the consent of the Sponsors or (iii) change
in any manner the obligations or rights of the Initial Purchaser without the consent of the Initial or (iv) adversely affect
the Companion Loan Holders in its capacity as such without its consent Purchasers.

 

(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 Trust Loan that are required to be distributed on
any Certificate without the consent of the holder of such Certificate; (2) alter in any manner the liens on any collateral
securing payments of the Whole Loan; (3) alter the obligations of the Servicer or the Trustee to make an Advance or alter
the Accepted Servicing Practices; (4) change the percentages of Voting Rights or Percentage Interests of Certificateholders
that are required to consent to any action or inaction under this Agreement; (5) adversely affect the Controlling Class Representative
without the consent of 100% of the Controlling Class Certificateholders; (6) adversely affect any Companion Loan Holder in its
capacity as such without its consent; or (7) amend this Section 10.1.

 

(c)       
Notwithstanding the foregoing, no amendment to this Agreement may be made that (i) would cause the Upper-Tier REMIC or the
Lower-Tier REMIC to fail to qualify as a REMIC for federal income tax purposes (as may be evidenced by an Opinion of Counsel),
(ii) would cause any REMIC related to any Companion Loan Securities to fail to

 

     -209-

     

    
qualify
as a REMIC under the Code or (iii) changes in any manner the obligations of the Sponsors under the Loan Purchase Agreement without
the consent of the Sponsors, and the Trustee, Servicer, Special Servicer, Operating Advisor or Certificate Administrator may,
but will not be obligated to, enter into any amendment to this Agreement that it determines affects its rights, duties or immunities
or creates any additional liability for the Trustee, Servicer, Special Servicer, Operating Advisor or Certificate Administrator
under this Agreement.

 

(d)      
It shall not be necessary for the consent of Certificateholders under this Section 10.1 to approve the particular
form of any proposed amendment, but it shall be sufficient if such consent shall approve the substance thereof.  The manner
of obtaining such consents and of evidencing the authorization of the execution thereof by Certificateholders shall be subject
to such reasonable regulations as the Certificate Administrator may prescribe.

 

(e)       
Notwithstanding the foregoing, no amendment may be made to this Agreement unless the Certificate Administrator, the Trustee, the
Operating Advisor, the Servicer and the Special Servicer have first received 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 all conditions precedent have been
met and that the amendment or the exercise of any power granted to the Servicer, the Special Servicer, the Depositor, the Operating
Advisor, the Certificate Administrator, the Trustee or any other specified person in accordance with the amendment, will not result
in an Adverse REMIC Event or cause any REMIC related to any Companion Loan Securities to fail to qualify as a REMIC under the
Code.

 

(f)       
Promptly after the execution of any amendment to this Agreement or any amendment to the Loan Purchase 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 Initial Purchasers,
the Companion Loan Holders and, subject to Section 10.17, the Rating Agency.

 

(g)       
In the event that neither the Depositor nor any successor thereto is in existence, any amendment under this Section 10.1
shall be effected with the consent of the Trustee, the Certificate Administrator and the Servicer or Special Servicer, as
applicable, and, to the extent required by this Section 10.1, the required Certificateholders.

 

(h)       
Unless otherwise specified in Section 10.1(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 such amendment is required by the Rating Agency to maintain the rating issued by it or requested by the Trustee or the
Certificate Administrator for any purpose described in Section 10.1(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).

 

     -210-

     

    
Section 10.2.  
Recordation of Agreement; Counterparts.  (a)  This Agreement or an abstract hereof, if acceptable
by the applicable recording office, is subject to recordation in all appropriate public offices for real property records in the
county in which the Property subject to the Mortgage is situated, and in any other appropriate public recording office or elsewhere,
such recordation to be effected by the Trustee or the Certificate Administrator at the expense of the Trust upon its receipt of
an Opinion of Counsel to the effect that such recordation materially and beneficially affects the interests of the Certificateholders
of the Trust.

 

(b)       
For the purpose of facilitating the recordation of this Agreement as herein provided and for other purposes, this Agreement may
be executed simultaneously in any number of counterparts, each of which counterparts shall be deemed to be an original, and such
counterparts shall constitute but one and the same instrument.  Delivery of an executed counterpart of a signature page of
this Agreement in Portable Document Format (PDF) or by facsimile transmission shall be as effective as delivery of a manually
executed original counterpart of this Agreement.

 

Section 10.3.  
Governing Law; Submission to Jurisdiction; Waiver of Jury Trial.  THIS AGREEMENT
AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS AGREEMENT, THE RELATIONSHIP OF THE PARTIES TO THIS
AGREEMENT, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND DUTIES OF THE PARTIES TO THIS AGREEMENT SHALL BE GOVERNED
BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CHOICE OF
LAW RULES THEREOF.  THE PARTIES HERETO INTEND THAT THE PROVISIONS OF SECTIONS 5-1401 AND 5-1402 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 SITTING
IN NEW YORK COUNTY AND THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK FOR THE PURPOSE
OF ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT; (II) WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, THE DEFENSE
OF AN INCONVENIENT FORUM IN ANY ACTION OR PROCEEDING IN ANY SUCH COURT; (III) AGREES THAT A FINAL JUDGMENT IN ANY ACTION
OR PROCEEDING IN ANY SUCH COURT SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN ANY OTHER JURISDICTION BY SUIT ON THE JUDGMENT OR IN
ANY OTHER MANNER PROVIDED BY LAW; AND (IV) CONSENTS TO SERVICE OF PROCESS UPON IT BY MAILING A COPY THEREOF BY CERTIFIED
MAIL ADDRESSED TO IT AS PROVIDED FOR NOTICES HEREUNDER AND AGREES THAT NOTHING HEREIN SHALL AFFECT THE RIGHT TO EFFECT SERVICE
OF PROCESS IN ANY MANNER PERMITTED BY LAW.

 

THE
PARTIES HERETO HEREBY WAIVE, TO THE FULLEST EXTENT PERMITTED BY LAW, THE RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM,
WHETHER IN CONTRACT, TORT OR OTHERWISE, RELATING DIRECTLY OR INDIRECTLY TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

     -211-

     

    
Section 10.4.  
Notices.  All demands, notices and communications hereunder shall be in writing, shall be deemed to have been
given upon receipt (except that notices to Holders of any Class of Certificates held in registered, definitive form shall be deemed
to have been given upon being sent by first class mail, postage prepaid) as follows:

 

If
to the Trustee, to:

Wells Fargo Bank, National Association
9062 Old Annapolis Road
Columbia, Maryland  21045
Attention: 
Corporate Trust Services (CMBS) BWAY 2019-1633

 

with
a copy to:

Fax Number:  (410) 715-2380
E Mail:  cts.cmbs.bond.admin@wellsfargo.com, and to
trustadministrationgroup@wellsfargo.com,
except as otherwise set forth herein

 

If
to the Certificate Administrator, to:

Wells Fargo Bank, National Association
9062 Old Annapolis Road
Columbia, Maryland 
21045 1951
Attention:  Corporate Trust Services (CMBS) 
BWAY Trust 2019-1633

 

With
a copy to: 

Email:  Trustadministrationgroup@wellsfargo.com and cts.cmbs.bond.admin@wellsfargo.com

 

With
respect to any certificate transfer services for Certificates other than the Class HRR Certificates during the Risk Retention
Period:

Wells Fargo Bank, National Association
600 South 4th Street, 7th Floor
MAC:  N9300-070
Minneapolis,
Minnesota 55479
Attention:  Corporate Trust Services:  BWAY Trust 2019-1633

 

Or
in the case of a transfer of the Class HRR Certificates during the Risk Retention Period to:

 

Wells
Fargo Bank, National Association 

9062
Old Annapolis Road 

Columbia,
Maryland 21045

 

     -212-

     

    
Attention:
Risk Retention Custody (CMBS) – BWAY 2019-1633

 

           
with a copy to: riskretetentioncustody@wellsfargo.com

 

With
respect to the Custodian:

Wells Fargo Bank, National Association
1055 10th Ave SE
Minneapolis, Minnesota 55414
Attn: 
Document Custody Group BWAY Trust 2019-1633

 

With
a copy to:

 

Email: 
cmbscustody@wellsfargo.com

 

If
to the Depositor, to:

GS Mortgage Securities Corporation II
200 West Street
New York, New York 10282
Attention: 
Leah Nivison
Email:  leah.nivison@gs.com

 

with
copies to: 

GS Mortgage Securities Corporation II
200 West Street
New York, New York 10282
Attention:  Brian
Bolton
Email: brian.a.bolton@gs.com and gs-refgsecuritization@gs.com

 

If
to the Servicer, to:

KeyBank National Association
11501 Outlook Street, Suite 300
Overland Park, Kansas 66211
Attention: 
Michael Tilden 
Fax number:  (877) 379-1625
Email: michael_a_tilden@keybank.com

 

with
copies to:

Polsinelli
900 West 48th Place, Suite 900
Kansas City, Missouri 64112
Attention: Kraig Kohring
Fax
Number: (816) 753-1536

 

     -213-

     

    
If
to the Special Servicer, to:

Situs Holdings,
LLC
101
Montgomery Street, Suite 2250
San
Francisco, California 94104
Attention:
Stacey Ciarlanti
Email:
staceyciarlanti@situsamc.com;

 

with
copies to:

Situs Group, LLC
5065
Westheimer, Suite 700E
Houston,
Texas 77056
Attention:
Legal Department
Email:
legal@situsamc.com

 

If
to the Operating Advisor, to:

 

Pentalpha
Surveillance LLC

375
N. French Road, Suite 100

Amherst,
New York 14228

Attention: 
BWAY Trust 2019-1633 Transaction Manager

With
a copy sent via email to: notices@pentalphasurveillance.com with the deal name on the subject line

 

with
a copy to:

Bass, Berry & Sims PLC

150
Third Avenue South

Suite
2800 

Nashville,
Tennessee  37201

Attention: 
Jay H. Knight
Email: jknight@bassberry.com

 

If
to the Retaining Sponsor, to:

Goldman Sachs Mortgage Company
200 West Street
New York, New York 10282
Attention: 
Leah Nivison
Email:  leah.nivison@gs.com

 

     -214-

     

    
with
copies to: 

Goldman Sachs Mortgage Company
200 West Street
New York, New York 10282
Attention:  Brian Bolton
Email: 
brian.a.bolton@gs.com and gs-refgsecuritization@gs.com

 

If
to the initial Directing Holder, to:

Prima Capital Advisors LLC
2 Overhill Road, Suite 215
Scarsdale, New York 10583
Attention: 
Nilesh Patel
Facsimile No.: (914) 725-9385

 

If
to any Certificateholder, to:

the address set forth in the Certificate Register

 

If
to the Mortgage Loan Borrower:

at the respective addresses therefor set forth in the Mortgage 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.

 

Section 10.5.  
Notices to the Rating Agency.  The Servicer, the Special Servicer, the Certificate Administrator and the Trustee
shall not provide any information regarding the Trust Fund to the Rating Agency upon receipt of a request by the Rating Agency
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 17g-5 Information Provider
in accordance with the procedures set forth in Section 10.16 and 10.17; provided, that the 17g-5 Information
Provider 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 Agency required hereunder shall be in writing.

 

Any
notices to the Rating Agency shall be sent to the following address:

 

Kroll
Bond Rating Agency, Inc.
845 Third Avenue
New York, New York 10022
Email: cmbssurveillance@krollbondratings.com

 

     -215-

     

    
Section 10.6. 
Severability of Provisions.  If any one or more of the covenants, agreements, provisions or terms of this Agreement
shall be for any reason whatsoever held invalid, then, to the extent permitted by applicable law, such covenants, agreements,
provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement
and shall in no way affect the validity or enforceability of the other provisions of this Agreement or of the Certificates or
the rights of the Holders thereof.

 

Section 10.7.  
Limitation on Rights of Certificateholders.  The death or incapacity of any Certificateholder shall not operate
to terminate this Agreement or the Trust Fund, nor entitle such Certificateholder’s legal representative or heirs to claim
an accounting or to take any action or to commence any proceeding in any court for a petition or winding up of the Trust Fund,
or otherwise affect the rights, obligations and liabilities of the parties hereto or any of them.

 

No
Certificateholder, solely by virtue of its status as a Certificateholder, shall have any right to vote (except as provided herein)
or in any manner otherwise control the operation and management of the Trust Fund, or the obligations of the parties hereto, nor
shall anything herein set forth or contained in the terms of the Certificates be construed so as to constitute the Certificateholders
from time to time as partners or members of an association; nor shall any Certificateholders be under any liability to any third
party by reason of any action by the parties to this Agreement pursuant to any provision hereof.

 

No
Certificateholder, solely by virtue of its status as a Certificateholder, shall have any right by virtue or by availing itself
of any provisions of this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect
to this Agreement, unless such Holder previously shall have given to the Trustee a written notice of a Servicer Termination Event
or Special Servicer Termination Event, as the case may be, and of the continuance thereof, as herein before provided, and unless
the Holders of Certificates aggregating not less than 25% of the Voting Rights of the Certificates shall also have made written
request upon the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder and shall have offered
to the Trustee such reasonable indemnity as it may require against the costs, expenses, and liabilities to be incurred therein
or thereby, and the Trustee, for 60 days after its receipt of such notice, request and offer of indemnity, shall have 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.

 

Section 10.8.  
Certificates Nonassessable and Fully Paid.  The Certificateholders shall not be personally liable for obligations
of the Trust Fund, the interests in the Trust Fund

 

     -216-

     

    
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.

 

Section 10.9.  
Reproduction of Documents.  This Agreement and all documents relating thereto, including, without limitation,
(i) consents, waivers and modifications which may hereafter be executed, (ii) documents received by any party at the
closing, and (iii) financial statements, certificates and other information previously or hereafter furnished, may be reproduced
by any photographic, photostatic, microfilm, micro-card, miniature photographic or other similar process.  The parties agree
that any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding,
whether or not the original is in existence and whether or not such reproduction was made by a party in the regular course of
business, and that any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence.

 

Section 10.10.  
No Partnership.  Nothing herein contained shall be deemed or construed to create a partnership or joint venture
between the parties hereto.

 

Section 10.11.  
Actions of Certificateholders.  (a)  Any request, demand, authorization, direction, notice, consent,
waiver or other action provided by this Agreement to be given or taken by Certificateholders may be embodied in and evidenced
by one or more instruments of substantially similar tenor signed by such Certificateholders in person or by agent duly appointed
in writing; and except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments
are delivered to the Trustee or Certificate Administrator and, where required, to the Depositor, the Servicer or the Special Servicer. 
Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this
Agreement and conclusive in favor of the Certificate Administrator, the Trustee, the Depositor, the Servicer and the Special Servicer
if made in the manner provided in this Section.

 

(b)       
The fact and date of the execution of any Certificateholder of any such instrument or writing may be proved in any reasonable
manner which the Trustee or 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 Depositor, the Servicer or the Special
Servicer in reliance thereon, whether or not notation of such action is made upon such Certificate.

 

(d)      
The Certificate Administrator and the Trustee may require additional proof of any matter referred to in this Section as it
shall deem reasonably necessary.

 

Section 10.12. 
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

 

     -217-

     

    
benefit
of and be binding upon the Depositor, the Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator,
the Custodian, the 17g-5 Information Provider and the Trustee and their respective permitted successors and assigns.  No
Person other than a party to this Agreement, the Initial Purchasers and any Certificateholder shall have any rights with respect
to the enforcement of any of the rights or obligations hereunder.  Without limiting the foregoing, the parties to this Agreement
specifically agree that (i) each Sponsor shall be a third-party beneficiary of this Agreement with respect to any provisions
relating to the such Sponsor, (ii) unless it is the Mortgage Loan Borrower or an Affiliate thereof, the Companion Loan Holders
shall be a third-party beneficiary of this Agreement with respect to the rights afforded it under this Agreement, (iii) each
Other Depositor and Other Exchange Act Reporting Party shall be third-party beneficiary of this Agreement with respect to its
rights under Article 11, and (iv) no Mortgage Loan Borrower, property manager or other party to the Whole Loan is an
intended third-party beneficiary of this Agreement (provided that the Mortgage Loan Borrower shall be entitled to notices
to the extent expressly provided herein).

 

Section 10.13.  
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.

 

Section 10.14. 
Streit Act.  Any provisions required to be contained in this Agreement by Section 126 and/or Section 130-k
or Article 4-A of the New York Real Property Law are hereby incorporated herein, and such provisions shall be in addition
to those conferred or imposed by this Agreement; provided, however, that to the extent that such Section 126
and/or 130-k shall not have any effect, and if said Section 126 and/or Section 130-k should at any time be repealed
or cease to apply to this Agreement or be construed by judicial decision to be inapplicable, said Section 126 and/or Section 130-k
shall cease to have any further effect upon the provisions of this Agreement.  In a case of a conflict between the provisions
of this Agreement and any mandatory provisions of Article 4-A of the New York Real Property Law, such mandatory provisions
of said Article 4-A shall prevail, provided that if said Article 4-A shall not apply to this Agreement, should
at any time be repealed, or cease to apply to this Agreement or be construed by judicial decision to be inapplicable, such mandatory
provisions of such Article 4-A shall cease to have any further effect upon the provisions of this Agreement.

 

Section 10.15.  
Assumption by Trust of Duties and Obligations of the Sponsors Under the Mortgage Loan Documents.  The Trustee
on behalf of the Trust as assignee of the Trust Loan and the Certificate Administrator, the Servicer and Special Servicer hereby
acknowledge that, subject to Section 10.18, the Trust assumes all of the rights and obligations of the Sponsors as
lender under the Mortgage 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.

 

     -218-

     

    
Section 10.16.  
Notice to the Rating Agency.  (a) The Certificate Administrator shall use its commercially reasonable
efforts to promptly provide notice to the 17g-5 Information Provider by e-mail with respect to 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.  Information shall be posted on the
same Business Day of receipt provided that such information is received by 2:00 p.m. (New York time) or, if received after 2:00
p.m. (New York time), on the next Business Day by 12:00 p.m. (New York time):

 

(i)   
    any material change or amendment to this Agreement or the Mortgage Loan Agreement;

 

(ii)  
    the occurrence of any Mortgage Loan Event of Default that has not been cured;

 

(iii) 
    the merger, consolidation, resignation or termination of the Servicer, Special Servicer, the Certificate Administrator or the
Trustee;

 

(iv) 
     any notice of a Servicer Termination Event or Special Servicer Termination Event delivered pursuant to Section 7.1(b)
and any notice of the termination of the Servicer or the Special Servicer and appointment of a successor to the Servicer or
the Special Servicer delivered pursuant to Section 7.3(a);

 

(v)  
    each Sponsor’s repurchase of its related Sponsor Percentage Interest in the Trust Loan pursuant to Section 2.2
and Section 2.9;

 

(vi) 
    the final payment to any Class of Certificateholders;

 

(vii)
    any change in the location of the Distribution Account;

 

(viii)    any event that would result in the voluntary or involuntary termination of any insurance of the accounts of the Servicer;

 

(ix) 
     any change in the lien priority of the Trust Loan; and

 

(x)  
    each Distribution Date Statement described in Section 4.4(a) and the CREFC® Reports.

 

(b)       
The Servicer or the Special Servicer shall promptly furnish to the 17g-5 Information Provider by e-mail 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. Information shall be posted on the same
Business Day of receipt provided that such information is received by 2:00 p.m. (New York time) or, if received after 2:00 p.m.
(New York time), on the next Business Day by 12:00 p.m. (New York time):

 

(i)   
each of its annual statements as to compliance described in Section 11.8;

 

     -219-

     

    
(ii)  
     each of its annual independent public accountants’ servicing reports described in Section 11.9;

 

(iii)
  
     upon request, a copy of each operating and other financial statements or occupancy report to the extent such information is required
to be delivered under the Whole Loan and to the extent such information is collected by the Servicer or the Special Servicer pursuant
to this Agreement;

 

(iv)
  
     upon request, each inspection report prepared in connection with any inspection conducted pursuant to Section 3.22;
and

 

(v) 
  
     upon request, each appraisal obtained pursuant to Section 3.7.

 

Section 10.17.  
Exchange Act Rule 17g-5 Procedures.  (a)  Except as otherwise provided in Section 10.16
or this Section 10.17 or otherwise in this Agreement or as required by law, none of the Servicer, the Special
Servicer, the Certificate Administrator or the Trustee shall provide any information directly to, or communicate with, either
orally or in writing, the Rating Agency regarding the Certificates or the Trust Loan relevant to the Rating Agency’s surveillance
of the Certificates or the Trust Loan, including, but not limited to, providing responses to inquiries from the Rating Agency
regarding the Certificates or the Trust Loan relevant to the Rating Agency’s surveillance of the Certificates.  To
the extent that the Rating Agency makes an inquiry or initiates communications with the Servicer, the Special Servicer, the Certificate
Administrator or the Trustee regarding the Certificates or the Trust Loan relevant to the Rating Agency’s surveillance
of the Certificates, all responses to such inquiries or communications from the Rating Agency shall be made in writing by the
responding party and shall be provided to the 17g-5 Information Provider who shall post such written response to the 17g-5 Information
Provider’s Website.  Information shall be posted on the same Business Day of receipt provided that such information
is received by 2:00 p.m. (New York time) or, if received after 2:00 p.m. (New York time), on the next Business Day by 12:00 p.m.
(New York time).

 

If
the Rating Agency requests access to the 17g-5 Information Provider’s Website, access shall be granted by the 17g-5 Information
Provider on the same Business Day provided that such request is made prior to 2:00 p.m., New York time on such Business Day, or,
if received after 2:00 p.m., New York time, on the following Business Day.

 

(b)       
To the extent that any of the Servicer, the Special Servicer, the Certificate Administrator or the Trustee is required to provide
any information to, or communicate with, the Rating Agency in accordance with its obligations under this Agreement, the Servicer,
the Special Servicer, the Certificate Administrator or the Trustee, as applicable, shall provide such information or communication
to the 17g-5 Information Provider by e-mail, which the 17g-5 Information Provider shall upload to the 17g-5 Information Provider’s
Website. Information shall be posted on the same Business Day of receipt provided that such information is received by 2:00 p.m.
(New York time) or, if received after 2:00 p.m. (New York time), on the next Business Day by 12:00 p.m. (New York time). The foregoing
shall include any Rating Agency Confirmation request made pursuant to this Agreement, which shall be in writing, with a cover
letter indicating the nature of the request and shall

 

     -220-

     

    
include
all information the requesting party believes is reasonably necessary for the Rating Agency to make its decision.

 

(c)       
The Servicer, the Special Servicer, the Certificate Administrator and the Trustee shall be permitted to orally communicate with
the Rating Agency; provided that such party summarizes the information provided to the Rating Agency in such communication
in writing and provides the 17g-5 Information Provider with such written summary in accordance with the procedures set forth in
herein on the same day such communication takes place; provided that the summary of such oral communications shall not be attributed
to the 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 herein. 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 Person that has signed up for access to the 17g-5 Information
Provider’s Website in respect of the transaction governed by this Agreement each time an additional document is posted
to the 17g-5 Information Provider’s Website and such notice shall specifically identify such document in the subject line
or otherwise in the body of the email. The 17g-5 Information Provider shall send such notice to such Person’s email address
provided by and used by such Person for the purpose of accessing the 17g-5 Information Provider’s Website, including a
general email address if such general email address has been provided to the 17g-5 Information Provider in connection with a completed
NRSRO Certification in the form of Exhibit M hereto.

 

Any
information required to be delivered to the 17g-5 Information Provider by any party under this Agreement shall be delivered to
it via electronic mail at 17g5informationprovider@wellsfargo.com, specifically with a subject reference of “BWAY Trust 2019-1633”
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.

 

The
17g-5 Information Provider shall have no obligation or duty to verify, confirm or otherwise determine whether the information
being delivered is accurate, complete, conforms to the transaction, or otherwise is or is not anything other than what it purports
to be.  In the event that any information is delivered or posted in error, 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 posted to the 17g-5 Information Provider’s Website to the extent such
information was not produced by the 17g-5 Information Provider (in such capacity as the 17g-5 Information Provider). 

 

Access
will be provided by the 17g-5 Information Provider to the NRSROs upon receipt of an NRSRO Certification in the form of Exhibit
M hereto.  Questions regarding delivery of information to the 17g-5 Information Provider may be directed to 17g5informationprovider@wellsfargo.com. 
In the event that any report, statement, document, file or other data to be delivered to the 17g-5 Information Provider under
this Agreement is too large in its electronic form to be delivered via email, such report, statement, document, file or other
data may be uploaded to an alternate location provided by the 17g-5 Information Provider,

 

     -221-

     

    
and
the party uploading such report, statement, document, file or other data shall notify the 17g-5 Information Provider via email
that such report, statement, document, file or other data has been so uploaded and is ready for posting to the 17g-5 Information
Provider’s Internet Website.

 

In
connection with the delivery by the Servicer or the Special Servicer, as applicable, to the 17g-5 Information Provider of any
information, report, notice or document for posting to the 17g-5 Information Provider’s Website pursuant to this Agreement,
the Servicer or the Special Servicer, as applicable, may, but is not obligated to, send such information, report, notice or other
document to the Rating Agency following the earlier of (i) receipt of notification from the 17g-5 Information Provider that such
information, report, notice or document has been posted to the 17g-5 Information Provider’s Website and (ii) two Business
Days following delivery to the 17g-5 Information Provider.

 

(d)      
Each of the Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Custodian and the Trustee
(each, an “Indemnifying Party”) hereby expressly agrees to indemnify and hold harmless the Depositor and its
respective officers, directors, shareholders, members, managers, employees, agents, Affiliates and controlling persons, and the
Trust Fund (each, an “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), joint
or several, to which any such Indemnified Party may become subject, under the Securities Act, the Exchange Act or otherwise, pursuant
to a third-party claim, 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 Indemnifying Party’s
breach of Section 10.16 or Section 10.17(a),
(b), and (c),
as applicable, or (ii) a determination by
the 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 the applicable
Indemnifying Party, and will reimburse such Indemnified Party for any legal or other expenses reasonably incurred by such Indemnified
Party in connection with investigating or defending any such action or claim, as such expenses are incurred.

 

(e)       
None of the Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Custodian or the Trustee
shall have any liability for (i) the 17g-5 Information Provider’s failure to post on the 17g-5 Information Provider’s
Website information provided by the Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the
Custodian or the Trustee in accordance with the terms of this Agreement, (ii) any malfunction or disabling of the 17g-5 Information
Provider’s Website or (iii) such party’s failure to perform any of its obligations under this Agreement regarding
providing information or communication to the Rating Agency that are required to be performed after the 17g-5 Information Provider
posts the related information or communication if the 17g-5 Information Provider fails to notify such party that it has posted
such information or communication on the 17g-5 Information Provider’s Website.

 

(f)       
None of the foregoing restrictions in this Section 10.17 prohibit or restrict oral or written communications, or providing
information, between the Servicer or the Special Servicer, on the one hand, and the Rating Agency, on the other hand, with regard
to

 

     -222-

     

    
(i) the
Rating Agency’s review of the ratings it assigns to the Servicer or the Special Servicer, as applicable, (ii) the
Rating Agency’s approval of the Servicer or the Special Servicer, as applicable, as a commercial mortgage master, special
or primary servicer or (iii) the Rating Agency’s evaluation of the Servicer’s or the Special Servicer’s,
as applicable, servicing operations in general; provided, however, that the Servicer or the Special Servicer, as
applicable, shall not provide any information relating to the Certificates or the Trust Loan to the Rating Agency in connection
with such review and evaluation by the Rating Agency unless:  (x) borrower, property or deal specific identifiers are
redacted; (y) such information has already been provided to the 17g-5 Information Provider and has been uploaded on to the
17g-5 Information Provider’s Website or (z) the Rating Agency confirms in writing that it does not intend to use such information
in undertaking credit rating surveillance with respect to any Class of Certificates; provided, however, that the
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 any other confidentiality agreement to which the Rating Agency is
subject) or comprised of information collected by the 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 10.17(f).

 

The
17g-5 Information Provider shall maintain the 17g-5 Information Provider’s Website in accordance with Exchange Act Rule 17g-5(a)(3)(iii).

 

Section 10.18.  
Cooperation with the Sponsors with Respect to Rights Under the Mortgage Loan Agreement.  It is expressly agreed
and understood that, notwithstanding the assignment of the Mortgage Loan Documents, it is expressly intended that the Sponsors
get the benefit of the provisions of any section of the Mortgage Loan Agreement or securitization cooperation agreement related
to indemnification of the lender and/or its Affiliates with respect to any securitization of the Whole Loan.  Therefore,
the Depositor, the Servicer, the Special Servicer, the Certificate Administrator and Trustee hereby agree to cooperate with the
Sponsors with respect to the benefits of the provisions of any section of the Mortgage Loan Agreement or securitization cooperation
agreement related to indemnification of the lender and/or its Affiliates with respect to any securitization of the Trust Loan
with respect to securitization indemnification, including, without limitation, reassignment to the Sponsors of such sections,
but no other portion of the Mortgage Loan Documents, to permit the Sponsors and their respective Affiliates to enforce such provisions
for their benefit.  To the extent that the Trustee is required to execute any document facilitating an assignment under this
Section 10.18, such document shall be in form and substance reasonably acceptable to the Trustee.

 

Article
11

EXCHANGE ACT REPORTING AND REGULATION AB COMPLIANCE

 

Section 11.1. 
Intent of the Parties; Reasonableness.  The parties hereto acknowledge and agree that the purpose of Article 11
of this Agreement is, among other things, to facilitate compliance by any Other Depositor with the provisions of Regulation AB
and the related rules and regulations of the Commission.  Except as expressly required by Sections 11.7, 11.8
and 11.9, the Depositor shall not, and no Other Depositor may, exercise its rights to request delivery of information or
other performance under these provisions other than in good faith, or

 

     -223-

     

    
for
purposes other than compliance with the Act, the Exchange Act and the Sarbanes-Oxley Act.  The parties hereto acknowledge
that interpretations of the requirements of Regulation AB may change over time due to interpretive guidance provided by the Commission
or its staff, and agree to comply with reasonable requests made by the Depositor, or any Other Depositor, in good faith for delivery
of information under these provisions on the basis of such evolving interpretations of Regulation AB.  In connection with
the BWAY Trust 2019-1633, Commercial Mortgage Pass-Through Certificates, Series 2019-1633, and any Companion Loan Securities,
each of the parties to this Agreement shall cooperate fully with the Depositor, the Certificate Administrator, any Other Depositor
and any Other Exchange Act Reporting Party, as applicable, to deliver to the Depositor or Other Depositor, as applicable (including
any of its assignees or designees), any and all statements, reports, certifications, records and any other information in its
possession or reasonably available to it and necessary in the reasonable good faith determination of the Depositor, the Certificate
Administrator, any Other Depositor or any Other Exchange Act Reporting Party, as applicable, to permit any Other Depositor to
comply with the provisions of Regulation AB, together with such disclosures relating to the Servicer, the Special Servicer, the
Operating Advisor, the Custodian, the Certificate Administrator and the Trustee, as applicable, and any Sub-Servicer, or the servicing
of the Whole Loan, reasonably believed by the Depositor or any Other Depositor, as applicable, in good faith to be necessary in
order to effect such compliance.

 

Section 11.2. 
Succession; Sub-Servicers; Subcontractors.  (a)  For so long as any Other Securitization Trust is
subject to the reporting requirements of the Exchange Act (in addition to any requirements contained in Section 11.7 of
this Agreement), in connection with the succession to the Servicer and Special Servicer or any Sub-Servicer as servicer or sub-servicer
(to the extent such Sub-Servicer is a Servicing Function Participant and a “servicer” meeting the criteria contemplated
by Item 1108(a)(2) of Regulation AB) under this Agreement by any Person (i) into which the Servicer and Special Servicer
or such Sub-Servicer may be merged or consolidated, or (ii) which may be appointed as a successor to the Servicer and Special
Servicer or any such Sub-Servicer, the Servicer or Special Servicer, as applicable (depending on whether such succession involves
it or one of its Sub-Servicers), shall provide (other than in the case of a succession pursuant to an appointment under Section 7.1
or 7.2, in which case the successor servicer or successor special servicer, as applicable, shall provide) to any Other
Depositor as to which the applicable Companion Loan is affected, at least five (5) Business Days prior to the effective date
of such succession or appointment as long as such disclosure prior to such effective date would not be violative of any applicable
law or confidentiality agreement (and as long as such notice is not given by a successor servicer or successor special servicer
appointed under Section 7.1 or 7.2), and otherwise no later than one (1) Business Day after such effective
date of succession, (x) written notice to the Depositor and each such Other Depositor of such succession or appointment and
(y) in writing and in form and substance reasonably satisfactory to each such Other Depositor, all information relating to
such successor servicer reasonably requested by any such Other Depositor in order to comply with its reporting obligation under
Item 6.02 of Form 8-K pursuant to the Exchange Act (if such reports under the Exchange Act are required to be filed under the
Exchange Act).

 

(b)       
For so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, each of the Servicer,
the Special Servicer, any Sub-Servicer, the Operating Advisor and the Certificate Administrator (each of the Servicer, the Special

 

     -224-

     

    
Servicer,
the Operating Advisor and the Certificate Administrator and each Sub-Servicer, for purposes of this Section 11.2(b) and
Section 11.2(c), a “Servicing Party”) is permitted to utilize one or more Subcontractors to perform
certain of its obligations hereunder.  Such Servicing Party shall promptly upon request provide to any Other Depositor as
to which the applicable Companion Loan is affected, a written description (in form and substance satisfactory to each such Other
Depositor) of the role and function of each Subcontractor that is a Servicing Function Participant utilized by such Servicing
Party during the preceding calendar year, specifying (i) the identity of such Subcontractor, and (ii) which elements
of the Servicing Criteria will be addressed in assessments of compliance provided by each such Subcontractor.  Each Servicing
Party shall cause any Subcontractor utilized by such Servicing Party that is determined to be a Servicing Function Participant
to comply with the provisions of Section 11.8 and Section 11.9 of this Agreement to the same extent as if such Subcontractor
were such Servicing Party.  Such Servicing Party shall obtain from each such Subcontractor (or, in the case of each Sub-Servicer
set forth on Exhibit AA, shall use commercially reasonable efforts to obtain from such Sub-Servicer) and deliver to
the applicable Persons any assessment of compliance report and related accountant’s attestation required to be delivered
by such Subcontractor under Section 11.8 and Section 11.9 of this Agreement, in each case, as and when required
to be delivered.

 

(c)       
For so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, notwithstanding the
foregoing, if a Servicing Party engages a Subcontractor in connection with the performance of any of its duties under this Agreement,
such Servicing Party shall be responsible for determining whether such Subcontractor is a “servicer” within the meaning
of Item 1101 of Regulation AB and whether such Subcontractor meets the criteria in Item 1108(a)(2)(i), (ii) or (iii) of Regulation
AB.  If a Servicing Party determines, pursuant to the preceding sentence, that such Subcontractor is a “servicer”
within the meaning of Item 1101 of Regulation AB and meets the criteria in Item 1108(a)(2)(i), (ii) or (iii) of Regulation
AB, then such Subcontractor shall be deemed to be a Sub-Servicer for purposes of this Agreement, and the engagement of such Sub-Servicer
shall not be effective unless and until notice is given to the Depositor and the Certificate Administrator, as well as any Other
Depositor as to which the applicable Companion Loan is affected, of any such Sub-Servicer and Subservicing Agreement.  No
Subservicing Agreement shall be effective until five (5) Business Days after such written notice is received by the Depositor,
the Certificate Administrator and each such Other Depositor.  Such notice shall contain all information reasonably necessary,
and in such form as may be necessary, to enable each Other Exchange Act Reporting Party as to which the applicable Companion Loan
is affected, to accurately and timely report the event under Item 6.02 of Form 8-K pursuant to the related Other Pooling and Servicing
Agreement or otherwise (if such reports under the Exchange Act are required to be filed under the Exchange Act).

 

(d)      
For so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, in connection with
the succession to the Trustee or Certificate Administrator under this Agreement by any Person (i) into which the Trustee
or Certificate Administrator may be merged or consolidated, or (ii) which may be appointed as a successor to the Trustee
or Certificate Administrator, the Trustee or Certificate Administrator, as applicable, shall notify the Depositor and each Other
Depositor, at least ten (10) Business Days prior to the effective date of such succession or appointment (or if such prior notice
would be violative of applicable law or any applicable confidentiality agreement, no later than the time required under

 

     -225-

     

    
Section
11.6 of this Agreement) and shall furnish pursuant to Section 11.6 of this Agreement to each Other Depositor in writing
and in form and substance reasonably satisfactory to the Depositor and each Other Depositor, all information reasonably necessary
for each Other Exchange Act Reporting Party to accurately and timely report the event under Item 6.02 of Form 8-K pursuant to
the related Other Pooling and Servicing Agreement or otherwise (if such reports under the Exchange Act are required to be filed
under the Exchange Act).

 

Section 11.3.  
Other Securitization Trust’s Filing Obligations.  For so long as any Other Securitization Trust is subject
to the reporting requirements of the Exchange Act, the Servicer, the Special Servicer, the Operating Advisor, the Certificate
Administrator and the Trustee shall (and shall cause (or, in the case of each Sub-Servicer set forth on Exhibit AA,
shall use commercially reasonable efforts to cause) each Additional Servicer and Servicing Function Participant utilized thereby
to) reasonably cooperate with each Other Depositor in connection with the satisfaction of each Other Securitization Trust’s
reporting requirements under the Exchange Act.

 

Section 11.4. 
Form 10-D Disclosure.  For so long as any Other Securitization Trust is subject to the reporting requirements
of the Exchange Act, within one Business Day after the related Distribution Date (using commercially reasonable efforts), but
in no event later than noon (New York City time) on the third Business Day after the related Distribution Date, (i) the parties
as set forth on Exhibit Y-1 to this Agreement, shall be required to provide to each Other Exchange Act Reporting Party
and each Other Depositor to which the particular Additional Form 10-D Disclosure is relevant for Exchange Act reporting purposes,
to the extent a Servicing Officer or Responsible Officer thereof has knowledge thereof (other than information required by Item 1117
of Regulation AB as to such party which shall be reported if actually known by any Servicing Officer or Responsible Officer,
as the case may be, or any lawyer in the in-house legal department of such party), in EDGAR-compatible format (to the extent available
to such party in such format), or in such other format as otherwise agreed upon by each such Other Exchange Act Reporting Party,
each such Other Depositor and such parties, the form and substance of the Additional Form 10-D Disclosure, if applicable,
and (ii) the parties listed on Exhibit Y-1 to this Agreement shall include with such Additional Form 10-D
Disclosure application to such party and shall cause each Sub-Servicer (or, in the case of each Sub-Servicer set forth on Exhibit AA,
shall use commercially reasonable efforts to cause such Sub-Servicer) and Subcontractor of such party to the extent required under
Regulation AB to provide, and if received, include, an Additional Disclosure Notification in the form attached as Exhibit Y-4
to this Agreement.  The Certificate Administrator has no duty under this Agreement to monitor or enforce the performance
by the parties listed on Exhibit Y-1 to this Agreement of their duties under this paragraph or proactively solicit or procure
from such parties any Additional Form 10-D Disclosure information. Information delivered to the Certificate Administrator hereunder
should be delivered by email to trustadministrationgroup@wellsfargo.com.  Neither the Trustee nor the Certificate Administrator
shall have any duty under this Agreement to monitor or enforce the performance by the parties listed on Exhibit T of their
duties under this paragraph or proactively solicit or procure from such parties any Additional Form 10-D Disclosure information. 
The Depositor shall be responsible for any reasonable expenses incurred by the Trustee or Certificate Administrator in connection
with including any Additional Form 10-D Disclosure on Form 10-D pursuant to this paragraph.

 

     -226-

     

    
Section 11.5. 
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 1st, commencing in 2020, (i) the parties listed on Exhibit Y-2 to this
Agreement shall be required to provide (and with respect to any Servicing Function Participant of such party (other than any party
to this Agreement), shall cause such Servicing Function Participant to provide) to each Other Exchange Act Reporting Party and
each Other Depositor to which the particular Additional Form 10-K Disclosure is relevant for Exchange Act Reporting purposes,
to the extent a Servicing Officer or a Responsible Officer, as the case may be, thereof has actual knowledge (other than information
required by Item 1117 of Regulation AB as to such party which shall be reported if actually known by any Servicing Officer or
Responsible Officer, as the case may be, or any lawyer in the in house legal department of such party), in EDGAR compatible format
(to the extent available to such party in such format) or in such other format as otherwise agreed upon by each such Other Exchange
Act Reporting Party, each such Other Depositor and such providing parties, the form and substance of any Additional Form 10-K
Disclosure described on Exhibit Y-2 hereto applicable to such party, and (ii) the parties listed on Exhibit Y-2
to this Agreement shall include with such Additional Form 10-K Disclosure applicable to such party and shall cause each Sub-Servicer
(or, in the case of each Sub-Servicer set forth on Exhibit AA, shall use commercially reasonable efforts to cause such
Sub-Servicer) and Subcontractor of such party to the extent required under Regulation AB to provide, and if received, include,
an Additional Disclosure Notification in the form attached as Exhibit Y-4 to this Agreement.  The Certificate Administrator
has no duty under this Agreement to monitor or enforce the performance by the parties listed on Exhibit Y-2 hereto of their
duties under this paragraph or proactively solicit or procure from such parties any Additional Form 10-K Disclosure information. 

 

Section 11.6. 
Form 8-K Disclosure.  For so long as any Other Securitization Trust is subject to the reporting requirements
of the Exchange Act, to the extent a Servicing Officer or Responsible Officer thereof has actual knowledge of such event (other
than Item 1117 of Regulation AB as to such party which shall be reported if actually known by any Servicing Officer or Responsible
Officer, as the case may be, or any lawyer in the in-house legal department of such party), within one Business Day after the
occurrence of an event requiring disclosure on Form 8-K (each such event, a “Reportable Event”)
(using commercially reasonable efforts), but in no event later than 1:00 p.m. (New York City time) on the second Business Day
after the occurrence of a Reportable Event, (i) the parties set forth on Exhibit Y-3 to this Agreement shall be required
to provide (and (i) with respect to any Servicing Function Participant of such party that is a Sub-Servicer set forth on
Exhibit AA, shall use commercially reasonable efforts to cause such Servicing Function Participant to provide, and
(ii) with respect to any other Servicing Function Participant of such party (other than any party to this Agreement), shall
cause such Servicing Function Participant to provide) to each Other Depositor and each Other Exchange Act Reporting Party to which
the particular Form 8-K Disclosure Information is relevant for Exchange Act reporting purposes, in EDGAR-compatible format (to
the extent available to such party in such format) or in such other format as otherwise agreed upon by each such Other Depositor,
each such Other Exchange Act Reporting Party and such providing parties, any Form 8-K Disclosure Information described on Exhibit
Y-3 to this Agreement as applicable to such party, if applicable, and (ii) the parties listed on Exhibit Y-3 to
this Agreement shall include with such Form 8-K Disclosure Information applicable to such party and shall cause each Sub-Servicer
(or, in the case of each Sub-Servicer set forth on Exhibit 

 

     -227-

     

    
Y-3,
shall use commercially reasonable efforts to cause such Sub-Servicer) and Subcontractor of such party to the extent required under
Regulation AB to provide, and if received, include, an Additional Disclosure Notification in the form attached hereto as Exhibit Y-4. 
The Certificate Administrator has no duty under this Agreement to monitor or enforce the performance by the parties listed on
Exhibit Y-3 of their duties under this paragraph or proactively solicit or procure from such parties any Form 8-K Disclosure
Information.

 

Section 11.7.  
Annual Compliance Statements.  On or before March 1st of each year, commencing in 2020, each of the Servicer,
the Special Servicer (regardless of whether the Special Servicer has commenced special servicing of the Whole Loan) and, for so
long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, the Custodian, the Certificate
Administrator and the Trustee (provided, however, that the Trustee shall not be required to deliver an assessment
of compliance with respect to any period during which there was no Applicable Servicing Criteria applicable to it), at its own
expense, shall furnish (and each such party, (i) with respect to each Servicing Function Participant that is a Sub-Servicer
set forth on Exhibit AA with which it has entered into a servicing relationship with respect to the Whole Loan, shall
use commercially reasonable efforts to cause such Servicing Function Participant to furnish, and (ii) with respect to any
other Servicing Function Participant of such party (other than any party to this Agreement), shall cause such Servicing Function
Participant to furnish) (each such Servicing Function Participant and each of the Servicer, Special Servicer, the Trustee, the
Custodian and the Certificate Administrator, a “Certifying Servicer”) to the Certificate Administrator (who
shall post it to the Certificate Administrator’s Website) the 17g-5 Information Provider (who shall post it to the 17g-5
Information Provider’s Website), as applicable, pursuant to Section 8.14(b)) or Section 10.17, the Trustee
the Depositor and the Companion Loan Holders (or, in the case of a Companion Loan that is part of an Other Securitization Trust,
the applicable Other Depositor and Other Exchange Act Reporting Party), an Officer’s Certificate stating, as to the signer
thereof, that (A) a review of such Certifying Servicer’s activities during the preceding calendar year or portion
thereof and of such Certifying Servicer’s performance under this Agreement or the applicable sub-servicing agreement, as
applicable, has been made under such officer’s supervision and (B) to the best of such officer’s knowledge,
based on such review, such Certifying Servicer has fulfilled all its obligations under this Agreement or the applicable sub-servicing
agreement, as applicable, in all material respects throughout such year or portion thereof, or, if there has been a failure to
fulfill any such obligation in any material respect, specifying each such failure known to such officer and the nature and status
thereof.  For so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, promptly
after receipt of each such Officer’s Certificate, the Depositor (and, in the case of a Companion Loan that is part of an
Other Securitization Trust, the applicable Other Depositor and Other Exchange Act Reporting Party) may review each such Officer’s
Certificate and, if applicable, consult with the Certifying Servicer, as applicable, as to the nature of any failures by such
Certifying Servicer, respectively, or any related Servicing Function Participant with which the Servicer or the Special Servicer,
as applicable, has entered into a servicing relationship with respect to the Trust Loan or the Companion Loans in the fulfillment
of any Certifying Servicer’s obligations hereunder or under the applicable sub-servicing or primary servicing agreement. 
The obligations of each Certifying Servicer under this Section apply to each such Certifying Servicer that serviced the Trust
Loan or a Companion Loan during the applicable period, whether or not the Certifying Servicer is acting in such capacity at the
time such Officer’s Certificate is required to be delivered.  Copies of all Officer’s

 

     -228-

     

    
Certificates
delivered pursuant to this Section 11.7 shall be made available to any Privileged Person by the Certificate Administrator
by posting such compliance report to the Certificate Administrator’s Website pursuant to Section 8.14(b).

 

Section 11.8.  
Annual Reports on Assessment of Compliance with Servicing Criteria.  (a)  On or before March 1st
of each year, commencing in 2020, the Servicer, the Special Servicer (regardless of whether the Special Servicer has commenced
special servicing of the Whole Loan) and, for so long as any Other Securitization Trust is subject to the reporting requirements
of the Exchange Act, the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee (provided, however,
that the Trustee shall not be required to deliver an assessment of compliance with respect to any period during which there was
no Applicable Servicing Criteria applicable to it), each at its own expense, shall furnish (and each such party, (i) with
respect to each Servicing Function Participant that is a Sub-Servicer set forth on Exhibit AA with which it has entered
into a servicing relationship with respect to the Whole Loan, shall use commercially reasonable efforts to cause such Servicing
Function Participant to furnish, and (ii) with respect to any other Servicing Function Participant of such party (other than
any party to this Agreement), shall cause such Servicing Function Participant to furnish) (each Servicer, the Special Servicer,
the Operating Advisor, the Custodian, the Certificate Administrator, the Trustee and any Servicing Function Participant, as the
case may be, a “Reporting Servicer”) to the Certificate Administrator and the 17g-5 Information Provider (who
shall post it to the 17g-5 Information Provider’s Website), as applicable, pursuant to Section 8.14(b)) or
Section 10.17 (and, with respect to the Special Servicer, also to the Operating Advisor), the Trustee, the Depositor and
the Companion Loan Holders (or, in the case of a Companion Loan that is part of an Other Securitization Trust, the applicable
Other Depositor and Other Exchange Act Reporting Party), a report on an assessment of compliance with the Applicable Servicing
Criteria that contains (A) a statement by such Reporting Servicer of its responsibility for assessing compliance with the
Applicable Servicing Criteria, (B) a statement that such Reporting Servicer used the Applicable Servicing Criteria to assess
compliance with the Applicable Servicing Criteria, (C) such Reporting Servicer’s assessment of compliance with the
Applicable Servicing Criteria as of the end of and for the preceding calendar year, including, if there has been any material
instance of noncompliance with the Applicable Servicing Criteria, a discussion of each such failure and the nature and status
thereof and (D) a statement that a registered public accounting firm that is a member of the American Institute of Certified
Public Accountants has issued an attestation report on such Reporting Servicer’s assessment of compliance with the Applicable
Servicing Criteria as of and for such period.  Copies of all compliance reports delivered pursuant to this Section 11.8
shall be provided to any Certificateholder, upon the written request therefor, by the Certificate Administrator.  At
all times that the Servicer and Special Servicer are the same entity, the Servicer and the Special Servicer may provide a combined
assessment of compliance in respect of their combined responsibilities under Section 1122 of Regulation AB. At all times that
the Certificate Administrator, Custodian and/or Trustee are the same entity, such entity may provide a combined assessment of
compliance in respect of their combined responsibilities under Section 1122 of Regulation AB.

 

Each
such report shall be addressed to the Depositor and each Other Depositor (if addressed) and signed by an authorized officer of
the applicable company, and shall address each of the Applicable Servicing Criteria.  For so long as any Other Securitization
Trust is subject to

 

     -229-

     

    
the
reporting requirements of the Exchange Act, promptly after receipt of each such report, the Depositor and each Other Depositor
may review each such report and, if applicable, consult with the each Reporting Servicer as to the nature of any material instance
of noncompliance with the Applicable Servicing Criteria.

 

(b)       
On the Closing Date, the Servicer, the Special Servicer, the Operating Advisor, the Trustee, the Custodian and the Certificate
Administrator each acknowledge and agree that Exhibit L hereto sets forth the Applicable Servicing Criteria for such party.

 

(c)       
No later than 10 Business Days after the end of each fiscal year for the Trust, the Servicer, the Special Servicer, and, for so
long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, the Servicer, the Special
Servicer, the Custodian, the Certificate Administrator and the Operating Advisor shall notify the Certificate Administrator, the
Depositor, each Other Exchange Act Reporting Party and each Other Depositor as to the name of each Servicing Function Participant
utilized by it, in each case, and each such notice will specify what specific Servicing Criteria will be addressed in the report
on assessment of compliance prepared by such Servicing Function Participant.  When the Servicer, the Special Servicer and,
for so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, the Certificate Administrator
and the Operating Advisor submit their assessments pursuant to Section 11.8(a) of this Agreement, such parties, as applicable,
will also at such time include the assessment (and related attestation pursuant to Section 11.9) of each Servicing Function
Participant engaged by it.  The fiscal year for the Trust shall be January 1 through and including December 31 of each calendar
year.

 

(d)      
In the event the Servicer, the Special Servicer or, for so long as any Other Securitization Trust is subject to the reporting
requirements of the Exchange Act, the Certificate Administrator, the Custodian, the Trustee or the Operating Advisor is terminated
or resigns pursuant to the terms of this Agreement, such party shall provide, and each such party shall cause (or, if the Servicing
Function Participant is a Sub-Servicer set forth on Exhibit AA hereto, shall use commercially reasonable efforts to
cause) any Servicing Function Participant engaged by it to provide (and the Servicer, the Special Servicer, the Certificate Administrator,
the Custodian, the Trustee and the Operating Advisor shall, with respect to any Servicing Function Participant that resigns or
is terminated under any applicable servicing agreement, cause such Servicing Function Participant to provide) an annual assessment
of compliance pursuant to this Section 11.8, coupled with an attestation as required in Section 11.9 in respect
of the period of time that the Servicer, the Special Servicer or, for so long as any Other Securitization Trust is subject to
the reporting requirements of the Exchange Act, the Certificate Administrator, the Custodian, the Trustee or the Operating Advisor
was subject to this Agreement or the period of time that the Servicing Function Participant was subject to such other servicing
agreement.

 

Section 11.9.  
Annual Independent Public Accountants’ Servicing Report.  On or before March 1st of each year, commencing
in 2020, the Servicer, the Special Servicer and, for so long as any Other Securitization Trust is subject to the reporting requirements
of the Exchange Act, the Certificate Administrator, the Custodian, the Operating Advisor and the Trustee (provided, however,
that the Trustee shall not be required to deliver an assessment of compliance with respect to any period during which there was
no Applicable Servicing Criteria applicable to it), each at its own expense, shall cause (and each such party, (i) with respect
to

 

     -230-

     

    
each
Servicing Function Participant that is a Sub-Servicer set forth on Exhibit AA with which it has entered into a servicing
relationship with respect to the Whole Loan, shall use commercially reasonable efforts to cause such Servicing Function Participant
to furnish, and (ii) with respect to any other Servicing Function Participant of such party (other than any party to this
Agreement), shall cause such Servicing Function Participant to furnish) a registered public accounting firm (which may also render
other services to the Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Custodian, the
Trustee or the applicable Servicing Function Participant, as the case may be) and that is a member of the American Institute of
Certified Public Accountants to furnish a report to the Certificate Administrator (who shall post it to the Certificate Administrator’s
Website pursuant to Section 8.14(b)), the Depositor, the Companion Loan Holders (or, in the case of a Companion Loan that
is part of an Other Securitization Trust, the applicable Other Depositor and Other Exchange Act Reporting Party) and the 17g-5
Information Provider (who shall post it to the 17g-5 Information Provider’s Website pursuant to Section 10.17),
to the effect that (i) it has obtained a representation regarding certain matters from the management of such Reporting Servicer,
which includes an assessment from such Reporting Servicer of its compliance with the Applicable Servicing Criteria and (ii) on
the basis of an examination conducted by such firm in accordance with standards for attestation engagements issued or adopted
by the Public Company Accounting Oversight Board, it is expressing an opinion as to whether such Reporting Servicer’s assessment
of compliance with the Applicable Servicing Criteria was fairly stated in all material respects, or it is not expressing an overall
opinion regarding such Reporting Servicer’s assessment of compliance with the Applicable Servicing Criteria.  In the
event that an overall opinion cannot be expressed, such registered public accounting firm shall state in such report why it was
unable to express such an opinion.  Each accountant’s attestation report required hereunder shall be made in accordance
with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the Act and the Exchange Act.  Such report must be available for
general use and not contain restricted use language.  Copies of all statements delivered pursuant to this Section 11.9
shall be made available to any Privileged Person by the Certificate Administrator posting such statement on the Certificate Administrator’s
Website pursuant to Section 8.14(b).

 

For
so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, promptly after receipt
of such report from the Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Custodian, the
Trustee or any Servicing Function Participant, the Depositor and each Other Depositor may review the report and, if applicable,
consult with the Servicer, the Special Servicer or, for so long as any Other Securitization Trust is subject to the reporting
requirements of the Exchange Act, the Certificate Administrator, the Custodian, the Operating Advisor or the Trustee as to the
nature of any defaults by the Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Trustee
or any Servicing Function Participant with which it has entered into a servicing relationship with respect to the Trust Loan or
any Companion Loan, as the case may be, in the fulfillment of any of the Servicer’s, the Special Servicer’s, the
Operating Advisor’s, the Custodian’s, the Certificate Administrator’s, the Trustee’s or the applicable
Servicing Function Participants’ obligations hereunder or under the applicable sub-servicing agreement.

 

Section 11.10. 
Significant Obligor.  If an Other Depositor has notified the Servicer in writing that a Property is a “significant
obligor” (within the meaning of Item 1101(k)

 

     -231-

     

    
of
Regulation AB) with respect to an Other Securitization Trust that includes such Companion Loan and of the distribution date under
the Other Pooling and Servicing Agreement, 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 trustee for the Other Securitization Trust, 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 such “significant
obligor” for the applicable period as reported by the Mortgage Loan Borrower 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 Loan Documents, the Servicer shall notify the Other Depositor with respect to such Other
Securitization Trust that includes the related Companion Loan (and shall cause each applicable sub-servicing agreement to require
any related Sub-Servicer to notify such Other Depositor) that it has not received them.  The Servicer shall use efforts consistent
with 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 Mortgage Loan Borrower under the Loan Documents.

 

The
Servicer shall (and shall cause each applicable sub-servicing agreement to require any related Sub-Servicer to) retain written
evidence of each instance in which it (or a Sub-Servicer) attempts to contact the Mortgage Loan Borrower to obtain the required
financial information and is unsuccessful and, within five (5) Business Days prior to the date in which a Form 10-D or Form 10-K,
as applicable, is required to be filed with respect to the Other Securitization Trust, shall forward an Officer’s Certificate
evidencing its attempts to obtain this information to the Other Exchange Act Reporting Party and Other Depositor related to such
Other Securitization Trust.  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 11.11. 
Sarbanes-Oxley Backup Certification.  For so long as any Other Securitization Trust is subject to the reporting
requirements of the Exchange Act, the Certificate Administrator, the Servicer, the Special Servicer, the Custodian, the Operating
Advisor and the

 

     -232-

     

    
Trustee
shall provide (and with respect to any other Servicing Function Participant of such party, shall cause such Servicing Function
Participant to provide) to the Person who signs the Sarbanes-Oxley Certification with respect to such Other Securitization Trust
(the “Certifying Person”) no later than March 1st of the year following the year to which the Form 10-K of
such Other Securitization Trust relates or, if March 1st is not a Business Day, on the immediately following Business Day, a certification
in the form attached to this Agreement as Exhibit Z, on which the Certifying Person, the entity for which the Certifying
Person acts as an officer, and such entity’s officers, directors and Affiliates (collectively with the Certifying Person,
“Certification Parties”) can reasonably rely.  In the event any Reporting Servicer is terminated or resigns
pursuant to the terms of this Agreement, or any applicable sub-servicing agreement or primary servicing agreement, as the case
may be, such Reporting Servicer shall provide a certification to the Certifying Person pursuant to this Section 11.11 with
respect to the period of time it was subject to this Agreement or the applicable sub-servicing or primary servicing agreement,
as the case may be.

 

Section 11.12. 
Indemnification.  Each of the Servicer, the Special Servicer, the Operating Advisor, the Custodian, the Certificate
Administrator and the Trustee shall indemnify and hold harmless the Depositor, each Other Depositor and any employee, director
or officer of the Depositor or any Other Depositor from and against any claims, losses, damages, penalties, fines, forfeitures,
legal fees and expenses and related costs, judgments and other costs and expenses incurred by such indemnified party arising out
of (i) an actual breach by the Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator or the
Trustee, as the case may be, of its obligations under this Article 11, (ii) negligence, bad faith or willful misconduct
on the part of the Servicer, the Special Servicer, the Operating Advisor, the Custodian, the Certificate Administrator or the
Trustee, as applicable, in the performance of such obligations or (iii) delivery of any Deficient Exchange Act Deliverable regarding
such party and delivered by or on behalf of such party (as identified in clause (y) of the definition of “Deficient Exchange
Act Deliverable”).

 

The
Servicer, the Special Servicer, the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee shall cause
each Servicing Function Participant of such party that is not a Sub-Servicer set forth on Exhibit AA (and with respect
to any Servicing Function Participant of such party that is a Sub-Servicer set forth on Exhibit AA, shall use commercially
reasonable efforts to cause such Servicing Function Participant) to indemnify and hold harmless the Depositor, each Other Depositor
and any employee, director or officer of the Depositor or any Other Depositor from and against any and all claims, losses, damages,
penalties, fines, forfeitures, legal fees and expenses and related costs, judgments and any other costs, fees and expenses incurred
by such indemnified party arising out of (i) a breach of its obligations to provide any of the annual compliance statements
or annual servicing criteria compliance reports or attestation reports pursuant to the applicable sub-servicing agreement, (ii) negligence,
bad faith or willful misconduct its part in the performance of such obligations, (iii) any failure by a Servicing Party (as
defined in Section 11.2(b)) to identify a Servicing Function Participant pursuant to Section 11.2(c) or (iv) delivery
of any Deficient Exchange Act Deliverable regarding such party and delivery by or on behalf of such party (as identified in clause
(y) of the definition of “Deficient Exchange Act Deliverable”).

 

     -233-

     

    
If
the indemnification provided for in, or contemplated by, either of the prior two paragraphs is unavailable or insufficient to
hold harmless the Depositor, any Other Depositor or any employee, director or officer of the Depositor or any Other Depositor,
then the Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Trustee, the Additional Servicer
or other Servicing Function Participant (the “Performing Party”) shall contribute to the amount paid or payable
to the indemnified party as a result of the losses, claims, damages or liabilities of the indemnified party in such proportion
as is appropriate to reflect the relative fault of the indemnified party on the one hand and the Performing Party on the other
in connection with a breach of the Performing Party’s obligations pursuant to this Article 11 (or breach of its
obligations under the applicable sub-servicing agreement to provide any of the annual compliance statements or annual servicing
criteria compliance reports or attestation reports) or the Performing Party’s negligence, bad faith or willful misconduct
in connection therewith. 

 

The
Servicer, the Special Servicer, the Operating Advisor, the Custodian, the Certificate Administrator and the Trustee shall cause
each Servicing Function Participant of such party that is not a Sub-Servicer set forth on Exhibit AA (and with respect
to any Servicing Function Participant of such party that is a Sub-Servicer set forth on Exhibit AA, shall use commercially
reasonable efforts to cause such Servicing Function Participant) to agree to the foregoing indemnification and contribution obligations. 
This Section 11.12 shall survive the termination of this Agreement or the earlier resignation or removal of the Servicer,
the Special Servicer, the Operating Advisor or the Certificate Administrator.

 

Section 11.13.  
Amendments.  This Article 11 may be amended by the parties hereto pursuant to Section 10.1
of this Agreement for purposes of complying with Regulation AB, the Act or the Exchange Act and/or to conform to standards developed
within the commercial mortgage-backed securities market and the Sarbanes-Oxley Act without any Opinions of Counsel, Officer’s
Certificates, Rating Agency Confirmations or the consent of any Certificateholder, notwithstanding anything to the contrary contained
in this Agreement.

 

Section 11.14. 
Termination of the Certificate Administrator.  Notwithstanding anything to the contrary contained in this Agreement,
the Depositor or any Other Depositor may terminate the Certificate Administrator upon five Business Days’ notice if the
Certificate Administrator fails to comply with any of its obligations under this Article 11; provided that such
termination shall not be effective until a successor Certificate Administrator shall have accepted the appointment.

 

Section 11.15. 
Termination of Sub-Servicing Agreements.  For so long as any Other Securitization Trust is subject to the reporting
requirements of the Exchange Act, each of the Servicer, the Certificate Administrator and the Trustee, as applicable, shall (i) cause
each Sub-Servicing Agreement to which it is a party to entitle the Depositor or any Other Depositor to terminate such agreement
(without compensation, termination fee or the consent of any other Person) at any time following any failure of the applicable
Sub-Servicer to any deliver any Exchange Act reporting items that such Sub-Servicer is required to deliver under Regulation AB
or as otherwise contemplated by this Article 11 and (ii) promptly notify the Depositor and any Other Depositor following
any failure of the applicable Sub-Servicer to deliver any Exchange Act reporting items that such Sub-Servicer is required to deliver
under Regulation AB or as

 

     -234-

     

    
otherwise
contemplated by this Article 11.  The Depositor and any Other Depositor is hereby authorized to exercise the rights
described in clause (i) of the preceding sentence in its sole discretion.  The rights of the Depositor and any Other Depositor
to terminate a Sub-Servicing Agreement as aforesaid shall not limit any right the Servicer, the Certificate Administrator or the
Trustee, as applicable, may have to terminate such Sub-Servicing Agreement.

 

Section 11.16.  
Notification Requirements and Deliveries in Connection with Securitization of a Companion Loan.  (a)  Any
other provision of this Article 11 to the contrary notwithstanding, including, without limitation, any deadlines for delivery
set forth in this Article 11, in connection with the requirements contained in this Article 11 that provide for
the delivery of information and other items to, and the cooperation with, the Other Depositor and Other Exchange Act Reporting
Party of any Other Securitization Trust that includes a Companion Loan, no party hereunder shall be obligated to provide any such
items to or cooperate with such Other Depositor or Other Exchange Act Reporting Party (i) until the Other Depositor or Other
Exchange Act Reporting Party of such Other Securitization Trust has provided each party hereto with not less than 30 days written
notice (which shall only be required to be delivered once), and each such party shall be entitled to rely on such notice, setting
forth the contact information for such Person(s) and, except as regards the deliveries and cooperation contemplated by Section
11.7, Section 11.8 and Section 11.9 of this Agreement, stating that such Other Securitization Trust is subject
to the reporting requirements of the Exchange Act, and (ii) specifying in reasonable detail the information and other items
not otherwise specified in this Agreement that are requested to be delivered; provided that if Exchange Act reporting is
being requested, such Other Depositor or Other Exchange Act Reporting Party is only required to provide a single written notice
to such effect.  Any reasonable cost and expense (including, but not limited to, reasonable attorneys’ fees) of the
Servicer, Special Servicer, Trustee and Certificate Administrator in cooperating with such Other Depositor or Other Exchange Act
Reporting Party of such Other Securitization Trust (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 the Other Depositor of such Other Securitization Trust as to whether applicable law requires the delivery of the items identified
in this Article 11 to such Other Depositor and Other Exchange Act Reporting Party of such Other Securitization Trust prior
to providing any of the reports or other information required to be delivered under this Article 11 in connection therewith
and (i) upon such confirmation, the parties shall comply with the deadlines for delivery set forth in this Article 11
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 11.7, Section 11.8 and Section 11.9 of this Agreement.  Such confirmation
shall be deemed given if the Other Depositor or Other Exchange Act Reporting Party for the Other Securitization Trust 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, Other Exchange Act Reporting
Party and any other parties to the Other Pooling and Servicing Agreement relating to such Other Securitization Trust.

 

(b)       
Each of the Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee shall, upon reasonable
prior written request given in

 

     -235-

     

    
accordance
with the terms of Section 11.16(a) above, and subject to a right of the Servicer, Special Servicer, the Operating Advisor,
the Certificate Administrator or Trustee, as the case may be, to review and approve such disclosure materials, permit the Companion
Loan Holders to use such party’s description contained in the Offering Circular (updated as appropriate by the Servicer,
the Special Servicer, the Operating Advisor, Certificate Administrator or Trustee, as applicable, at the reasonable cost of the
Other Depositor) for inclusion in the disclosure materials relating to any securitization of a Companion Loan.

 

(c)       
The Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee, upon reasonable prior
written request given in accordance with the terms of Section 11.16(a) above, shall each timely provide (to the extent
the reasonable cost thereof is paid or caused to be paid by the requesting party) to the Other Depositor and any underwriters
with respect to any securitization transaction that includes a Companion Loan such opinion(s) of counsel, certifications and/or
indemnification agreement(s) with respect to the updated description referred in Section 11.16(b) with respect to such
party, substantially identical to those, if any, delivered by the Servicer, the Special Servicer, the Operating Advisor, the Trustee
or the Certificate Administrator, as the case may be, or their respective counsel, in connection with the information concerning
such party in the Offering Circular and/or any other disclosure materials relating to this Trust (updated as deemed appropriate
by the Servicer, the Special Servicer, the Operating Advisor, the Trustee or the Certificate Administrator, or their respective
legal counsel, as the case may be, and sufficient to comply with Regulation AB).  None of the Servicer, the Special Servicer,
the Operating Advisor, the Trustee or the Certificate Administrator shall be obligated to deliver any such item with respect to
the securitization of a Companion Loan if it did not deliver a corresponding item with respect to this Trust.

 

Article
12

REMIC ADMINISTRATION

 

Section 12.1.  
REMIC Administration.  (a)  The parties intend that each of the Lower-Tier REMIC and the Upper-Tier
REMIC shall constitute, and that the affairs of each of the Lower-Tier REMIC and the Upper-Tier REMIC shall be conducted so as
to qualify it as, a REMIC, and the provisions hereof shall be interpreted consistently with this intention.

 

(b)       
The Certificate Administrator shall
make or cause to be made an election on behalf of each of the Lower-Tier REMIC and the Upper-Tier REMIC to treat the segregated
pool of assets constituting such Trust REMIC as a REMIC under the Code.  Each such election
shall be made on IRS Form 1066 or other appropriate federal tax or information return for the taxable year ending on the last
day of the calendar year in which the Certificates are issued.

 

(c)       
The Closing Date is hereby designated as the “Startup Day“ of each of the
Lower-Tier REMIC and the Upper-Tier REMIC within the meaning of Section 860G(a)(9) of the Code.  The “latest possible
maturity date” of the Regular Certificates and the Uncertificated Lower-Tier Interests for the purposes of Section 860G(a)(1)
of the Code is the date that is the Rated Final Distribution Date.

 

     -236-

     

    
(d)      
The Certificate Administrator shall
prepare or cause to be prepared and timely produced to the Trustee to sign (and the Trustee shall timely sign) 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 Trust 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 IRS, 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 ten (10) Business Days of the Closing Date to provide any information reasonably
requested by the Servicer or the Certificate Administrator and necessary to make such filing). 
The Certificate Administrator shall be responsible for the preparation of the related IRS Form W-9, if such form is requested. 
The Trustee shall be entitled to rely on the information contained therein, and is hereby directed to execute such IRS Form W-9;
provided, however, the Certificate Administrator shall also be directed to execute such IRS Form W-9 (in lieu of the Trustee)
if permitted by IRS regulations.

 

(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 file or cause to be filed all federal, state and local income or franchise or other
tax and information returns for each of the Lower-Tier REMIC and the Upper-Tier REMIC as the direct representative for such
Trust REMIC.  Except as provided in Section 11.1(e), the expenses of preparing and
filing such returns shall be borne by the Certificate Administrator.  The Depositor shall
provide on a timely basis to the Certificate Administrator or its designee such information with
respect to each of the Lower-Tier REMIC and the Upper-Tier REMIC as is in its possession, and is reasonably requested by the Certificate
Administrator to enable it to perform its obligations under this subsection, 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 Trust 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 

 

     -237-

     

    
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.

 

(h)       
The Certificate Administrator shall be the “partnership representative” (within the meaning of Section 6223 of the
Code, of the Upper-Tier REMIC and the Lower-Tier REMIC.  By acceptance of the Class R Certificates, the Class R Certificateholders
agree, on behalf of themselves and all successor holders of such Class R Certificates, to such designation.

 

(i)        
The Certificate Administrator,
the Holders of the Class R Certificates, the Servicer and the Special Servicer shall perform their obligations under this
Agreement and the REMIC Provisions in a manner consistent with the status of each of the Lower-Tier REMIC and the Upper-Tier REMIC
as a REMIC.

 

(j)        
None of the Certificate Administrator,
any Holder of the Class R Certificates, the Servicer or the Special Servicer shall take any action or cause either the Lower-Tier
REMIC or the Upper-Tier REMIC to take any action, within their respective control and the scope of their specific respective duties
under this Agreement that, under the REMIC Provisions, could reasonably be expected to (i) cause either the Lower-Tier REMIC
or the Upper-Tier REMIC to fail to qualify as a REMIC or (ii) unless permitted under Section 11.2(a),
result in the imposition of a tax upon either the Lower-Tier REMIC or the Upper-Tier REMIC (including but not limited to the tax
on prohibited transactions as defined in Section 860F(a)(2) of the Code and the tax on prohibited contributions as defined
in Section 860G(d) of the Code (any such result in clause (i) or (ii), an “Adverse
REMIC Event”)) unless (A) the Certificate Administrator and the Servicer have
received a Nondisqualification Opinion (at the expense of the party seeking to take such action or of the Trust Fund if taken
for the benefit of the Certificateholders) with respect to such action or (B) the Certificate Administrator and
the Servicer have received an opinion (at the expense of the party seeking to take such action or of the Trust Fund if taken for
the benefit of the Certificateholders) to the effect that such action will not cause either the Lower-Tier REMIC or the Upper-Tier
REMIC to fail to qualify as a REMIC and that no tax will actually be imposed.

 

(k)       
Any and all federal, state and local taxes imposed on the Upper-Tier REMIC or the Lower-Tier REMIC or its assets or transactions,
including, without limitation, “prohibited transaction” taxes as defined in Section 860F of the Code, and any
tax on contributions imposed by Section 860G(d) of the Code, shall be paid from the Collection Account; provided that
the Servicer, upon two (2) days prior written notice, shall remit from the Collection Account to the Certificate
Administrator the amount of any such tax that the Certificate Administrator notifies
the Servicer is due; provided, further, if such taxes shall have been imposed on account of the willful misconduct,
bad faith or negligence of any party hereto, 

 

     -238-

     

    
or
in connection with the breach of any representation or warranty made by any party hereto in this Agreement, then such taxes shall
be paid by such party.

 

(l)        
The Certificate Administrator shall,
for federal income tax purposes, maintain books and records with respect to the Lower-Tier REMIC and the Upper-Tier REMIC on a
calendar year and on an accrual basis.  Notwithstanding anything to the contrary contained herein or in the Mortgage
Loan Documents (but subject to Section 1.3), all amounts collected on the Trust Loan
shall, for federal income tax purposes, be allocated first to interest due and payable on the Trust
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 Trust REMIC has complied with the REMIC Provisions.

 

(m)      
None of the Certificate Administrator,
the Trustee, the Servicer or the Special Servicer shall enter into any arrangement by which either the Lower-Tier REMIC or the
Upper-Tier REMIC will receive a fee or other compensation for services.

 

(n)       
In order to enable the Certificate Administrator
to perform its duties as set forth herein, the Depositor shall provide, or cause to be provided, to
the Certificate Administrator within ten (10) days after the Closing Date, all information or
data that the Certificate Administrator reasonably determines to be relevant for tax purposes
on the valuations and offering prices of the Certificates, including, without limitation, the yield, issue prices, pricing prepayment
assumption and projected cash flows of the Regular Certificates and the Class R Certificates, as applicable, and the projected
cash flows on the Trust Loan.  Thereafter, the Depositor, the Trustee, the Servicer and the Special Servicer shall provide
to the Certificate Administrator, promptly upon request therefor, any such additional information
or data that the Certificate Administrator may, from time to time, reasonably request in order
to enable the Certificate Administrator to perform its duties as set forth herein.  The
Certificate Administrator is hereby directed to use any and all such information or data provided
by the Trustee, the Depositor, the Servicer and the Special Servicer in the preparation of all federal, state or local income,
franchise or other tax and information returns and reports for each of the Lower-Tier REMIC and the Upper-Tier REMIC to Certificateholders
as required herein.  The Depositor hereby indemnifies the Certificate Administrator for
any losses, liabilities, damages, claims or expenses of the Certificate Administrator arising
from any errors or miscalculations of the Certificate Administrator pursuant to this Section 11.1
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 

 

     -239-

     

    
as
a result of a breach of this Section) or is required by law or applicable regulations to be disclosed.

 

Section 12.2. 
Foreclosed Property.  (a)  The parties hereto acknowledge and understand that if the Trust Fund were
to acquire the Property as Foreclosed Property and were to own and operate that Property in a manner consistent with the manner
in which the Property is currently owned and operated by the Mortgage Loan 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 normal corporate income tax rates.

 

In
determining whether to acquire and hold the Foreclosed Property, the Special Servicer, acting on behalf of the Trust hereunder,
shall take these circumstances into account and shall only acquire such Foreclosed Property if it determines, in its reasonable
judgment (after, consultation with counsel, at the expense of the Trust Fund), that either (i) there is a commercially feasible
alternative method of administering such Foreclosed Property that would not result in such tax, e.g., a net lease that results
in Rents from Real Property or (ii) the likely recovery with respect to operating the Foreclosed Property on behalf of the
Trust Fund, 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 and the Companion Loan Holders 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 the Foreclosed Property, the
Special Servicer, acting on behalf of the Trust, if the Manager would not be considered an Independent Contractor, shall either
renegotiate the applicable 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, the Companion Loan Holders 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.

 

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;

 

     -240-

     

    
(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 10% of the construction of such building or other improvements was completed before default
on the Trust 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
an Independent Contractor, the Foreclosed Property on any date more than ninety (90) days after its acquisition date.

 

(b)       
The Special Servicer, acting on behalf of the Trustee 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 Trustee hereunder, shall dispose of the Foreclosed Property as soon as is practicable but in no event later than
the close of the third calendar year following the year in which the Acquisition Date occurs unless the Special Servicer, on behalf
of the Trust, has received (or has not been denied) an extension of time (an “Extension”) by the IRS to sell
such Foreclosed Property or an opinion of counsel to the effect that the holding by the Trust 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, has received (or has not been denied) such Extension, then the Special Servicer, acting on behalf of the
Trust 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,
has not received such an Extension and the Special Servicer, acting on behalf of the Trust hereunder, is unable to sell the Foreclosed
Property, within the foregoing period or if the Special Servicer, acting on behalf of the Trust hereunder, has received such an
Extension, and the Special Servicer, acting on behalf of the Trust 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 thirty (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 related Property was acquired in foreclosure or by deed in lieu of foreclosure, (ii) the
date of disposition of such Foreclosed Property, (iii) the gross sale price and related selling and other expenses, (iv) accrued
interest calculated from the date of acquisition to the disposition date, and (v) such other information as the Certificate
Administrator and/or Trustee may reasonably request.

 

Section 12.3. 
Prohibited Transactions and Activities.  The Special Servicer, on behalf of the
Trust Fund, shall not permit the sale or disposition of the Trust Loan at a time when the Trust
Loan is not the subject of a breach of a representation or is not in default or default with 

 

     -241-

     

    
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) cause either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a
REMIC, or adversely affect the status of the Regular Certificates as representing regular interests therein, (b) affect the
distribution of interest or principal on the Certificates, (c) result in the encumbrance of the assets transferred or assigned
to either the Lower-Tier REMIC or the Upper-Tier REMIC (except pursuant to the provisions of this Agreement), or (d) cause
either the Lower-Tier REMIC or the Upper-Tier REMIC to be subject to a tax on “prohibited transactions” or “prohibited
contributions” pursuant to the REMIC Provisions.

 

Section 12.4.  Indemnification
with Respect to Certain Taxes and Loss of REMIC Status.  

 

(a)        If either
the Lower-Tier REMIC or the Upper-Tier REMIC fails to qualify as a REMIC, loses its status as a REMIC, or incurs state or
local taxes, or a tax as a result of a prohibited transaction or contribution subject to taxation under the REMIC
Provisions due to the willful misconduct, bad faith or negligent performance by the Certificate Administrator of its duties
and obligations specifically set forth herein, or by reason of the Certificate Administrator’s negligent disregard of
its obligations and duties thereunder, the Certificate Administrator shall indemnify the Trust against any and all losses,
claims, damages, liabilities or expenses (“Losses”) resulting therefrom; provided, however,
the Certificate Administrator shall not be liable for any such Losses attributable to the action or inaction of the Servicer,
the Special Servicer, the Depositor, or the Holders of the Class R Certificates nor for any such Losses resulting from
misinformation provided by the Holders of the Class R Certificates, the Servicer, the Special Servicer, or the
Depositor, on which the Certificate Administrator has relied.  The foregoing shall not be deemed to limit or restrict
the rights and remedies of successor Holders of the Class R Certificates at law or in equity.

 

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
Fund against any and all losses resulting therefrom; provided, however,
the Servicer or the Special Servicer, as the case may be, shall not be liable for any such losses attributable to the action or
inaction of the Certificate Administrator, the Depositor, the Holders of the Class R Certificates nor for any such losses
resulting from misinformation provided by the Certificate Administrator, the Depositor or the

 

     -242-

     

    
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
PAGES FOLLOW]

 

     -243-

     

    
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.

 

	 	GS
    MORTGAGE SECURITIES CORPORATION II, as Depositor
	 	 	 
	 	By:	/s/
    Leah Nivison
	 	 	Name:   Leah
    Nivison
	 	 	Title:     Chief
    Executive Officer
	 	 	 
	 	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

 

BWAY
2019-1633: TRUST AND SERVICING AGREEMENT 

 

     

     

    
 

 

	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, as Trustee
	 	 	 
	 	By:	/s/
    Amy Mofsenson
	 	 	Name:   Amy
    Mofsenson
	 	 	Title:    Vice
    President
	 	 	 
	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, as Certificate Administrator and Custodian
	 	 	 
	 	By:	/s/
    Amy Mofsenson
	 	 	Name:   Amy
    Mofsenson
	 	 	Title:    Vice
    President
	 	 	 
	 	PENTALPHA
    SURVEILLANCE LLC, as Operating Advisor
	 	 	 
	 	By:	/s/
    James Callahan
	 	 	Name:	James Callahan
	 	 	Title:	Executive
    Directorand Solely as an Authorized Signatory for Pentalpha Surveillance LLC

 

BWAY
2019-1633: TRUST AND SERVICING AGREEMENT

 

     

     

    
 

	STATE
    OF New York	)
	 	) ss:
	COUNTY
    OF New York	)

 

On
this 15th 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 Leah Nivison, to me known who, by me duly sworn, did depose and
acknowledge before me and say that s/he resides at 200 West Street, NYC 10282; that s/he is the CEO of GS Mortgage Securities
Corporation II, a Delaware corporation, the entity described in and that executed the foregoing instrument; and that s/he
signed her/his name thereto under authority of the board of directors of said entity and on behalf of such entity.

 

WITNESS
my hand and seal hereto affixed the day and year first above written.

 

	 	/s/
    Beatrice A Viola
	 	NOTARY
    PUBLIC in and for the
	 	State
    of _______

 

	My
    Commission expires:	BEATRICE
    A VIOLA
	 	Notary
    Public - State of New York
	 	NO.
    01V14735787
	 	Qualified
    in New York County
	 	My
    Commission Expires 12/31/21

 

BWAY
2019-1633: TRUST AND SERVICING AGREEMENT 

 

     

     

    
 

	STATE
    OF KANSAS	)
	 	) ss:
	COUNTY
    OF JOHNSON	)

 

On
this 12 day of December 2019, before me, the undersigned, a Notary Public in and for the State of Kansas, duly
commissioned and sworn, personally appeared Michael A. Tilden, to me known who by me duly sworn, did depose and acknowledge
before me and say that s/he resides at Johnson County; that s/he is the Vice President of Keybank
National Association, a national banking association, the entity described in and that executed the foregoing instrument; and
that s/he signed her/his name thereto under authority of the board of directors of said entity and on behalf of such
entity.

 

WITNESS
my hand and seal hereto affixed the day and year first above written.

 

	 	/s/
    Amanda Frederickson
	 	NOTARY
    PUBLIC in and for the
	 	State
    of Kansas
	 	 

	My
    Commission expires:	State
    of Kansas	AMANDA
    FREDERICKSON
	 	NOTARY
    PUBLIC	My
    Appointment Expires
	5/14/23	 	May
    14, 2023
	 	 
	 	 

 

BWAY
2019-1633: 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 13, 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	)
	 	)     ss:
	COUNTY
    OF	)

 

On
this 17th 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 Amy Mofsenson, to me known who, by me duly sworn, did depose and acknowledge before
me and say that s/he is the Vice President of Wells Fargo Bank, National Association, a national banking association, the entity
described in and that executed the foregoing instrument and that s/he signed her/his name thereto under authority of said entity
and on behalf of such entity.

 

WITNESS
my hand and seal hereto affixed the day and year first above written.

 

	JANET
    M. JOLLEY	/s/
    Janet M. Jolley
	Notary
    Public, State of New York	NOTARY
    PUBLIC in and for the
	No.
    01JO6121000	State
    of _______
	Qualified
    in Kings County	 
	Commission
    Expires Jan. 3, 2021,	 
	 	 
	[SEAL]	 

 

My Commission
expires:

 

 

 

 

 

BWAY
2019-1633: TRUST AND SERVICING AGREEMENT 

 

     

     

    

 

 

 

	STATE
    OF	)
	 	)     ss:
	COUNTY
    OF	)

 

On
this 17th 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 Amy Mofsenson, to me known who, by me duly sworn, did depose and acknowledge before
me and say that s/he is the Vice President of Wells Fargo Bank, National Association, a national banking association, the entity
described in and that executed the foregoing instrument and that s/he signed her/his name thereto under authority of said entity
and on behalf of such entity.

 

WITNESS
my hand and seal hereto affixed the day and year first above written.

 

	JANET
    M. JOLLEY	/s/
    Janet M. Jolley
	Notary
    Public, State of New York	NOTARY
    PUBLIC in and for the
	No.
    C1JO6121000	State
    of _______
	Qualified
    in Kings County	 
	Commission
    Expires Jan. 3, 2021,	 
	 	 
	[SEAL]	 

 

My Commission
expires:

 

 

 

 

BWAY
2019-1633: TRUST AND SERVICING AGREEMENT 

 

     

     

    

 

 

	STATE
    OF CONNECTICUT	)
	 	)  ss:
	COUNTY
    OF FAIRFIELD	)

 

On
this 20th day of December 2019, before me, the undersigned, a Notary Public in and for the State of Connecticut, duly commissioned
and sworn, personally appeared James Callahan, to me known who, by me duly sworn, did depose and acknowledge before me and say
that he resides at Greenwich Office Park; that he is the Executive Director of Pentalpha Surveillance LLC, a Delaware limited
liability company, 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/
    Melonie S. Williams
	 	NOTARY
    PUBLIC in and for the
	 	State
    of Connecticut

	[SEAL]	 
	 	 
	My Commission
    expires: 7/31/24	 

 

 

 

 

	MELONIE
    S. WILLIAMS	 
	Notary
    Public	 
	Connecticut	 
	My
    Commission Expires July 31, 2024	 

 

BWAY
2019-1633: TRUST AND SERVICING AGREEMENT 

 

     

     

    

 

EXHIBIT
A-1

 

FORM
OF CLASS A CERTIFICATES

 

CLASS A

 

[THIS
CERTIFICATE IS A TEMPORARY REGULATION S GLOBAL CERTIFICATE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”). NEITHER THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE NOR ANY
INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED, EXCEPT AS PERMITTED UNDER THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.

 

NO
BENEFICIAL OWNERS OF THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST
HEREON UNLESS THE REQUIRED CERTIFICATIONS HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE TRUST AND SERVICING AGREEMENT.]1

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]2

 

[TRANSFERS
OF THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.]3

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE BORROWER SPONSOR, THE MORTGAGE LOAN BORROWER,
THE COMPANION LOAN HOLDERS, THE SERVICER, THE SPECIAL

 

 

1
Temporary Regulation S Global Certificate legend.

 

2
Legend required as long as DTC is the Depository under the Trust and Servicing Agreement.

 

3
Global Certificate legend.

 

 

    Exhibit A-1-1

     

    

 

SERVICER, THE OPERATING ADVISOR, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE,
THE INITIAL PURCHASERS, THE SPONSORS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE TRUST 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 ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT
(“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER”
WITHIN THE MEANING OF RULE 144A (A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER
HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) (EXCEPT WITH RESPECT
TO THE CLASS R CERTIFICATES) TO AN INSTITUTION THAT IS NOT A “U.S. PERSON” IN AN “OFFSHORE TRANSACTION”,
AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, OR (3) (EXCEPT
WITH RESPECT TO THE CLASS R CERTIFICATES) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1),
(2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE “ACCREDITED
INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, THAT IS NOT A
QIB, AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER
APPLICABLE JURISDICTION.

 

THIS
CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT
PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY
ACT OF 1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED
(THE “CODE”), OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT
TO ANY FEDERAL, STATE, LOCAL OR NON-U.S. LAW THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FIDUCIARY RESPONSIBILITY PROVISIONS
OF ERISA OR TO SECTION 4975 OF THE CODE (“SIMILAR LAW”), OR A PERSON WHOSE ASSETS INCLUDE THE ASSETS OF ANY

 

    Exhibit A-1-2

     

    

 

SUCH EMPLOYEE BENEFIT PLAN OR PLAN WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101, AS MODIFIED BY SECTION
3(42) OF ERISA OR OTHERWISE, OR ANY PERSON ACTING ON BEHALF OF ANY SUCH EMPLOYEE BENEFIT PLAN OR PLAN OR USING THE ASSETS OF SUCH
EMPLOYEE BENEFIT PLAN OR PLAN TO ACQUIRE THIS CERTIFICATE, UNLESS (A) SUCH PERSON IS AN “ACCREDITED INVESTOR”
AS DEFINED IN RULE 501(a)(1) OF REGULATION D OF THE SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT OF 1933,
AND (B) THE ACQUISITION, HOLDING AND DISPOSITION OF THE CERTIFICATES BY SUCH PERSON WILL NOT CONSTITUTE OR OTHERWISE RESULT
IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE (OR A NON-EXEMPT VIOLATION
OF SIMILAR LAW).

 

THIS
CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS
ARE DEFINED, RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.

 

    Exhibit A-1-3

     

    

BWAY
TRUST 2019-1633

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2019-1633, CLASS A

 

	Pass-Through
    Rate: Net Trust Loan Rate4	 
	First
    Distribution Date: January 10, 2020	 
	Aggregate
    Initial Certificate Balance of the Class A Certificates:  $80,455,000	Rated
    Final Distribution Date: December 2039
	CUSIP:     12430X
AA05

                                                   U1223X
AA16
                  12430X AB87
	Initial
    Certificate Balance of this

    Certificate:   $[______][QIB]

                          $[______][Reg S]

                          $[______][IAI]
	ISIN:         US12430XAA008

                     USU1223XAA109

                     US12430XAB8210	 
	Common
    Code:         20967634611

                                        20967644312	 
	No.:  A-[1]	 

 

This
certifies that [Cede & Co.]13 is the registered owner of the Percentage Interest evidenced by this Certificate
in the distributions to be made from a Trust Fund with respect to the Class A Certificates. The Trust Fund consists primarily
of eight notes secured by certain Collateral held in trust by the Certificate Administrator on behalf of the Trustee issued by
multiple special purpose entities evidencing a fixed rate loan (the “Trust Loan”). The Trust Fund was created,
and the Trust Loan is to be serviced, pursuant to the Trust and Servicing Agreement (as defined below). The Holder of this Certificate,
by virtue of the acceptance hereof, assents to the terms, provisions

 

 

4
The initial approximate Pass-Through Rate as of the Closing Date is 3.0665700%.

 

5
For Rule 144A Certificates.

 

6
For Regulation S Certificates.

 

7
For IAI Certificates.

 

8
For Rule 144A Certificates.

 

9
For Regulation S Certificates.

 

10
For IAI Certificates.

 

11
For Rule 144A Certificates.

 

12
For Regulation S Certificates.

 

13
For Global Certificate only.

 

    Exhibit A-1-4

     

    

 

and conditions of the Trust and Servicing Agreement and is
bound thereby. Also issued under the Trust and Servicing Agreement are the Class B, Class HRR and Class R Certificates (collectively
with the Class A Certificates, the “Certificates”; the Holders of Certificates issued under the Trust
and Servicing Agreement are collectively referred to herein as “Certificateholders”).

 

This
Certificate is issued pursuant to, and in accordance with, the terms of a Trust and Servicing Agreement, dated as of December
20, 2019 (the “Trust and Servicing Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor,
KeyBank National Association, as servicer, Situs Holdings, LLC, as special servicer, Wells Fargo Bank, National Association, as
trustee, as custodian and as certificate administrator, and Pentalpha Surveillance 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 represents a “regular interest” in a “real estate mortgage investment conduit,” as those terms
are defined, respectively, in Section 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.

 

Pursuant
to the terms of the Trust and Servicing Agreement, the Certificate Administrator will distribute, on the 4th Business Day after
each Determination Date, commencing in January 2020 (each such date, a “Distribution Date”), to the Person
in whose name this Certificate is registered as of the related Record Date, which will be the close of business on the last Business
Day of the month preceding the calendar month in which the applicable Distribution Date occurs, 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, any Yield Maintenance Premiums then distributable, if any, and any other amounts distributable to the Class A
Certificates for such Distribution Date, all as more fully described in the Trust and Servicing Agreement.

 

All
distributions will be made to the Persons entitled thereto by check mailed by first class mail to the address set forth therefor
in the Certificate Register or, provided that the Certificate Administrator has received appropriate wire transfer instructions,
at least five Business Days prior to the related Distribution Date, by wire transfer of immediately available funds to the account
of such Certificateholder at a bank or other entity located in the United States and having appropriate facilities therefor. The
final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate
at the location that is specified by the Certificate Administrator in the notice to Certificateholders of such final distribution.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Trust
Loan, as more specifically set forth herein and in the Trust and Servicing Agreement.

 

This
Certificate does not purport to summarize the Trust and Servicing Agreement, and reference is made to the Trust and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator. In the case of any conflict between the terms specified

    Exhibit A-1-5

     

    

 

in this Certificate
and terms specified in the Trust and Servicing Agreement, the terms of the Trust and Servicing Agreement shall govern.

 

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 Trustee, the Servicer, the Special Servicer, the Certificate
Administrator, the Certificate Registrar, and any agent of the Trustee, the Servicer, the Special Servicer, the Certificate Administrator
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 Trustee, the Servicer, the Special Servicer, the Certificate Administrator, the Certificate Registrar, nor any
agent of the Trustee, the Servicer, the Special Servicer, the Certificate Administrator or the Certificate Registrar shall be
affected by any notice to the contrary.

 

The
Trust and Servicing Agreement may be amended from time to time by the Depositor, the Servicer, the Special Servicer, the Certificate
Administrator, the Custodian, the Operating Advisor and the Trustee, without the consent of any of the Certificateholders or Companion
Loan Holders, in certain circumstances specified in the Trust and Servicing Agreement. The Trust and Servicing Agreement may also
be amended from time to time by the Depositor, the Servicer, the Special Servicer, the Certificate Administrator, the Custodian,
the Operating Advisor and the Trustee 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 the Trust and Servicing 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 Trust Loan that are required to be distributed on any Certificate
without the consent of the holder of such Certificate; (2) alter in any manner the liens on any Collateral securing payments of
the Trust Loan; (3) alter the obligations of the Servicer or the Trustee to make an Advance or alter the Accepted Servicing Practices;
(4) change the percentages of Voting Rights or Percentage Interests of Certificateholders that are required to consent to any
action or inaction under the Trust and Servicing Agreement; (5) adversely affect the Controlling Class Representative without
the consent of 100% of the Controlling Class Certificateholders; or (6) amend the Section 10.1 of the Trust and Servicing Agreement.
Notwithstanding the foregoing, no amendment to the Trust and Servicing Agreement may be made that (i) would cause the Upper-Tier
REMIC or the Lower-Tier REMIC to fail to qualify as a REMIC for federal income tax purposes (as may be evidenced by an Opinion
of Counsel), (ii) would cause any REMIC related to any Companion Loan Securities to fail to qualify as a REMIC under the Code
or (iii) changes in any manner the obligations of the Sponsors under the Loan Purchase Agreement without the consent of the Sponsors,
and the Trustee, Servicer, Special Servicer, Operating Advisor, Certificate Administrator or Custodian may, but will not be obligated
to, enter into any amendment to the Trust and Servicing Agreement that it determines affects its rights, duties or immunities
or creates any additional liability for the

    Exhibit A-1-6

     

    

 

Trustee, Servicer, Special Servicer, Operating Advisor, Certificate Administrator
or Custodian under the Trust and Servicing Agreement. In addition, no amendment may be made to the Trust and Servicing Agreement
unless the Certificate Administrator, the Trustee, the Custodian, the Operating Advisor, the Servicer and the Special Servicer
have first received 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 the Trust and Servicing Agreement and all conditions precedent have been met and that the amendment or the
exercise of any power granted to the Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Trustee
or any other specified person in accordance with the amendment, will not result in an Adverse REMIC Event.

 

The
Trust and Servicing Agreement provides that the respective obligations and responsibilities of the Servicer, the Special Servicer,
the Certificate Administrator, the Operating Advisor, the Custodian, the Depositor and the Trustee created thereby with respect
to the Certificates (other than (i) any obligations of the parties to the Trust and Servicing Agreement pursuant to Article 9
of the Trust and Servicing Agreement, (ii) the obligation of the Certificate Administrator to make certain payments to Certificateholders
after the final Distribution Date, to maintain books and records of the Trust Fund for such period of time as it maintains its
own books and records, and (ii) 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 9
of the Trust and Servicing Agreement following the later of (i) the final payment on the Certificates or (ii)  the liquidation
of the Trust Loan (including, without limitation, the sale of the Trust Loan pursuant to any intercreditor agreement or the Trust
and Servicing Agreement, as applicable) or the liquidation or abandonment of the Property; provided, however, that
in no event shall the Trust continue beyond the expiration of 21 years from the death of the last survivor of the descendants
of Joseph P. Kennedy, the late ambassador of the United States to the Court of St. James’s, living on the date 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 Trust Loan and has executed this Certificate in its limited capacity as Certificate Administrator
under the Trust and Servicing Agreement.

 

    Exhibit A-1-7

     

    

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Certificate to be duly executed.

 

Dated: December
20, 2019

 

	 	 	Wells Fargo Bank, National Association,

not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Officer

  

Certificate
of Authentication

 

This
is one of the Class A Certificates referred to in the Trust and Servicing Agreement.

 

Dated: December
20, 2019

  

	 	 	Wells Fargo Bank, National Association,

not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Officer

 

    Exhibit A-1-8

     

    

SCHEDULE
A

 

SCHEDULE
OF EXCHANGES

 

The
following payments of principal and exchanges of a part of this [Rule 144A Global Certificate] [Temporary Regulation S Global
Certificate] [Regulation S Global Certificate] [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-1-9

     

    

ASSIGNMENT

 

FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto __________________________________________
(please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s)) (“Assignee(s)”)
the entire Percentage Interest represented by the within Certificate and hereby authorize(s) the registration of transfer of such
interest to Assignee(s) on the Certificate Register of the Trust.

 

I
(we) further direct the Certificate Registrar to issue a new Certificate of the entire Percentage Interest represented by the
within Certificate to the above-named Assignee(s) and to deliver such Certificate to the following address:

  

	 	 
	 	 
	 	 
	 	 
	Date:
    __________________	 

 

	 	 	 
	 	Signature
    by or on behalf of
	 	Assignor(s):
	 	 	 
	 	 
	 	Taxpayer
    Identification Number: _________

    Exhibit A-1-10

     

    

DISTRIBUTION
INSTRUCTIONS

 

The
Assignee(s) should include the following for purposes of distribution:

 

Address
of the Assignee(s) for the purpose of receiving notices and distributions:
_____________________________________________________________________.

 

Distributions,
if being made by wire transfer in immediately available funds, to ____________________________ for the account of __________________________
account number ____________________.

 

This
information is provided by _______________________________________ the Assignee(s) named above, or ________________________________________________
as its (their) agent.

 

	 	By:	 
	 	 	[Please
    print or type name(s)]

 

	 	Title:	 
	 	 
	 	Taxpayer
    Identification Number:

 

    Exhibit A-1-11

     

    

EXHIBIT
A-2

 

FORM
OF CLASS B CERTIFICATES

 

CLASS B

 

[THIS
CERTIFICATE IS A TEMPORARY REGULATION S GLOBAL CERTIFICATE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”). NEITHER THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE NOR ANY
INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED, EXCEPT AS PERMITTED UNDER THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.

 

NO
BENEFICIAL OWNERS OF THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST
HEREON UNLESS THE REQUIRED CERTIFICATIONS HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE TRUST AND SERVICING AGREEMENT.]1

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]2

 

[TRANSFERS
OF THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.]3

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE BORROWER SPONSOR, THE MORTGAGE LOAN BORROWER,
THE COMPANION LOAN HOLDERS, THE SERVICER, THE SPECIAL

 

 

1
Temporary Regulation S Global Certificate legend.

 

2
Legend required as long as DTC is the Depository under the Trust and Servicing Agreement.

 

3
Global Certificate legend.

 

 

    Exhibit A-2-1

     

    

 

SERVICER, THE OPERATING ADVISOR, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE,
THE INITIAL PURCHASERS, THE SPONSORS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE TRUST 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 ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT
(“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER”
WITHIN THE MEANING OF RULE 144A (A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER
HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) (EXCEPT WITH RESPECT
TO THE CLASS R CERTIFICATES) TO AN INSTITUTION THAT IS NOT A “U.S. PERSON” IN AN “OFFSHORE TRANSACTION”,
AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, OR (3) (EXCEPT
WITH RESPECT TO THE CLASS R CERTIFICATES) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1),
(2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE “ACCREDITED
INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, THAT IS NOT A
QIB, AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER
APPLICABLE JURISDICTION.

 

THIS
CLASS B CERTIFICATE IS SUBORDINATED TO THE CLASS A CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE TRUST AND SERVICING
AGREEMENT REFERRED TO HEREIN.

 

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 TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY
ACT OF 1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED
(THE “CODE”), OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA)

    Exhibit A-2-2

     

    

 

OR OTHER PLAN THAT IS SUBJECT
TO ANY FEDERAL, STATE, LOCAL OR NON-U.S. LAW THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FIDUCIARY RESPONSIBILITY PROVISIONS
OF ERISA OR TO SECTION 4975 OF THE CODE (“SIMILAR LAW”), OR A PERSON WHOSE ASSETS INCLUDE THE ASSETS OF ANY
SUCH EMPLOYEE BENEFIT PLAN OR PLAN WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101, AS MODIFIED BY SECTION
3(42) OF ERISA OR OTHERWISE, OR ANY PERSON ACTING ON BEHALF OF ANY SUCH EMPLOYEE BENEFIT PLAN OR PLAN OR USING THE ASSETS OF SUCH
EMPLOYEE BENEFIT PLAN OR PLAN TO ACQUIRE THIS CERTIFICATE, UNLESS (A) SUCH PERSON IS AN “ACCREDITED INVESTOR”
AS DEFINED IN RULE 501(a)(1) OF REGULATION D OF THE SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT OF 1933,
AND (B) THE ACQUISITION, HOLDING AND DISPOSITION OF THE CERTIFICATES BY SUCH PERSON WILL NOT CONSTITUTE OR OTHERWISE RESULT
IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE (OR A NON-EXEMPT VIOLATION
OF SIMILAR LAW).

 

THIS
CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS
ARE DEFINED, RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.

 

    Exhibit A-2-3

     

    

BWAY
TRUST 2019-1633

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2019-1633, CLASS B

 

	Pass-Through
    Rate: Net Trust Loan Rate4	 
	First
    Distribution Date: January 10, 2020	 
	Aggregate
    Initial Certificate Balance of the Class B Certificates:  $154,545,000	Rated
    Final Distribution Date: December 2039
	CUSIP:     12430X
    AE25

    U1223X AC76

    12430X AF97	Initial
    Certificate Balance of this

    Certificate:   $[______][QIB]

                          $[______][Reg S]

                          $[______][IAI]
	ISIN:         US12430XAE228

    USU1223XAC759

    US12430XAF9610	 
	Common
    Code:        20967686911

     20967688512	 
	No.:  B-[1]	 

 

This
certifies that [Cede & Co.]13 is the registered owner of the Percentage Interest evidenced by this Certificate
in the distributions to be made from a Trust Fund with respect to the Class B Certificates. The Trust Fund consists primarily
of eight notes secured by certain Collateral held in trust by the Certificate Administrator on behalf of the Trustee issued by
multiple special purpose entities evidencing a fixed rate loan (the “Trust Loan”). The Trust Fund was created,
and the Trust Loan is to be serviced, pursuant to the Trust and Servicing Agreement (as defined below). The Holder of this Certificate,
by virtue of the acceptance hereof, assents to the terms, provisions

 

 

 

4
The initial approximate Pass-Through Rate as of the Closing Date is 3.0665700%.

 

5
For Rule 144A Certificates.

 

6
For Regulation S Certificates.

 

7
For IAI Certificates.

 

8
For Rule 144A Certificates.

 

9
For Regulation S Certificates.

 

10
For IAI Certificates.

 

11
For Rule 144A Certificates.

 

12
For Regulation S Certificates.

 

13
For Global Certificate only.

 

    Exhibit A-2-4

     

    

 

and conditions of the Trust and Servicing Agreement and is
bound thereby. Also issued under the Trust and Servicing Agreement are the Class A, Class HRR and Class R Certificates (collectively
with the Class B Certificates, the “Certificates”; the Holders of Certificates issued under the Trust
and Servicing Agreement are collectively referred to herein as “Certificateholders”).

 

This
Certificate is issued pursuant to, and in accordance with, the terms of a Trust and Servicing Agreement, dated as of December
20, 2019 (the “Trust and Servicing Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor,
KeyBank National Association, as servicer, Situs Holdings, LLC, as special servicer, Wells Fargo Bank, National Association, as
trustee, as custodian and as certificate administrator, and Pentalpha Surveillance 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 represents a “regular interest” in a “real estate mortgage investment conduit,” as those terms
are defined, respectively, in Section 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.

 

Pursuant
to the terms of the Trust and Servicing Agreement, the Certificate Administrator will distribute, on the 4th Business Day after
each Determination Date, commencing in January 2020 (each such date, a “Distribution Date”), to the Person
in whose name this Certificate is registered as of the related Record Date, which will be the close of business on the last Business
Day of the month preceding the calendar month in which the applicable Distribution Date occurs, 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, any Yield Maintenance Premiums then distributable, if any, and any other amounts distributable to the Class B
Certificates for such Distribution Date, all as more fully described in the Trust and Servicing Agreement.

 

All
distributions will be made to the Persons entitled thereto by check mailed by first class mail to the address set forth therefor
in the Certificate Register or, provided that the Certificate Administrator has received appropriate wire transfer instructions,
at least five Business Days prior to the related Distribution Date, by wire transfer of immediately available funds to the account
of such Certificateholder at a bank or other entity located in the United States and having appropriate facilities therefor. The
final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate
at the location that is specified by the Certificate Administrator in the notice to Certificateholders of such final distribution.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Trust
Loan, as more specifically set forth herein and in the Trust and Servicing Agreement.

 

This
Certificate does not purport to summarize the Trust and Servicing Agreement, and reference is made to the Trust and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator. In the case of any conflict between the terms specified

    Exhibit A-2-5

     

    

 

in this Certificate
and terms specified in the Trust and Servicing Agreement, the terms of the Trust and Servicing Agreement shall govern.

 

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 Trustee, the Servicer, the Special Servicer, the Certificate
Administrator, the Certificate Registrar, and any agent of the Trustee, the Servicer, the Special Servicer, the Certificate Administrator
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 Trustee, the Servicer, the Special Servicer, the Certificate Administrator, the Certificate Registrar, nor any
agent of the Trustee, the Servicer, the Special Servicer, the Certificate Administrator or the Certificate Registrar shall be
affected by any notice to the contrary.

 

The
Trust and Servicing Agreement may be amended from time to time by the Depositor, the Servicer, the Special Servicer, the Certificate
Administrator, the Custodian, the Operating Advisor and the Trustee, without the consent of any of the Certificateholders or Companion
Loan Holders, in certain circumstances specified in the Trust and Servicing Agreement. The Trust and Servicing Agreement may also
be amended from time to time by the Depositor, the Servicer, the Special Servicer, the Certificate Administrator, the Custodian,
the Operating Advisor and the Trustee 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 the Trust and Servicing 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 Trust Loan that are required to be distributed on any Certificate
without the consent of the holder of such Certificate; (2) alter in any manner the liens on any Collateral securing payments of
the Trust Loan; (3) alter the obligations of the Servicer or the Trustee to make an Advance or alter the Accepted Servicing Practices;
(4) change the percentages of Voting Rights or Percentage Interests of Certificateholders that are required to consent to any
action or inaction under the Trust and Servicing Agreement; (5) adversely affect the Controlling Class Representative without
the consent of 100% of the Controlling Class Certificateholders; or (6) amend the Section 10.1 of the Trust and Servicing Agreement.
Notwithstanding the foregoing, no amendment to the Trust and Servicing Agreement may be made that (i) would cause the Upper-Tier
REMIC or the Lower-Tier REMIC to fail to qualify as a REMIC for federal income tax purposes (as may be evidenced by an Opinion
of Counsel), (ii) would cause any REMIC related to any Companion Loan Securities to fail to qualify as a REMIC under the Code
or (iii) changes in any manner the obligations of the Sponsors under the Loan Purchase Agreement without the consent of the Sponsors,
and the Trustee, Servicer, Special Servicer, Operating Advisor, Certificate Administrator or Custodian may, but will not be obligated
to, enter into any amendment to the Trust and Servicing Agreement that it determines affects its rights, duties or immunities
or creates any additional liability for the

    Exhibit A-2-6

     

    

 

Trustee, Servicer, Special Servicer, Operating Advisor, Certificate Administrator
or Custodian under the Trust and Servicing Agreement. In addition, no amendment may be made to the Trust and Servicing Agreement
unless the Certificate Administrator, the Trustee, the Custodian, the Operating Advisor, the Servicer and the Special Servicer
have first received 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 the Trust and Servicing Agreement and all conditions precedent have been met and that the amendment or the
exercise of any power granted to the Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Trustee
or any other specified person in accordance with the amendment, will not result in an Adverse REMIC Event.

 

The
Trust and Servicing Agreement provides that the respective obligations and responsibilities of the Servicer, the Special Servicer,
the Certificate Administrator, the Operating Advisor, the Custodian, the Depositor and the Trustee created thereby with respect
to the Certificates (other than (i) any obligations of the parties to the Trust and Servicing Agreement pursuant to Article 9
of the Trust and Servicing Agreement, (ii) the obligation of the Certificate Administrator to make certain payments to Certificateholders
after the final Distribution Date, to maintain books and records of the Trust Fund for such period of time as it maintains its
own books and records, and (ii) 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 9
of the Trust and Servicing Agreement following the later of (i) the final payment on the Certificates or (ii)  the liquidation
of the Trust Loan (including, without limitation, the sale of the Trust Loan pursuant to any intercreditor agreement or the Trust
and Servicing Agreement, as applicable) or the liquidation or abandonment of the Property; provided, however, that
in no event shall the Trust continue beyond the expiration of 21 years from the death of the last survivor of the descendants
of Joseph P. Kennedy, the late ambassador of the United States to the Court of St. James’s, living on the date 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.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the
Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing
Agreement or be valid for any purpose.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Trust Loan and has executed this Certificate in its limited capacity as Certificate Administrator
under the Trust and Servicing Agreement.

 

    Exhibit A-2-7

     

    

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Certificate to be duly executed.

 

Dated: December
20, 2019

 

	 	 	Wells Fargo Bank, National Association,

not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Authorized Officer

  

Certificate
of Authentication

 

This
is one of the Class B Certificates referred to in the Trust and Servicing Agreement.

 

Dated: December
20, 2019

 

	 	 	Wells Fargo Bank, National Association,

not in its individual capacity but solely as  Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Officer

  

    Exhibit A-2-8

     

    

SCHEDULE
A

 

SCHEDULE
OF EXCHANGES

 

The
following payments of principal and exchanges of a part of this [Rule 144A Global Certificate] [Temporary Regulation S Global
Certificate] [Regulation S Global Certificate] [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-2-9

     

    

ASSIGNMENT

 

FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto __________________________________________
(please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s)) (“Assignee(s)”)
the entire Percentage Interest represented by the within Certificate and hereby authorize(s) the registration of transfer of such
interest to Assignee(s) on the Certificate Register of the Trust.

 

I
(we) further direct the Certificate Registrar to issue a new Certificate of the entire Percentage Interest represented by the
within Certificate to the above-named Assignee(s) and to deliver such Certificate to the following address:

 

	 	 
	 	 
	 	 
	 	 
	Date:
    __________________	 

 

	 	 	 
	 	Signature
    by or on behalf of
	 	Assignor(s):
	 	 	 
	 	 
	 	Taxpayer
    Identification Number: _________

 

    Exhibit A-2-10

     

    

DISTRIBUTION
INSTRUCTIONS

 

The
Assignee(s) should include the following for purposes of distribution:

 

Address
of the Assignee(s) for the purpose of receiving notices and distributions: _____________________________________________________________________.

 

Distributions,
if being made by wire transfer in immediately available funds, to ____________________________ for the account of __________________________
account number ____________________.

 

This
information is provided by _______________________________________ the Assignee(s) named above, or ________________________________________________
as its (their) agent.

 

	 	By:	 
	 	 	[Please
    print or type name(s)]

 

	 	Title:	 
	 	 
	 	Taxpayer
    Identification Number:

 

    Exhibit A-2-11

     

    

EXHIBIT
A-3

 

FORM
OF CLASS HRR CERTIFICATES

 

CLASS
HRR

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE BORROWER SPONSOR, THE MORTGAGE LOAN BORROWER,
THE COMPANION LOAN HOLDERS, THE SERVICER, THE SPECIAL SERVICER, THE OPERATING ADVISOR, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE,
THE INITIAL PURCHASERS, THE SPONSORS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE TRUST 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 ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT
(“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER”
WITHIN THE MEANING OF RULE 144A (A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER
HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) (EXCEPT WITH RESPECT
TO THE CLASS R CERTIFICATES) TO AN INSTITUTION THAT IS NOT A “U.S. PERSON” IN AN “OFFSHORE TRANSACTION”,
AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, OR (3) (EXCEPT
WITH RESPECT TO THE CLASS R CERTIFICATES) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1),
(2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE “ACCREDITED
INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, THAT IS NOT A
QIB, AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER
APPLICABLE JURISDICTION.

 

    Exhibit A-3-1

     

    

 

THIS
CLASS HRR CERTIFICATE IS SUBORDINATED TO THE CLASS A AND CLASS B CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE
TRUST AND SERVICING AGREEMENT REFERRED TO HEREIN.

 

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 TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY
ACT OF 1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED
(THE “CODE”), OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT
TO ANY FEDERAL, STATE, LOCAL OR NON-U.S. LAW THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FIDUCIARY RESPONSIBILITY PROVISIONS
OF ERISA OR TO SECTION 4975 OF THE CODE (“SIMILAR LAW”), OR A PERSON WHOSE ASSETS INCLUDE THE ASSETS OF ANY
SUCH EMPLOYEE BENEFIT PLAN OR PLAN WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101, AS MODIFIED BY SECTION
3(42) OF ERISA OR OTHERWISE, OR ANY PERSON ACTING ON BEHALF OF ANY SUCH EMPLOYEE BENEFIT PLAN OR PLAN OR USING THE ASSETS OF SUCH
EMPLOYEE BENEFIT PLAN OR PLAN TO ACQUIRE THIS CERTIFICATE, UNLESS (A) SUCH PERSON IS AN “ACCREDITED INVESTOR”
AS DEFINED IN RULE 501(a)(1) OF REGULATION D OF THE SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT OF 1933,
AND (B) THE ACQUISITION, HOLDING AND DISPOSITION OF THE CERTIFICATES BY SUCH PERSON WILL NOT CONSTITUTE OR OTHERWISE RESULT
IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE (OR A NON-EXEMPT VIOLATION
OF SIMILAR LAW).

 

THIS
CERTIFICATE IS SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFERS, HEDGING AND PLEDGING PURSUANT TO THE CREDIT RISK RETENTION RULE. 
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 THE TRANSFER REQUIREMENTS SET FORTH IN THE TRUST AND SERVICING AGREEMENT. 
THE CERTIFICATE REGISTRAR SHALL REFUSE TO REGISTER THE TRANSFER OF THIS CERTIFICATE UNLESS SUCH TRANSFER IS IN ACCORDANCE WITH
SECTION 5.3(o) OF THE TRUST AND SERVICING AGREEMENT.

 

THIS
CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS
ARE DEFINED, RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D.

 

    Exhibit A-3-2

     

    

BWAY
TRUST 2019-1633

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2019-1633, CLASS HRR

 

	Pass-Through
    Rate: Net Trust Loan Rate1	 
	First
    Distribution Date: January 10, 2020	 
	Aggregate
    Initial Certificate Balance of the Class HRR Certificates:  $15,000,000	Rated
    Final Distribution Date: December 2039
	CUSIP: 
       12430X AG72

    U1223X AD53

    12430X AH54	Initial
    Certificate Balance of this

    Certificate:    $[______][QIB]

                           $[______][Reg S]

                           $[______][IAI]
	ISIN:         US12430XAG795

    USU1223XAD586

    US12430XAH527	 
	Common
    Code:        2096769078

     2096769239	 
	No.:  HRR-[1]	 

This
certifies that [_____]10 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 eight
notes secured by certain Collateral held in trust by the Certificate Administrator on behalf of the Trustee issued by multiple
special purpose entities evidencing a fixed rate loan (the “Trust Loan”). The Trust Fund was created, and the
Trust Loan is to be serviced, pursuant to the Trust and Servicing Agreement (as defined below). The Holder of this Certificate,
by virtue of the acceptance hereof, assents to the

 

 

1
The initial approximate Pass-Through Rate as of the Closing Date is 3.0665700%.

 

2
For Rule 144A Certificates.

 

3
For Regulation S Certificates.

 

4
For IAI Certificates.

 

5
For Rule 144A Certificates.

 

6
For Regulation S Certificates.

 

7
For IAI Certificates.

 

8
For Rule 144A Certificates.

 

9
For Regulation S Certificates.

 

10
For Global Certificate only.

  

    Exhibit A-3-3

     

    

 

terms, provisions and conditions of the Trust and Servicing Agreement and is
bound thereby. Also issued under the Trust and Servicing Agreement are the Class A, Class B and Class R Certificates (collectively
with the Class HRR Certificates, the “Certificates”; the Holders of Certificates issued under the Trust and
Servicing Agreement are collectively referred to herein as “Certificateholders”).

 

This
Certificate is issued pursuant to, and in accordance with, the terms of a Trust and Servicing Agreement, dated as of December
20, 2019 (the “Trust and Servicing Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor,
KeyBank National Association, as servicer, Situs Holdings, LLC, as special servicer, Wells Fargo Bank, National Association, as
trustee, as custodian and as certificate administrator, and Pentalpha Surveillance 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 represents a “regular interest” in a “real estate mortgage investment conduit,” as those terms
are defined, respectively, in Section 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.

 

Pursuant
to the terms of the Trust and Servicing Agreement, the Certificate Administrator will distribute, on the 4th Business Day after
each Determination Date, commencing in January 2020 (each such date, a “Distribution Date”), to the Person
in whose name this Certificate is registered as of the related Record Date, which will be the close of business on the last Business
Day of the month preceding the calendar month in which the applicable Distribution Date occurs, 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, any Yield Maintenance Premiums then distributable, if any, and any other amounts distributable 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 check mailed by first class mail to the address set forth therefor
in the Certificate Register or, provided that the Certificate Administrator has received appropriate wire transfer instructions,
at least five Business Days prior to the related Distribution Date, by wire transfer of immediately available funds to the account
of such Certificateholder at a bank or other entity located in the United States and having appropriate facilities therefor. The
final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate
at the location that is specified by the Certificate Administrator in the notice to Certificateholders of such final distribution.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Trust
Loan, as more specifically set forth herein and in the Trust and Servicing Agreement.

 

This
Certificate does not purport to summarize the Trust and Servicing Agreement, and reference is made to the Trust and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator. In the case of any conflict between the terms specified

    Exhibit A-3-4

     

    

 in this Certificate
and terms specified in the Trust and Servicing Agreement, the terms of the Trust and Servicing Agreement shall govern.

 

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 Trustee, the Servicer, the Special Servicer, the Certificate
Administrator, the Certificate Registrar, and any agent of the Trustee, the Servicer, the Special Servicer, the Certificate Administrator
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 Trustee, the Servicer, the Special Servicer, the Certificate Administrator, the Certificate Registrar, nor any
agent of the Trustee, the Servicer, the Special Servicer, the Certificate Administrator or the Certificate Registrar shall be
affected by any notice to the contrary.

 

The
Trust and Servicing Agreement may be amended from time to time by the Depositor, the Servicer, the Special Servicer, the Certificate
Administrator, the Custodian, the Operating Advisor and the Trustee, without the consent of any of the Certificateholders or Companion
Loan Holders, in certain circumstances specified in the Trust and Servicing Agreement. The Trust and Servicing Agreement may also
be amended from time to time by the Depositor, the Servicer, the Special Servicer, the Certificate Administrator, the Custodian,
the Operating Advisor and the Trustee 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 the Trust and Servicing 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 Trust Loan that are required to be distributed on any Certificate
without the consent of the holder of such Certificate; (2) alter in any manner the liens on any Collateral securing payments of
the Trust Loan; (3) alter the obligations of the Servicer or the Trustee to make an Advance or alter the Accepted Servicing Practices;
(4) change the percentages of Voting Rights or Percentage Interests of Certificateholders that are required to consent to any
action or inaction under the Trust and Servicing Agreement; (5) adversely affect the Controlling Class Representative without
the consent of 100% of the Controlling Class Certificateholders; or (6) amend the Section 10.1 of the Trust and Servicing Agreement.
Notwithstanding the foregoing, no amendment to the Trust and Servicing Agreement may be made that (i) would cause the Upper-Tier
REMIC or the Lower-Tier REMIC to fail to qualify as a REMIC for federal income tax purposes (as may be evidenced by an Opinion
of Counsel), (ii) would cause any REMIC related to any Companion Loan Securities to fail to qualify as a REMIC under the Code
or (iii) changes in any manner the obligations of the Sponsors under the Loan Purchase Agreement without the consent of the Sponsors,
and the Trustee, Servicer, Special Servicer, Operating Advisor, Certificate Administrator or Custodian may, but will not be obligated
to, enter into any amendment to the Trust and Servicing Agreement that it determines affects its rights, duties or immunities
or creates any additional liability for the

    Exhibit A-3-5

     

    

 

Trustee, Servicer, Special Servicer, Operating Advisor, Certificate Administrator
or Custodian under the Trust and Servicing Agreement. In addition, no amendment may be made to the Trust and Servicing Agreement
unless the Certificate Administrator, the Trustee, the Custodian, the Operating Advisor, the Servicer and the Special Servicer
have first received 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 the Trust and Servicing Agreement and all conditions precedent have been met and that the amendment or the
exercise of any power granted to the Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Trustee
or any other specified person in accordance with the amendment, will not result in an Adverse REMIC Event.

 

The
Trust and Servicing Agreement provides that the respective obligations and responsibilities of the Servicer, the Special Servicer,
the Certificate Administrator, the Operating Advisor, the Custodian, the Depositor and the Trustee created thereby with respect
to the Certificates (other than (i) any obligations of the parties to the Trust and Servicing Agreement pursuant to Article 9
of the Trust and Servicing Agreement, (ii) the obligation of the Certificate Administrator to make certain payments to Certificateholders
after the final Distribution Date, to maintain books and records of the Trust Fund for such period of time as it maintains its
own books and records, and (ii) 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 9
of the Trust and Servicing Agreement following the later of (i) the final payment on the Certificates or (ii)  the liquidation
of the Trust Loan (including, without limitation, the sale of the Trust Loan pursuant to any intercreditor agreement or the Trust
and Servicing Agreement, as applicable) or the liquidation or abandonment of the Property; provided, however, that
in no event shall the Trust continue beyond the expiration of 21 years from the death of the last survivor of the descendants
of Joseph P. Kennedy, the late ambassador of the United States to the Court of St. James’s, living on the date 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.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the
Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing
Agreement or be valid for any purpose.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Trust Loan and has executed this Certificate in its limited capacity as Certificate Administrator
under the Trust and Servicing Agreement.

 

    Exhibit A-3-6

     

    

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Certificate to be duly executed.

 

Dated: December
20, 2019

 

	 	 	Wells Fargo Bank, National Association,

not in its individual capacity but solely as Certificate Administrator
	 	 	 
		By:	 
	 	 	Authorized Officer

  

Certificate
of Authentication

 

This
is one of the Class HRR Certificates referred to in the Trust and Servicing Agreement.

 

Dated: December
20, 2019

 

	 	 	Wells Fargo Bank, National Association,

not in its individual capacity but solely as Authenticating Agent
	 	 	 
		By:	 
	 	 	Authorized Officer

 

    Exhibit A-3-7

     

    

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-3-8

     

    

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-3-9

     

    

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-3-10

     

    

EXHIBIT
A-4

 

FORM
OF CLASS R CERTIFICATES

 

CLASS R

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE BORROWER SPONSOR, THE MORTGAGE LOAN BORROWER,
THE COMPANION LOAN HOLDERS, THE SERVICER, THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE INITIAL PURCHASERS
OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING TRUST LOAN ARE INSURED OR GUARANTEED BY ANY
GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE
REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, AND (B) IN EACH CASE IN ACCORDANCE WITH ANY
APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THIS
CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT
PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE, LOCAL OR NON-U.S.
LAW THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE, OR A PERSON WHOSE ASSETS INCLUDE
THE ASSETS OF ANY SUCH EMPLOYEE BENEFIT PLAN OR PLAN WITHIN THE MEANING OF DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101,
AS MODIFIED BY SECTION 3(42) OF ERISA OR OTHERWISE, OR ANY PERSON ACTING ON BEHALF OF ANY SUCH EMPLOYEE BENEFIT PLAN OR PLAN OR
USING THE ASSETS OF SUCH EMPLOYEE BENEFIT PLAN OR PLAN TO ACQUIRE THIS CERTIFICATE.

 

    Exhibit A-4-1

     

    

THIS
CERTIFICATE REPRESENTS A “RESIDUAL INTEREST” IN TWO “REAL ESTATE MORTGAGE INVESTMENT CONDUITS” AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(2) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED. EACH TRANSFEREE
OF THIS CERTIFICATE, BY ACCEPTANCE HEREOF, IS DEEMED TO HAVE ACCEPTED THIS CERTIFICATE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFERABILITY
TO DISQUALIFIED ORGANIZATIONS, NON-U.S. PERSONS OR AGENTS OF EITHER, AS SET FORTH IN SECTION 5.3 OF THE TSA, AND SHALL BE REQUIRED
TO FURNISH AN AFFIDAVIT TO THE TRANSFEROR AND THE CERTIFICATE ADMINISTRATOR TO THE EFFECT THAT, AMONG OTHER THINGS, (A) IT IS
NOT A DISQUALIFIED ORGANIZATION, AS SUCH TERM IS DEFINED IN CODE SECTION 860E(e)(5), OR AN AGENT (INCLUDING A BROKER, NOMINEE
OR OTHER MIDDLEMAN) FOR SUCH DISQUALIFIED ORGANIZATION AND IS OTHERWISE A PERMITTED TRANSFEREE, (B) IT HAS HISTORICALLY PAID ITS
DEBTS AS THEY HAVE COME DUE AND INTENDS TO PAY ITS DEBTS AS THEY COME DUE IN THE FUTURE, (C) IT UNDERSTANDS THAT IT MAY INCUR
TAX LIABILITIES WITH RESPECT TO THIS CERTIFICATE IN EXCESS OF CASH FLOWS GENERATED HEREBY, (D) IT INTENDS TO PAY ANY TAXES ASSOCIATED
WITH HOLDING THIS CERTIFICATE AS THEY BECOME DUE, (E) IT WILL NOT CAUSE INCOME WITH RESPECT TO THIS CERTIFICATE TO BE ATTRIBUTABLE
TO A FOREIGN PERMANENT ESTABLISHMENT OR FIXED BASE, WITHIN THE MEANING OF AN APPLICABLE INCOME TAX TREATY, OF SUCH PERSON OR ANY
OTHER U.S. PERSON AND (F) IT WILL NOT TRANSFER THIS CERTIFICATE TO ANY PERSON OR ENTITY THAT DOES NOT PROVIDE A SIMILAR AFFIDAVIT.
ANY PURPORTED TRANSFER TO A DISQUALIFIED ORGANIZATION OR OTHER PERSON THAT IS NOT A PERMITTED TRANSFEREE OR OTHERWISE IN VIOLATION
OF THESE RESTRICTIONS SHALL BE ABSOLUTELY NULL AND VOID AND SHALL VEST NO RIGHTS IN ANY PURPORTED TRANSFEREE. BECAUSE THIS CERTIFICATE
REPRESENTS MULTIPLE “NON-ECONOMIC RESIDUAL INTERESTS”, AS DEFINED IN TREASURY REGULATIONS SECTION 1.860E-1(c), TRANSFERS
OF THIS CERTIFICATE MAY BE DISREGARDED FOR FEDERAL INCOME TAX PURPOSES. IN ORDER TO SATISFY A REGULATORY SAFE HARBOR UNDER 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.

 

    Exhibit A-4-2

     

    

BWAY
TRUST 2019-1633

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2019-1633, CLASS R

 

	Percentage
    Interest: 100%	 
	Cut-Off
    Date: December 6, 2019	 
	CUSIP:     12430X AJ11

    U1223X AE32

    12430X AK83	 
	ISIN:         US12430XAJ194

    USU1223XAE325

    US12430XAK816	 
	 	 
	No.:
                                         R-[1]

         
	 

This
certifies that [_____] is the registered owner of the Percentage Interest evidenced by this Certificate in the distributions to
be made from a Trust Fund with respect to the Class R Certificates. The Trust Fund consists primarily of eight notes secured
by certain Collateral held in trust by the Certificate Administrator on behalf of the Trustee issued by multiple special purpose
entities evidencing a fixed rate loan (the “Trust Loan”). The Trust Fund was created, and the Trust Loan is
to be serviced, pursuant to the Trust and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of
the acceptance hereof, assents to the terms, provisions and conditions of the Trust and Servicing Agreement and is bound thereby.
Also issued under the Trust and Servicing Agreement are the Class A, Class B and Class HRR Certificates (collectively
with the Class R Certificates, the “Certificates”; the Holders of Certificates issued under the Trust
and Servicing Agreement are collectively referred to herein as “Certificateholders”).

 

This
Certificate is issued pursuant to, and in accordance with, the terms of a Trust and Servicing Agreement, dated as of December
20, 2019 (the “Trust and Servicing Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor,
KeyBank National Association, as servicer, Situs Holdings, LLC, as special servicer, Wells Fargo Bank, National Association, as
trustee, as custodian and as certificate administrator, and Pentalpha Surveillance

 

 

1
For Rule 144A Certificates.

 

2
For Regulation S Certificates.

 

3
For IAI Certificates.

 

4
For Rule 144A Certificates.

 

5
For Regulation S Certificates.

 

6
For IAI Certificates.

 

    Exhibit A-4-3

     

    

 

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 represents the “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
Certificate Administrator shall be the “partnership representative” (within the meaning of Section 6223 of the Code)
of the Upper-Tier REMIC and the Lower-Tier REMIC. By acceptance of the Class R Certificates, the Class R Certificateholders agree,
on behalf of themselves and all successor holders of such Class R Certificates, to such designation.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Trust Loans and has executed this Certificate in its limited capacity as Certificate Administrator
under the Trust and Servicing Agreement.

 

Pursuant
to the terms of the Trust and Servicing Agreement, the Certificate Administrator will distribute, on the 4th Business Day after
each Determination Date, commencing in January 2020 (each such date, a “Distribution Date”), to the Person
in whose name this Certificate is registered as of the related Record Date, which will be the close of business on the last Business
Day of the month preceding the calendar month in which the applicable Distribution Date occurs, 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, any Yield Maintenance Premiums then distributable, if any, and any other amounts distributable to the Class R
Certificates for such Distribution Date, all as more fully described in the Trust and Servicing Agreement.

 

All
distributions will be made to the Persons entitled thereto by check mailed by first class mail to the address set forth therefor
in the Certificate Register or, provided that the Certificate Administrator has received appropriate wire transfer instructions,
at least five Business Days prior to the related Distribution Date, by wire transfer of immediately available funds to the account
of such Certificateholder at a bank or other entity located in the United States and having appropriate facilities therefor. The
final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate
at the location that is specified by the Certificate Administrator in the notice to Certificateholders of such final distribution.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Trust
Loan, as more specifically set forth herein and in the Trust and Servicing Agreement.

 

This
Certificate does not purport to summarize the Trust and Servicing Agreement, and reference is made to the Trust and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator. In the case of any conflict between the terms specified

    Exhibit A-4-4

     

    

 

in this Certificate
and terms specified in the Trust and Servicing Agreement, the terms of the Trust and Servicing Agreement shall govern.

 

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 Trustee, the Servicer, the Special Servicer, the Certificate
Administrator, the Certificate Registrar, and any agent of the Trustee, the Servicer, the Special Servicer, the Certificate Administrator
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 Trustee, the Servicer, the Special Servicer, the Certificate Administrator, the Certificate Registrar, nor any
agent of the Trustee, the Servicer, the Special Servicer, the Certificate Administrator or the Certificate Registrar shall be
affected by any notice to the contrary.

 

The
Trust and Servicing Agreement may be amended from time to time by the Depositor, the Servicer, the Special Servicer, the Certificate
Administrator, the Custodian, the Operating Advisor and the Trustee, without the consent of any of the Certificateholders or Companion
Loan Holders, in certain circumstances specified in the Trust and Servicing Agreement. The Trust and Servicing Agreement may also
be amended from time to time by the Depositor, the Servicer, the Special Servicer, the Certificate Administrator, the Custodian,
the Operating Advisor and the Trustee 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 the Trust and Servicing 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 Trust Loan that are required to be distributed on any Certificate
without the consent of the holder of such Certificate; (2) alter in any manner the liens on any Collateral securing payments of
the Trust Loan; (3) alter the obligations of the Servicer or the Trustee to make an Advance or alter the Accepted Servicing Practices;
(4) change the percentages of Voting Rights or Percentage Interests of Certificateholders that are required to consent to any
action or inaction under the Trust and Servicing Agreement; (5) adversely affect the Controlling Class Representative without
the consent of 100% of the Controlling Class Certificateholders; or (6) amend the Section 10.1 of the Trust and Servicing Agreement.
Notwithstanding the foregoing, no amendment to the Trust and Servicing Agreement may be made that (i) would cause the Upper-Tier
REMIC or the Lower-Tier REMIC to fail to qualify as a REMIC for federal income tax purposes (as may be evidenced by an Opinion
of Counsel), (ii) would cause any REMIC related to any Companion Loan Securities to fail to qualify as a REMIC under the Code
or (iii) changes in any manner the obligations of the Sponsors under the Loan Purchase Agreement without the consent of the Sponsors,
and the Trustee, Servicer, Special Servicer, Operating Advisor, Certificate Administrator or Custodian may, but will not be obligated
to, enter into any amendment to the Trust and Servicing Agreement that it determines affects its rights, duties or immunities
or creates any additional liability for the

    Exhibit A-4-5

     

    

 

Trustee, Servicer, Special Servicer, Operating Advisor, Certificate Administrator
or Custodian under the Trust and Servicing Agreement. In addition, no amendment may be made to the Trust and Servicing Agreement
unless the Certificate Administrator, the Trustee, the Custodian, the Operating Advisor, the Servicer and the Special Servicer
have first received 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 the Trust and Servicing Agreement and all conditions precedent have been met and that the amendment or the
exercise of any power granted to the Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Trustee
or any other specified person in accordance with the amendment, will not result in an Adverse REMIC Event.

 

The
Trust and Servicing Agreement provides that the respective obligations and responsibilities of the Servicer, the Special Servicer,
the Certificate Administrator, the Operating Advisor, the Custodian, the Depositor and the Trustee created thereby with respect
to the Certificates (other than (i) any obligations of the parties to the Trust and Servicing Agreement pursuant to Article 9
of the Trust and Servicing Agreement, (ii) the obligation of the Certificate Administrator to make certain payments to Certificateholders
after the final Distribution Date, to maintain books and records of the Trust Fund for such period of time as it maintains its
own books and records, and (ii) 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 9
of the Trust and Servicing Agreement following the later of (i) the final payment on the Certificates or (ii)  the liquidation
of the Trust Loan (including, without limitation, the sale of the Trust Loan pursuant to any intercreditor agreement or the Trust
and Servicing Agreement, as applicable) or the liquidation or abandonment of the Property; provided, however, that
in no event shall the Trust continue beyond the expiration of 21 years from the death of the last survivor of the descendants
of Joseph P. Kennedy, the late ambassador of the United States to the Court of St. James’s, living on the date 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.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the
Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing
Agreement or be valid for any purpose.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Trust Loan and has executed this Certificate in its limited capacity as Certificate Administrator
under the Trust and Servicing Agreement.

 

    Exhibit A-4-6

     

    

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Certificate to be duly executed.

 

Dated: December
20, 2019

 

	 	Wells Fargo Bank, National Association,

                    not in its individual capacity but solely as Certificate Administrator

	 	 	 
		By:	 
	 	 	Authorized Officer

 

 

Certificate
of Authentication

 

This
is one of the Class R Certificates referred to in the Trust and Servicing Agreement.

 

Dated: December
20, 2019

 

	 	Wells Fargo Bank, National Association,

                    not in its individual capacity but solely as Authenticating Agent

	 	 	 
		By:	 
	 	 	Authorized Officer

  

    Exhibit A-4-7

     

    

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-4-8

     

    

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-4-9

     

    

 

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-4-10

     

    

 

EXHIBIT
B

 

FORM
OF REQUEST FOR RELEASE

(for Custodian)

 

	Loan
    Information
	 	Name
    of Mortgagor:	
	Custodian
	 	Name:	Wells
    Fargo Bank, National Association
	 	 	 
	 	Address:	1055
10th Ave SE

Minneapolis, Minnesota 55414

Attention: Document Custody Group

BWAY Trust 2019-1633 

	 	 	 
	 	Custodian

         

        Mortgage
File No.:
	
	 
	Depositor
	 	Name:	GS
    Mortgage Securities Corporation II
	 	 	 
	 	Address:	200
                                         West Street, New York, New York 10282

	 	 	 
	 	Certificates:	BWAY
    Trust 2019-1633, Commercial Mortgage Pass-Through Certificates, Series 2019-1633

 

The
undersigned [Servicer] [Special Servicer] hereby requests delivery from Wells Fargo Bank, National Association, as custodian (the
“Custodian”), for the Holders of BWAY Trust 2019-1633, Commercial Mortgage Pass-Through Certificates, Series
2019-1633, 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 20, 2019,
by and among GS Mortgage Securities Corporation II, 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 Pentalpha
Surveillance LLC, as Operating Advisor (the “Trust and Servicing Agreement”).

 

		()	Note
dated [          ], 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 Notes or Mortgages.

 

	()	 

 

	()	 

 

	()	 

 

	()	 

 

The
undersigned [Servicer] [Special Servicer] hereby acknowledges and agrees as follows:

 

(1)       The
[Servicer] [Special Servicer] shall hold and retain possession of the Documents in trust on behalf of the Custodian for the benefit
of the Certificateholders, solely for the purposes provided in the Trust and Servicing Agreement.

 

(2)       The
[Servicer] [Special Servicer] shall not cause or permit the Documents to become subject to, or encumbered by, any claims, liens,
security interests, charges, writs of attachment or other impositions nor shall the [Servicer] [Special Servicer] assert or seek
to assert any claims or rights of set-off to or against the Documents or any proceeds thereof except as otherwise provided in
the Trust and Servicing Agreement.

 

(3)       The
[Servicer] [Special Servicer] shall return the Documents to the Custodian when the need therefor no longer exists, unless the
Whole Loan has been liquidated or the Whole Loan has been paid in full and the proceeds thereof have been remitted to the Collection
Account except as expressly provided in the Trust and Servicing Agreement.

 

(4)       The
Documents, coming into the possession or control of the [Servicer] [Special Servicer] shall at all times be earmarked for the
account of the Custodian, and the [Servicer] [Special Servicer] shall keep the Documents separate and distinct from all other
property in the [Servicer’s] [Special Servicer’s] possession, custody or control.

 

    Exhibit B-2 

     

    

 

	 	[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 Transfers (CMBS) – BWAY Trust 2019-1633

 

		Re:	BWAY
                                         Trust 2019-1633, Commercial Mortgage Pass-Through Certificates, Series 2019-1633, Class [__]

 

Reference
is hereby made to the Trust and Servicing Agreement, dated as of December 20, 2019 (the “Trust and Servicing Agreement”),
by and among GS Mortgage Securities Corporation II, 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 Pentalpha
Surveillance 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 “U.S. person” within the meaning of Rule 902(k) of Regulation S;

 

 

 

*
Select appropriate depository.

 

    Exhibit C-1 

     

    

 

(2)       the
offer and sale of the Certificates was made in an “offshore transaction” within the meaning of Rule 902(h) of Regulation
S;

 

(3)       no
“directed selling efforts” have been made by the Transferor, an affiliate of the Transferor, or any person acting
on behalf of the Transferor or any such affiliate in contravention of the requirements of Rule 903(b) or 904(b) of Regulation
S, as applicable; and

 

(4)       the
transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act.

 

We
understand that this certificate is required in connection with certain securities laws of the United States. In connection therewith,
if administrative or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant,
we irrevocably authorize you to produce this certificate to any interested party in such proceeding. This certificate and the
statements contained herein are made for your benefit and the benefit of the Depositor, the Trustee, the Servicer, the Special
Servicer, the Operating Advisor, the Custodian, the Certificate Administrator and the Initial Purchasers.

 

	 	[Insert
Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated:
_______

 

cc:
GS Mortgage Securities Corporation II

 

    Exhibit C-2 

     

    

 

EXHIBIT
D

 

FORM
OF TRANSFER CERTIFICATE

FOR RULE 144A GLOBAL CERTIFICATE

TO REGULATION S GLOBAL CERTIFICATE

 

(Exchange
or transfers pursuant to

Section 5.3(d) of the Trust and Servicing Agreement)

 

Wells
Fargo Bank, National Association,

as Certificate Registrar 

600
South 4th Street, 7th Floor 

MAC:
N9300-070 

Minneapolis,
Minnesota 55479 

Attention:
Certificate Transfers (CMBS) – BWAY Trust 2019-1633

 

		Re:	BWAY
                                         Trust 2019-1633, Commercial Mortgage Pass-Through Certificates, Series 2019-1633, Class [__]

 

Reference
is hereby made to the Trust and Servicing Agreement, dated as of December 20, 2019 (the “Trust and Servicing Agreement”),
by and among GS Mortgage Securities Corporation II, 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 Pentalpha
Surveillance 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 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 “U.S. person” within the meaning of Rule 902(k) of Regulation S;

 

(2)       the
offer and sale of the Certificates was made in an “offshore transaction” within the meaning of Rule 902(h) of Regulation
S;

 

    Exhibit D-1 

     

    

 

(3)       no
“directed selling efforts” have been made by the Transferor, an affiliate of the Transferor, or a person acting on
behalf of the Transferor or any such affiliate in contravention of the requirements of Rule 903(b) or 904(b) of Regulation S,
as applicable; and

 

(4)       the
transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act.

 

We
understand that this certificate is required in connection with certain securities laws of the United States. In connection therewith,
if administrative or legal proceedings are commenced or threatened in connection with which this certificate is or would be relevant,
we irrevocably authorize you to produce this certificate to any interested party in such proceeding. This certificate and the
statements contained herein are made for your benefit and the benefit of the Depositor, the Trustee, the Servicer, the Special
Servicer, the Operating Advisor, the Custodian, the Certificate Administrator and the Initial Purchasers.

 

	 	[Insert
Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated:
________

 

cc:
GS Mortgage Securities Corporation II

 

    Exhibit D-2 

     

    

 

EXHIBIT
E

 

FORM
OF TRANSFER CERTIFICATE

FOR TEMPORARY REGULATION S GLOBAL CERTIFICATE

TO RULE 144A GLOBAL CERTIFICATE DURING RESTRICTED PERIOD

 

(Exchange
or transfers pursuant to

Section 5.3(e) of the Trust and Servicing Agreement)

 

Wells
Fargo Bank, National Association,

as Certificate Registrar

600
South 4th Street, 7th Floor

MAC:
N9300-070

Minneapolis,
Minnesota 55479

Attention:
Certificate Transfers (CMBS) – BWAY Trust 2019-1633

 

		Re:	BWAY
                                         Trust 2019-1633, Commercial Mortgage Pass-Through Certificates, Series 2019-1633, Class [__]

 

Reference
is hereby made to the Trust and Servicing Agreement, dated as of December 20, 2019 (the “Trust and Servicing Agreement”),
by and among GS Mortgage Securities Corporation II, 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 Pentalpha
Surveillance 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 Trustee, the Servicer, the Special
Servicer, the Operating Advisor, the Custodian, the Certificate Administrator and the Initial Purchasers.

 

	 	[Insert
Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated:
_______

 

cc:
GS Mortgage Securities Corporation II

 

    Exhibit E-2 

     

    

 

EXHIBIT
F

 

FORM
OF CERTIFICATION TO BE GIVEN BY

BENEFICIAL OWNER OF TEMPORARY

REGULATION S GLOBAL CERTIFICATE

 

(Exchanges
pursuant to

Section 5.3(f) of the Trust and Servicing Agreement)

 

Wells
Fargo Bank, National Association,

as Certificate Registrar 

600
South 4th Street, 7th Floor 

MAC:
N9300-070 

Minneapolis,
Minnesota 55479 

Attention:
Certificate Transfers (CMBS) – BWAY Trust 2019-1633

 

		Re:	BWAY
                                         Trust 2019-1633, Commercial Mortgage Pass-Through Certificates, Series 2019-1633, Class [__]

 

Reference
is hereby made to the Trust and Servicing Agreement, dated as of December 20, 2019 (the “Trust and Servicing Agreement”),
by and among GS Mortgage Securities Corporation II, 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 Pentalpha
Surveillance 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 in Rule 902(k) of 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 Custodian, the Certificate Administrator, the Trustee and the Initial Purchasers.

 

		Dated:	 	

 

		By:	
	 
	 	 	as, or as agent for, the holder
                                         of a beneficial interest in the Certificates to which this certificate relates.

 

    Exhibit F-2 

     

    

 

EXHIBIT
G

 

FORM
OF TRANSFER CERTIFICATE

FOR NON-BOOK ENTRY CERTIFICATE

TO TEMPORARY REGULATION S GLOBAL CERTIFICATE

 

(Exchanges
or transfers pursuant to

Section 5.3(g) of the Trust and Servicing Agreement)

 

Wells
Fargo Bank, National Association,

as Certificate Registrar 

600
South 4th Street, 7th Floor 

MAC:
N9300-070 

Minneapolis,
Minnesota 55479 

Attention:
Certificate Transfers (CMBS) – BWAY Trust 2019-1633

 

		Re:	BWAY
                                         Trust 2019-1633, Commercial Mortgage Pass-Through Certificates, Series 2019-1633, Class [__]

 

Reference
is hereby made to the Trust and Servicing Agreement, dated as of December 20, 2019 (the “Trust and Servicing Agreement”),
by and among GS Mortgage Securities Corporation II, 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 Pentalpha
Surveillance 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 “U.S. person” within the meaning of Rule 902(k) of Regulation S;

 

 

 

*
Select appropriate depository.

 

    Exhibit G-1 

     

    

 

(2)
       the offer and sale of the Certificates was made in an “offshore transaction”
within the meaning of Rule 902(h) of Regulation S;

 

(3)       no
“directed selling efforts” have been made by the Transferor, an affiliate of the Transferor, or any person acting
on behalf of the Transferor or any such affiliate 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 Custodian, the Certificate Administrator, the Trustee and the Initial Purchasers.

 

	 	[Insert
Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated:
________

 

cc:
GS Mortgage Securities Corporation II

 

    Exhibit G-2 

     

    

 

EXHIBIT
H

 

FORM
OF TRANSFER CERTIFICATE

FOR NON-BOOK ENTRY CERTIFICATE

TO REGULATION S GLOBAL CERTIFICATE

 

(Exchange
or transfers pursuant to

Section 5.3(g) of the Trust and Servicing Agreement)

 

Wells
Fargo Bank, National Association,

as Certificate Registrar

600
South 4th Street, 7th Floor

MAC:
N9300-070

Minneapolis,
Minnesota 55479

Attention:
Certificate Transfers (CMBS) – BWAY Trust 2019-1633

 

		Re:	BWAY
                                         Trust 2019-1633, Commercial Mortgage Pass-Through Certificates, Series 2019-1633, Class [__]

 

Reference
is hereby made to the Trust and Servicing Agreement, dated as of December 20, 2019 (the “Trust and Servicing Agreement”),
by and among GS Mortgage Securities Corporation II, 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 Pentalpha
Surveillance 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 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 “U.S. person” within the meaning of Rule 902(k) of Regulation S;

 

(2)       the
offer and sale of the Certificates was made in an “offshore transaction” within the meaning of Rule 902(h) of Regulation
S;

 

(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

 

    Exhibit H-1 

     

    

 

(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 Custodian, the Certificate Administrator, the Trustee and the Initial Purchasers.

 

	 	[Insert
Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated:
_______

 

cc:
GS Mortgage Securities Corporation II

 

    Exhibit H-2 

     

    

 

EXHIBIT
I

 

FORM
OF TRANSFER CERTIFICATE

FOR NON-BOOK ENTRY CERTIFICATE

TO RULE 144A GLOBAL CERTIFICATE

 

(Exchange
or transfers pursuant to

Section 5.3(g) of the Trust and Servicing Agreement)

 

Wells
Fargo Bank, National Association,

as Certificate Registrar

600
South 4th Street, 7th Floor

MAC:
N9300-070

Minneapolis,
Minnesota 55479

Attention:
Certificate Transfers (CMBS) – BWAY Trust 2019-1633

 

		Re:	BWAY
                                         Trust 2019-1633, Commercial Mortgage Pass-Through Certificates, Series 2019-1633, Class [__]

 

Reference
is hereby made to the Trust and Servicing Agreement, dated as of December 20, 2019 (the “Trust and Servicing Agreement”),
by and among GS Mortgage Securities Corporation II, 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 Pentalpha
Surveillance 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. This certificate and the
statements contained herein are made for your benefit and the benefit of

 

    Exhibit I-1 

     

    

 

the Depositor, the Servicer, the Special Servicer, the
Operating Advisor, the Custodian, the Certificate Administrator, the Trustee and the Initial Purchasers.

 

	 	[Insert
Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated:
_______

 

cc:
GS Mortgage Securities Corporation II

 

    Exhibit I-2 

     

    

 

EXHIBIT
J-1

 

FORM
OF INVESTMENT 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 Transfers (CMBS) – BWAY Trust 2019-1633

 

GS
Mortgage Securities Corporation II

200 West Street

New York, New York 10282-2198

Attention: Leah Nivison

 

		Re:	BWAY
                                         Trust 2019-1633, Commercial Mortgage Pass-Through Certificates, Series 2019-1633, Class [__]

 

Ladies
and Gentlemen:

 

This
letter is delivered pursuant to Section 5.3 of the Trust and Servicing Agreement, dated as of December 20, 2019 (the “Trust
and Servicing Agreement”), by and among GS Mortgage Securities Corporation II, 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 Pentalpha Surveillance LLC, as Operating Advisor, on behalf of the holders of the BWAY Trust 2019-1633, Commercial
Mortgage Pass Through Certificates, Series 2019-1633 (the “Certificates”) in connection with the transfer by
[             ] (the “Seller”) to the undersigned
(the “Purchaser”) of $_____ aggregate Certificate Balance of Class [ ] Certificates, in certificated fully
registered form (such registered interest, the “Certificate”). Capitalized terms used but not defined herein
shall have the meanings given to them in the Trust 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” (an “Institutional
Accredited Investor”, i.e., an entity meeting the requirements of Rule 501 (a)(1), (2), (3) or (7) of Regulation D under
the Securities Act of 1933, as amended (the “Securities Act”)) and has such knowledge and experience in financial
and business matters as to be capable of evaluating the merits and risks of the investment in the Certificate, and the Purchaser
and any accounts for which the Purchaser is acting are each able to bear the economic risk of our or its 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

 

    Exhibit J-1-1 

     

    

 

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” in transactions under Rule 144A,
or (ii) Institutional Accredited Investors pursuant to any other exemption from the registration requirements of the Securities
Act, subject in the case of this clause (ii) 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 Non-Book Entry 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 resold 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 Offering Circular dated December 13, 2019, relating to the Certificates (the “Offering
Circular”) and the agreements and other materials referred to therein and has had the opportunity to ask questions and
receive answers concerning the terms and conditions of the transactions contemplated by the Offering Circular.

 

5.       The
Purchaser hereby undertakes to be bound by the terms and conditions of the Trust and Servicing Agreement in its capacity as an
owner of a Non-Book Entry Certificate or Certificates, as the case may be (each, a “Certificateholder”), in
all respects as if it were a signatory thereto. This undertaking is made for the benefit of the Trust, the Certificate Registrar
and all Certificateholders present and future.

 

6.       The
Purchaser will not sell or otherwise transfer any portion of the Certificate, except in compliance with Section 5.3 of the Trust
and Servicing Agreement.

 

    Exhibit J-1-2 

     

    

 

7.       Check
one of the following:

 

☐       The
Purchaser is a “U.S. Person” and it has attached hereto an Internal Revenue Service (“IRS”) Form W-9 (or
successor form).

 

☐       The
Purchaser is not a “U.S. Person” and under applicable law in effect on the date hereof, no taxes will be required
to be withheld by the Certificate 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 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. Person, (ii) two duly executed copies
of IRS Form W-8IMY (and all appropriate attachment, (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
U.S. Securities is, or is expected to be, effectively connected with a U.S. trade or business or (iv) a duly executed copy of
IRS Form W-8EXP. The Purchaser agrees to provide to the Certificate Registrar updated IRS Form W-8BEN, IRS Form W-8BEN-E, IRS
Form W-8IMY, IRS Form W-8ECI or IRS Form W-8EXP, 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. 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. 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).

 

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:	 

 

 

 

**       Please
select (a) or (b).

 

    Exhibit J-1-3 

     

    

 

(b)       by
mailing a check or draft to the following address:

 

	 
	 
	 
	 
	 

 

	 	Very
truly yours,
	 	 
	 	[Insert
Name of Purchaser]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated:
________________, 20__

 

    Exhibit J-1-4 

     

    

 

EXHIBIT
J-2

 

FORM
OF AFFIDAVIT PURSUANT TO

SECTIONS 860D(a)(6)(A) AND 860E(e)(4) OF

THE INTERNAL REVENUE CODE OF 1986, AS AMENDED

 

Wells
Fargo Bank, National Association,

as Certificate Registrar

600
South 4th Street, 7th Floor

MAC:
N9300-070

Minneapolis,
Minnesota 55479

Attention:
Certificate Transfers (CMBS) – BWAY Trust 2019-1633

 

		Re:	BWAY
                                         Trust 2019-1633, Commercial Mortgage Pass-Through Certificates, Series 2019-1633 (the
                                         “Certificates”) issued pursuant to the Trust and Servicing Agreement,
                                         dated December 20, 2019 (the “Trust and Servicing Agreement”), by
                                         and among GS Mortgage Securities Corporation II, 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 Pentalpha Surveillance LLC,
                                         as Operating Advisor.
	 	 	 

 

	STATE OF	)
	 	)        ss.:
	COUNTY OF 	)

 

Capitalized
terms not defined herein shall have the meaning ascribed to them in the Trust and Servicing Agreement.

 

I,
[______], under penalties of perjury, declare that, to the best of my knowledge and belief, the following representations are
true, correct and complete, and being first sworn, depose and say that:

 

1.       I
am a [______] of [______] (the “Purchaser”), on behalf of which I have the authority to make this affidavit.

 

2.       The
Purchaser is acquiring Class R Certificates representing [__]% of the residual interest in each of the real estate mortgage investment
conduits (each, a “Trust REMIC”) designated as the “Lower-Tier REMIC” and “Upper-Tier
REMIC,” respectively, relating to the Certificates for which an election is to be made under Section 860D of the
Internal Revenue Code of 1986 (the “Code”).

 

3.       The
Purchaser is not a “Disqualified Organization” (as defined below), and that the Purchaser is not acquiring
the Class R Certificates for the account of, or as agent or

 

    Exhibit J-2-1 

     

    

 

nominee of, or with a view to the transfer of direct or indirect record
or beneficial ownership thereof, to a Disqualified Organization. For the purposes hereof, a “Disqualified Organization”
is any of the following: (i) the United States, a State, or any agency or instrumentality of any of the foregoing (other
than an instrumentality that is a corporation if all of its activities are subject to tax and, except for the Federal Home Loan
Mortgage Corporation, a majority of its board of directors is not selected by any such governmental unit), (ii) a foreign
government, International Organization or agency or instrumentality of either of the foregoing, (iii) an organization that
is exempt from tax imposed by Chapter 1 of the Code (including the tax imposed by Code Section 511 on unrelated business taxable
income) on any excess inclusions (as defined in Code Section 860E(c)(1)) with respect to the Class R Certificates (except certain
farmers’ cooperatives described in Code Section 521), (iv) rural electric and telephone cooperatives described in Code
Section 1381(a)(2) or (v) any other Person so designated by the Certificate Registrar based upon an opinion of counsel to
the effect that any transfer to such Person may cause either Trust REMIC to fail to qualify as a REMIC at any time that the Certificates
are outstanding. The terms “United States”, “State” and “International Organization”
shall have the meanings set forth in Section 7701 of the Code or successor provisions thereto.

 

4.       The
Purchaser acknowledges that Section 860E(e) of the Code would impose a substantial tax on the transferor or, in certain circumstances,
on an agent for the transferee, with respect to any transfer of any interest in any Class R Certificates to a Disqualified Organization.

 

5.       The
Purchaser is a Permitted Transferee. For the purpose hereof, a “Permitted Transferee” is 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 either Trust REMIC
to fail to qualify as a REMIC at any time that the Certificates are outstanding, (c) a Disqualified Non-U.S. Person, (d) any
partnership if any of its interests are (or under the partnership agreement are permitted to be) owned, directly or indirectly
(other than through a U.S. corporation), by a Disqualified Non-U.S. Person or (e) a U.S. Person with respect to which 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.

 

6.       No
purpose of the acquisition of the Class R Certificates is to impede the assessment or collection of tax.

 

7.       The
Purchaser will not cause income from the Class R Certificate to be attributable to a foreign permanent establishment or fixed
base, within the meaning of an applicable income tax treaty, of the Purchaser or any other U.S. Person.

 

8.       Check
the applicable paragraph:

 

☐       The
present value of the anticipated tax liabilities associated with holding the Class R Certificate, as applicable, does not exceed
the sum of:

 

    Exhibit J-2-2 

     

    

 

(i)       the
present value of any consideration given to the Purchaser to acquire such Class R Certificate;

 

(ii)      the
present value of the expected future distributions on such Class R Certificate; and

 

(iii)     the
present value of the anticipated tax savings associated with holding such Class R Certificate as the related Trust REMIC generates
losses.

 

For
purposes of this calculation, (i) the Purchaser is assumed to pay tax at the highest rate currently specified in Section 11(b)
of the Code (but the tax rate in Section 55(b)(1)(B) of the Code may be used in lieu of the highest rate specified in
Section 11(b) of the Code if the Purchaser has been subject to the alternative minimum tax under Section 55 of the Code
in the preceding two years and will compute its taxable income in the current taxable year using the alternative minimum tax rate)
and (ii) present values are computed using a discount rate equal to the short-term Federal rate prescribed by Section 1274(d)
of the Code for the month of the transfer and the compounding period used by the Purchaser.

 

☐       The
transfer of the Class R Certificate complies with U.S. Treasury Regulations Sections 1.860E-1(c)(5) and (6) and, accordingly,

 

(i)       the
Purchaser is an “eligible corporation,” as defined in U.S. Treasury Regulations Section 1.860E-1(c)(6)(i), as
to which income from the Class R Certificate will only be taxed in the United States;

 

(ii)      at
the time of the transfer, and at the close of the Purchaser’s two fiscal years preceding the year of the transfer, the Purchaser
had gross assets for financial reporting purposes (excluding any obligation of a Person related to the Purchaser within the meaning
of U.S. Treasury Regulations Section 1.860E-1(c)(6)(ii)) in excess of $100 million and net assets in excess of $10 million;

 

(iii)     the
Purchaser will transfer the Class R Certificate only to another “eligible corporation,” as defined in Treasury Regulations
Section 1.860E-1(c)(6)(i), in a transaction that satisfies the requirements of Treasury Regulations Sections 1.860E-1(c)(4)(i),
(ii) and (iii) and Treasury Regulations Section 1.860E-1(c)(5); and

 

(iv)     the
Purchaser determined the consideration paid to it to acquire the Class R Certificate based on reasonable market assumptions (including,
but not limited to, borrowing and investment rates, prepayment and loss assumptions, expense and reinvestment assumptions, tax
rates and other factors specific to the Purchaser) that it has determined in good faith.

 

☐       None
of the above.

 

9.       The
Purchaser historically has paid its debts as they have come due and intends to pay its debts as they come due in the future and
the Purchaser intends to pay taxes associated with holding the Class R Certificates as they become due.

 

    Exhibit J-2-3 

     

    

 

10.      The
Purchaser understands that it may incur tax liabilities with respect to the Class R Certificate in excess of any cash flows generated
by such Certificate.

 

11.      The
Purchaser is aware that the Certificate Registrar will not register any transfer of a Class R Certificate by the Transferor unless
the Purchaser, or such Purchaser’s agent, delivers to the Certificate Registrar, among other things, an affidavit and agreement
in substantially the same form as this affidavit and agreement. The Purchaser expressly agrees that it will not consummate any
such transfer to any Person that does not provide an affidavit and agreement in substantially the same form as this affidavit
and agreement or as to which the Purchaser 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.

 

12.      The
Purchaser represents that it is not acquiring the Class R Certificate as a nominee, trustee or agent for any Person that is not
a Permitted Transferee and that for so long as it retains its interest in the Class R Certificate, it will endeavor to remain
a Permitted Transferee.

 

13.      The
Purchaser consents to any additional restrictions or arrangements that shall be deemed necessary upon advice of counsel to constitute
a reasonable arrangement to ensure that the Class R Certificate will only be owned, directly or indirectly, by a Permitted Transferee.

 

14.      The
Purchaser has reviewed the provisions of Section 5.3 of the Trust and Servicing Agreement, a description of which provisions
is set forth in the Class R Certificates; and the Purchaser expressly agrees to be bound by and to comply with such provisions.

 

15.      The
Purchaser consents to the designation of the Certificate Administrator as the “partnership representative” of the
Lower-Tier REMIC and the Upper-Tier REMIC pursuant to Section 11.1 of the Trust and Servicing Agreement.

 

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 officer this
___day of _________, 20__.

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

    Exhibit J-2-4 

     

    

 

On
this ____ day of _______20__, before me, the undersigned, a Notary Public in and for the State of _______________, duly commissioned
and sworn, personally appeared ______________________ and ________________________, known or proved to me to be the same persons
who executed the foregoing instrument and to be _____________________________ and ___________________________, respectively, of
the Purchaser, and acknowledged to me that they executed the same as their respective free acts and deeds and as the free act
and deed of the Purchaser. 

	 	 
	 	NOTARY PUBLIC in and for the 

State of _______________
	 	 
	[SEAL]	 

 

My
Commission expires:

 

 

 

    Exhibit J-2-5 

     

    

 

EXHIBIT
J-3

 

FORM
OF TRANSFEROR LETTER

 

[Date]

 

Wells
Fargo Bank, National Association,

as Certificate Registrar

600
South 4th Street, 7th Floor

MAC:
N9300-070

Minneapolis,
Minnesota 55479 

Attention:
Certificate Transfers (CMBS) – BWAY Trust 2019-1633

 

		Re:	BWAY
                                         Trust 2019-1633, Commercial Mortgage Pass-Through Certificates, Series 2019-1633, Class
                                         R

 

 

  

Ladies
and Gentlemen:

 

This
letter is delivered to you in connection with the transfer by [______] (the “Transferor”) to [______] (the
“Transferee”) of Class R Certificates evidencing a [__]% Percentage Interest in such Class (the “Residual
Certificates”). The Certificates, including the Residual Certificates, were issued pursuant to the Trust and Servicing
Agreement, dated as of December 20, 2019 (the “Trust and Servicing Agreement”), by and among GS Mortgage Securities
Corporation II, 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 Pentalpha Surveillance LLC, as Operating
Advisor. Capitalized terms used but not defined herein shall have the meanings given to them in the Trust and Servicing Agreement.
The Transferor hereby certifies, represents and warrants to you, as Certificate Registrar, that:

 

(1)       No
purpose of the Transferor relating to the transfer of the Residual Certificates by the Transferor to the Transferee is or will
be to impede the assessment or collection of any tax.

 

(2)       The
Transferor understands that the Transferee has delivered to you a Transfer Affidavit and Agreement in the form attached to the
Trust and Servicing Agreement as Exhibit J-2. The Transferor has no actual knowledge that the Transferee is not a Permitted Transferee
(as defined in such Transfer Affidavit and Agreement) and has no actual knowledge or reason to know that the Transferee’s
representations in such Transfer Affidavit and Agreement are false.

 

(3)       The
Transferor has at the time of this transfer conducted a reasonable investigation of the financial condition of the Transferee
as contemplated by Treasury regulation Section 1.860E-1(c)(4)(i) and, as a result of that investigation, the Transferor
has determined that the Transferee has historically paid its debts as they became due and has found no significant

 

    Exhibit J-3-1 

     

    

 

evidence to
indicate that the Transferee will not continue to pay its debts as they become due in the future. The Transferor understands that
the transfer of the Residual Certificates may not be respected for United States income tax purposes (and the Transferor may continue
to be liable for United States income taxes associated therewith) unless the Transferor has conducted such an investigation.

 

	 	Very
    truly yours,
	 	 
	 	 	(Transferor)
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    Exhibit J-3-2 

     

    

 

EXHIBIT
J-4

 

FORM
OF TRANSFEREE CERTIFICATE FOR TRANSFERS OF THE CLASS HRR CERTIFICATES

 

[Date]

 

Wells
Fargo Bank, National Association,

as Certificate Registrar

9062
Old Annapolis Road 

Columbia,
Maryland 21045

Attention: Risk Retention Custody (CMBS) – BWAY Trust 2019-1633

 

Goldman
Sachs Mortgage Company,

as Retaining Sponsor 

200
West Street

New York, New York 10282

Attention: Leah Nivison

 

GS
Mortgage Securities Corporation II

200 West Street

New York, New York 10282

Attention: Leah Nivison 

With
a copy to: gs-refgsecuritization@gs.com

 

		Re:	BWAY
                                         Trust 2019-1633, Commercial Mortgage Pass-Through Certificates, Series 2019-1633 (the
                                         “Certificates”) issued pursuant to the Trust and Servicing Agreement (the
                                         “Trust and Servicing Agreement”), dated as of December 20, 2019, by and among
                                         GS Mortgage Securities Corporation II, 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 Pentalpha Surveillance LLC,
                                         as Operating Advisor

 

Ladies
and Gentlemen:

 

[_____]
(the “Purchaser”) hereby certifies, represents and warrants to each of the addressees hereto:

 

		1.	The
                                         Purchaser is acquiring (the “Transfer”) $[_____] aggregate Certificate
                                         Balance of the Class HRR Certificates from [_____] (the “Transferor”).

 

		2.	The
                                         Purchaser is aware that the Certificate Registrar will not register any transfer of any
                                         portion of the Class HRR Certificates by the Transferor unless the Purchaser, or such
                                         Purchaser’s agent, delivers to the Certificate Registrar, among other things, a
                                         certificate in substantially the same form as this certificate. The Purchaser expressly
                                         agrees that it

 

    Exhibit J-4-1 

     

    

 

			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 the Trust and Servicing Agreement and any applicable credit
                                         risk retention agreement in effect between the Retaining Sponsor and the Transferor (the
                                         “Risk Retention Agreement”), and the Transferor has satisfied all
                                         requirements pursuant to such Risk Retention Agreement.

 

		4.	If
                                         the Purchaser is a Plan or acting on behalf of or using the assets of the Plan purchasing
                                         the Class HRR Certificates in reliance on PTE 89-88, PTE 2002-19, Financial Authorization
                                         Number 97-03E or PTE 96-22, the acquisition of the Class HRR Certificates will be effected
                                         through Goldman Sachs & Co. LLC, Deutsche Bank Securities Inc., J.P. Morgan Securities
                                         LLC or Wells Fargo Securities, LLC.

 

		5.	Check
                                         one of the following:

 

☐
          The Transfer will occur during the Third Party Purchaser Transfer Restriction Period,
and the Purchaser certifies, represents and warrants to each of the addressees hereto 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 Certificates 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 Certificates, it will remain a Majority-Owned Affiliate.

 

		C.	It
                                         will deliver a joinder agreement substantially in the form attached to the Risk Retention
                                         Agreement pursuant to which it has agreed to be bound by the terms of the Risk Retention
                                         Agreement to the same extent as if it was the Transferor itself.

 

		D.	It
                                         consents to any additional restrictions or arrangements that shall be deemed necessary
                                         upon advice of counsel to constitute a reasonable arrangement to ensure that its ownership
                                         of the Class HRR Certificates will satisfy the Credit Risk Retention Rule in its capacity
                                         as third-party purchaser under Regulation RR.

 

☐      
       The Transfer will occur on and after the fifth anniversary of the Closing Date, and
the Purchaser certifies, represents and warrants to each of the addressees hereto that:

 

		1.	It
                                         will execute and deliver to the Retaining Sponsor a new credit risk retention agreement
                                         in form and substance satisfactory to the Retaining Sponsor in accordance with the Risk
                                         Retention Agreement.

 

    Exhibit J-4-2 

     

    

 

		2.	If
                                         required by the Retaining Sponsor, an affiliate of the Purchaser will execute and deliver
                                         a guaranty, which shall be substantially the same in the form and substance of the guaranty
                                         provided pursuant to the Risk Retention Agreement.

 

		3.	It
                                         will comply with any additional requirements and satisfy any additional conditions set
                                         forth under the Risk Retention Agreement applicable to the Transfer and the Purchaser
                                         as a subsequent Third Party Purchaser.

 

		4.	It
                                         consents to any additional restrictions or arrangements that shall be deemed necessary
                                         upon advice of counsel to constitute a reasonable arrangement to ensure that its ownership
                                         of the Class HRR Certificates will satisfy the Credit Risk Retention Rule in its capacity
                                         as third-party purchaser under Regulation RR.

 

		5.	Check
                                         one of the following:

 

☐              The
Transferee is a “U.S. Person” and it has attached hereto an Internal Revenue Service (“IRS”) Form
W-9 (or successor form).

 

☐              The
Transferee is not a “U.S. Person” and under applicable law in effect on the date hereof, no taxes will be required
to be withheld by the Certificate Registrar (or its agent) with respect to Distributions to be made on the Certificate(s). The
Transferee has attached hereto (i) a duly executed IRS Form W-8BEN or W-8BEN-E (or successor form), which identifies such Transferee
as the beneficial owner of the Certificate(s) and states that such Transferee is not a U.S. Person, (ii) two duly executed copies
of IRS Form W-8IMY (and all appropriate attachment, (iii) two duly executed copies of IRS Form W-8ECI (or successor form), which
identify such Transferee as the beneficial owner of the Certificate(s) and state that interest and original issue discount on
the U.S. Securities is, or is expected to be, effectively connected with a U.S. trade or business or (iv) a duly executed copy
of IRS Form W-8EXP. The Transferee agrees to provide to the Certificate Registrar updated IRS Form W-8BEN, IRS Form W-8BEN-E,
IRS Form W-8IMY, IRS Form W-8ECI or IRS Form W-8EXP, 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 5, “U.S. 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. Persons have the authority to control all substantial decisions of such trust (or, to the extent provided
in applicable

 

    Exhibit J-4-3 

     

    

 

Treasury regulations, certain trusts in existence on August 20, 1996 that have elected to be treated as U.S. Persons).

 

 

		6.	All
                                         distributions to be made to the Transferee pursuant to the Trust and Servicing Agreement
                                         should be made to:

 

[INSERT
WIRE TRANSFER INFORMATION]

 

Bank:

Account
No.:  

Attention:

Ref:

ABA
No.:

 

		7.	Any
                                         communications to the Transferee pursuant to the Trust and Servicing Agreement should
                                         be provided to:

 

[INSERT
CONTACT INFORMATION]

 

[NAME]

[ADDRESS]

Fax
number: 

Telephone:

 

E-mail:

 

Capitalized
terms used but not defined herein have the meanings assigned thereto in the Trust and Servicing Agreement.

 

IN
WITNESS WHEREOF, the Purchaser has caused this instrument to be duly executed on its behalf by its duly authorized senior officer
this ___day of _________, 20__.

 

	 	By:	 
	 	 	Name:
	 	 	Title:

  

    Exhibit J-4-4 

     

    

 

EXHIBIT
J-5

 

FORM
OF TRANSFEROR CERTIFICATE FOR TRANSFERS OF THE CLASS HRR CERTIFICATES

 

[Date]

 

Wells
Fargo Bank, National Association,

as Certificate Registrar

9062
Old Annapolis Road 

Columbia,
Maryland 21045

Attention: Risk Retention Custody (CMBS) – BWAY
Trust 2019-1633

 

Goldman
Sachs Mortgage Company,

as Retaining Sponsor 

200
West Street

New York, New York 10282

Attention: Leah Nivison

 

GS
Mortgage Securities Corporation II

200 West Street

New York, New York 10282

Attention: Leah Nivison 

with
a copy to gs-refgsecuritization@gs.com

 

Cadwalader,
Wickersham & Taft LLP

200 Liberty Street

New York, New York 10281

Attention: Lisa Pauquette

Email: lisa.pauquette@cwt.com

 

		Re:	BWAY
                                         Trust 2019-1633, Commercial Mortgage Pass-Through Certificates, Series 2019-1633 (the
                                         “Certificates”)

 

Ladies
and Gentlemen:

 

This
is delivered to you in connection with the transfer (the “Transfer”) by [______] (the “Transferor”) to
[______] (the “Transferee”) [$[_____] aggregate Certificate Balance of the Class HRR Certificates]. The Certificates
were issued pursuant to the Trust and Servicing Agreement, dated as of December 20, 2019 (the “Trust and Servicing Agreement”),
by and among GS Mortgage Securities Corporation II, 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 Pentalpha
Surveillance 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:

 

    Exhibit J-5-1 

     

    

 

		1.	The
                                         Transfer is in compliance with any applicable credit risk retention agreement in effect
                                         between the Retaining Sponsor and the Transferor (the “Risk Retention Agreement”)
                                         and the Trust and Servicing Agreement.

 

		2.	The
                                         Transferor has complied with all of the covenants in the Risk Retention Agreement during
                                         the period from the date of the Risk Retention Agreement through and including the date
                                         of the Transfer.

 

		3.	All
                                         of the representations and warranties made by the Transferor in the Risk Retention Agreement
                                         are true and correct as of the date of the Transfer.

 

		4.	All
                                         of the requirements set forth in the Risk Retention Agreement relating to the Transfer
                                         have been complied with.

 

		5.	If
                                         the Purchaser is a Plan or acting on behalf of or using the assets of the Plan purchasing
                                         the Class HRR Certificates in reliance on PTE 89-88, PTE 2002-19, Financial Authorization
                                         Number 97-03E or PTE 96-22, the acquisition of the Class HRR Certificates will be effected
                                         through Goldman Sachs & Co. LLC, Deutsche Bank Securities Inc., J.P. Morgan Securities
                                         LLC or Wells Fargo Securities, LLC.

 

		6.	Check
                                         one of the following:

 

☐            The
Transferor certifies, represents and warrants to you 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 Risk Retention Agreement applicable
                                         to transfers by the Transferor to a Majority-Owned Affiliate.

 

☐
            The [Transfer will occur on and after the fifth anniversary of the Closing Date, and
the][bracketed language to be deleted if the Credit Risk Retention Rule is no longer in effect or modified if time periods
change as a result of a modification to the Credit Risk Retention Rule] Transferor certifies, represents and warrants to you
that:

 

		A.	The
                                         Transferor has satisfied all of the conditions under the Risk Retention Agreement applicable
                                         to transfers by the Transferor to subsequent Third Party Purchasers.

 

		7.	The
                                         Transferor certifies, represents and warrants to you that the Transferor has provided
                                         notice of the Transfer to the Retaining Sponsor and [check one of the following]:

 

☐
           The Retaining Sponsor has consented to the Transfer, a countersigned copy of which is
attached hereto.

 

    Exhibit J-5-2 

     

    

 

☐    
       At least ten (10) Business Days have passed since the Retaining Sponsor’s receipt
of such written notice, and the Retaining Sponsor has not responded to the Transferor.

 

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-4. The Transferor does not know or believe that any representation contained therein is
false.

 

IN
WITNESS WHEREOF, the Transferor has caused this instrument to be duly executed on its behalf by its duly authorized senior officer
this ___day of _________, 20__.

 

 

	 	[Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    Exhibit J-5-3 

     

    

 

EXHIBIT
J-6

 

FORM
OF REQUEST OF THE RETAINING SPONSOR CONSENT FOR RELEASE OF THE CLASS HRR CERTIFICATES

 

[Date] 

FOR
A RELEASE TO BE SENT BY ELECTRONIC MAIL TO THE CERTIFICATE ADMINISTRATOR BY THIRD PARTY PURCHASER

 

Wells
Fargo Bank, National Association

9062
Old Annapolis Road

Columbia,
Maryland 21045

Attention:
Risk Retention Custody – BWAY Trust 2019-1633

Email:
RiskRetentionCustody@wellsfargo.com

 

FOR
A RELEASE TO BE SENT BY ELECTRONIC MAIL TO THE RETAINING SPONSOR BY WELLS FARGO

Goldman
Sachs Mortgage Company,

as Retaining Sponsor

Email:
leah.nivison@gs.com

Email:
brian.a.bolton@gs.com

Email:
gs-refgsecuritization@gs.com

 

GS
Mortgage Securities Corporation II,

as Depositor

Email:
leah.nivison@gs.com

Email:
brian.a.bolton@gs.com

Email:
gs-refgsecuritization@gs.com

 

Cadwalader,
Wickersham & Taft, LLP

200
Liberty Street

New
York, New York 10281

Attention:
Lisa Pauquette

Email: lisa.pauquette@cwt.com

 

BWAY
Trust 2019-1633, Commercial Mortgage Pass-Through Certificates, Series 2019-1633 (the “Certificates”)

 

Ladies
and Gentlemen:

 

This
is delivered to you in connection with the release (the “Release”) of $[_____] aggregate Certificate Balance
of the Class HRR Certificates from the Third Party Purchaser Safekeeping Account [and, in connection with the termination of the
Credit Risk Retention Rule, request to convert such Class HRR Certificates to a Global Certificate pursuant to the enclosed transfer
certificate].

 

    Exhibit J-6-1 

     

    

 

The
Certificates were issued pursuant to the Trust and Servicing Agreement, dated as of December 20, 2019 (the “Trust and
Servicing Agreement”), between GS Mortgage Securities Corporation II, 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 Pentalpha Surveillance 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
Third Party Purchaser hereby requests your written consent to the Release [and conversion to a Global Certificate].

 

IMPORTANT
NOTICE: IF YOU FAIL TO RESPOND TO THE CERTIFICATE ADMINISTRATOR IN WRITING AT THE CONTACT INFORMATION SET FORTH BELOW WITHIN 10
BUSINESS DAYS AFTER YOUR RECEIPT OF THIS REQUEST, THEN THE RELEASE WILL BE DEEMED TO HAVE BEEN APPROVED BY YOU UNDER THE TRUST
AND SERVICING AGREEMENT.

 

    Exhibit J-6-2 

     

    

 

The
contact information of the Certificate Administrator is:

 

Wells
Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: BWAY Trust 2019-1633

Email: riskretentioncustody@wellsfargo.com

 

	 	Sincerely,
	 	 
	 	[THIRD
    PARTY PURCHASER]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

CONSENT
TO RELEASE

 

	GOLDMAN SACHS
MORTGAGE COMPANY, a New York Limited Partnership	 
	 	 	 
	By:	 	 

 Authorized
Representative

 

    Exhibit J-6-3 

     

    

 

EXHIBIT
K-1

 

FORM
OF INVESTOR CERTIFICATION FOR NON-BORROWER RELATED PARTIES

 

[Date]

 

Wells
Fargo Bank, National Association,

as Certificate Administrator

9062
Old Annapolis Road

Columbia,
Maryland 21045

Attention: Corporate Trust Services (CMBS) – BWAY Trust 2019-1633

 

		Re:	BWAY
                                         Trust 2019-1633, Commercial Mortgage Pass-Through Certificates, Series 2019-1633, 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 20, 2019 (the “Trust and Servicing Agreement”), by and among
GS Mortgage Securities Corporation II, 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 Pentalpha Surveillance
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, a beneficial owner or a prospective purchaser of the Class ___ Certificates,
(b) the Controlling Class Representative1 or (c) a repurchasing Sponsor or a Companion Loan Holder.

 

2.       The
undersigned is not a Borrower Related Party.

 

3.       The
undersigned has received a copy of the final Offering Circular.2

 

4.       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

 

 

 

1
Only required if (i) the Controlling Class Representative is not a Certificateholder and (ii) no Consultation Termination
Event or Control Termination Event is in effect.

2
Not required for a prospective purchaser.

 

    Exhibit K-1-1 

     

    

 

the prior written consent of the Certificate Administrator,
be otherwise disclosed by the undersigned or by its officers, directors, partners, employees, agents or representatives (collectively,
the “Representatives”) in any manner whatsoever, in whole or in part.

 

The
undersigned will not use or disclose the Information in any manner which could result in a violation of any provision of the Securities
Act of 1933, as amended (the “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 certificate by itself or any of its Representatives and shall indemnify
the Depositor, the Certificate Administrator, the Trustee, 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.

 

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 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 day and year written above.

 

		By:	 

 

		Name:	 

 

		Title:	 

 

		Company:	 

 

		Phone:	 

 

    Exhibit K-1-2 

     

    

 

EXHIBIT
K-2

 

FORM
OF INVESTOR CERTIFICATION FOR BORROWER RELATED PARTIES

 

[Date]

 

Wells
Fargo Bank, National Association,

as Certificate Administrator 

9062
Old Annapolis Road 

Columbia,
Maryland 21045

Attention: Corporate Trust Services (CMBS) – BWAY Trust 2019-1633

 

		Re:	BWAY
                                         Trust 2019-1633, Commercial Mortgage Pass-Through Certificates, Series 2019-1633, 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 20, 2019 (the “Trust and Servicing Agreement”), by and among
GS Mortgage Securities Corporation II, 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 Pentalpha Surveillance
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, a beneficial owner or a prospective purchaser of the Class ___ Certificates,
(b) the Controlling Class Representative1 or (c) a repurchasing Sponsor or a Companion Loan Holder.

 

2.       The
undersigned is a Borrower Related Party.

 

3.       The
undersigned has received a copy of the final Offering Circular.2

 

4.       The
undersigned is requesting access pursuant to the Trust and Servicing Agreement to the Distribution Date Statements (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 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 

 

 

 

1
Only required if (i) the Controlling Class Representative is not a Certificateholder and (ii) no Consultation Termination
Event or Control Termination Event is in effect.

2
Not required for a prospective purchaser.

 

    Exhibit K-2-1 

     

    

 

undersigned or by its officers, directors, partners, employees, agents or representatives (collectively,
the “Representatives”) in any manner whatsoever, in whole or in part.

 

The
undersigned will not use or disclose the Information in any manner which could result in a violation of any provision of the Securities
Act of 1933, as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended, or would
require registration of any Certificate not previously registered pursuant to Section 5 of the Securities Act.

 

5.       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 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.

 

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 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 day and year written above.

 

		By:	 

 

		Name:	 

 

		Title:	 

 

		Company:	 

 

		Phone:	 

 

    Exhibit K-2-2 

     

    

 

EXHIBIT
K-3

 

FORM
OF INVESTOR CERTIFICATION FOR EXERCISING VOTING RIGHTS

 

[Date]

 

Wells
Fargo Bank, National Association,

as Certificate Administrator

9062
Old Annapolis Road

Columbia,
Maryland 21045

Attention: Corporate Trust Services (CMBS) – BWAY Trust 2019-1633

 

		Re:	BWAY
                                         Trust 2019-1633, Commercial Mortgage Pass-Through Certificates, Series 2019-1633, Class [__]

 

In
accordance with the requirements for the exercise of Voting Rights pursuant to the Trust and Servicing Agreement, dated as of
December 20, 2019 (the “Trust and Servicing Agreement”), by and among GS Mortgage Securities Corporation II,
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 Pentalpha Surveillance 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 a [certificateholder] [beneficial owner] of the Class ___ Certificates.

 

2.             The
undersigned has received a copy of the Offering Circular.

 

3.             The
undersigned is not a Borrower Related Party.

 

4.             The
undersigned intends to exercise Voting Rights under the Trust and Servicing Agreement and certifies that (please check one of
the following):

 

		___	The
                                         undersigned is the Depositor, the Servicer, the Special Servicer, the Certificate Administrator
                                         or the Trustee.

 

		___	The
                                         undersigned is an Affiliate of the Depositor, the Servicer, the Special Servicer, the
                                         Certificate Administrator or the Trustee and hereby certifies to the existence of an
                                         Affiliate Ethical Wall between it and the Depositor, the Servicer, the Special Servicer,
                                         the Certificate Administrator or the Trustee, as applicable.

 

___         The
undersigned is not the Depositor, the Servicer, the Special Servicer, the Certificate Administrator, the Trustee or an Affiliate
of the foregoing.

 

    Exhibit K-3-1 

     

    

 

5.             FOR
PURPOSES OF REMOVING THE SPECIAL SERVICER DUE TO A RECOMMENDATION BY THE OPERATING ADVISOR PLEASE CHECK ONE OF THE FOLLOWING:

 

		___	The
undersigned is not an affiliate of any other Certificateholder.

 

		___	The
undersigned is an affiliate of any other Certificateholder.

 

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 Trustee, the Servicer, the Special Servicer, the Certificate Administrator and the Trust Fund for any loss,
liability or expense incurred thereby with respect to any such breach by the undersigned or any of its Representatives.

 

7.             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 be deemed to have] caused its name to
be signed hereto by its duly authorized signatory, as of the day and year written above.

 

	 	  

 

		[Certificateholder]
[Beneficial Owner]

 

		By:	 

 

		Name:	 

 

		Title:	 

 

		Company:	 

 

		Phone:	 

 

    Exhibit K-3-2 

     

    

 

EXHIBIT
K-4

 

Form of Certification of the CONTROLLING CLASS
REPRESENTATIVE

 

[Date]

 

	KeyBank
National Association

        11501
Outlook Street, Suite 300

        Overland
Park, Kansas 66211

        Attention:
Michael Tilden

Fax number: (877) 379-1625

        Email:
        michael_a_tilden@keybank.com

         
	Wells
Fargo Bank, National Association, 

        as
Certificate Administrator 

        9062
Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services (CMBS) – BWAY
Trust 2019-1633

        Email:
trustadministrationgroup@wellsfargo.com;

        cts.cmbs.bond.admin@wellsfargo.com

	 	 
	Pentalpha Surveillance LLC

    375 North French Road

    Suite 100

    Amherst, New York 14228

    Attention:  BWAY Trust 2019-1633 Transaction Manager	Situs
                                         Holdings, LLC

101
Montgomery Street, Suite 2250 San Francisco, California 94104 Attention: Stacey Ciarlanti Email: staceyciarlanti@situsamc.com

	 	 

		Re:	BWAY
                                         Trust 2019-1633, Commercial Mortgage Pass-Through Certificates, Series 2019-1633, Class [__]

 

In
accordance with Section 6.5 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.       The
undersigned is not a Borrower Related Party.

 

3.       If
the undersigned becomes a Borrower Related Party with respect to the Whole Loan, the undersigned agrees to and shall deliver the
certification attached as Exhibit K-2 to the Trust and Servicing Agreement.

 

4.       [For
use with any party other than the initial Controlling Class Representative] 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.

 

5.       Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Trust and Servicing Agreement.

 

    Exhibit K-4-1 

     

    

 

BY
ITS CERTIFICATION HEREOF, the undersigned shall have caused, or shall be deemed to have caused its name to be signed hereto by
its duly authorized signatory, as of the date certified.

 

	 	Controlling
Class Representative
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated:
_______ 

cc:
GS Mortgage Securities Corporation II

 

    Exhibit K-4-2 

     

    

 

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

        Certificate
Administrator

	1122(d)(1)(ii)	If
    any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third
    party’s performance and compliance with such servicing activities.	Servicer

Special Servicer

        Certificate
Administrator

	1122(d)(1)(iii)	Any
    requirements in the transaction agreements to maintain a back-up servicer for the mortgage loans are maintained.	N/A
	1122(d)(1)(iv)	A
    fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout
    the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements.	Servicer

        Special
Servicer

        Custodian

	1122(d)(1)(v)	Aggregation
    of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information.	Servicer

        Special
Servicer

        Certificate
Administrator

	 	Cash
    Collection and Administration	 
	1122(d)(2)(i)	Payments
    on mortgage loans are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than
    two business days following receipt, or such other number of days specified in the transaction agreements.	Servicer

        Special
Servicer

        Certificate
Administrator

	1122(d)(2)(ii)	Disbursements
    made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.	Certificate
    Administrator
	1122(d)(2)(iii)	Advances
    of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such
    advances, are made, reviewed and approved as specified in the transaction agreements.	Servicer

        Special
Servicer

        Trustee1

	1122(d)(2)(iv)	The
    related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization,
    are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements.	Servicer

Special Servicer

        Certificate
Administrator

 

 

 

1 Only to the extent that the Trustee
was required to make an Advance pursuant to the Trust and Servicing Agreement during the applicable calendar year.

 

    Exhibit L-1 

     

    

 

	APPLICABLE
    Servicing Criteria 	applicable
    PARTY
	Reference	Criteria	 
	1122(d)(2)(v)	Each
    custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements.
    For purposes of this criterion, “federally insured depository institution” with respect to a foreign financial
    institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Exchange Act.	Servicer

Special Servicer

        Certificate
Administrator

	1122(d)(2)(vi)	Unissued
    checks are safeguarded so as to prevent unauthorized access.	Servicer

Special Servicer

        Certificate
Administrator

	1122(d)(2)(vii)	Reconciliations
    are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related
    bank clearing accounts. These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days
    after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed
    and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling
    items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number
    of days specified in the transaction agreements.	Servicer

Special Servicer

        Certificate
Administrator

	 	Investor
    Remittances and Reporting	 
	1122(d)(3)(i)	Reports
    to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements
    and applicable Commission requirements. Specifically, such reports (A) are prepared in accordance with timeframes and
    other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms
    specified in the transaction agreements; (C) are filed with the Commission as required by its rules and regulations;
    and (D) agree with investors’ or the trustee’s records as to the total unpaid principal balance and number
    of mortgage loans serviced by the Reporting Servicer.	Certificate
Administrator

        Operating
Advisor (with respect to (A) and (B))

	1122(d)(3)(ii)	Amounts
    due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth
    in the transaction agreements.	Certificate
    Administrator
	1122(d)(3)(iii)	Disbursements
    made to an investor are posted within two business days to the Servicer’s investor records, or such other number of
    days specified in the transaction agreements.	Certificate
    Administrator
	1122(d)(3)(iv)	Amounts
    remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.	Certificate
    Administrator
	 	Pool
    Asset Administration	 
	1122(d)(4)(i)	Collateral
    or security on mortgage loans is maintained as required by the transaction agreements or related mortgage loan documents.	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 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.

 

At
all times that the Certificate Administrator, Custodian and/or Trustee are the same entity, such entity 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

 

[Date]

 

Wells
Fargo Bank, National Association,

as
Certificate Administrator

9062
Old Annapolis Road

Columbia,
Maryland 21045

Attention: Corporate Trust Services BWAY Trust 2019-1633

 

		Attention:	BWAY
                                         Trust 2019-1633, Commercial Mortgage Pass-Through Certificates, Series 2019-1633

 

In
accordance with the requirements for obtaining certain information pursuant to the Trust and Servicing Agreement, dated as of
December 20, 2019 (the “Trust and Servicing Agreement”), by and among GS Mortgage Securities Corporation II,
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 Pentalpha Surveillance 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 a Rating Agency hired by the Depositor to provide ratings on the Certificates; or

 

		2.	The
undersigned, a Nationally Recognized Statistical Rating Organization (“NRSRO”);

 

has
provided the Depositor with the appropriate certifications under Exchange Act 17g-5(e);

 

has
access to the Depositor’s 17g-5 website; and

 

agrees
that the confidentiality agreement attached as Annex A hereto shall be applicable to the undersigned with respect
to information obtained from the Depositor’s 17g-5 website shall also be applicable to information obtained from the 17g-5 Information
Provider’s Website.

 

The
undersigned shall be deemed to have recertified to the provisions herein each time it accesses the Information on the Certificate
Administrator’s Website and the 17g-5 Information Provider’s Website.

 

Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Trust and Servicing Agreement.

 

    Exhibit M-1 

     

    

 

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.

 

Date: 

 

	 	Very truly yours,
	 	 
	 	[NRSRO Name]

 

By: 

Name:

Title:

Phone:

E-mail:

 

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 BWAY Trust 2019-1633, Commercial Mortgage
Pass-Through Certificates, Series 2019-1633 (the “Certificates”) pursuant to the Trust and Servicing Agreement,
dated as of December 20, 2019 (the “Trust and Servicing Agreement”), by and among GS Mortgage Securities Corporation
II, 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 Pentalpha Surveillance 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

 

    Exhibit M-2 

     

    

 

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 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 the terms herein, 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:

 

		●	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

 

    Exhibit M-3 

     

    

 

		●	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.

 

    Exhibit M-5 

     

    

 

Contact
Information. Notices for each Furnishing Entity under this Confidentiality Agreement, shall be directed as set forth below:

 

[_____________]

 

    Exhibit M-6 

     

    

 

EXHIBIT
N

 

FORM
OF LIMITED POWER OF ATTORNEY

 

RECORDING
REQUESTED BY:

 

[KeyBank
National Association

11501 Outlook Street, Suite 300

Overland Park, Kansas 66211

Attention: Michael Tilden]

 

[Situs
Holdings, LLC

101
Montgomery Street, Suite 2250 

San Francisco, California 94104

Attention: Stacey Ciarlanti]

 

 

SPACE
ABOVE THIS LINE FOR RECORDER’S USE

 

LIMITED
POWER OF ATTORNEY

 

Wells
Fargo Bank, National Association, a national banking association organized and existing under the laws of the United States and
having an office at 9062 Old Annapolis Road, Columbia, Maryland 21045-1951, not in its individual capacity but solely as Trustee
(in such capacity, the “Trustee”), hereby constitutes and appoints [KeyBank National Association (the “Servicer”)][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 the Attorney-In-Fact, 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 the Attorney-In-Fact if such documents are required or permitted under the
terms of the Trust and Servicing Agreement, dated as of December 20, 2019 (the “Agreement”) between GS Mortgage
Securities Corporation II, as Depositor, KeyBank National Association, as Servicer, Situs Holdings, LLC, as Special Servicer,
Wells Fargo Bank, National Association, as Certificate Administrator (in such capacity, the “Certificate Administrator”)
and as Trustee (in such capacity, the “Trustee”), and Pentalpha Surveillance LLC, as Operating Advisor, on
behalf of the BWAY Trust 2019-1633, Commercial Mortgage Pass-Through Certificates, Series 2019-1633, 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 Attorney-In-Fact’s responsibilities to service a certain
mortgage loan (the “Whole Loan”) held by Wells Fargo Bank, National Association, as Trustee. The Whole Loan
is comprised of a mortgage (the “Mortgage”), and other forms of security instruments (collectively, the “Security
Instruments”)

 

    Exhibit N-1 

     

    

 

and the Notes secured thereby. Capitalized terms used but not defined herein shall have the respective
meanings assigned thereto in the Agreement.

 

1.
       Demand, sue for, recover, collect and receive each and every sum of money, debt, account
and interest (which now is, or hereafter shall become due and payable) belonging to or claimed by Wells Fargo Bank, National Association,
as Trustee, and to use or take any lawful means for recovery by legal process or otherwise, including but not limited to the substitution
of trustee serving under a deed of trust, the preparation and issuance of statements of breach, notices of default, and/or notices
of sale, accepting deeds in lieu of foreclosure, evicting (to the extent allowed by federal, state or local laws) and foreclosing
on the properties under the Security Instruments by judicial or non-judicial foreclosure, actions for temporary restraining orders,
injunctions, appointments of receiver, suits for 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 Trust Loan and the Property.

 

4.
       Obtain an interest in the Trust Loan, the 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, the Mortgage and other contracts, agreements
and instruments regarding the Mortgage Loan Borrower, the Trust 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, 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
Whole Loan.

 

7.
       [RESERVED].

 

    Exhibit N-2 

     

    

 

8.       Such
other actions and file such other instruments and certifications as are reasonably necessary to complete or accomplish the [Servicer][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 the Trust Fund as necessary
to transfer ownership of the Trust Loan to the entity (or its designee or assignee) possessing the right to obtain ownership of
such Trust Loan.

 

10.       Subordinate
the lien of a Mortgage or deed to secure debt (i) for the purpose of refinancing the Trust 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 the Property to be acquired as real estate owner, or convey title
to real estate owned property (“REO Property”).

 

12.       Execute
and deliver the following documentation with respect to the sale of the REO Property acquired through a foreclosure or deed-in-lieu
of foreclosure, including, without limitation, listing agreements, purchase and sale agreements, grant / limited or special warranty
/ quit claim deeds or any other deed, but not general warranty deeds, causing the transfer of title of the Property to a party
contracted to purchase same, escrow instructions and any and 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 Closing Date.

 

This
appointment is to be construed and interpreted as a limited power of attorney. The enumeration of specific items, rights, acts
or powers herein is not intended to, nor does it give rise to, and it is not to be construed as a general power of attorney.

 

The
Attorney-In-Fact 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 Attorney-In-Fact. 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.

 

This
Limited Power of Attorney 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 as trustee of under the Agreement, or (c) the termination, resignation or removal of the
Attorney-In-

 

    Exhibit N-3 

     

    

 

Fact as the [servicer][special servicer] under the Agreement, or (d) the termination of the Agreement, whichever
occurs earlier.

 

    Exhibit N-4 

     

    

 

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 ___________ 20[__].

 

	 	Wells Fargo Bank, National
    Association, solely in its capacity as Trustee for the benefit of the Holders of the BWAY Trust 2019-1633, Commercial Mortgage
    Pass-Through Certificates, Series 2019-1633

  

		 	By:	 
	Witness:	 	,
    Vice President
	 	 	 

	 	 	

                                                                      

	Witness:	 	Attest:	Assistant
    Secretary

 

    Exhibit N-5 

     

    

 

	STATE OF      )	
	 	)        ss.:
	COUNTY OF 	)

 

On
________________________, before me, _________________________________ Notary Public, personally appeared ___________________________,
who proved to me on the basis of satisfactory evidence to be the person whose name is subscribed to the within instrument and
acknowledged to me that he/she executed the same in his/her authorized capacity and that by his/her signature on the instrument
the person, or the entity upon behalf of which the person acted, executed the instrument.

 

Witness
my hand and official seal.

 

	 	 
	 	Notary Public
	[SEAL]	 
	 	 
	My commission expires:	 
	 	 

 

 

    Exhibit N-6 

     

    

 

EXHIBIT
O

 

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:
Transfer Services – BWAY Trust 2019-1633

 

Wells
Fargo Bank, National Association,

as Trustee 

19062
Old Annapolis Road 

Columbia,
Maryland 21045

Attention: Corporate Trust Services (CMBS) – BWAY Trust 2019-1633

 

[Transferor]

[______]

[______]

Attention:
[______]

 

		Re:	BWAY
                                         Trust 2019-1633, Commercial Mortgage Pass-Through Certificates, Series 2019-1633 

 

Ladies
and Gentlemen:

 

The
undersigned (the “Purchaser”) proposes to purchase $_____________ initial Certificate Principal Amount of BWAY
Trust 2019-1633, Commercial Mortgage Pass Through Certificates, Series 2019-1633, Class [_], CUSIP No. [____] (the “Certificates”),
issued pursuant to that certain Trust and Servicing Agreement, dated as of December 20, 2019 (the “Trust and Servicing
Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor, KeyBank National Association, as Servicer,
Situs Holdings, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator, as Custodian and
as Trustee, and Pentalpha Surveillance LLC, as Operating Advisor. Capitalized terms used and not otherwise defined herein have
the respective meanings ascribed to such terms in the Trust and Servicing Agreement.

 

In
connection with such transfer, the undersigned hereby represents and warrants to you that, with respect to the Certificates, the
Purchaser is not and will not be a retirement plan or other employee benefit plan or arrangement, including an individual retirement
account or a Keogh plan, which is subject to the fiduciary responsibility provisions of the Employee Retirement Income Security
Act of 1974, as amended (“ERISA”), or to Section 4975 of the Internal Revenue Code of 1986, as amended (the
“Code”), or a governmental plan (as defined in Section 3(32) of

 

    Exhibit O-1 

     

    

 

ERISA) or other plan that is subject to any
federal, state, local or non-U.S. law (“Similar Law”) that is, to a material extent, similar to the foregoing
provisions of ERISA or the Code (each, a “Plan”), or a Person whose assets include the assets of any such Plan
within the meaning of Department of Labor Regulation Section 2510.3-101, as modified by Section 3(42) of ERISA or otherwise, or
any Person acting on behalf of any such Plan or using the assets of any such Plan.

 

IN
WITNESS WHEREOF, the Purchaser hereby executes this ERISA Representation Letter on the ___ day of _____, ____.

 

	 	Very
    truly yours,
	 	 
	 	[The
    Purchaser]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

  

    Exhibit O-2 

     

    

 

EXHIBIT
P

 

FORM
OF NOTICE TO PARTIES OF A CONTROL TERMINATION EVENT / CONSULTATION TERMINATION EVENT

 

[Date]

 

	KeyBank
                           National Association

                           11501 Outlook Street, Suite 300

                           Overland Park, Kansas 66211

                           Attention: Michael Tilden

                           Fax number: (877) 379-1625

                           Email: michael_a_tilden@keybank.com

         

        

Situs Holdings, LLC

101 Montgomery Street, Suite 2250

 San Francisco, California
94104

 Attention: Stacey Ciarlanti 

Email: staceyciarlanti@situsamc.com

 

 
	Wells
Fargo Bank, National Association

as Certificate Administrator

        9062
Old Annapolis Road

        Columbia,
Maryland 21045

        Attention:
BWAY Trust 2019-1633

        Email:
trustadministrationgroup@wellsfargo.com;

        cts.cmbs.bond.admin@wellsfargo.com

         

        

Pentalpha Surveillance LLC

375 North French Road

Suite 100

Amherst, New York 14228

Attention: BWAY Trust 2019-1633 Transaction Manager

	 	 

 

		Re:	BWAY
                                         Trust 2019-1633, Commercial Mortgage Pass-Through Certificates, Series 2019-1633

 

THIS
NOTICE IDENTIFIES THE AFFILIATION OF THE CONTROLLING CLASS REPRESENTATIVE OR A HOLDER OF THE MAJORITY OF THE CONTROLLING CLASS
WITH A BORROWER RELATED PARTY RELATING TO THE BWAY TRUST 2019-1633, COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2019-1633,
REQUIRING ACTION BY YOU AS THE RECIPIENT PURSUANT TO SECTION 6.5(C) OF THE TRUST AND SERVICING AGREEMENT.

 

In
accordance with Section 6.5(c) of the Trust and Servicing Agreement, dated as of December 20, 2019 (the “Agreement”),
between GS Mortgage Securities Corporation II, as Depositor, KeyBank National Association, as Servicer, Situs Holdings, LLC, as
Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator, as Custodian and as Trustee, and Pentalpha
Surveillance 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.

 

    Exhibit P-1 

     

    

 

2.                 
The undersigned has become a Borrower Related Party with respect to the Trust Loan.

 

3.                 
If the undersigned is either (a) a holder of 50% or more of the Controlling Class or (b) the Controlling Class Representative
then each of the recipients to this notice are hereby notified that a Consultation Termination Event and a Control Termination
Event is hereby deemed to occur with respect to the Trust Loan.

 

4.                 
The undersigned agrees to indemnify and hold harmless each party to the 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.

 

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.                 
The undersigned hereby certifies that an executed copy of this certification in paper form has been delivered in accordance with
the notice provisions of the Agreement to each of the addressees listed above (a) by overnight courier or (b) mailed by registered
mail, postage prepaid.

 

Capitalized
terms used but not defined herein have the respective meanings given to them 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.

 

	 	[Controlling Class Representative]
    [a Controlling Class Certificateholder]
	 	By:	 
	 	Name:
	 	Title:
	 	Phone:
	 	Email:
	 	Address

 

    Exhibit P-2 

     

    

 

EXHIBIT
Q

 

FORM
OF ONLINE VENDOR 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. If you represent a Vendor Provider not listed herein and would like access to the information,
please contact CTSLink at 866-846-4526, or at ctslink.customerservice@wellsfargo.com

 

In
connection with the BWAY Trust 2019-1633, Commercial Mortgage Pass-Through Certificates, Series 2019-1633 (the “Certificates”),
the undersigned hereby certifies and agrees as follows:

 

1.       The
undersigned is an employee or agent of Bloomberg Financial Markets, L.P., CMBS.com, Inc., Trepp, LLC, Intex Solutions, Inc., Moody’s
Analytics, BlackRock Financial Management Inc., Markit Group Limited or Thomson Reuters, a market data provider that has been
given access to the Distribution Date Statements, CREFC reports and supplemental notices on www.ctslink.com (“CTSLink”)
by request of the Depositor.

 

2.       The
undersigned agrees that each time it accesses CTSLink, the undersigned is deemed to have recertified that the representation above
remains true and correct.

 

3.       The
undersigned acknowledges and agrees that the provision to it of information and/or reports on CTSLink is for its own use only,
and agrees that it will not disseminate or otherwise make such information available to any other person without the written consent
of the Depositor, 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 CTSLink.

 

4.       Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Trust and Servicing Agreement, dated
as of December 20, 2019, by and among GS Mortgage Securities Corporation II, as Depositor, KeyBank National Association, as Servicer,
Situs Holdings, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator, as Custodian and
as Trustee, and Pentalpha Surveillance LLC, as Operating Advisor.

 

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.

 

    Exhibit Q-1 

     

    

  

	 	[                        ]

 

		By:	 

 

		Name:	 

 

		Title:	 

 

		Company:	 

 

		Phone:	 

 

    Exhibit Q-2 

     

    

 

EXHIBIT
R

 

BENEFICIAL
HOLDER INFORMATION FORM

 

For
Holders of:

 

BWAY
Trust 2019-1633:__________________________________

 

	Please
                            complete the following and return to: 

Wells
Fargo Bank, National Association

9062
Old Annapolis Road

Columbia,
Maryland 21045

Attention:
Certificate Transfers (CMBS) – BWAY 2019-1633

TrustAdministrationGroup@wellsfargo.com

  

Please
check one.

 

		___	Beneficial
                                         Owner. The undersigned hereby represents and warrants that it is a beneficial
                                         owner of the Certificates, that the undersigned is authorized to provide direction for
                                         their pro rata portion owned and that such power has not been granted nor assigned to
                                         any other party or person.

		___	Nominee
                                         or Advisor. The undersigned hereby represents and warrants that it is a nominee
                                         or advisor for the beneficial owner, that the undersigned is authorized to provide direction
                                         for their pro rata portion owned and that such power has not been granted nor assigned
                                         to any other party or person.

 

	CLASS:	 	 

  

	CUSIP:	 	ORIGINAL
    FACE AMOUNT: $	 

 

	NOMINEE
    NAME:	 	 

 

	NOMINEE
    BANK (DTC Participant # if Applicable):	 	 

  

(The
following information is important to facilitate conference calls, if needed)

 

	Beneficiary
    Company Name:	 	 

	Contact
    Name:	 	 

	Address:	 	 	 	
	 	 	 	 	 
	 	 	 	 	 

 

	Phone:	 	 	Facsimile:	 
	E-mail:	 	 	 	 

	Signature:	 	 	Date:	 	 	 

 

    Exhibit R-1 

     

    

 

EXHIBIT
S

 

[RESERVED]

 

    Exhibit S-1 

     

    

 

EXHIBIT
T

 

FORM
OF OPERATING ADVISOR ANNUAL REPORT1

 

Report
Date: This report will be delivered annually no later than 120 days after the end of calendar year, pursuant to the terms
and conditions of the Trust and Servicing Agreement, dated as of December 20, 2019 (the “Trust and Servicing Agreement”),
among GS Mortgage Securities Corporation II, as depositor, KeyBank National Association, as servicer, Situs Holdings, LLC, as
special servicer, Wells Fargo Bank, National Association, as certificate administrator, as trustee and as custodian, and Pentalpha
Surveillance LLC, as operating advisor.

 

Transaction:
BWAY Trust 2019-1633, Commercial Mortgage Pass Through Certificates, Series 2019-1633

Operating Advisor: Pentalpha Surveillance LLC

Special Servicer: Situs Holdings, LLC

 

I.       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 actions under the Trust and Servicing Agreement. Based
solely on such limited review of the items listed below, 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 respect to its performance of its duties under the Trust and Servicing
Agreement during the prior calendar year. [The Operating Advisor believes, in its sole discretion exercised in good faith, that
the Special Servicer has failed to comply with Accepted Servicing Practices, as a result of the following material deviations.]

 

		●	[LIST
                                         OF ANY 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]

 

II.       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
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 T-1

     

    

 

		1.	Any
                                         Major Decision Reporting Package that is delivered or made available to the Operating
                                         Advisor by the Special Servicer pursuant to the Trust and Servicing Agreement.

 

		2.	Reports
                                         by the Special Servicer made available to Privileged Persons that are posted on the certificate
                                         administrator’s website and each Asset Status Report (after the occurrence and
                                         during the continuance of an Operating Advisor Consultation Event) and Final Asset Status
                                         Report, in each case, delivered or made available to the Operating Advisor pursuant to
                                         the terms of the Trust and Servicing Agreement.

 

		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 and Appraisal Reduction Amount calculations
                                         delivered or made available to the Operating Advisor pursuant to the terms of the Trust
                                         and Servicing Agreement.

 

		4.	[LIST
                                         OTHER REVIEWED INFORMATION]

 

		5.	[INSERT
                                         IF AFTER AN OPERATING ADVISOR CONSULTATION EVENT: Consulted with the Special Servicer
                                         as provided under the Trust and Servicing Agreement in respect of the Asset Status Reports
                                         for a Specially Serviced Loan delivered or made available to the Operating Advisor pursuant
                                         to the terms of the Trust and Servicing Agreement and with respect to Major Decisions
                                         processed by the Special Servicer.

 

NOTE:
The Operating Advisor’s review of the above materials should be considered a limited review and not be considered a full
or limited audit, legal review or legal conclusion. For instance, we did not review each page of the Special Servicer’s
policy and procedure manuals (including amendments and appendices), review underlying lease agreements or similar underlying documents,
re-engineer the quantitative aspects of their net present value calculation, visit any related property, visit the Special Servicer,
visit the Controlling Class Representative or interact with the 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.	Assumptions,
                                         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.

 

    Exhibit T-2

     

    

 

		3.	Other
                                         than the receipt of the 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
                                         Trust and Servicing Agreement, the Operating Advisor did not participate in, or have
                                         access to, the Special Servicer’s and Controlling Class Representative’s
                                         discussion(s) regarding any Specially Serviced Loan. The Operating Advisor does not have
                                         authority to speak with the Controlling Class Representative or borrower directly. As
                                         such, the Operating Advisor relied solely 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 any specially
                                         serviced 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 any specially serviced 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 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.

 

Terms
used but not defined herein have the meaning set forth in the Trust and Servicing Agreement.

 

    Exhibit T-3

     

    

 

EXHIBIT
U

 

FORM
OF NOTICE FROM OPERATING ADVISOR RECOMMENDING REPLACEMENT OF SPECIAL SERVICER

 

Wells
Fargo Bank, National Association

as
Trustee

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services (CMBS) – BWAY
Trust 2019-1633

 

 

Wells
Fargo Bank, National Association

as Certificate Administrator

9062
Old Annapolis Road

Columbia,
Maryland 21045

Attention:
BWAY Trust 2019-1633

 

Situs
Holdings, LLC 

as
Special Servicer 

101
Montgomery Street, Suite 2250 

San
Francisco, California 94104 

Attention:
Stacey Ciarlanti

Email: staceyciarlanti@situsamc.com;

 

		Re:	BWAY
                                         Trust 2019-1633, Commercial Mortgage Pass-Through Certificates, Series 2019-1633, Recommendation
                                         of Replacement of Special Servicer

 

Ladies
and Gentlemen:

 

This
letter is delivered pursuant to Section 6.4(b) of the Trust and Servicing Agreement, dated as of December 20, 2019 (the “Trust
and Servicing Agreement”), by and among GS Mortgage Securities Corporation II, 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 Pentalpha Surveillance LLC, as Operating Advisor, on behalf of the holders of the BWAY Trust 2019-1633, Commercial
Mortgage Pass-Through Certificates, Series 2019-1633 (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 3.27
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 U-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,
	 	 
	 	 
	 	PENTALPHA
    SURVEILLANCE LLC
	 	 	 
	 	By:	 
	 		Name:
	 		Title:

  

Dated:

 

    Exhibit U-2 

     

    

 

EXHIBIT
V-1

 

FORM
OF CERTIFICATE ADMINISTRATOR RECEIPT OF THE CLASS HRR CERTIFICATES

 

[DATE]

 

	GS
                                         Mortgage Securities Corporation II

                                         200 West Street

                                         New York, New York 10282

                                         Attention: Leah Nivison

         

        With
        a copy to: gs-refgsecuritization@gs.com

         
	Goldman
    Sachs Mortgage Company

    200 West Street

    New York, New York 10282

    Attention:  Leah Nivison
	PCSD
    PR Cap IV NR Reten Private Limited

    280 Park Avenue, 9th Floor

    New York, New York 10017	 

 

		Re:	BWAY
                                         Trust 2019-1633, Commercial Mortgage Pass-Through Certificates, Series 2019-1633 

 

In
accordance with Section 5.1(d) of the Trust and Servicing Agreement, dated as of December 20, 2019 (the “Agreement”),
the Certificate Administrator hereby acknowledges receipt of $[_] of the Class HRR Certificates in the form of a 144A Global Certificate
(CUSIP No. [_____]),which constitutes all of the Class HRR Certificates, as defined in the Agreement, for the benefit of PCSD
PR Cap IV NR Reten Private Limited, a Singapore private limited liability company, the initial Third Party Purchaser. A copy of
such Class HRR Certificate is attached as Exhibit A-8.

 

Capitalized
terms used but not defined herein shall the respective meanings set forth in the Agreement.

 

	 	Wells
    Fargo Bank, National Association, 

not in
    its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 Name:
	 	Title:

 

    Exhibit V-1-1 

     

    

 

EXHIBIT
V-2

 

FORM
OF CERTIFICATE ADMINISTRATOR RECEIPT OF THE CLASS HRR CERTIFICATES UPON TRANSFER

 

[Date]

 

	GS
    Mortgage Securities Corporation II

    200 West Street

    New York, New York 10282

    Attention:  Leah Nivison

    With a copy to: gs-refgsecuritization@gs.com	Goldman
    Sachs Mortgage Company

    200 West Street

    New York, New York 10282

    Attention:  Leah Nivison
	 	 
	PCSD
    PR Cap IV NR Reten Private Limited

    280 Park Avenue, 9th Floor

    New York, New York 10017	 

 

		Re:	BWAY
                                         Trust 2019-1633, Commercial Mortgage Pass-Through Certificates, Series 2019-1633 

 

In
accordance with Section 5.3(p) of the Trust and Servicing Agreement, dated as of December 20, 2019 (the “Agreement”),
the Certificate Administrator hereby acknowledges receipt of $[_] of the Class HRR Certificates in the form of a Definitive Certificate
(CUSIP No. [__]), which constitutes all of the Class HRR Certificates, as defined in the Agreement, for the benefit of [______].
A copy of such Class HRR Certificate is attached as Exhibit A-8.

 

Capitalized
terms used but not defined herein shall the respective meanings set forth in the Agreement.

 

	 	Wells
    Fargo Bank, National Association, 

not in
    its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

    Exhibit V-2-1 

     

    

 

EXHIBIT
W 

 

FORM
OF CUSTODIAL CERTIFICATION / EXCEPTION REPORT

 

[DATE]

 

[All
Parties to Trust and Servicing Agreement]

[Applicable Sponsor]

[Each Initial Purchaser]

 

		Re:	Trust
                                         and Servicing Agreement (“Trust and Servicing Agreement”) relating
                                         to BWAY Trust 2019-1633, Commercial Mortgage Pass-Through Certificates, Series 2019-1633
                                         

 

Ladies
and Gentlemen:

 

In
accordance with the provisions of Section 2.2(b) of the Trust and Servicing Agreement, dated as of December 20, 2019 (the
“Trust and Servicing Agreement”), by and among GS Mortgage Securities Corporation II, 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 Pentalpha Surveillance LLC, as Operating Advisor, the undersigned hereby certifies that,
with respect to the Trust Loan, and subject to the exceptions noted in the schedule of exceptions attached hereto, (i) all documents
referred to in Section 2.1(b) of the Trust and Servicing Agreement are in its possession; (ii) the recordation/filing contemplated
by Section 2.1(b) of the Trust and Servicing Agreement has been completed (based solely on receipt by the undersigned of
the particular recorded/filed documents); and (iii) all documents received by the undersigned or the Custodian with respect to
the Trust Loan have been reviewed by the undersigned or the Custodian on behalf of the undersigned and (A) appear regular on their
face (handwritten additions, changes or corrections shall not constitute irregularities if initialed by the Mortgage Loan Borrower),
(B) appear to have been executed (where appropriate), (C) purport to relate to the Mortgage Loan and (D) purport to be recorded
or filed (as applicable) and have not been torn, mutilated or otherwise defaced, and appear on their faces to relate to the Trust
Loan.

 

The
undersigned makes no representations as to: (i) the validity, legality, sufficiency, enforceability or genuineness of any such
documents contained in the Mortgage File, or (ii) the collectability, insurability, effectiveness or suitability of the Trust
Loan.

 

The
Custodian’s review of the Mortgage File and its certification with respect thereto shall not be deemed to constitute "due
diligence services" or a "third party due diligence report" as such terms are defined in Rule 17g-10 and 15Ga-2,
respectively, promulgated by the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934, as amended.

 

    Exhibit W-1 

     

    

 

Capitalized
words and phrases used herein and not otherwise defined herein shall have the respective meanings assigned to them in the Trust
and Servicing Agreement. This Certificate is subject in all respects to the terms of the Trust and Servicing Agreement.

 

	 	Wells
Fargo Bank, National Association, as Custodian
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title

 

    Exhibit W-2 

     

    

 

EXHIBIT
X-1

 

FORM
OF TRANSFEROR CERTIFICATE FOR TRANSFER OF THE EXCESS SERVICING FEE RIGHTS

 

[Date]

 

GS
Mortgage Securities Corporation II

200 West Street

New York, New York 10282-2198

Attention: Leah Nivison

 

		Attention:	BWAY
                                         Trust 2019-1633, Commercial Mortgage Pass-Through Certificates, Series 2019-1633

 

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 20, 2019 (the “Trust and Servicing Agreement”), by and among GS Mortgage Securities Corporation
II, 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 Pentalpha Surveillance 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 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 Whole 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

 

    Exhibit X-1-1 

     

    

 

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:	 

 

    Exhibit X-1-2 

     

    

 

EXHIBIT
X-2

 

FORM
OF TRANSFEREE CERTIFICATE FOR TRANSFER OF THE EXCESS SERVICING FEE RIGHTS

 

[Date]

 

GS
Mortgage Securities Corporation II

200 West Street

New York, New York 10282-2198

Attention: Leah Nivison

 

KeyBank
National Association

11501
Outlook Street, Suite 300

Overland
Park, Kansas 66211

Attention: Michael Tilden

Fax
number: (877) 379-1625 

Email:
michael_a_tilden@keybank.com

 

		Attention:	BWAY
                                         Trust 2019-1633, Commercial Mortgage Pass-Through Certificates, Series 2019-1633

 

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 20, 2019 (the “Trust and Servicing Agreement”), by and among GS Mortgage Securities Corporation
II, 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 Pentalpha Surveillance 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 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 Whole Loan as to 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, the 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

 

    Exhibit X-2-1 

     

    

 

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 X-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 X-2 to the Trust and
Servicing Agreement.

 

3.       The
Transferee understands that it may not sell or otherwise transfer the Excess Servicing Fee Right or any interest therein except
in compliance with the provisions of Section 3.17 of the Trust and Servicing Agreement, which provisions it has carefully reviewed.

 

4.       Neither
the Transferee nor anyone acting on its behalf has (a) offered, pledged, sold, disposed of or otherwise transferred the Excess
Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security to any person in any manner,
(b) solicited any offer to buy or accept a pledge, disposition or other transfer of the Excess Servicing Fee Right, any interest
in the Excess Servicing Fee Right or any other similar security from any person in any manner, (c) otherwise approached or negotiated
with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security with
any person in any manner, (d) made any general solicitation with respect to the Excess Servicing Fee Right, any interest in the
Excess Servicing Fee Right or any other similar security by means of general advertising or in any other manner, or (e) taken
any other action with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar
security, which (in the case of any of the acts described in clauses (a) through (e) above) would constitute a distribution of
the Excess Servicing Fee Right under the Securities Act, would render the disposition of the Excess Servicing Fee Right a violation
of Section 5 of the Securities Act or any state securities law or would require registration or qualification of the Excess Servicing
Fee Right pursuant thereto. The Transferee will not act, nor has it authorized or will it authorize any person to act, in any
manner set forth in the foregoing sentence with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing
Fee Right or any other similar security.

 

5.       The
Transferee has been furnished with all information regarding (a) the Depositor, (b) the Excess Servicing Fee Right and any payments
thereon, (c) the Trust and Servicing Agreement and the Trust Fund created pursuant thereto, (d) the nature, performance and servicing
of the Whole Loan, and (e) all related matters that it has requested.

 

6.       The
Transferee is (a) a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act or (b)
an “accredited investor” as defined in any of paragraphs (1), (2), (3) and (7) of Rule 501(a) under the Securities
Act or an entity in which all of the equity owners 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 Servicing Fee Right or

 

    Exhibit X-2-2 

     

    

 

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:

 

    Exhibit X-2-3 

     

    

 

EXHIBIT
Y-1

 

ADDITIONAL
FORM 10-D DISCLOSURE

 

Solely
in the event that a Companion Loan is included in an Other Securitization which is subject to the Exchange Act reporting requirements
of Regulation AB, the parties identified in the “Party Responsible” column are obligated pursuant to Section 11.4
of the Trust and Servicing Agreement to disclose to each Other Depositor and Other Exchange Act Reporting Party to which such
information is relevant for Exchange Act reporting purposes any information described in the corresponding Form 10-D Item described
in the “Item on Form 10-D” column to the extent such party has actual knowledge (and in the case of net operating
income information, financial statements, annual operating statements, budgets and/or rent rolls required to be provided in connection
with Item 6 below, possession) of such information (other than information as to itself). Each of the Operating Advisor, the 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 and prospectus related to an Other Securitization Trust (other than information with respect to itself
that is set forth in or omitted from the Offering Circular or such prospectus), in the absence of specific written notice to the
contrary from the Depositor or the Loan Seller. Each of the Operating Advisor, the Certificate Administrator, the Trustee, the
Servicer and the Special Servicer (in its capacity as such) shall be entitled to conclusively assume that there is no “significant
obligor” other than a party or property identified as such in the prospectus related to an Other Securitization Trust and
to assume that no other party or property will constitute a “significant obligor” after the Cut-off Date. In no event
shall the Servicer or the Special Servicer be required to provide any information for inclusion in a Form 10-D that relates to
any Mortgage Loan for which the Servicer or the Special Servicer is not the Servicer or the Special Servicer, as the case may
be. For this Series 2019-1633 Trust and Servicing Agreement, and any Other Securitization Trust, each of the Operating Advisor,
the 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.

 

	Item
    on Form 10-D	Party
    Responsible 
	Item
1: Distribution and Pool Performance Information

        Any
        information required by Item 1121 of Regulation AB which is NOT included on the Distribution Date Statement

         
	Certificate
Administrator

        Depositor

        Servicer

(only with respect to Item 1121(a)(12)

as to non-Specially Serviced Loans)

        Special
Servicer

(only with respect to Item 1121(a)(12)

as to Specially Serviced Loans)

	Item
2: Legal Proceedings

        per
        Item 1117 of Regulation AB

         
	(i) All parties to the Trust and Servicing Agreement (as to themselves), (ii) any other Reporting Servicer (as to itself), (iii) the Trustee, the Servicer and the Special Servicer as to the Trust (in the case of the Servicer and

                                                                                

 

    Exhibit Y-1-1 

     

    

 

	 	the Special Servicer, to be reported by the party controlling such litigation), (iv) each Sponsor as to itself and as to each 1110(b) originator and 1100(d)(1) party relating to a Mortgage Loan sold by such Sponsor to the Depositor, (v) the Depositor (as to any party under Item 1100(d)(1) of Regulation AB)
	Item
    3:  Sale of Securities and Use of Proceeds	Depositor
	Item
    4:  Defaults Upon Senior Securities	Certificate
    Administrator
	Item
    5:  Submission of Matters to a Vote of Security Holders	Certificate
    Administrator
	Item
    6:  Significant Obligors of Pool Assets	Servicer
                                         (excluding information for which the Special Servicer is the “Party Responsible”)

         

        Special
        Servicer (as to REO Properties)

         

	Item
    8:  Significant Enhancement Provider Information	Depositor
	Item
    9:  Other Information	Any
    party responsible for disclosure items on Form 8-K to the extent of such items
	Item
    10:  Exhibits	Certificate
Administrator (as to the Distribution Date Statement)

        Depositor 

 

    Exhibit Y-1-2 

     

    

EXHIBIT
Y-2

 

ADDITIONAL
FORM 10-K DISCLOSURE

 

Solely
in the event that a Companion Loan is included in an Other Securitization which is subject to the Exchange Act reporting requirements
of Regulation AB, the parties identified in the “Party Responsible” column are obligated pursuant to Section 11.5
of the Trust and Servicing Agreement to disclose to each Other Depositor and Other Exchange Act Reporting Party to which such
information is relevant for Exchange Act reporting purposes any information described in the corresponding Form 10-K Item described
in the “Item on Form 10-K” column to the extent such party has actual knowledge (and in the case of net operating
income information, financial statements, annual operating statements, budgets and/or rent rolls required to be provided in connection
with 1112(b) below, possession) of such information (other than information as to itself). Each of the Operating Advisor, the
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 and prospectus related to an Other Securitization Trust (other than information with
respect to itself that is set forth in or omitted from the Offering Circular or such prospectus), in the absence of specific written
notice to the contrary from the Depositor or the Loan Seller. Each of the Operating Advisor, the Certificate Administrator, the
Trustee, the Servicer and the Special Servicer (in its capacity as such) shall be entitled to conclusively assume that there is
no “significant obligor” other than a party or property identified as such in the prospectus related to an Other Securitization
Trust and to assume that no other party or property will constitute a “significant obligor” after the Cut-off Date.
In no event shall the Servicer or the Special Servicer be required to provide any information for inclusion in a Form 10-K that
relates to any Mortgage Loan for which the Servicer or the Special Servicer is not the applicable Servicer or Special Servicer,
as the case may be. For this Series 2019-1633 Trust and Servicing Agreement, and any Other Securitization Trust, each of the Operating
Advisor, the 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.

 

	Item
    on Form 10-K	Party
    Responsible 
	Item
                                         1B: Unresolved Staff Comments

         
	Depositor
	Item
    9B:  Other Information	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 1117 of Regulation AB

         
	(i) All
                                                                                                                                            parties to the Trust and Servicing Agreement (as to themselves), (ii) any other Reporting Servicer (as to itself), (iii)
                                                                                                                                            the Trustee, the Certificate Administrator, the Servicer, the Depositor and the Special Servicer as to the Trust (in the case of the 

                                                                                

 

    Exhibit Y-2-1 

     

    

 

	 	 Servicer, the Depositor and the Special Servicer, to be reported by the party controlling such litigation), (iv) each Sponsor as to itself and as to each 1110(b) originator and 1100(d)(1) party relating to a Mortgage Loan sold by such Sponsor to the Depositor, (v) the Depositor (as to any party under Item 1100(d)(1) of Regulation AB)
	Additional
                                         Item:

         

        Disclosure
        per Item 1119 of Regulation AB

         
	(i)
    All parties to the Trust and Servicing Agreement as to themselves (in the case of the Servicer, only as to 1119(a) affiliations
    with Significant Obligors identified in the Trust and Servicing Agreement, the Trustee, the Certificate Administrator, the
    Special Servicer or a sub-servicer described in 1108(a)(3) and, in the case of the Special Servicer, only as to 1119(a) affiliations
    with Significant Obligors identified in the Trust and Servicing Agreement, the Trustee, the Certificate Administrator, the
    Servicer or a sub-servicer described in 1108(a)(3)), (ii) the Depositor (as to the Trust), (iii) each Sponsor as
    to itself and as to each 1110(b) originator and 1100(d)(1) party relating to a Mortgage Loan sold by such Sponsor to the Depositor,
    (iv) the Depositor as to the enhancement or support provider, (v) the Depositor (as to any party under Item 1100(d)(1)
    of Regulation AB)
	Additional
                                         Item:

         

        Disclosure
        per Item 1112(b) of Regulation AB

         
	Servicer
(excluding information for which the Special Servicer is the “Party Responsible”)

        Special
        Servicer (as to REO Properties)

         

	Additional
Item:

        Disclosure
        per Items 1114(b)(2) and 1115(b) of Regulation AB

         
	Depositor

    Exhibit Y-2-2 

     

    

 

EXHIBIT
Y-3

 

FORM
8-K DISCLOSURE INFORMATION

 

Solely
in the event that a Companion Loan is included in an Other Securitization which is subject to the Exchange Act reporting requirements
of Regulation AB, the parties identified in the “Party Responsible” column are obligated pursuant to Section 11.6
of the Trust and Servicing Agreement to report to each Other Depositor and Other Exchange Act Reporting Party to which such information
is relevant for Exchange Act reporting purposes the occurrence of any event described in the corresponding Form 8-K Item described
in the “Item on Form 8-K” column to the extent such party has actual knowledge of such information (other than information
as to itself). Each of the Operating Advisor, the 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 and prospectus related to an Other
Securitization Trust (other than information with respect to itself that is set forth in or omitted from the Offering Circular
or such prospectus), in the absence of specific written notice to the contrary from the Depositor or the Loan Seller. Each of
the Operating Advisor, the Certificate Administrator, the Trustee, the Servicer and the Special Servicer (in its capacity as such)
shall be entitled to conclusively assume that there is no “significant obligor” other than a party or property identified
as such in the prospectus related to an Other Securitization Trust and to assume that no other party or property will constitute
a “significant obligor” after the Cut-off Date. In no event shall the Servicer or the Special Servicer be required
to provide any information for inclusion in a Form 8-K that relates to any Mortgage Loan for which the Servicer or the Special
Servicer is not the applicable Servicer or Special Servicer, as the case may be. For this Series 2019-1633 Trust and Servicing
Agreement, and any Other Securitization Trust, each of the Operating Advisor, the 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.

 

	Item
    on Form 8-K	Party
    Responsible 
	Item
    1.01- Entry into a Material Definitive Agreement	Servicer,
Special Servicer and the Trustee (in the case of the Servicer, Special Servicer and the Trustee, only as to agreements it is a
party to or entered into on behalf of the Trust)

Certificate Administrator (other than as to agreements
to which the Depositor (and no other party to the Trust and Servicing Agreement) is a party)

        Depositor

         

	Item
    1.02- Termination of a Material Definitive Agreement	Servicer,
Special Servicer and the Trustee (in the case of the Servicer, Special Servicer and the Trustee, only as to agreements it is a
party to or entered into on behalf of the Trust)

        Certificate
Administrator (other than as to agreements to which the Depositor (and no other party to the Trust and Servicing 

        

 

    Exhibit Y-3-1 

     

    

 

	 	Agreement)
    is a party)

    Depositor
	Item
    1.03- Bankruptcy or Receivership	Depositor

    Each Sponsor as to itself
	Item
    2.04- Triggering Events that Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet
    Arrangement	Depositor

    Certificate Administrator
	Item
    3.03- Material Modification to Rights of Security Holders	Certificate
    Administrator
	Item
    5.03- Amendments of Articles of Incorporation or Bylaws; Change of Fiscal Year	Depositor
	Item
    6.01- ABS Informational and Computational Material	Depositor
	Item
    6.02- Change of Servicer, Special Servicer or Trustee	Servicer
                                         (as to itself or a servicer retained by it)

        Special
        Servicer (as to itself or a servicer retained by it)

        Trustee

        Certificate Administrator

        Depositor

	Item
    6.03- Change in Credit Enhancement or External Support	Depositor

    Certificate Administrator
	Item
    6.04- Failure to Make a Required Distribution	Certificate
    Administrator
	Item
    6.05- Securities Act Updating Disclosure	Depositor
	Item
    7.01- Regulation FD Disclosure	Depositor
	Item
    8.01	Depositor
	Item
    9.01	Depositor

    Exhibit Y-3-2 

     

    

 

EXHIBIT
Y-4

 

ADDITIONAL
DISCLOSURE NOTIFICATION

 

**SEND
VIA FAX TO 410-715-2380 AND VIA EMAIL TO cts.sec.notifications@wellsfargo.com AND VIA OVERNIGHT MAIL TO THE ADDRESS IMMEDIATELY
BELOW**

 

Wells
Fargo Bank, National Association,

as Certificate Administrator

9062
Old Annapolis Road

Columbia,
Maryland 21045

Attention: Corporate Trust Services BWAY Trust 2019-1633

 

		RE:	**Additional
Form [10-D][10-K][8-K] Disclosure** Required

 

Ladies
and Gentlemen:

 

In
accordance with Section [11.4] [11.5] [11.6] of the Trust and Servicing Agreement, dated as of December 20, 2019 (the “Trust
and Servicing Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor (the “Depositor”),
KeyBank National Association, as Servicer, Situs Holdings, LLC, as Special Servicer, Wells Fargo Bank, National Association, as
Certificate Administrator, Custodian and Trustee, and Pentalpha Surveillance LLC, as Operating Advisor, the undersigned, as [
], hereby notifies you that certain events have come to our attention that [will] [may] need to be disclosed on Form [10-D][10-K][8-K].

 

Description
of Additional Form [10-D][10-K][8-K] Disclosure:

 

List
of any Attachments hereto to be included in the Additional Form [10-D][10-K][8-K] Disclosure:

 

Any
inquiries related to this notification should be directed to [                       ],
phone number: [                       ];
email address: [                       ].

 

	 	[NAME OF PARTY],

                                                                       as [role]

	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

  

cc:
Depositor

 

    Exhibit Y-4-1 

     

    

 

EXHIBIT
Z

 

FORM
OF BACKUP CERTIFICATION

 

BWAY
Trust 2019-1633 (the “Trust”)

 

I,
[identify the certifying individual], a [identify position] of [identify party],
as [identify role] under that certain Trust and Servicing Agreement dated as of December 20, 2019 (the “Trust and Servicing
Agreement”), entered into between GS Mortgage Securities Corporation II, as Depositor, KeyBank National Association,
as Servicer, Situs Holdings, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Trustee and as Certificate Administrator,
paying agent and custodian, and Pentalpha Surveillance LLC, as operating advisor, on behalf of the [identify role], certify to
[Name of Certifying Person(s) for Sarbanes-Oxley Certification], the Depositor, and its officers, directors and affiliates, and
with the knowledge and intent that they will rely upon this certification, that:

 

		1.	Based
                                         on my knowledge, with respect to the period ending [December 31, 20__] (the “Relevant
                                         Period”), all servicing information and all required reports required to be
                                         submitted by the [identify role] to the applicable Other Exchange Act Reporting Party
                                         pursuant to 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 (the
                                         “Reports”) have been submitted by the [identify role] to the Servicer,
                                         the Depositor, the Trustee or the Certificate Administrator, as applicable, for inclusion
                                         in these reports;

 

		2.	Based
                                         on my knowledge, the [identify role] information contained in the Reports, taken as a
                                         whole, does not contain any untrue statement of a material fact or omit to state a material
                                         fact necessary to make the statements made 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 [identify role] under the Trust 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 [identify
                                         role], and except as disclosed in the compliance certificate delivered by the [identify
                                         role] under Section 11.7 of the Trust and Servicing Agreement, the [identify role] has
                                         fulfilled its obligations under the Trust 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 [identify role] with respect to
                                         the Trust’s fiscal year _____ have been provided all information relating to the
                                         [identify role] assessment of compliance with the Relevant Servicing Criteria, in order
                                         to enable them to conduct a review in compliance with the standards for attestation engagements
                                         issued or adopted by the PCAOB; and

 

    Exhibit Z-1 

     

    

 

		5.	The
                                         report on assessment of compliance with servicing criteria applicable to the [identify
                                         role] for asset-backed securities with respect to the [identify role] or any Servicing
                                         Function Participant retained by the [identify role] 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 Trust and Servicing Agreement.

 

	Date:	 

 

	 	[IDENTIFY
PARTY]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

    Exhibit Z-2 

     

    

 

EXHIBIT
AA

 

INITIAL
SUB-SERVICERS

 

None

 

    Exhibit AA-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00313-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00313-of-00352.parquet"}]]